Intuit (INTU) 10-K risk factor changes: FY2022 vs FY2021

The following events and consequences could have a material adverse effect on our business, growth, prospects, financial condition, results of operations, cash flows, liquidity, [removed: credit rating] [added: reputation] and [removed: reputation,] [added: credit rating,] and the trading price of our common stock could decline.

These risks may be amplified by the [added: effects of global developments, conditions or events like inflationary pressures, the Russia-Ukraine war and the] COVID-19 pandemic, which [removed: has] [added: have] caused significant global economic instability and uncertainty.

The COVID-19 pandemic has caused economic instability and uncertainty globally and, [removed: during its initial phase,] [added: in fiscal 2020,] had a temporary negative impact on our business.

The [removed: pandemic may, in] [added: severity and duration of] the [removed: future, have a material adverse] [added: pandemic’s] impact on our business and financial [removed: performance, the severity and duration of which] [added: performance] will depend on many factors beyond our control, including the [removed: actions of governments, businesses] [added: emergence] and [removed: other enterprises in response to] [added: virulence of new variants of] the [removed: pandemic,] [added: COVID-19 virus,] the [removed: effectiveness] [added: related responses] of [removed: those actions,] [added: governments] and [removed: vaccine] [added: businesses, and the] availability, [removed: distribution] [added: effectiveness] and [removed: adoption.][added: adoption of vaccines and treatments.]

- There are new and more frequent attempts by malicious third parties seeking to take advantage of [removed: the pandemic] [added: our employees while working remotely] to fraudulently gain access to our systems, which could cause us to expend significant resources to remediate and could damage our reputation.

- [removed: Changes to our business operations and the operations of our third-party partners, such as increased use of videoconferencing, the shift to working from home, and the] [added: The] complexity of resuming operations in our offices under a [removed: new] [added: hybrid] workplace [removed: model, has introduced] [added: model may adversely impact the productivity, health and well-being of our workforce and exacerbate] security and execution risks that could cause us to [removed: experience substantial financial losses,] lose the confidence of our customers and government agencies and harm our revenues and earnings.

- Potential disruption of services on which we rely to deliver our services to our customers, [removed: including] [added: such as] our third-party customer success partners and financial institutions, could prevent us or our service providers from delivering critical services to our customers or accepting and fulfilling customer orders, any of which could materially and adversely affect our business or reputation.

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 18] [added: 16] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

[added: Our competitors may] introduce superior products and services, reduce prices, have greater technical, marketing and other resources, have greater name recognition, have larger installed bases of customers, have well-established relationships with our current and potential customers, advertise aggressively or beat us to market with new products and services.

In addition, other providers of free offerings may provide features that we do not offer and customers who have formerly paid for [removed: Intuit’s] [added: our] products and services may elect to use our competitors’ free offerings instead.

Our consumer tax business also faces significant potential competition from the public sector, where we face the risk of federal and state taxing authorities proposing revenue raising strategies that involve developing and providing government tax [removed: software or other government return preparation systems at public expense.]

[removed: However, we will no longer be participating in the] [added: The] IRS Free File [removed: Program,] [added: Program is currently the sole means by which the IRS offers tax software directly to taxpayers] and its continuation depends on a number of factors, including continued broad public awareness of and access to the free program and continued private industry donations, as well as continued government support.

Government funded services that curtail or eliminate the role of taxpayers in preparing their own taxes could potentially have material and adverse revenue [removed: implications.][added: implications on us.]

[removed: We must continue to innovate and develop new products and features to] [added: To] meet the changing needs of our customers and partners and attract and retain [removed: talented software developers.][added: top technical talent, we must continue to innovate, develop new products and features, and enhance our ability to solve customer problems with emerging technologies, such as artificial intelligence and blockchain.]

We [removed: need] [added: have and will continue] to [added: devote significant resources to] continue to develop our skills, tools and capabilities to capitalize on existing and emerging [removed: technologies, which requires us to devote significant resources.][added: technologies.]

We also provide additional customer benefits by utilizing customer data available to us through our existing [removed: offerings.][added: offerings, and the growth of our business depends, in part, on our existing customers expanding their use of our products and services.]

If we are not able to [added: effectively utilize our customers’ data to provide them with value or] develop and clearly demonstrate the value of new or upgraded products or services to our customers, [removed: or effectively utilize] our [removed: customers’ data to provide them with value, our] revenues may be harmed.

[removed: In addition, as] [added: As] we continue to introduce and expand our new business models, including offerings that are free to end users, our customers may not perceive value in the additional benefits and services we offer beyond our free offering and may choose not to pay for those additional benefits or we may be unsuccessful in increasing customer adoption of these offerings or our risk profile may change, resulting in loss of revenue.

If we misjudge customer needs in the future, our new products and services may not succeed and our revenues and earnings may [added: be harmed.]

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 19] [added: 17] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

If we are unable to obtain the rights necessary to use this intellectual property in our products and services, we may not be able to [removed: sell] [added: provide] the affected offerings, and customers who are currently using the affected product may be disrupted, which may in turn harm our future financial results, damage our brand, and result in customer loss.

Many of the risks associated with usage of open source may not be [removed: eliminated, and may,] [added: eliminated and,] if not properly addressed, [added: may] harm our business.

Policing unauthorized use and copying of our products is difficult, [removed: expensive,] [added: expensive] and time consuming.

Acquisitions, such as our acquisition of [removed: Credit Karma,] [added: Mailchimp,] involve significant risks and uncertainties, including:

- inability to realize synergies [added: or anticipated benefits] expected to result from an [removed: acquisition;][added: acquisition within the expected time fame or at all;]

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 20] [added: 18] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

- challenges in identifying and separating the intellectual [removed: property] [added: property, systems] and data to be divested from the intellectual [removed: property] [added: property, systems] and data that we wish to retain;

In particular, if we are unable to successfully operate together with Credit [removed: Karma] [added: Karma, Mailchimp or any other company that we acquire] to achieve shared growth opportunities or combine reporting or other processes within the expected time [removed: frame, such delay] [added: frame or at all, there] may [removed: materially] [added: be a material] and [removed: adversely affect] [added: adverse effect on] the benefits that we expect to achieve as a result of the [removed: Credit Karma acquisition] [added: acquisition,] and [added: we] could [removed: result in] [added: experience] additional costs or loss of revenue.

Moreover, [removed: the impact of COVID-19,] adverse changes in market conditions and other [removed: factors, such as the failure to realize some or all of the anticipated benefits of the Credit Karma acquisition,] [added: factors,including those listed above,] may cause [removed: the] [added: an] acquisition to be dilutive to Intuit’s operating earnings per share [removed: beyond the first fiscal year after close.][added: for a period of time.]

We use commercially available security technologies and security and business [added: controls to limit access to and use of such sensitive data.]

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 21] [added: 19] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

Our technologies, systems, and networks have been subject to, and are increasingly likely to continue to be the target of, cyberattacks, computer viruses, ransomware or other malware, worms, social engineering, malicious software programs, insider threats, and other cybersecurity incidents that could result in the unauthorized release, gathering, monitoring, use, loss or destruction of sensitive and personal data of our customers and [removed: members of] our workforce, or Intuit's sensitive business data or cause temporary or sustained unavailability of our software and systems.

We are increasingly incorporating open source software into our [removed: products] [added: products,] and there may be vulnerabilities in open source software that make it susceptible to cyberattacks.

Although this is an industry-wide problem that affects software and hardware across platforms, it may increasingly affect our offerings because cyber-criminals tend to focus their efforts on well-known offerings that are popular among customers and hold sensitive [removed: information] [added: personal or financial information, like our digital money offerings,] and we expect them to continue to do so.

While we [removed: provide resources like mandatory] [added: require] annual security training for our workforce, [added: malicious] third parties [added: have in the past] may [removed: still] [added: in the future] be able to fraudulently induce members of our workforce, customers or users by social engineering means, such as email phishing, to disclose sensitive information in order to gain access to our systems.

It is also possible that unauthorized access to or disclosure of customer data may occur due to inadequate use of security controls by our customers or [removed: members of] our workforce.

software or other government return preparation systems at public expense.

The Free File Program operates under an agreement that is scheduled to expire in October 2023.

While we offer our products on a variety of hardware platforms, if we cannot continue adapting our products to tablet and mobile devices, or if our competitors can adapt their products more quickly than us, our business could be harmed.

We have public environmental, social and governance (ESG) commitments, including our goals to increase the diversity of our workforce, create and prepare individuals for jobs and have a positive impact on the climate.

Our ability to achieve these goals is subject to numerous risks that may be outside of our control.

Our failure or perceived failure to achieve our ESG goals or maintain ESG practices that meet evolving stakeholder expectations could harm our reputation, adversely impact our ability to attract and retain employees or customers and expose us to increased scrutiny from the investment community and enforcement authorities.

Our reputation also may be harmed by the perceptions that our customers, employees and other stakeholders have about our action or inaction on social, ethical, or political issues.

These types of incidents can be caused by malicious third parties, acting alone or in groups, or more sophisticated organizations including nation-states or state-sponsored organizations, and the risks could be elevated in connection with the Russia-Ukraine war.

In addition, our shift to a hybrid workplace model, where our workforce will spend a portion of their time working in our offices and a portion of their time working from home, introduces operational complexity that exacerbates our security-related risks.

periods when we have historically derived a substantial portion of our overall revenue from the tax businesses.

Experienced individuals with skill sets in software as a service, mobile technologies, data science, artificial intelligence and data security are in high demand and we have faced and will continue to face intense competition globally to attract and retain a diverse workforce with these and other skills that are critical to our success.

This is especially the case in California and India where a significant number of our employees are located.

The compensation and incentives we have available to attract, retain and motivate employees may not meet the expectations of current and prospective employees as the competition for talent intensifies.

For example, our equity awards may become less effective if our stock price decreases or increases at a slower rate than our talent competitors’.

Other factors may make it more challenging for us to continue to successfully attract, retain and develop key employees.

For example, current and prospective employees may seek new or different opportunities based on mobility, location flexibility or any challenges we face in achieving our publicly stated workforce diversity goals.

Our customers rely on the accuracy of our offerings.

Moreover, as we continue to incorporate emerging technologies, like AI and blockchain, into our offerings, they may not function as designed or have unintended consequences, any of which could subject us to competitive harm, legal liability or reputational harm.

- compliance with sanctions and import or export regulations, including those arising from the Russia-Ukraine war;

Climate change may have an impact on our business.

While we seek to mitigate our business risks associated with climate change by establishing robust environmental programs and partnering with organizations that are also focused on mitigating their own climate-related risks, we recognize that there are inherent climate-related risks wherever business is conducted.

Any of our primary workplace locations may be vulnerable to the adverse effects of climate change.

For example, our offices globally have historically experienced, and are projected to continue to experience, climate-related events at an increasing frequency, including drought, water scarcity, heat waves, cold waves, wildfires and resultant air quality impacts and power shutoffs associated with wildfire prevention.

Furthermore, it is more difficult to mitigate the impact of these events on our employees to the extent they work from home.

Changing market dynamics, global policy developments and the increasing frequency and impact of extreme weather events on critical infrastructure in the U.S. and elsewhere have the potential to disrupt our business, the business of our third-party suppliers and the business of our customers, and may cause us to experience higher attrition, losses and additional costs to maintain or resume operations.

Additionally, failure to uphold, meet or make timely forward progress against our public commitments and goals related to climate action could adversely affect our reputation with suppliers and customers, financial performance or ability to recruit and retain talent.

corruption, insurance, foreign exchange controls and cash repatriation restrictions, anti-competition, environmental, health and safety, and other regulated activities.

For example, the regulation of emerging technologies that we may incorporate into our offerings, such as artificial intelligence and blockchain, is still an evolving area, and it is possible that we could become subject to new regulations that negatively impact our operations and results.

We are and may continue to be subject to pandemic-related protocols and restrictions that impact our workforce and workplaces.

These laws and regulations may be inconsistent across jurisdictions and are subject to evolving and differing (sometimes conflicting) interpretations.

resources; or otherwise harm our business and future financial results.

In addition, the effects of these fluctuations have been and may in the future be further exacerbated by changes to the traditional opening and closing dates of the tax season.

In August 2022, the Inflation Reduction Act of 2022 was signed into law.

This law, among other things, provides for a corporate alternative minimum tax on adjusted financial statement income (effective for us beginning in fiscal 2024), and an excise tax on corporate stock repurchases (effective for our share repurchases after December 31, 2022), and we are continuing to evaluate

the impact it may have on our financial position and results of operations.

For example, in response to increasing inflation, the U.S. Federal Reserve began to raise interest rates in March 2022 for the first time in over three years, and signaled it expects additional rate increases.

It is difficult to predict the impact of such events on our partners, customers, members, or economic markets more broadly, which have been and will continue to be highly dependent upon the actions of governments and businesses in response to macroeconomic events, and the effectiveness of those actions.

Adverse economic conditions, including inflation, may also increase the costs of operating our business, including vendor, supplier and workforce expenses.

At July 31, 2022, we had $13.7 billion in goodwill and

Moreover, the COVID-19 pandemic, the Russia-Ukraine war and inflationary pressures have caused significant volatility in the global financial markets,

The manner in which we respond to future developments as well as our competitors’ reactions to those developments may affect our future operating results.

- The extension of federal and state tax filing deadlines for the 2019 and 2020 tax years changed the seasonality of our business, making our revenue and operating results more difficult to predict.

Any future regulatory decisions could further increase the difficulty of forecasting our revenue and operating results, which could cause our business to materially suffer.

- Increased, divergent and changing governmental regulations, such as those relating to the re-opening of work facilities, schools, public buildings and businesses, could make it considerably more difficult to develop, enhance and support our products and services, which may cause our results of operations and financial condition to suffer.

Strategic risks relate to our current and future operating model, business plans and growth strategy, including the risks associated with the following: competitive pressures on our product offerings and business models; our ability to adapt to technological changes and global trends; our reliance on third-party intellectual property and our ability to protect our own intellectual property rights; the value of our brand; and mergers, acquisitions and divestiture activity that may have unanticipated costs and expenses.

Our competitors may

The IRS Free File Program is currently the sole means by which the IRS offers tax software directly to taxpayers and, in December 2019, the agreement governing the program was amended to eliminate the pledge by the IRS that it would not offer a duplicative or competing service.

Under this program, the IRS has worked with private industry to provide more than 60 million free returns since 2003, utilizing donated private sector tax software and e-filing services, including software that we donated to the Free File Program, for low and middle income taxpayers at no cost to the government or individual users.

The current agreement is scheduled to expire in October 2022.

Our departure from the Free File Program may increase the likelihood that such program is terminated or is not extended beyond October 2022.

We have devoted significant resources to develop products and services for users of mobile devices, but the versions of our products and services developed for these devices may not be compelling to users.

Even if we are able to attract new users through these mobile offerings, the amount of revenue that we derive per user from mobile offerings may be less than the revenue that we have historically derived from users of personal computers.

If we are slow to develop products and technologies that are compatible with mobile devices, or if our competitors are able to achieve those results more quickly than us, we will fail to capture a significant share of an increasingly important portion of the market for online services, which could adversely affect our business.

be harmed.

Operational risks arise from internal and external events relating to systems, processes and people.

Risks that affect the operation of our businesses include the following: potential security incidents; privacy and cybersecurity concerns relating to online offerings; fraudulent activities by third parties; relationships with third parties; competition for and retention of key talent; issues with our product launches; problems with our information technology infrastructure; and risks associated with operating internationally.

controls to limit access to and use of such sensitive data.

These types of incidents can be made by individuals, groups of hackers, and sophisticated organizations including state-sponsored organizations or nation-states themselves.

In addition, in response to the COVID-19 pandemic, we shifted nearly all our workforce from office locations to work from home environments.

This model increases our exposure to security-related risks due to operational changes, such as the increased use of videoconferencing.

The systems supporting our business are comprised of multiple technology platforms that are sometimes difficult to scale.

reputation, the willingness of customers to use our products, and our financial results.

For example, we modified our business practices in response to the COVID-19 pandemic (including employee travel, employee work locations and cancellation of physical participation in meetings, events and conferences) and we expect to resume operations in our offices under a hybrid model where our workforce will spend a portion of their time working in our offices and a portion of their time working from home.

The implementation of this hybrid model will introduce new execution risks and we may experience longer-term disruptions to our operations as we evolve our workplace model.

We may take further actions as may be required by government authorities or that we determine are in the best interests of our employees, customers or third-party partners.

We cannot predict how long any such measures will be in place and whether we would reimplement or enhance any such measures in one or more locations in order to respond to the effects of the pandemic or the rules, regulations or guidelines of any governmental authority.

For example, in the early stages of the COVID-19 pandemic, credit card companies and lenders initially and temporarily reduced or suspended their activity on Credit Karma’s platform, which impacted Credit Karma’s revenue.

Experienced personnel in the software, mobile technologies, data science, data security, and software as a service industries are in high demand and competition for their talents is intense, especially in California and India, where a significant number of our employees are located.

Also, as we strive to continue to adapt to technological change and introduce new and enhanced products and business models, we must be able to secure, maintain and develop the right quality and quantity of engaged and committed talent.

Although we strive to be an employer of choice, we may not be able to continue to successfully attract, retain and develop key personnel, which may cause our business to suffer.

Moreover, as social and economic conditions evolve from the COVID-19 pandemic, current and prospective employees may seek new or different opportunities based on factors such as compensation, benefits, mobility and flexibility that are different from what we offer, making it difficult to attract and retain them.

- import or export regulations;

Legal and compliance risks arise from change in the government and regulatory environment, including complex and evolving regulations relating to privacy and data security; potential litigation; regulatory inquiries and intellectual property infringement claims.

For example, in April 2020, one of our subsidiaries became a Small Business Administration ("SBA") approved lender under the SBA’s recently established Paycheck Protection Program (“PPP”) authorized by the Coronavirus Aid, Relief and Economic Security Act.

In response to the COVID-19 pandemic, federal, state, local and foreign governmental authorities have imposed, and may continue to impose, protocols and restrictions intended to contain the spread of the virus, including limitations on the reopening of work facilities, schools, public buildings and businesses, quarantines, lockdowns and travel restrictions.

or services, which may make customers less likely to purchase our products and may harm our future financial results.

Financial risks relate to our ability to meet financial obligations and mitigate exposure to financial impacts to our businesses or our offerings.

Financial risks arise from the following: seasonality; excessive subscription cancellations and product returns; unanticipated changes in income tax rates; adverse global macro-economic conditions; credit risks; fluctuations in our net income; indebtedness; and the fluctuation of our stock price.

goodwill and acquired intangible asset impairment charges.

The COVID-19 pandemic and the actions taken in response to it have significantly increased economic and demand uncertainty.

You should read this MD&A in conjunction with the [added: consolidated] financial statements and related notes in Item 8 of this Annual Report.

Due to the [removed: COVID-19] [added: ongoing COVID-19,] pandemic we continue to conduct business with [removed: substantial] modifications to employee work [removed: locations and employee travel, among other modifications.][added: locations.]

While we have not experienced significant disruptions to our operations from the COVID-19 [removed: pandemic,] [added: pandemic or the Russia-Ukraine war,] we are unable to predict the full impact that [removed: the COVID-19 pandemic] [added: these events] will have on our operations and future financial performance, including demand for our offerings, impact to our customers and partners, actions that may be taken by governmental authorities, [added: impact to the overall macroeconomic environment,] and other factors identified in “Risk Factors” in Item 1A of Part I of this [added: Annual] Report.

[removed: In] [added: On] August [removed: 2020,] [added: 1, 2022,] we [removed: also] renamed our [removed: Strategic Partner] [added: ProConnect] segment as the [removed: ProConnect] [added: ProTax] segment.

[removed: In fiscal 2021] [added: On December 3, 2020,] we acquired Credit Karma.

[added: On December 3, 2020, we acquired] Credit Karma [added: in a business combination, which] operates as a separate reportable segment.

Segment operating income for Credit Karma includes all direct expenses related to selling and marketing, product development, and general and administrative, which is different from our other reportable [removed: segments.][added: segments where we do not fully allocate corporate expenses.]

See Note [removed: 6] [added: 7 to the consolidated financial statements] in Item 8 of this Annual Report for more information.

We believe that an understanding of these trends is important in order to understand our financial results for fiscal [removed: 2021] [added: 2022] as well as our future prospects.

| | | | Intuit Fiscal 2018 Form 10-K | | | [removed: 34] [added: 32] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

In fiscal [removed: 2019,] [added: 2022,] the IRS began accepting returns on January [removed: 28, 2019] [added: 24, 2022,] and the tax filing deadline was April [removed: 15, 2019.][added: 18, 2022.]

In fiscal 2020, the IRS began accepting returns on January 27, [removed: 2020] [added: 2020,] and the tax filing deadline was July 15, 2020.

[removed: In] [added: However, in] fiscal 2021, the IRS began accepting returns on February 12, [removed: 2021] [added: 2021,] and the tax filing deadline was May 17, 2021.

We received ISO 27001 certification for a portion of our [removed: systems] [added: systems,] and we continue to invest in security measures and to work with the broader industry and government to protect our customers against this type of fraud.

For a complete discussion of the most significant risks and uncertainties affecting our business, please see *“Forward-Looking Statements”* immediately preceding Part I and *“Risk Factors”* in Item 1A of Part I of this [removed: Report][added: Annual Report.]

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 35] [added: 33] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

Our total service and other revenue was [removed: $7.9] [added: $11.0] billion or [removed: 82%] [added: 86%] of our total revenue in fiscal [removed: 2021] [added: 2022,] and we expect our total service and other revenue to continue to grow in the future.

Key highlights for fiscal [removed: 2021] [added: 2022] include the following:

| [removed: Operating] [added: Diluted net] income [removed: of] [added: per share] | | | [added: $7.28] | | | [removed: Net income of] | | | [added: $7.56] | | | [removed: Diluted net income per share of] | | | [added: $6.92 | | | | | | (4 | | %) | | | | 9 | | % |]

We derive our revenue primarily from the sale of online services such as tax, accounting, payroll, merchant payment processing, delivery of qualified [removed: links] [added: links, e-commerce, marketing automation, customer relationship management,] and packaged desktop software products and desktop software subscriptions.

If any of these judgments were to change it could cause a material increase or decrease in the amount [added: of revenue we report in a particular period.]

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 36] [added: 34] | | | | | |

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For additional information, see *“Revenue Recognition”* in Note 1 to the [added: consolidated] financial statements in Item 8 of this Annual Report.

As described in *“Description of Business and Summary of Significant Accounting Policies – Business Combinations,”* in Note 1 to the [added: consolidated] financial statements in Item 8 of this Annual Report, under the acquisition method of accounting we generally recognize the identifiable assets acquired, the liabilities assumed, and any noncontrolling interests in an acquiree at their fair values as of the date of acquisition.

This method [removed: also requires] [added: allows] us to refine these estimates over a one-year measurement period to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date.

As described in *“Description of Business and Summary of Significant Accounting Policies – Goodwill, Acquired Intangible Assets and Other Long-Lived Assets,”* in Note 1 to the [added: consolidated] financial statements in Item 8 of this Annual Report, in order to estimate the fair value of goodwill we use a weighted combination of a discounted cash flow model (known as the income approach) and comparisons to publicly traded companies engaged in similar businesses (known as the market approach).

See Note [removed: 5] [added: 6] to the [added: consolidated] financial statements in Item 8 of this Annual Report for a summary of goodwill by reportable segment.

[removed: See Note 5 to the financial statements in] Item 8 of this Annual Report for a summary of cost, accumulated amortization and weighted average life in years for our acquired intangible assets.

For example, if our future operating results do not meet current forecasts or if we experience a sustained decline in our market capitalization that is determined to be indicative of a reduction in fair value of one or more of our reporting units, we may be required to record future impairment charges for goodwill and [added: acquired intangible assets.]

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 37] [added: 35] | | | | | |

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Impairment charges could materially decrease our future net income and result in lower asset values on our consolidated balance [removed: sheet.][added: sheets.]

During the fourth quarters of fiscal [removed: 2021,] [added: 2022,] fiscal [removed: 2020,] [added: 2021,] and fiscal [removed: 2019] [added: 2020,] we performed our annual goodwill impairment tests.

Using the methodology described in *“Description of Business and Summary of Significant Accounting Policies – Goodwill, Acquired Intangible Assets and Other Long-Lived Assets,”* in Note 1 to the [added: consolidated] financial statements in Item 8 of this Annual Report, we determined that the estimated fair values of all of our reporting units [added: substantially] exceeded their carrying values and that they were not impaired.

See Note [removed: 13] [added: 7] to the [added: consolidated] financial statements in Item 8 of this Annual Report for more information.

See Note [removed: 10] [added: 14] to the [added: consolidated] financial statements in Item 8 of this Annual Report for more information.

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 38] [added: 36] | | | | | |

Nearly all of our sites are now fully open.

We are transitioning to a hybrid model where our workforce will spend a portion of their time working in our offices and a portion of their time working from home.

We continue to evaluate and refine our return to workplace strategy.

The Russia-Ukraine war and related sanctions imposed as a result of this conflict have increased global economic and political uncertainty.

Intuit does not have offices or material business in Russia or Ukraine.

Therefore, Credit Karma segment operating income is not comparable to the segment operating income of our other reportable segments.

On November 1, 2021, we acquired all of the outstanding equity of The Rocket Science Group LLC (Mailchimp).

Mailchimp is part of our Small Business & Self-Employed segment.

We have included the results of Mailchimp in our consolidated results of operations from the date of acquisition.

On August 1, 2022, to better align our personal finance strategy, our Mint offering moved from our Consumer segment to our Credit Karma segment.

We have included the results of Mint in the Consumer segment in the segment results below.

Revenue and operating results for Mint are not significant and the previously reported segment results have not been reclassified.

Effective August 1, 2022, the operating results for Mint will be included in the Credit Karma segment.

As a result of the extensions of the tax filing deadlines in 2021 and 2020, a significant amount of our fiscal 2021 and 2020 Consumer segment and ProConnect segment revenues were recognized in the fourth quarter as compared to the third quarter of fiscal 2022.

| $12.7 B | | | | | | $6.5 B | | | | | | $3.9 B | | |

| up 32% from fiscal 2021 | | | | | | up 38% from fiscal 2021 | | | | | | up 10% from fiscal 2021 | | |

| Credit Karma revenue of | | | | | | ProConnect revenue of | | | | | | Operating income of | | |

| $1.8 B | | | | | | $546 M | | | | | | $2.6 B | | |

| up 109% from fiscal 2021(1) | | | | | | up 6% from fiscal 2021 | | | | | | up 3% from fiscal 2021 | | |

| | | | | | | | | | | | | | | |

| $2.1 B | | | | | | $7.28 | | | | | | $3.9 B | | |

| flat compared to fiscal 2021 | | | | | | down 4% from fiscal 2021 | | | | | | up 20% from fiscal 2021 | | |

(1) Credit Karma revenue for fiscal 2021 includes the operations of Credit Karma from the acquisition date of December 3, 2020, while fiscal 2022 includes the full twelve months of operations.

See Note 6 to the consolidated financial statements in

This increase was primarily due to the fact that our fiscal 2021 results of operations included Credit Karma from the date of acquisition, which was December 3, 2020, while our fiscal 2022 results of operations include Credit Karma for the full reporting period.

Additionally, Credit Karma revenue increased year over year primarily driven by growth in our credit card and personal loan verticals.

We also incurred a $141 million one-time charge related to our settlement with the 50 state attorneys general and the District of Columbia, entered into on May 4, 2022.

Net income increased $4 million in fiscal 2022 compared with fiscal 2021 due the increase in operating income described above and a slightly lower effective tax rate, which were partially offset by an increase in interest expense from borrowing $4.7 billion on a term loan in fiscal 2022.

On November 1, 2021, we acquired Mailchimp in a business combination.

Mailchimp is part of our Small Business & Self-Employed segment.

We have included the results of operations of Mailchimp in our consolidated results of operations from the date of acquisition.

On August 1, 2022, to better align our personal finance strategy, our Mint offering moved from our Consumer segment to our Credit Karma segment.

We have included the results of Mint in the Consumer segment in the segment results below.

Revenue and operating results for Mint are not significant, and the previously reported segment results have not been reclassified.

Effective August 1, 2022, the operating results for Mint will be included in the Credit Karma segment.

| Small Business & Self-Employed | | | | | |

Our Online Ecosystem includes revenue from:

- QuickBooks Online, QuickBooks Live, QuickBooks Online Advanced and QuickBooks Self-Employed financial and business management offerings;

- Small business payroll services, including QuickBooks Online Payroll, Intuit Online Payroll, Intuit Full Service Payroll;

- Merchant payment processing services for small businesses who use online offerings;

In June 2021 a small number of employees started returning to work locations on a limited basis.

In August 2020, we reorganized certain technology and customer success functions that support and benefit our overall platform.

Additionally, certain legal, facility and employee service costs are now managed at the corporate level.

As a result, these costs are no longer included in segment operating income and are now included in other corporate expenses.

For the twelve months ended July 31, 2020 and 2019, we reclassified $180 million and $172 million from Small Business & Self-Employed, $121 million and $78 million from Consumer, and $13 million and $12 million from ProConnect to other corporate expenses.

Due to the COVID-19 pandemic, the timing of tax filing seasons for fiscal 2021 and fiscal 2020 varied significantly.

These changes to the tax filing seasons impacted our quarterly financial results during fiscal 2021 and fiscal 2020.

| $9.6 B | | | | | | $4.7 B | | | | | | $3.6 B | | |

| up 25% from fiscal 2020 | | | | | | up 16% from fiscal 2020 | | | | | | up 14% from fiscal 2020 | | |

| $2.5 B | | | | | | $2.1 B | | | | | | $7.56 | | |

| up 15% from fiscal 2020 | | | | | | up 13% from fiscal 2020 | | | | | | up 9% from fiscal 2020 | | |

We ended fiscal 2021 with cash, cash equivalents and investments totaling $3.9 billion.

of revenue we report in a particular period.

acquired intangible assets.

In addition, during this analysis we concluded that the estimated fair values of all of our reporting units substantially exceeded their carrying values.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

The acquisition of Credit Karma contributed $865 million to total revenue in fiscal 2021.

These increases were partially offset by a higher tax expense for the period.

In August 2020, we reorganized certain technology and customer success functions that support and benefit our overall platform.

Additionally, certain legal, facility and employee service costs are now managed at the corporate level.

As a result, these costs are no longer included in segment operating income and are now included in other corporate expenses.

For the twelve months ended July 31, 2020 and 2019, we reclassified $180 million and $172 million from Small Business & Self-Employed, $121 million and $78 million from Consumer, and $13 million and $12 million from ProConnect to other corporate expenses.

Unallocated costs increased in fiscal 2021

| Small Business & Self-Employed | | |  | | |

Our Online Ecosystem includes revenue from QuickBooks Online, QuickBooks Live, QuickBooks Online Advanced and QuickBooks Self-Employed financial and business management offerings; small business payroll services, including QuickBooks Online Payroll, Intuit Online Payroll, Intuit Full Service Payroll; merchant payment processing services for small businesses who use online offerings; QuickBooks Commerce, QuickBooks Cash, and financing for small businesses.

Fiscal 2021 and 2020 revenue includes $20 million and $30 million, respectively, of nonrecurring revenue related to the Payroll Protection Program, of which $12 million and $16 million, respectively, related to our Online Ecosystem and $8 million and $14 million, respectively, related to our Desktop Ecosystem.

Also, during fiscal 2021 there was an increase in revenue from license updates as a result of price increases that occurred during fiscal 2020.

These increases were partially offset by a decline in desktop unit revenue.

We incurred higher expenses for marketing, outside services, and sales related expenses, which were partially offset by a decrease in depreciation.

In August 2020, we reorganized certain technology and customer success functions that support and benefit our overall platform.

Additionally, certain legal, facility and employee service costs are now managed at the corporate level.

As a result, these costs are no longer included in segment operating income and are now included in other corporate expenses.

For the twelve months ended July 31, 2020 and 2019, we reclassified $180 million and $172 million from Small Business & Self-Employed to other corporate expenses.

| Consumer | | |  | | |

In August 2020, we reorganized certain technology and customer success functions that support and benefit our overall platform.

Additionally, certain legal, facility and employee service costs are now managed at the corporate level.

As a result, these costs are no longer included in segment operating income and are now included in other corporate expenses.

For the twelve months ended July 31, 2020 and 2019, we reclassified $121 million and $78 million from Consumer to other corporate expenses.

| Credit Karma | | |  | | |

Revenue is primarily generated from cost-per-action transactions which are related to credit card issuances and personal loan funding.

See Note 2 and Note 3 to the [added: consolidated] financial statements in Item 8 of this Annual Report for a summary of the amortized cost and fair value of our investments by type of issue.

At July 31, [removed: 2021,] [added: 2022,] our cash equivalents and investments totaled [removed: $3.2] [added: $2.5] billion and had a weighted average pre-tax yield of [removed: 0.356%.][added: 1.976%.]

Total interest income for fiscal [removed: 2021] [added: 2022] was [removed: $11] [added: $15] million.

If the Federal Reserve Target Rate had increased by 25 basis points from the level of July 31, [removed: 2021,] [added: 2022,] the value of our investments at that date would have decreased by approximately [removed: $5] [added: $2] million.

If the Federal Reserve Target Rate had increased by 100 basis points from the level of July 31, [removed: 2021,] [added: 2022,] the value of our investments at that date would have decreased by approximately [removed: $18] [added: $8] million.

We are also exposed to the impact of changes in interest rates as they affect our [added: $5.7 billion unsecured credit facility, which includes a] $1 billion unsecured revolving credit facility and [removed: $300] [added: a $4.7 billion unsecured term loan, and our $500] million secured revolving credit facility.

Advances under the unsecured revolving credit facility accrue interest at rates that are equal to [removed: Bank of America’s] [added: the] alternate base rate plus a margin that ranges from 0.0% to 0.1% or the [removed: London Interbank Offered] [added: Secured Overnight Finance] Rate [removed: (LIBOR)] [added: (SOFR)] plus a margin that ranges from 0.69% to 1.1%.

Actual margins under [added: the unsecured credit facility] are based on our senior debt credit ratings.

Advances under the secured revolving credit facility accrue interest at a rate of [removed: LIBOR] [added: adjusted simple SOFR] plus 1.5%.

At July 31, [removed: 2021] [added: 2022,] no amounts were outstanding under the unsecured revolving credit [removed: facility] [added: facility, $4.7 billion was outstanding under the unsecured term loan,] and [removed: $48] [added: $230] million was outstanding under the secured revolving credit facility.

See Note [removed: 7] [added: 2] and Note 8 to the [added: consolidated] financial statements in Item 8 of this Annual Report for more information.

In June [removed: 2020] [added: 2020,] we issued $2 billion of senior unsecured notes [added: (together, the Notes)] which was comprised of the following: $500 million of 0.650% notes due in July 2023, $500 million of 0.950% notes due in July 2025, $500 million of 1.350% notes due in July 2027, and $500 million of 1.650% notes due in July 2030.

See Note [removed: 2 and Note] 8 to the [added: consolidated] financial statements in Item 8 of this [removed: report] [added: Annual Report] for more information.

We translate [removed: their] revenue, costs and expenses at the average rates of exchange in effect during the period.

As of July 31, [removed: 2021,] [added: 2022,] we did not engage in foreign currency hedging activities.

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 52] [added: 50] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

The unsecured term loan accrues interest at rates that are equal to the alternate base rate plus a margin that ranges from 0.0% to 0.125% or SOFR plus a margin that ranges from 0.625% to 1.125%.

| [removed: CORPORATE BACKGROUND] [added: BACKGROUND] | | |

Intuit helps [removed: consumers, small businesses,] [added: consumers] and [removed: the self-employed] [added: small businesses] prosper by delivering financial [removed: management] [added: management, compliance,] and [removed: compliance] [added: marketing] products and services.

Our global [removed: products and platforms, including] [added: technology platform, which includes] TurboTax, [removed: QuickBooks, Mint, and] Credit Karma, [removed: are] [added: QuickBooks, and Mailchimp, is] designed to help consumers and small businesses manage their finances, [added: get and retain customers,] save money, pay off debt and do their taxes with ease and confidence so they [removed: are receiving] [added: receive] the maximum refund they deserve.

For those customers who [removed: run small businesses,] [added: have made the bold decision to become entrepreneurs and go into business for themselves,] we are focused on helping them [added: find and keep customers,] get paid faster, pay their employees, [added: manage and get] access [added: to] capital, [added: and] ensure their books are done [removed: right and find and keep customers.][added: right.]

[removed: Available Information][added: | AVAILABLE INFORMATION | | |]

[removed: At Intuit, our] [added: Our] mission is to power prosperity around the world.

Across our platform, we use the power of technology to deliver three core benefits to our customers: helping put more money in their pockets, [removed: eliminating work and] saving [removed: people] [added: them] time [added: by eliminating work] so they can focus on what matters to them, and ensuring that they have complete confidence in every financial decision they make.

The rise of [removed: Artificial Intelligence] [added: artificial intelligence] (AI) is fundamentally reshaping our world — and Intuit is taking advantage of this technological revolution to find new ways to [added: improve the customer experience and] deliver on our mission.

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 5] [added: 4] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_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 [added: QuickBooks] offerings include [removed: QuickBooks] financial and business management online services and desktop software, payroll solutions, time tracking, merchant payment processing solutions, and financing for small businesses. [added: Our Mailchimp offerings include e-commerce, marketing automation, and customer relationship management.] 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 [removed: our partner, MVB Bank, Inc.,] [added: an FDIC] member [removed: FDIC;] [added: bank partner;] 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. | | |

Our [added: Business and] Growth Strategy

We listen to and observe our customers, understand their challenges, and then use advanced technology, including AI, to develop innovative solutions [removed: designed] to [removed: solve their most important financial problems.][added: help consumers and small businesses prosper.]

Our strategy for delivering on our bold goals is to [removed: become] [added: be] an AI-driven expert platform where we and others can solve our customers’ most important problems.

Our open technology platform integrates with partners [removed: so together] [added: so, together,] we can deliver value and benefits that matter the most to our customers.

- Incorporating Experts: One of the biggest problems our customers face is [added: lack of] confidence.

Even with current advances in technology that deliver personalized tools and insights, many [removed: people] [added: customers] want to connect with a real person to help give them the confidence they are making the right decision.

As we build our AI-driven expert platform, we [removed: are prioritizing] [added: prioritize] our resources on five strategic priorities across the company.

- Revolutionizing speed to benefit: When customers use our products and services, we [removed: aim] [added: use the power of data-driven customer insights] to deliver value instantly [removed: by making the] [added: and aim to make] interactions with our offerings frictionless, without the need for customers to manually enter data.

To build their confidence, we [removed: are connecting] [added: connect] our customers to experts.

- Unlocking smart money decisions: Crippling high-cost debt and lack of savings are at unprecedented levels across the [removed: 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.][added: US.]

- Be the center of small business growth: We are focused on helping customers grow their businesses by offering a broad, seamless set of tools that are designed to help them get [added: and retain customers, get] paid faster, manage and get access to capital, pay [added: employees with confidence, and use third-party apps to help run their businesses.]

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 6] [added: 5] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

For [removed: more than 35] [added: nearly 40] years, we have been dedicated to developing innovative [removed: financial and compliance products and services] [added: solutions] that are [added: designed to solve our customers' most important financial problems, are] easy to [removed: use] [added: use,] and are available where and when customers need them.

During fiscal [removed: 2021] [added: 2022,] we offered our products and services in the four segments described in *“Business Overview”* above.

| | | | Fiscal [removed: 2021] [added: 2022] | | | | | | Fiscal [removed: 2020] [added: 2021] | | | | | | Fiscal [removed: 2019] [added: 2020] | | |

| Small Business & Self-Employed | | | [removed: 49] [added: 51] | | % | | | | [removed: 53] [added: 49] | | % | | | | [removed: 52] [added: 53] | | % |

| Consumer | | | [removed: 37] [added: 31] | | % | | | | [removed: 41] [added: 37] | | % | | | | 41 | | % |

| Credit Karma (1) | | | [removed: 9] [added: 14] | | % | | | | [removed: —] [added: 9] | | % | | | | — | | % |

| ProConnect | | | [removed: 5] [added: 4] | | % | | | | [removed: 6] [added: 5] | | % | | | | [removed: 7] [added: 6] | | % |

Total international net revenue was [removed: less than 5%] [added: approximately 8%, 5%, and 4%] of consolidated total net revenue for the twelve months ended July 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019.][added: 2020.]

For financial information about our reportable segments, see *“Management’s Discussion and Analysis of Financial Condition and Results of Operations”* in Item 7 and Note [removed: 14] [added: 15] to the [added: consolidated] financial statements in Item 8 of this Annual Report.

We work to make this a reality through our three-pillared growth strategy: Grow the Core by transforming financial management software and meeting customers where they are; Connect the Ecosystem, by meeting a wider range of customer needs with a single integrated platform; and [removed: expand our geographic footprint globally,] [added: Expand Globally,] by serving small businesses around the world.

With this [removed: strategy] [added: strategy,] we enable a powerful ecosystem, personalized using artificial intelligence, [removed: to deliver a suite of right-for-me solutions to a wide range of customers globally.][added: that scales across our customers’ most pressing needs.]

[removed: QuickBooks Desktop Software.] Our QuickBooks financial management solutions are also available as desktop versions for small businesses.

[removed: Our QuickBooks] [added: QuickBooks] Online [removed: Advanced and QuickBooks Enterprise offerings are designed] [added: Advanced*.* Designed] for small businesses with 10 to 100 employees that have more complex [removed: needs.][added: needs, QuickBooks Online Advanced has features specifically designed for high-growth, mid-market small businesses and leverages AI, automation and data insights to deliver more ways for them to grow and scale.]

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 7] [added: 6] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

[added: QuickBooks Enterprise, designed for small businesses with 10 to 100 employees, is available for] download and can also be provided as a hosted solution.

Overview and Mission

We serve more than 100 million customers and generated revenue of $12.7 billion in our fiscal year which ended July 31, 2022.

We are accelerating the application of AI and investing in decentralized technologies such as blockchain and cryptocurrency, with a goal to revolutionize the customer experience and help customers put more money in their pockets faster.

We are also expanding how we think about virtual experiences by exploring metaverse technologies and broadening the segments we serve beyond tax and accounting, to play a more meaningful role in our customers’ lives.

To address these challenges, we are creating an autonomous financial platform with Credit Karma that helps consumers find the right financial products, puts more money in their pockets and connects them to insights and education.

Small business owners are constantly faced with challenges and barriers in their journey to success.

Universally, small businesses at every stage of growth struggle to get customers, get paid, get capital, pay workers, get access to advice, and stay compliant and organized.

Our innovative, end-to-end customer growth platform provides actionable, AI-driven insights our customers need to grow and run their businesses with confidence.

Get Customers

Mailchimp.

Mailchimp is an all-in-one marketing platform for growing businesses.

Mailchimp’s marketing platform enables small and mid-market businesses to digitally promote their businesses across email, social media, landing pages, ads, websites, and more, all from one place.

Get Paid

QuickBooks Checking.

The QuickBooks Checking business bank account comes with a physical and virtual debit card for powerful purchasing power, fast payments with no fee Instant Deposit, and powerful cash flow management with Envelopes for partitioning funds for future expenses, all with no fees.

Get Capital

Get Paid Upfront*.* Get Paid Upfront provides access to capital through qualifying QuickBooks invoices, allowing small businesses to take control of their cash flow and put earned money to work faster.

Invoice proceeds are funded in advance, while the small business’ customer sees nothing different and pays their invoice as they usually would.

Pay Workers

Access Advice

QuickBooks Live.

QuickBooks Live Full-Service Bookkeeping gives small businesses one-on-one support from our team of expert bookkeepers to manage and maintain books with guaranteed accuracy.

Our QuickBooks Live bookkeepers have an average of 10 years of experience working with small businesses across a wide array of industries.

They’re certified QuickBooks ProAdvisors, and many are Certified Public Accountants.

QuickBooks ProAdvisor.

Accounting professionals can assist with bookkeeping, taxes, payroll, and more.

Our free Find a ProAdvisor service helps customers find a QuickBooks Certified accountant or bookkeeper who knows their niche, speaks their language, or is close by—whatever works best.

Stay Compliant & Organized

Designed specifically for self-employed customers like independent contractors and freelancers, QuickBooks Self-Employed helps customers stay tax-time ready, all year long.

QuickBooks Online.

Designed for all kinds of small businesses, QuickBooks Online helps simplify accounting and tax compliance.

QuickBooks Online also has powerful industry-specific capabilities such as features for product-based businesses.

QuickBooks Online Advanced integrates across the QuickBooks ecosystem and with best-in-class apps, and also has powerful industry-specific features that deliver automation, deeper insights, and enhanced tracking for what matters most to a users’ unique industry.

QuickBooks Desktop Software.

Financial Supplies.

On August 1, 2022, our Mint offering moved from our Consumer segment to our Credit Karma segment.

Financial institutions can offer

This seasonal

As a result of the extensions of the tax filing deadlines in 2021 and 2020, a significant amount of our fiscal 2021 and 2020 Consumer segment and ProConnect segment revenues were recognized in the fourth quarter as compared to the third quarter of fiscal 2022.

We face intense competition in all of our businesses in all aspects across all markets for our products and services, which are rapidly evolving, fragmented, and have complex interdependencies with many businesses.

| | | |

| --- | --- | --- |

General

We serve approximately 100 million customers across our product offerings and platforms.

We had revenue of $9.6 billion in our fiscal year which ended July 31, 2021.

| BUSINESS OVERVIEW | | |

Intuit’s Mission

They are trying to make ends meet, maximize their tax refund, save money and pay off debt.

Those who have made the bold decision to become entrepreneurs, and go into business for themselves, have an additional set of needs.

They want to find and keep customers, get paid for their hard work, access capital to grow and ensure their books are right.

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | |

| | | | | | | | | | | | |

| | | | | | | | | | | | |

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.

We are accelerating the application of AI with a goal to revolutionize the customer experience.

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.

employees with confidence, and use third-party apps to help run their businesses.

Our integrated platform includes:

QuickBooks Online. Our QuickBooks financial management solutions help small businesses, the self-employed, and accountants solve financial and compliance problems, make more money and reduce unnecessary work, while giving them complete confidence in their actions and decisions.

QuickBooks Live enables our customers to obtain live bookkeeping advice from professionals.

QuickBooks Online also comes with a powerful mobile app available on iOS and Android which enables customers to run their entire business from their phone.

The app provides the customers instant access to their QuickBooks data and includes powerful features that take advantage of mobile technology such as automatically tracking business miles or the ability to upload a picture of a receipt.

A growing number of companies offer applications built for our QuickBooks platform, including PayPal, Shopify and Square.

In addition to our core QuickBooks offering, we also offer specific solutions for the following customer segments:

- *Mid-Market Small Businesses*.

QuickBooks Online Advanced, Intuit’s cloud-based offering, is specifically designed for high-growth, mid-market small businesses and leverages AI, automation and data insights to deliver more ways for them to grow and scale.

QuickBooks Enterprise is available for

QuickBooks Self-Employed is designed specifically for self-employed customers whose needs are different than small businesses that use QuickBooks.

QuickBooks Self-Employed is available both online and via a mobile application.

- *Product-Based Businesses*.

With QuickBooks Commerce, product-based businesses such as online sellers are able to access inventory and sales from multiple sales channels, manage orders and fulfillment, sync inventory across online and offline channels to avoid stockouts and gain profitability insights.

QuickBooks Commerce also helps small businesses attract and sell to new customers across multiple channels and ultimately grow their business.

- *Accountants*.

QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus are available to accounting professionals who use QuickBooks offerings and recommend them to their small business clients.

These offerings provide the tools and file-sharing capabilities that accounting professionals need to efficiently complete bookkeeping and financial reporting tasks as well as manage their practices.

Ecosystem Services

All of our payroll offerings allow customers to perform payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.

Certain online offerings also include same day direct deposit, access to human resource advice, and access to additional expert-powered services like Tax Penalty Protection.

See Note [removed: 13] [added: 14] to the [added: consolidated] financial statements in Item 8 of this Annual Report for a description of legal proceedings.

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

For the fiscal year ended July 31, [removed: 2021][added: 2022]

The aggregate market value of Intuit Inc. outstanding common stock held by non-affiliates of Intuit as of January 31, [removed: 2021,] [added: 2022,] the last business day of our most recently completed second fiscal quarter, based on the closing price of [removed: $361.23] [added: $555.23] reported by the Nasdaq Global Select Market on that date, was [removed: $96.2] [added: $152.8] billion.

There were [removed: 273,091,929] [added: 281,869,879] shares of Intuit voting common stock outstanding as of August [removed: 31, 2021.][added: 26, 2022.]

Portions of the registrant’s definitive proxy statement for its Annual Meeting of Stockholders to be held on January [removed: 20, 2022] [added: 19, 2023] are incorporated by reference in Part III of this Annual Report on Form 10-K.

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

FISCAL [removed: 2021] [added: 2022] FORM 10-K

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| ITEM 15: | | | Exhibits and Financial Statement Schedules | | | | | | [removed: [100](#i2f49e40746e747928a7cf026c43a91f0_253)] [added: [98](#i355069ae3df44bdb90bff538d4bca755_241)] | | |

Intuit, [removed: the Intuit logo,] QuickBooks, TurboTax, Mint, [removed: Lacerte, ProSeries, Intuit ProConnect,] Credit [removed: Karma, and the Credit] Karma [removed: logo,] [added: and Mailchimp] among others, are registered trademarks and/or registered service marks of Intuit Inc., or one of its subsidiaries, in the United States and other countries.

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | 2 | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

- statements regarding the impact of the COVID-19 pandemic [added: and macroeconomic conditions] on our business;

- our belief that the credit facilities will be available to us should we choose to borrow under them; [removed: and]

We encourage you to read carefully all information provided in this report and in our other filings with the Securities and Exchange Commission before deciding to invest in our stock or to [added: maintain or change your investment.]

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | 3 | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

These forward-looking statements are based on information as of the filing date of this Annual [removed: Report, and] [added: Report and, except as required by law,] we undertake no obligation to revise or update any forward-looking statement for any reason.

| [PART I](#i355069ae3df44bdb90bff538d4bca755_10) | | | | | | | | | | | |

| [PART II](#i355069ae3df44bdb90bff538d4bca755_73) | | | | | | | | | | | |

| [ITEM 6:](#i355069ae3df44bdb90bff538d4bca755_79) | | | [\[Reserved\]](#i355069ae3df44bdb90bff538d4bca755_79) | | | | | | [31](#i355069ae3df44bdb90bff538d4bca755_79) | | |

| [PART III](#i355069ae3df44bdb90bff538d4bca755_220) | | | | | | | | | | | |

| [PART IV](#i355069ae3df44bdb90bff538d4bca755_238) | | | | | | | | | | | |

| [ITEM 16](#i355069ae3df44bdb90bff538d4bca755_244): | | | [Form 10-K Summary](#i355069ae3df44bdb90bff538d4bca755_244) | | | | | | [102](#i355069ae3df44bdb90bff538d4bca755_244) | | |

| | | | [Signatures](#i355069ae3df44bdb90bff538d4bca755_247) | | | | | | [103](#i355069ae3df44bdb90bff538d4bca755_247) | | |

- our expectations regarding acquisitions and their impact on business and strategic priorities; and

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | |

| [PART I](#i2f49e40746e747928a7cf026c43a91f0_10) | | | | | | | | | | | |

| | | | | | | | | | | | |

| | | | | | | | | | | | |

| [PART II](#i2f49e40746e747928a7cf026c43a91f0_73) | | | | | | | | | | | |

| [ITEM 6:](#i2f49e40746e747928a7cf026c43a91f0_79) | | | [Selected Financial Data](#i2f49e40746e747928a7cf026c43a91f0_79) | | | | | | [33](#i2f49e40746e747928a7cf026c43a91f0_79) | | |

| [PART III](#i2f49e40746e747928a7cf026c43a91f0_232) | | | | | | | | | | | |

| [PART IV](#i2f49e40746e747928a7cf026c43a91f0_250) | | | | | | | | | | | |

| [ITEM 16](#i2f49e40746e747928a7cf026c43a91f0_256): | | | [Form 10-K Summary](#i2f49e40746e747928a7cf026c43a91f0_256) | | | | | | [103](#i2f49e40746e747928a7cf026c43a91f0_256) | | |

| | | | [Signatures](#i2f49e40746e747928a7cf026c43a91f0_259) | | | | | | [104](#i2f49e40746e747928a7cf026c43a91f0_259) | | |

These risks and uncertainties may be amplified by the coronavirus (“COVID-19”) pandemic, which has caused significant global economic instability and uncertainty.

The extent to which the COVID-19 pandemic impacts Intuit’s business, operations, financial results, and financial condition, including the duration and magnitude of such effects, will depend on numerous evolving factors, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the pandemic, its severity, the actions to contain the virus or respond to its impact, and how quickly and to what extent normal economic and operating conditions can resume.

- our plan to continue to provide ongoing enhancements and certain connected services for all future versions of our QuickBooks Desktop software products;

maintain or change your investment.

| | | | Intuit Fiscal 2021 Form 10-K | | | 4 | | | | | |

[Tables of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)

Our principal locations, their purposes, and the expiration dates for the leases on facilities at those locations as of July 31, [removed: 2021] [added: 2022,] are shown in the table below.

See Note [removed: 9] [added: 10] to the [added: consolidated] financial statements in Item 8 of this Annual Report for more information about our lease commitments.

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 31] [added: 29] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

As of August [removed: 31, 2021] [added: 26, 2022,] we had approximately [removed: 490] [added: 640] record holders and approximately [removed: 700,000] [added: 1,292,000] beneficial holders of our common stock.

We declared cash dividends that totaled [removed: $2.36] [added: $2.72] per share of outstanding common stock or [removed: $651] [added: $781] million during fiscal [removed: 2021] [added: 2022] and [removed: $2.12] [added: $2.36] per share of outstanding common stock or [removed: $562] [added: $651] million during fiscal [removed: 2020.][added: 2021.]

In August [removed: 2021] [added: 2022,] our Board of Directors declared a quarterly cash dividend of [removed: $0.68] [added: $0.78] per share of outstanding common stock payable on October 18, [removed: 2021] [added: 2022] to stockholders of record at the close of business on October [removed: 11, 2021.][added: 10, 2022.]

Stock repurchase activity during the three months ended July 31, [removed: 2021] [added: 2022] was as follows:

At July 31, [removed: 2021,] [added: 2022,] authorization from our Board of Directors to expend up to [removed: $1.3] [added: $1.5] billion remained available under that plan.

On August [removed: 20, 2021] [added: 19, 2022,] our Board approved [removed: a new] [added: an increase in the authorization under the existing] stock repurchase program under which we are authorized to repurchase up to an additional $2 billion of our common stock.

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 32] [added: 30] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

The graph assumes that $100 was invested in Intuit common stock and in each of the other indices on July 31, [removed: 2016] [added: 2017,] and that all dividends were reinvested.

COMPARISON OF 5 YEAR CUMULATIVE TOTAL [removed: RETURN*][added: RETURN]

Copyright© [removed: 2021] [added: 2022] Standard and Poor’s, a division of S&P Global.

| | | | July 31, [removed: 2016] [added: 2017] | | | | | | July 31, [removed: 2017] [added: 2018] | | | | | | July 31, [removed: 2018] [added: 2019] | | | | | | July 31, [removed: 2019] [added: 2020] | | | | | | July 31, [removed: 2020] [added: 2021] | | | | | | July 31, [removed: 2021] [added: 2022] | | |

| May 1, 2022 through May 31, 2022 | | | | | | 767,157 | | | | | | $382.20 | | | | | | 767,157 | | | | | | $1,728,290,486 | | |

| June 1, 2022 through June 30, 2022 | | | | | | 292,225 | | | | | | $390.10 | | | | | | 292,225 | | | | | | $1,614,292,658 | | |

| July 1, 2022 through July 31, 2022 | | | | | | 248,506 | | | | | | $407.52 | | | | | | 248,506 | | | | | | $1,513,022,373 | | |

| Total | | | | | | 1,307,888 | | | | | | $388.78 | | | | | | 1,307,888 | | | | | | | | |

Note: On August 20, 2021, our Board approved an increased authorization under our existing stock repurchase program to purchase up to an additional $2 billion of our common stock.

All of the shares repurchased during the three months ended July 31, 2022 were purchased under this plan.

| Intuit Inc. | | | $ | 100.00 | | | | | $ | 150.23 | | | | | $ | 205.62 | | | | | $ | 228.93 | | | | | $ | 398.37 | | | | | $ | 344.80 | |

| S&P 500 | | | $ | 100.00 | | | | | $ | 116.24 | | | | | $ | 125.52 | | | | | $ | 140.53 | | | | | $ | 191.75 | | | | | $ | 182.85 | |

| Morgan Stanley Technology Index | | | $ | 100.00 | | | | | $ | 125.17 | | | | | $ | 144.31 | | | | | $ | 204.78 | | | | | $ | 285.30 | | | | | $ | 264.57 | |

| May 1, 2021 through May 31, 2021 | | | | | | 303,000 | | | | | | $416.09 | | | | | | 303,000 | | | | | | $1,689,907,473 | | |

| June 1, 2021 through June 30, 2021 | | | | | | 354,266 | | | | | | $470.86 | | | | | | 354,266 | | | | | | $1,523,097,184 | | |

| July 1, 2021 through July 31, 2021 | | | | | | 341,250 | | | | | | $510.62 | | | | | | 341,250 | | | | | | $1,348,848,471 | | |

| Total | | | | | | 998,516 | | | | | | $467.83 | | | | | | 998,516 | | | | | | | | |

Note: All of the shares purchased during the three months ended July 31, 2021 were purchased under a plan we announced on August 21, 2018 pursuant to which we are authorized to repurchase up to $2 billion of our common stock.

*$100 invested on 07/31/16 in stock or index, including reinvestments of dividends.

Fiscal year ending July 31.

| Intuit Inc. | | | $ | 100.00 | | | | | $ | 125.05 | | | | | $ | 187.87 | | | | | $ | 257.14 | | | | | $ | 286.29 | | | | | $ | 498.18 | |

| S&P 500 | | | $ | 100.00 | | | | | $ | 116.04 | | | | | $ | 134.89 | | | | | $ | 145.66 | | | | | $ | 163.08 | | | | | $ | 222.51 | |

| Morgan Stanley Technology Index | | | $ | 100.00 | | | | | $ | 127.27 | | | | | $ | 167.75 | | | | | $ | 188.40 | | | | | $ | 273.69 | | | | | $ | 370.87 | |

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 33] [added: 31] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

Omitted at registrant’s option.

| [Reports of Independent Registered Public Accounting [removed: Firm](#i2f49e40746e747928a7cf026c43a91f0_127)] [added: Firm](#i355069ae3df44bdb90bff538d4bca755_124) (PCAOB ID: 42)] | | | [removed: [54](#i2f49e40746e747928a7cf026c43a91f0_127)] [added: [52](#i355069ae3df44bdb90bff538d4bca755_124)] | | |

| [Consolidated Statements of Operations for each of the three years in the period ended July [removed: 31,](#i2f49e40746e747928a7cf026c43a91f0_130) [20](#i2f49e40746e747928a7cf026c43a91f0_130)[21](#i2f49e40746e747928a7cf026c43a91f0_130)] [added: 31, 2022](#i355069ae3df44bdb90bff538d4bca755_127)] | | | [removed: [57](#i2f49e40746e747928a7cf026c43a91f0_130)] [added: [55](#i355069ae3df44bdb90bff538d4bca755_127)] | | |

| [Consolidated Statements of Comprehensive Income for each of the three years in the period ended July 31, [removed: 20](#i2f49e40746e747928a7cf026c43a91f0_133)[21](#i2f49e40746e747928a7cf026c43a91f0_133)] [added: 2022](#i355069ae3df44bdb90bff538d4bca755_130)] | | | [removed: [58](#i2f49e40746e747928a7cf026c43a91f0_133)] [added: [56](#i355069ae3df44bdb90bff538d4bca755_130)] | | |

| [Consolidated Balance Sheets as of July 31, [removed: 202](#i2f49e40746e747928a7cf026c43a91f0_136)[1](#i2f49e40746e747928a7cf026c43a91f0_136) [and 20](#i2f49e40746e747928a7cf026c43a91f0_136)[20](#i2f49e40746e747928a7cf026c43a91f0_136)] [added: 2022 and 2021](#i355069ae3df44bdb90bff538d4bca755_133)] | | | [removed: [59](#i2f49e40746e747928a7cf026c43a91f0_136)] [added: [57](#i355069ae3df44bdb90bff538d4bca755_133)] | | |

| [Consolidated Statements of Stockholders’ Equity for each of the three years in the period ended July 31, [removed: 20](#i2f49e40746e747928a7cf026c43a91f0_142)[21](#i2f49e40746e747928a7cf026c43a91f0_142)] [added: 2022](#i355069ae3df44bdb90bff538d4bca755_139)] | | | [removed: [60](#i2f49e40746e747928a7cf026c43a91f0_142)] [added: [58](#i355069ae3df44bdb90bff538d4bca755_139)] | | |

| [Consolidated Statements of Cash Flows for each of the three years in the period ended July 31, [removed: 20](#i2f49e40746e747928a7cf026c43a91f0_148)[21](#i2f49e40746e747928a7cf026c43a91f0_148)] [added: 2022](#i355069ae3df44bdb90bff538d4bca755_145)] | | | [removed: [61](#i2f49e40746e747928a7cf026c43a91f0_148)] [added: [59](#i355069ae3df44bdb90bff538d4bca755_145)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i2f49e40746e747928a7cf026c43a91f0_151)] [added: Statements](#i355069ae3df44bdb90bff538d4bca755_148)] | | | [removed: [63](#i2f49e40746e747928a7cf026c43a91f0_151)] [added: [61](#i355069ae3df44bdb90bff538d4bca755_148)] | | |

| [removed: [II](#i2f49e40746e747928a7cf026c43a91f0_220)] [added: [II](#i355069ae3df44bdb90bff538d4bca755_205)] | | | [Valuation and Qualifying [removed: Accounts](#i2f49e40746e747928a7cf026c43a91f0_220)] [added: Accounts](#i355069ae3df44bdb90bff538d4bca755_205)] | | | | | | [removed: [96](#i2f49e40746e747928a7cf026c43a91f0_220)] [added: [94](#i355069ae3df44bdb90bff538d4bca755_205)] | | |

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 53] [added: 51] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

We have audited the accompanying consolidated balance sheets of Intuit Inc. (the Company) as of July 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the related consolidated statements of operations, comprehensive income, stockholders' equity and cash flows for each of the three years in the period ended July 31, [removed: 2021,] [added: 2022,] and the related notes and the financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at July 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of its operations and its cash flows for each of the three years in the period ended July 31, [removed: 2021,] [added: 2022,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of July 31, [removed: 2021,] [added: 2022,] based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated September [removed: 8, 2021] [added: 2, 2022] expressed an unqualified opinion thereon.

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 54] [added: 52] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

| *How [removed: we] [added: We] Addressed [removed: the Matter] [added: the* *Matter] in Our Audit* | | | | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls over the Company’s processes, as they relate to the determination of distinct performance obligations. We also obtained an understanding of the Company’s product and service offerings and tested the application of the revenue recognition accounting model to determine distinct performance obligations. Among other audit procedures, we evaluated whether the performance obligations identified by the Company were capable of being distinct and distinct in the context of the contract through review of contracts, discussions with management, observing product demonstrations and review of the Company’s website and other marketing materials. More specifically, we evaluated the Company’s determination of whether the contract was to deliver (1) multiple promised products or services that constitute separate performance obligations or (2) a single performance obligation that is comprised of the combined products or services. That is, considering the utility, integration, interrelation or interdependence of the products and services, we evaluated whether the multiple promised products and services that were delivered to the customer were outputs or inputs to a combined item. | | |

| | | | | | | Accounting for Acquisition of [removed: Credit Karma] [added: Mailchimp] | | |

| *Description of the Matter* | | | | | | As described in Note [removed: 6] [added: 7] to the consolidated financial statements, during the year ended July 31, [removed: 2021,] [added: 2022,] the Company completed its acquisition of [removed: Credit Karma] [added: Mailchimp] for a total purchase price of [removed: $7.2 billion. The transaction] [added: $12.0 billion, which] was accounted for as a business combination. Auditing the Company's accounting for its acquisition of [removed: Credit Karma] [added: Mailchimp] was complex due to the significant estimation uncertainty in determining the fair value of [removed: identified intangible assets, which primarily consisted of user relationships of $2,781 million,] [added: customer lists, purchased technology, and] trade names/trademarks [added: intangible assets, and judgment involved in applying the acquisition method] of [removed: $375 million,] [added: accounting to specific facts] and [removed: purchased technology] [added: circumstances] of [removed: $216 million.] [added: the acquisition.] The significant estimation uncertainty was primarily due to the sensitivity of the respective fair values to underlying assumptions about the future performance of the acquired business. The significant assumptions used to estimate the fair values of the intangible assets [removed: included certain assumptions that form the basis of the] [added: based on] forecasted results [removed: including] [added: included] revenue growth rates and operating margins. Each of these assumptions was subjective and involved significant judgment as they are forward looking and could be affected by future economic and market conditions. | | |

| *How [removed: we] [added: We] Addressed the Matter in Our Audit* | | | | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of [removed: internal controls over] the Company’s [removed: process for] [added: controls over its] accounting for [removed: the acquisition. For example, we tested the] [added: acquisitions, such as] controls over the [removed: recognition and determination] [added: application] of [added: acquisition accounting, and] the [removed: fair values] [added: measurement] of [removed: the acquired] [added: customer lists, purchased technology, and trade names/trademarks] intangible assets, including the [removed: development and review of the valuation models and] underlying assumptions used to develop such [removed: estimates.] [added: estimates, and application of the acquisition method of accounting to specific facts and circumstances of the acquisition.] To test the estimated fair value of the [removed: user relationships, trade name/trademark and] [added: customer lists,] purchased [removed: technology] [added: technology, and trade names/trademarks] intangible assets, we performed substantive audit procedures that included, among others, evaluating the Company’s selection of valuation methodologies with the assistance of our valuation [removed: specialists,] [added: specialists] and [added: application of acquisition accounting, and] evaluating the significant assumptions used by the Company to develop the forecasted [removed: results of Credit Karma including projected] revenue growth rates and projected operating margins. For example, we compared the significant assumptions to current industry, market and economic trends, and to the historical results of the acquired [removed: business. We] [added: business and] tested the completeness and accuracy of the underlying data used [added: by management] in the valuation. | | |

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 55] [added: 53] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

We have audited Intuit Inc.’s internal control over financial reporting as of July 31, [removed: 2021,] [added: 2022,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), (the COSO criteria).

In our opinion, Intuit Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of July 31, [removed: 2021,] [added: 2022,] based on the COSO criteria.

As indicated in the accompanying Management’s Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of [removed: Credit Karma,] [added: Mailchimp,] which is included in the July 31, [removed: 2021] [added: 2022] consolidated financial statements of the Company and constituted [removed: nine] [added: less than one] percent of both total and net assets, [removed: respectively,] as of July 31, [removed: 2021] [added: 2022] and [removed: nine] [added: six] percent of [removed: both revenues and net income, respectively,] [added: revenues,] for the year then ended.

Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of [removed: Credit Karma.][added: Mailchimp.]

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the [removed: 2021] consolidated [removed: financial statements] [added: balance sheets] of the Company [added: as of July 31, 2022] and [added: 2021, and the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended July 31, 2022, and the related notes and the financial statement schedule listed in the Index at Item 15(a) and] our report dated September [removed: 8, 2021] [added: 2, 2022] expressed an unqualified opinion thereon.

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 56] [added: 54] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

| *(In millions, except per share amounts)* | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Product | | | $ | [removed: 1,698] [added: 1,747] | | | | | $ | [removed: 1,635] [added: 1,698] | | | | | $ | [removed: 1,623] [added: 1,635] | |

| Service and other | | | [removed: 7,935] [added: 10,979] | | | | | | [removed: 6,044] [added: 7,935] | | | | | | [removed: 5,161] [added: 6,044] | | |

| Total net revenue | | | [removed: 9,633] [added: 12,726] | | | | | | [removed: 7,679] [added: 9,633] | | | | | | [removed: 6,784] [added: 7,679] | | |

| Cost of product revenue | | | 69 | | | | | | [removed: 72] [added: 69] | | | | | | [removed: 77] [added: 72] | | |

| Cost of service and other revenue | | | [removed: 1,564] [added: 2,197] | | | | | | [removed: 1,284] [added: 1,564] | | | | | | [removed: 1,070] [added: 1,284] | | |

| Amortization of acquired technology | | | [removed: 50] [added: 140] | | | | | | [removed: 22] [added: 50] | | | | | | [removed: 20] [added: 22] | | |

| Selling and marketing | | | [removed: 2,644] [added: 3,526] | | | | | | [removed: 2,048] [added: 2,644] | | | | | | [removed: 1,927] [added: 2,048] | | |

| Research and development | | | [removed: 1,678] [added: 2,347] | | | | | | [removed: 1,392] [added: 1,678] | | | | | | [removed: 1,233] [added: 1,392] | | |

| General and administrative | | | [removed: 982] [added: 1,460] | | | | | | [removed: 679] [added: 982] | | | | | | [removed: 597] [added: 679] | | |

| Amortization of other acquired intangible assets | | | [removed: 146] [added: 416] | | | | | | [removed: 6] [added: 146] | | | | | | 6 | | |

| Total costs and expenses | | | [removed: 7,133] [added: 10,155] | | | | | | [removed: 5,503] [added: 7,133] | | | | | | [removed: 4,930] [added: 5,503] | | |

| Notes receivable | | | 509 | | | | | | 132 | | |

| Prepaid expenses and other current assets | | | 287 | | | | | | 184 | | |

| Current liabilities before funds payable and amounts due to customers | | | 3,199 | | | | | | 2,198 | | |

| Funds payable and amounts due to customers | | | 431 | | | | | | 457 | | |

| Issuance of stock in business combination | | | 10,090 | | | — | | | 6,316 | | | — | | | — | | | — | | | 6,316 | | |

| Balance at July 31, 2022 | | | 281,932 | | | $ | 3 | | $ | 17,722 | | $ | (14,805) | | $ | (60) | | $ | 13,581 | | $ | 16,441 | |

| Net change in funds receivable and funds payable and amounts due to customers | | | (56) | | | | | | 2 | | | | | | 19 | | |

Our global technology platform, which includes TurboTax, Credit Karma, QuickBooks, and Mailchimp, is designed to help consumers and small businesses manage their finances, save money, pay off debt and do their taxes.

For those customers who run small businesses, we are focused on helping them find and keep customers, get paid faster, pay their employees, manage and get access to capital, and ensure that their books are done right.

We acquired Credit Karma on December 3, 2020.

We acquired Mailchimp on November 1, 2021.

We have included the results of operations for Mailchimp in our consolidated statements of operations from the date of acquisition.

Mailchimp is part of our Small Business & Self-Employed segment.

On August 1, 2022, to better align our personal finance strategy, our Mint offering moved from our Consumer segment to our Credit Karma segment.

As a result of the extensions of the tax filing deadlines in 2021 and 2020, a significant amount of our fiscal 2021 and 2020 Consumer segment and ProConnect segment revenues were recognized in the fourth quarter as compared to the third quarter of fiscal 2022.

long-lived assets.

Our Mailchimp offerings include e-commerce, marketing automation, and customer relationship management.

In the first quarter of fiscal 2022, we discontinued our QuickBooks Desktop packaged software

products and now sell predominantly on a subscription basis.

transactions.

Revenue is recognized when a lead is generated that results in one of these approved actions.

We apply those measurement period adjustments that

with the performance of the specified market criteria.

Business Combinations *\-* In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-08, “*Business Combinations—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (Topic 805).”* This standard requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities from acquired contracts using the revenue recognition guidance under Accounting Standards Codification Topic 606 in order to align the recognition of a contract liability with the definition of a performance obligation.

This approach differs from the current requirement to measure contract assets and contract liabilities acquired in a business combination at fair value.

We recognized $54 million and $17 million of upward adjustments during the twelve months ended July 31, 2022 and July 31, 2021, respectively.

There were no upward adjustments during the twelve months ended July 31, 2020.

Impairments recognized during the twelve months ended July 31, 2022, July 31, 2021 and July 31, 2020 were immaterial.

Cumulative upward adjustments were $71 million and cumulative impairments were immaterial through July 31, 2022 for measurement alternative investments held as of July 31, 2022.

As of July 31, 2022, this excludes $30 million of funds receivable included in funds receivable and amounts held for customers not measured and recorded at fair value.

Notes receivable consist of term loans to small businesses.

We evaluate the creditworthiness of our term loan portfolio on an individual loan basis, based on a data analytics risk model that evaluates trends related to revenue, debt payments and negative events in the previous 12 months and applies a loss rate at the time of loan origination.

The average is then applied against the outstanding portfolio.

As of July 31, 2022 and July 31, 2021, the net notes receivable balance was $540 million and $139 million, respectively.

We consider a loan to be delinquent when the payments are one day past due.

We place delinquent loans on nonaccrual status and stop accruing interest revenue.

Loans are returned to accrual status if they are brought current or have performed in accordance with the contractual terms for a reasonable period of time and, in our judgment, will continue to make periodic principal and interest payments as per contractual terms.

Past due amounts are not material for all periods presented.

Interest revenue is earned on loans originated and held to maturity in accordance with the specified period of time and defined interest rate noted in the loan contract.

Interest revenue is recorded net of amortized direct origination costs and is included in service and other revenue on our consolidated statements of operations.

September 8, 2021

September 8, 2021

| Current liabilities before customer fund deposits | | | 2,198 | | | | | | 3,074 | | |

| Customer fund deposits | | | 457 | | | | | | 455 | | |

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| Balance at July 31, 2018 | | | 258,616 | | | $ | 3 | | $ | 5,335 | | $ | (11,050) | | $ | (36) | | $ | 8,564 | | $ | 2,816 | |

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| Net change in customer fund deposits | | | 2 | | | | | | 19 | | | | | | 69 | | |

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| --- | --- | --- |

Our flagship brands, QuickBooks, TurboTax and Mint, help customers run their small businesses, pay employees and send invoices, separate business and personal expenses, track their money, and file income taxes.

On December 3, 2020 we acquired Credit Karma, Inc. (Credit Karma), a consumer technology platform that enables us to provide personalized financial offers to members including credit cards, loans, insurance, and savings and checking accounts through an FDIC member bank partner.

In August 2020, we reorganized certain technology and customer success functions that support and benefit our overall platform.

Additionally, certain legal, facility and employee service costs are now managed at the corporate level.

As a result, these costs are no longer included in segment operating income and are now included in other corporate expenses.

For the twelve months ended July 31, 2020 and 2019, we reclassified $180 million and $172 million from Small Business & Self-Employed, $121 million and $78 million from Consumer, and $13 million and $12 million from ProConnect to other corporate expenses.

Due to the COVID-19 pandemic, the timing of tax filing seasons for fiscal 2021 and fiscal 2020 varied significantly.

These changes to the tax filing seasons impacted our quarterly financial results during fiscal 2021 and fiscal 2020.

For consignment retailers, we begin recognizing revenue when control has transferred to the customer, at the time the end-user sale has occurred.

We evaluate the creditworthiness of our loan portfolio on a pooled basis due to its composition of small, homogeneous loans with similar general credit risk and characteristics and apply a loss rate at the time of loan origination.

Paycheck Protection Program *\-* In April 2020, Intuit was approved as a non-bank Small Business Administration (SBA) lender for the Paycheck Protection Program (PPP).

The PPP was authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide small businesses loans to pay payroll and group health costs, salaries and commissions, mortgage and rent payments, utilities, and interest on other debt which is designed to provide assistance to small businesses during the COVID-19 pandemic.

Lending under the program expired on August 8, 2020.

As of July 31, 2021, all of the loans held for sale under this program have been sold.

When loans under this program do not qualify to be sold, they are held for investment.

As of July 31, 2021 and July 31, 2020, PPP loans held for investment were not material and are included in prepaid expenses and other current assets and other assets on our consolidated balance sheets.

The SBA re-opened the PPP in January 2021 under the Coronavirus Response and Relief Supplemental Appropriations Act of 2021.

We marketed and referred small businesses to another lender under the re-opened program, but did not originate or service loans in this round of the program, which ended in May 2021.

asset may not be recoverable.

value, we would record an impairment loss equal to the difference.

Internal-Use Software *-* In August 2018 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-15, “*Intangibles—Goodwill and Other (Topic 350): Internal-Use Software.”* This standard aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software.

We adopted this standard in the first quarter of our fiscal year beginning August 1, 2020 on a prospective basis.

Goodwill Impairment *\-* In January 2017 the FASB issued ASU 2017-04, “*Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.”* This standard eliminates Step 2 from the goodwill impairment test.

Instead, an entity should compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill

allocated to the reporting unit.

We adopted this standard in the first quarter of our fiscal year beginning August 1, 2020 on a prospective basis.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of July 31, [removed: 2021] [added: 2022] based on the guidelines established in *Internal Control – Integrated Frame*work issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Our management’s evaluation of internal control over financial reporting excluded the internal control activities of [removed: Credit Karma,] [added: Mailchimp,] which we acquired on [removed: December 3, 2020,] [added: November 1, 2021,] as discussed in Note [removed: 6,] [added: 7,] “Business [removed: Combinations”,] [added: Combinations”] of the Notes to the Consolidated Financial Statements.

Total revenue [removed: and net income] subject to [removed: Credit Karma’s] [added: Mailchimp’s] internal control over financial reporting represented [removed: nine] [added: six] percent of [removed: both] our consolidated total revenues [removed: and net income] for the fiscal year ended July 31, [removed: 2021.][added: 2022.]

Total assets and net assets subject to [removed: Credit Karma’s] [added: Mailchimp’s] internal control over financial reporting represent [removed: approximately nine] [added: less than one] percent of both our consolidated total assets and net [removed: assets, excluding acquisition fair value adjustments,] [added: assets] as of July 31, [removed: 2021.][added: 2022.]

Based on the results of our evaluation, our management has concluded that our internal control over financial reporting was effective as of July 31, [removed: 2021] [added: 2022] to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles.

Ernst & Young LLP, an independent registered public accounting firm, has audited the effectiveness of our internal control over financial reporting as of July 31, [removed: 2021.][added: 2022.]

Except as noted above, there was no change in our internal control over financial reporting during the period ended July 31, [removed: 2021] [added: 2022] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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| | | | Intuit Fiscal 2021 Form 10-K | | | 97 | | | | | |

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[Tables of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)

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| | | | Intuit Fiscal 2022 Form 10-K | | | 95 | | | | | |

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[Tables of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 98] [added: 96] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

The other information required by this Item 10 regarding directors is incorporated by reference from the information contained in our Proxy Statement to be filed with the U.S. Securities and Exchange Commission in connection with the solicitation of proxies for our [removed: 2022] [added: 2023] Annual Meeting of Stockholders (the [removed: “2022] [added: “2023] Proxy Statement”) under the sections entitled “Proposal No. 1 - Election of Directors – Our Board Nominees,” [removed: and] “Corporate [removed: Governance.”] [added: Governance,” and “Delinquent Section 16(a) Reports.”] Certain information required by this Item 10 regarding executive officers is set forth in Item 1 of Part I of this [removed: Report] [added: report] under the heading “Information about our Executive Officers.”

The information required by this Item 11 is incorporated by reference from the information contained in our [removed: 2022] [added: 2023] Proxy Statement under the sections entitled [removed: “Corporate Governance – Compensation] [added: “Compensation and Organizational Development] Committee [removed: Interlocks] [added: Report,” “Compensation Discussion] and [removed: Insider Participation,”] [added: Analysis,”] “Director Compensation,” “Equity Compensation Plan Information,” and “Executive Compensation Tables.”

The information required by this Item 12 is incorporated by reference from the information contained in our [removed: 2022] [added: 2023] Proxy Statement under the sections entitled “Stock Ownership Information” and “Executive Compensation Tables.”

The information required by this Item 13 is incorporated by reference from the information contained in our [removed: 2022] [added: 2023] Proxy Statement under the sections entitled “Corporate Governance – Director Independence” and “Transactions with Related Persons.”

The information required by this Item 14 is incorporated by reference from the information contained in our [removed: 2022] [added: 2023] Proxy Statement under the section entitled “Proposal No. 3 – Ratification of Selection of Independent Registered Public Accounting Firm.”

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 99] [added: 97] | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

| [removed: 10.01+] [added: 10.02+] | | | | | | [Intuit Inc. Amended and Restated 2005 Equity Incentive Plan, as amended through January 19, 2017](http://www.sec.gov/Archives/edgar/data/896878/000089687817000004/exhibit9901.htm) | | | | | | | | | | | | S-8 333-215639 | | | 1/20/2017 | | |

| [removed: 10.02+] [added: 10.03+] | | | | | | [Intuit Inc. Amended and Restated 2005 Equity Incentive Plan, as amended through January 23, 2014](http://www.sec.gov/Archives/edgar/data/896878/000119312514020392/d661393dex9901.htm) | | | | | | | | | | | | S-8 333-193551 | | | 1/24/2014 | | |

| [removed: 10.03+] [added: 10.05+] | | | | | | [Forms of Equity Grant Agreements: Executive Chairman Non-Qualified Stock Option; Executive Chairman Service-Based Restricted Stock Unit; Executive Chairman Performance-Based Restricted stock Unit; CEO Performance-Based Restricted Stock Unit; Executive Performance-Based Restricted Stock Unit; Service-Based Restricted Stock Unit [removed: (non-focal)](https://www.sec.gov/Archives/edgar/data/896878/000089687821000233/fy21q4-ex1003.htm)] [added: (non-focal)](http://www.sec.gov/Archives/edgar/data/0000896878/000089687821000233/fy21q4-ex1003.htm)] | | | | | | [removed: X] | | | | | | [added: 10-K] | | | [added: 9/8/2021] | | |

| [removed: 10.04+] [added: 10.06+] | | | | | | [Forms of Equity Grant [removed: Agreements: Executive] [added: Agreements:](http://www.sec.gov/Archives/edgar/data/896878/000089687820000148/fy20q4-ex1004.htm) [Executive] Chair and EVP Service-Based Restricted Stock Unit; Executive Chair and EVP TSR Performance-Based Restricted Stock Unit; CEO Service-Based Restricted Stock Unit; CEO TSR Performance-Based Restricted Stock Unit](http://www.sec.gov/Archives/edgar/data/896878/000089687820000148/fy20q4-ex1004.htm) | | | | | | | | | | | | 10-K | | | 8/31/2020 | | |

| [removed: 10.05+] [added: 10.07+] | | | | | | [Forms of Equity Grant Agreements: Executive Chair and EVP Restricted Stock Unit, and CEO Restricted Stock Unit](http://www.sec.gov/Archives/edgar/data/896878/000089687819000132/fy19q4-ex1004.htm) | | | | | | | | | | | | 10-K | | | 8/30/2019 | | |

| [removed: 10.06+] [added: 10.08+] | | | | | | [Form of Executive Chair Restricted Stock Unit Agreement - service-based vesting](http://www.sec.gov/Archives/edgar/data/896878/000089687819000042/exhibit1002-fy19q2.htm) | | | | | | | | | | | | 10-Q | | | 2/22/2019 | | |

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | 100 | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

| [removed: 10.07+] [added: 10.09+] | | | | | | [Forms of Equity Grant Agreements: EVP-SVP TSR Performance-Based Restricted Stock Unit, CEO TSR Performance-Based Restricted Stock Unit, EVP Time-Based Restricted Stock Unit, CEO Restricted Stock Unit, Stock Option - 4 year vest, Time-Based RSU - 4 year vest (focal), New Hire Time-Based Restricted Stock Unit - 4 year vest](http://www.sec.gov/Archives/edgar/data/896878/000089687818000171/fy18q4-ex1008.htm) | | | | | | | | | | | | 10-K | | | 8/31/2018 | | |

| [removed: 10.08+] [added: 10.10+] | | | | | | [Forms of Equity Grant Agreements: Restricted Stock Unit, CEO TSR Performance-Based Restricted Stock Unit, CEO Restricted Stock Unit, Executive TSR Performance-Based Restricted Stock Unit, EVP Restricted Stock Unit, Restricted Stock Unit - MSPP Purchased, Restricted Stock Unit- MSPP Matching, Stock Option](http://www.sec.gov/Archives/edgar/data/896878/000089687817000130/fy17q4-ex1017.htm) | | | | | | | | | | | | 10-K | | | 9/1/2017 | | |

| [removed: 10.09+] [added: 10.11+] | | | | | | [Forms of Equity Grant Agreements: CEO Restricted Stock Unit, CEO TSR Performance-Based Restricted Stock Unit, Executive Restricted Stock Unit, EVP/SVP TSR Performance-Based Restricted Stock Unit, Restricted Stock Unit, and Stock Option Agreement](http://www.sec.gov/Archives/edgar/data/896878/000089687816000286/fy16q4-ex1021.htm) | | | | | | | | | | | | 10-K | | | 9/1/2016 | | |

| [removed: 10.10+] [added: 10.12+] | | | | | | [Form of Amended and Restated 2005 Equity Incentive Plan Non-Qualified Stock Option Grant Agreement: New Hire, Promotion, Retention or Focal Grant](http://www.sec.gov/Archives/edgar/data/896878/000089687813000149/fy13q4-ex1021.htm) | | | | | | | | | | | | 10-K | | | 9/13/2013 | | |

| [removed: 10.11+] [added: 10.13+] | | | | | | [Credit Karma, Inc. 2015 Equity Incentive Plan, as amended](https://www.sec.gov/Archives/edgar/data/896878/000119312520309049/d73757dex991.htm) | | | | | | | | | | | | S-8 333-251096 | | | 12/3/2020 | | |

| [removed: 10.12+] [added: 10.14+] | | | | | | [Form of Restricted Stock Unit Agreement under the Credit Karma, Inc. 2015 Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/896878/000119312520309049/d73757dex992.htm) | | | | | | | | | | | | S-8 333-251096 | | | 12/3/2020 | | |

| [removed: 10.13+] [added: 10.15+] | | | | | | [Form of Restricted Stock Unit Agreement under the Credit Karma, Inc. 2015 Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/896878/000119312520309049/d73757dex993.htm) | | | | | | | | | | | | S-8 333-251096 | | | 12/3/2020 | | |

| [removed: 10.14+] [added: 10.16+] | | | | | | [Form of Restricted Stock Unit Agreement under the Credit Karma, Inc. 2015 Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/896878/000119312520309049/d73757dex994.htm) | | | | | | | | | | | | S-8 333-251096 | | | 12/3/2020 | | |

| [removed: 10.15+] [added: 10.19+] | | | | | | [Description of Non-Employee Director Compensation, approved October 31, 2018 and effective January 17, 2019](http://www.sec.gov/Archives/edgar/data/896878/000089687818000212/exhibit1002-fy19q1.htm) | | | | | | | | | | | | 10-Q | | | 11/20/2018 | | |

| [removed: 10.16+] [added: 10.20+] | | | | | | [Description of Non-Employee Director Compensation, approved October 19, 2017 and effective January 18, 2018](http://www.sec.gov/Archives/edgar/data/896878/000089687817000170/ex1003-fy18q1descofnon.htm) | | | | | | | | | | | | 10-Q | | | 11/20/2017 | | |

| [removed: 10.17+] [added: 10.21+] | | | | | | [Non-employee Director Compensation Program, effective January 21, 2016](http://www.sec.gov/Archives/edgar/data/896878/000089687816000197/exhibit1002-fy16q2.htm) | | | | | | | | | | | | 10-Q | | | 2/25/2016 | | |

| [removed: 10.18+] [added: 10.22+] | | | | | | [Forms of Non-employee Director Restricted Stock Unit Agreements](http://www.sec.gov/Archives/edgar/data/896878/000089687817000170/ex1004-fy18q1formsofno.htm) | | | | | | | | | | | | 10-Q | | | 11/20/2017 | | |

| [removed: 10.19+] [added: 10.23+] | | | | | | [Form of Director Restricted Stock Units Conversion Grant Agreement](http://www.sec.gov/Archives/edgar/data/896878/000089687813000052/exhibit1005-fy13q2.htm) | | | | | | | | | | | | 10-Q | | | 3/1/2013 | | |

| [removed: 10.20+] [added: 10.24+] | | | | | | [Fourth Amended and Restated Management Stock Purchase Program](http://www.sec.gov/Archives/edgar/data/896878/000089687819000042/exhibit1001-fy19q2.htm) | | | | | | | | | | | | 10-Q | | | 2/22/2019 | | |

| [removed: 10.23+] [added: 10.25+] | | | | | | [Intuit Executive Relocation Policy](http://www.sec.gov/Archives/edgar/data/896878/000089687818000171/fy18q4-ex1035.htm) | | | | | | | | | | | | 10-K | | | 8/31/2018 | | |

| [removed: 10.24+] [added: 10.26+] | | | | | | [Intuit Inc. Non-qualified Deferred Compensation Plan, effective January 1, 2009](http://www.sec.gov/Archives/edgar/data/896878/000089687817000170/ex1001-fy18q1intuitnqd.htm) | | | | | | | | | | | | 10-Q | | | 11/20/2017 | | |

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | 101 | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

| [removed: 10.25+] [added: 10.27+] | | | | | | [Intuit Inc. 2005 Executive Deferred Compensation Plan, effective January 1, 2005](http://www.sec.gov/Archives/edgar/data/896878/000095013404019005/f03579exv10w13.htm) | | | | | | | | | | | | 10-Q | | | 12/10/2004 | | |

| [removed: 10.26+] [added: 10.28+] | | | | | | [Intuit Executive Deferred Compensation Plan, effective March 15, 2002](http://www.sec.gov/Archives/edgar/data/896878/000089161802002662/f81889exv10w01.htm) | | | | | | | | | | | | 10-Q | | | 5/31/2002 | | |

| [removed: 10.27+] [added: 10.29+] | | | | | | [Amended and Restated Intuit Inc. Performance Incentive Plan, adopted October 28, 2020](http://www.sec.gov/Archives/edgar/data/896878/000089687820000223/exhibit1001-fy21q1.htm) | | | | | | | | | | | | 10-Q | | | 11/19/2020 | | |

| [removed: 10.28+] [added: 10.30+] | | | | | | [Form of Indemnification Agreement entered into by Intuit with each of its directors and certain officers](http://www.sec.gov/Archives/edgar/data/896878/000089161802004433/f84263orexv10w09.htm) | | | | | | | | | | | | 10-Q | | | 2/23/2017 | | |

| [removed: 10.29+] [added: 10.31+] | | | | | | [Letter regarding Terms of Employment by and between Intuit Inc. and Michelle Clatterbuck dated January 19, 2018](http://www.sec.gov/Archives/edgar/data/896878/000089687818000025/ex1001employmentletter0119.htm) | | | | | | | | | | | | 8-K | | | 1/23/2018 | | |

| [removed: 10.30+] [added: 10.32+] | | | | | | [Letter Regarding Terms of Employment by and between Intuit Inc. and Sasan Goodarzi, dated November 15, 2018](http://www.sec.gov/Archives/edgar/data/896878/000089687818000212/exhibit1001-fy19q1.htm) | | | | | | | | | | | | 10-Q | | | 11/20/2018 | | |

| [removed: 10.32+] [added: 10.33+] | | | | | | [Employment memo dated November 7, 2018 to J. Alexander Chriss dated November 7, 2018 and effective January 1, 2019.](http://www.sec.gov/Archives/edgar/data/896878/000089687819000132/fy19q4-ex1049.htm) | | | | | | | | | | | | 10-K | | | 8/30/2019 | | |

| [removed: 10.33+] [added: 10.34+] | | | | | | [Employment memo dated November 7, 2018 to Marianna Tessel and effective January 1, 2019](http://www.sec.gov/Archives/edgar/data/896878/000089687820000148/fy20q4-ex1044.htm) | | | | | | | | | | | | 10-K | | | 8/31/2020 | | |

| [removed: 10.34] [added: 10.35] | | | | | | [removed: [Amended and Restated Credit Agreement] [added: [Credit Agreement,] dated as of [removed: May 2, 2019] [added: November 1, 2021, by and] among Intuit Inc., the lenders [removed: party] [added: parties] thereto, [removed: Bank of America, N.A., and] JPMorgan Chase Bank, N.A., as [removed: co-administrative agents,] [added: administrative agent, BofA Securities Inc.] and [removed: U.S.] [added: The] Bank [removed: National Association and MUFG Bank, LTD.,] [added: of Nova Scotia,] as co-syndication agents, and [removed: Merrill Lynch, Pierce, Fenner & Smith Incorporated,] JPMorgan Chase Bank, N.A., [removed: U.S. Bank National Association,] [added: BofA Securities Inc.] and [removed: MUFG Bank, LTD.,] [added: The Bank of Nova Scotia,] as joint lead arrangers and joint [removed: bookrunners](http://www.sec.gov/Archives/edgar/data/896878/000089687819000132/fy19q4-ex1050.htm)] [added: bookrunners](http://www.sec.gov/Archives/edgar/data/0000896878/000119312521314683/d147355dex101.htm)] | | | | | | | | | | | | [removed: 10-K] [added: 8-K] | | | [removed: 8/30/2019] [added: 11/1/2021] | | |

| [removed: 10.35#] [added: 10.38#] | | | | | | [Master Services Agreement between Intuit and Arvato Services, Inc., dated May 28, 2003](http://www.sec.gov/Archives/edgar/data/896878/000089161803004854/f90545exv10w41.htm) | | | | | | | | | | | | 10-K | | | 9/19/2003 | | |

| [removed: 10.36] [added: 10.39] | | | | | | [Second Amendment to Master Service Agreement between Intuit and Arvato Services, Inc., effective May 29, 2007](http://www.sec.gov/Archives/edgar/data/896878/000095013407020001/f33044exv10w94.htm) | | | | | | | | | | | | 10-K | | | 9/14/2007 | | |

| [removed: 10.37#] [added: 10.40#] | | | | | | [Amendment 3 to Master Services Agreement between Intuit and Arvato Services, Inc., effective April 1, 2008](http://www.sec.gov/Archives/edgar/data/896878/000095013408010488/f40119exv10w02.htm) | | | | | | | | | | | | 10-Q | | | 5/30/2008 | | |

| [removed: 10.38#] [added: 10.41#] | | | | | | [Amendment 5 to the Master Services Agreement between Intuit and Arvato Digital Services LLC effective August 19, 2010](http://www.sec.gov/Archives/edgar/data/896878/000095012310111135/f57160exv10w02.htm) | | | | | | | | | | | | 10-Q | | | 12/6/2010 | | |

| [removed: 10.39] [added: 10.42] | | | | | | [Amended and Restated Amendment Seven to the Master Service Agreement by and between Intuit and Arvato Digital Services effective September 1, 2013](http://www.sec.gov/Archives/edgar/data/896878/000089687813000163/exhibit1001-arvato.htm) | | | | | | | | | | | | 10-Q | | | 11/22/2013 | | |

| 2.01 | | | | | | [Equity Purchase Agreement, dated September 13, 2021, by and among Intuit Inc., a Delaware corporation, The Rocket Science Group LLC, a Georgia limited liability company, VERP Holdings I, LLC, a Georgia limited liability company, VERP Holdings II, LLC, a Georgia limited liability company, DMK RSG, LLC, a Delaware limited liability company, DMK Life LLC, a Delaware limited liability company, DMK 10 LLC, a Delaware limited liability company, DMK 20 LLC, a Delaware limited liability company, DMK RSG Holdco LLC, a Delaware limited liability company, and Benjamin Chestnut, an individual resident of the State of Georgia, as the Sellers’ Representative*](http://www.sec.gov/Archives/edgar/data/0000896878/000119312521271682/d226456dex21.htm) | | | | | | | | | | | | 8-K | | | 9/13/2021 | | |

| 10.01+ | | | | | | [Intuit Inc. Amended and Restated 2005 Equity Incentive Plan, as amended through January 20, 2022](http://www.sec.gov/Archives/edgar/data/896878/000089687822000010/exhibit100110-qq2fy22.htm) | | | | | | | | | | | | 10-Q | | | 3/2/2022 | | |

| 10.04+ | | | | | | [Forms of Equity Grant Agreements:CEO Performance-Based Restricted Stock Unit; Executive Performance-Based Restricted Stock Unit](https://www.sec.gov/Archives/edgar/data/896878/000089687822000028/fy22q4-ex1004.htm) | | | | | | X | | | | | | | | | | | |

| 10.17+ | | | | | | [Intuit Inc. Employee Stock Purchase Plan, as amended through January 19, 2022](http://www.sec.gov/Archives/edgar/data/896878/000089687822000010/exhibit1002.htm) | | | | | | | | | | | | 10-Q | | | 3/2/2022 | | |

| 10.18+ | | | | | | [Intuit Inc. Amended Non-Employee Director Compensation Program, effective January 20, 2022](http://www.sec.gov/Archives/edgar/data/0000896878/000089687822000003/exhibit9901descriptionofno.htm) | | | | | | | | | | | | 8-K | | | 1/24/2022 | | |

| | | | Intuit Fiscal 2022 Form 10-K | | | 99 | | | | | |

| 10.36 | | | | | | [Assurance of Voluntary Compliance, dated May 4, 2022, by and between Intuit Inc. and the Attorney General of the State of New York](https://www.sec.gov/Archives/edgar/data/896878/000089687822000028/fy22q4-ex1036.htm) | | | | | | X | | | | | | | | | | | |

| 10.37 | | | | | | [Schedule identifying agreements substantially identical to the Assurance of Voluntary Compliance filed as Exhibit 10.](https://www.sec.gov/Archives/edgar/data/896878/000089687822000028/fy22q4-ex1037.htm)[3](https://www.sec.gov/Archives/edgar/data/896878/000089687822000028/fy22q4-ex1037.htm)[6](https://www.sec.gov/Archives/edgar/data/896878/000089687822000028/fy22q4-ex1037.htm) [hereto](https://www.sec.gov/Archives/edgar/data/896878/000089687822000028/fy22q4-ex1037.htm) | | | | | | X | | | | | | | | | | | |

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[Tables of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)

| 2.01 | | | | | | [Agreement and Plan of Merger, dated February 24, 2020, by and among Intuit Inc., Halo Merger Sub I, Inc., Halo Merger Sub II, LLC, Credit Karma, Inc. and Shareholder Representative Services, LLC.](http://www.sec.gov/Archives/edgar/data/896878/000119312520046491/d802959dex21.htm) | | | | | | | | | | | | 8-K | | | 2/24/2020 | | |

| 10.21+ | | | | | | [Form of Restricted Stock Unit Grant Agreement for MSPP Purchased Award](http://www.sec.gov/Archives/edgar/data/896878/000089687812000146/intu-2012731xex1034.htm) | | | | | | | | | | | | 10-K | | | 9/13/2012 | | |

| 10.22+ | | | | | | [Form of Restricted Stock Unit Grant Agreement for MSPP Matching Award](http://www.sec.gov/Archives/edgar/data/896878/000089687812000146/intu-2012731xex1035.htm) | | | | | | | | | | | | 10-K | | | 9/13/2012 | | |

| 10.31+ | | | | | | [Letter regarding Terms of Employment by and between Intuit Inc. and Gregory N. Johnson dated August 1, 2018](http://www.sec.gov/Archives/edgar/data/896878/000089687819000132/fy19q4-ex1048.htm) | | | | | | | | | | | | 10-K | | | 8/30/2019 | | |

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | 103 | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

| Dated: | | | September [removed: 8, 2021] [added: 2, 2022] | | | By: | | | /s/ MICHELLE M. CLATTERBUCK | | | | | | | | |

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | 104 | | | | | |

[Tables [removed: of Contents](#i2f49e40746e747928a7cf026c43a91f0_7)][added: of](#i355069ae3df44bdb90bff538d4bca755_7) [Contents](#i355069ae3df44bdb90bff538d4bca755_7)]

| | | | Intuit Fiscal [removed: 2021] [added: 2022] Form 10-K | | | [removed: 105] [added: 102] | | | | | |

| /s/ SASAN K. GOODARZI | | | | | | President, Chief Executive Officer and Director | | | | | | September [removed: 8, 2021] [added: 2, 2022] | | |

| /s/ MICHELLE M. CLATTERBUCK | | | | | | Executive Vice President and Chief Financial Officer | | | | | | September [removed: 8, 2021] [added: 2, 2022] | | |

| /s/ [removed: MARK J. FLOURNOY] [added: LAUREN D. HOTZ] | | | | | | Senior Vice President and Chief Accounting Officer | | | | | | September [removed: 8, 2021] [added: 2, 2022] | | |