U.S. stock futures were lower this morning, with the Dow futures falling more than 100 points on Friday's.Shares of Intuit Inc. INTU fell sharply in today's pre-market trading. Intuit reported upbeat results for its first-quarter results, but issued weak forecast for the current quarter.The company reported quarterly earnings of $2.50 per share, which beat the analyst consensus estimate of $2.35 per share. Quarterly revenue came in at $3.28 billion which beat the consensus estimate of $3.14 billion.Intuit s ...

Financial Data and Key Metrics Changes - The company reported revenue of $3.3 billion, representing a 10% increase year-over-year [18] - GAAP operating income was $271 million, down from $307 million last year, while non-GAAP operating income was $953 million, slightly down from $960 million [18] - GAAP diluted earnings per share (EPS) decreased to $0.70 from $0.85 a year ago, while non-GAAP diluted EPS increased to $2.50 from $2.47 [18] Business Line Data and Key Metrics Changes - Global Business Solutions Group revenue grew 9%, driven by a 20% increase in Online Ecosystem revenue, while Desktop Ecosystem revenue declined by 17% [19] - QuickBooks Online Accounting revenue increased by 21%, attributed to customer growth and higher effective prices [20] - Credit Karma revenue accelerated to 29%, with personal loans, auto insurance, and credit cards contributing significantly to growth [27] Market Data and Key Metrics Changes - International Online Ecosystem revenue grew 10% on a constant currency basis, with a notable 42% growth in Online Ecosystem revenue for QBO Advanced and Intuit Enterprise Suite [23][24] - The Desktop Ecosystem revenue is expected to return to growth in Q2, with an overall expectation of low single-digit growth in fiscal 2025 [25] Company Strategy and Development Direction - The company is transitioning from a tax and accounting platform to an AI-driven expert platform, focusing on creating done-for-you experiences [9] - The strategy includes disrupting the assisted tax category and enhancing year-round engagement with consumers [10][28] - The company aims to serve both small and mid-market businesses, with a significant addressable market of over $180 billion [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering double-digit revenue growth and margin expansion for the fiscal year [8] - The company is optimistic about its AI-driven strategy and the potential for significant growth, given the low penetration of its total addressable market [33] - Management highlighted the importance of customer engagement and retention as key drivers for future growth [35] Other Important Information - The company ended the quarter with approximately $3.4 billion in cash and investments and $6.1 billion in debt, with a quarterly dividend of $1.04 per share, representing a 16% increase [29] - The company reaffirmed its fiscal 2025 guidance, expecting total revenue growth of 12% to 13% and GAAP diluted EPS growth of 18% to 20% [30] Q&A Session Summary Question: How should the company think about the progression in drivers for full-year GBS guidance? - Management noted strong customer engagement and retention, with mid-market growth contributing to confidence in guidance [35] Question: What is the strategy regarding TurboTax marketing expenses? - Management indicated that early marketing campaigns have driven strong consideration and traffic, with a slight increase in the consumer group marketing budget expected [36][37] Question: Can you elaborate on the churn seen in Mailchimp's lower-end customer base? - Management clarified that the churn is due to innovations benefiting mid-market customers, not macroeconomic factors, and emphasized the need to improve first-time use for smaller customers [42][43] Question: What is the status of the mid-market go-to-market sales team hiring? - Management confirmed that the hiring of over 200 account managers is contributing to current growth, with expectations for further benefits in the coming quarters [48] Question: How does the company view the integration of AI into its products? - Management highlighted the goal of creating done-for-you experiences across all services, with significant improvements expected in tax season due to AI investments [64][65]

All artificial intelligence (AI) systems are software, but not all software is AI.At least, not yet. Embracing the AI-ification of everything was the theme of accounting and tax software provider Intuit Inc.’s Q1 2025 earnings call on Thursday (Nov. 21), where executives highlighted the success of the company’s AI-driven strategy.“We’ve had a strong start to the year as we demonstrate the power of Intuit’s AI-driven expert platform strategy. By delivering ‘done-for-you’ experiences, enabled by AI with acces ...

For the quarter ended October 2024, Intuit (INTU) reported revenue of $3.28 billion, up 10.2% over the same period last year. EPS came in at $2.50, compared to $2.47 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $3.14 billion, representing a surprise of +4.58%. The company delivered an EPS surprise of +5.93%, with the consensus EPS estimate being $2.36.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expec ...

Intuit (INTU) came out with quarterly earnings of $2.50 per share, beating the Zacks Consensus Estimate of $2.36 per share. This compares to earnings of $2.47 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.93%. A quarter ago, it was expected that this maker of TurboTax, QuickBooks and other accounting software would post earnings of $1.86 per share when it actually produced earnings of $1.99, delivering a surprise of 6.99%. ...

Intuit (INTU) reported fiscal first-quarter results that beat analysts expectations, but shares tumbled in extended trading as the company's current-quarter forecast disappointed. The TurboTax and Credit Karma parent saw first-quarter revenue grow 10% to $3.3 billion, above the analyst consensus from Visible Alpha. Net income of $197 million or 70 cents per share declined from $241 million or 85 cents per share in the year-ago quarter, but topped analysts’ projections.  Looking ahead, Intuit said it expect ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Revenue Growth - Total net revenue for Q1 Fiscal 2025 increased to $3.283 billion, up from $2.978 billion in Q1 Fiscal 2024, representing a 10.2% growth[10] - Service revenue grew to $2.889 billion, an 18% increase compared to $2.450 billion in the same period last year[10] - Total net revenue increased from $2,978 million in Q1 fiscal 2024 to $3,283 million in Q1 fiscal 2025, driven by growth in Global Business Solutions and Credit Karma segments[85] - Global Business Solutions segment revenue increased from $2,344 million in Q1 fiscal 2024 to $2,544 million in Q1 fiscal 2025[85] - Credit Karma segment revenue increased from $405 million in Q1 fiscal 2024 to $524 million in Q1 fiscal 2025[85] - Net revenue for QuickBooks Online Accounting increased to $965 million from $798 million, a 20.9% growth[86] - Total Online Ecosystem revenue grew to $1,943 million from $1,618 million, a 20.1% increase[86] - Credit Karma revenue rose to $524 million from $405 million, a 29.4% growth[86] - Total net revenue increased to $3,283 million from $2,978 million, a 10.3% growth[86] - Total net revenue for Q1 FY25 increased by $305 million, or 10%, compared to Q1 FY24, reaching $3.283 billion[109] - Global Business Solutions segment revenue increased by $200 million, or 9%, in Q1 FY25 compared to Q1 FY24, driven by growth in Online Ecosystem revenue[115] - Online Ecosystem revenue increased by $325 million, or 20%, in Q1 FY25 compared to Q1 FY24, with QuickBooks Online Accounting revenue up 21% and Online Services revenue up 19%[116] - Credit Karma segment revenue increased by $119 million (29%) in Q1 FY25, driven by growth in personal loans ($44 million), auto insurance ($36 million), and credit cards ($31 million)[123] Net Income and Profitability - Net income for Q1 Fiscal 2025 was $197 million, down from $241 million in Q1 Fiscal 2024, a decline of 18.3%[10] - Net income for the three months ended October 31, 2024 was $197 million, compared to $241 million for the same period in 2023[15] - Basic net income per share for Q1 Fiscal 2025 was $0.70, compared to $0.86 in the same period last year[26] - Diluted net income per share for Q1 Fiscal 2025 was $0.70, compared to $0.85 in the same period last year[26] - Net income for Q1 Fiscal 2025 was $197 million, down from $241 million in the same period last year[26] - Net income for Q1 FY25 decreased by $44 million, or 18%, compared to Q1 FY24, driven by a decrease in operating income and a $42 million net loss on a long-term investment[109] - Total segment operating income increased from $2,084 million in Q1 fiscal 2024 to $2,275 million in Q1 fiscal 2025[85] - Total operating income decreased from $307 million in Q1 fiscal 2024 to $271 million in Q1 fiscal 2025, primarily due to higher unallocated corporate expenses[85] - Operating income for Q1 FY25 decreased by $36 million, or 12%, compared to Q1 FY24, primarily due to increased expenses in marketing, staffing, and outside services[109] - Global Business Solutions segment operating income increased by $175 million, or 10%, in Q1 FY25 compared to Q1 FY24, due to revenue growth and reduced marketing and staffing expenses[117] - Consumer segment revenue decreased by $11 million (6%) in Q1 FY25 compared to Q1 FY24, with operating income dropping by $56 million (42%)[120] - ProTax segment revenue decreased by $3 million (7%) in Q1 FY25, with operating income declining by $2 million (9%)[126] Expenses and Costs - Research and development expenses increased to $704 million in Q1 Fiscal 2025, up from $680 million in Q1 Fiscal 2024[10] - Selling and marketing expenses rose to $962 million in Q1 Fiscal 2025, compared to $769 million in Q1 Fiscal 2024[10] - Total operating expenses increased by $278 million (15%) in Q1 FY25, primarily due to higher marketing ($117 million), staffing ($67 million), and outside services ($46 million) costs[129] - Selling and marketing expenses increased to $962 million (29% of total revenue) in Q1 FY25, up from $769 million (26%) in Q1 FY24[129] - Unallocated corporate costs for all segments totaled $2.0 billion in Q1 FY25, up from $1.8 billion in Q1 FY24, due to increases in general and administrative, product development, and share-based compensation expenses[110] - Restructuring costs associated with the reorganization plan are estimated at $237 million, with $9 million recorded in Q1 fiscal 2025[87][88] - Cost of service revenue as a percentage of service revenue remained consistent at 27% in Q1 FY25 compared to Q1 FY24[128] Cash Flow and Liquidity - Cash and cash equivalents decreased to $2.872 billion as of October 31, 2024, compared to $3.609 billion as of July 31, 2024[12] - Net cash provided by operating activities was $362 million for the three months ended October 31, 2024, compared to a net cash used in operating activities of $97 million in the same period in 2023[15] - Purchases of corporate and customer fund investments increased to $306 million for the three months ended October 31, 2024, up from $92 million in the same period in 2023[15] - Originations and purchases of loans held for investment increased to $666 million for the three months ended October 31, 2024, compared to $377 million in the same period in 2023[15] - Cash, cash equivalents, restricted cash, and restricted cash equivalents increased to $8,034 million at October 31, 2024, up from $3,797 million at October 31, 2023[16] - Total cash and cash equivalents, investments, and funds receivable and amounts held for customers increased to $8.964 billion as of October 31, 2024, compared to $7.995 billion as of July 31, 2024[39] - Funds receivable and amounts held for customers increased to $5.606 billion as of October 31, 2024, compared to $3.921 billion as of July 31, 2024[39] - Total cash, cash equivalents, restricted cash, and restricted cash equivalents increased to $8.034 billion as of October 31, 2024, compared to $7.099 billion as of July 31, 2024[40] - Restricted cash and restricted cash equivalents increased to $5.162 billion as of October 31, 2024, compared to $3.490 billion as of July 31, 2024[42] - Net cash provided by operating activities increased by $459 million to $362 million for the three months ended October 31, 2024[136] - Cash, cash equivalents, and investments totaled $3.4 billion at October 31, 2024, a decrease of $716 million from July 31, 2024[134] - Cash, cash equivalents, and investments decreased by $716 million (18%) to $3.4 billion as of October 31, 2024[135] Debt and Liabilities - Total liabilities increased to $15.057 billion as of October 31, 2024, up from $13.696 billion as of July 31, 2024[12] - Long-term debt increased to $5.625 billion as of October 31, 2024, compared to $5.539 billion as of July 31, 2024[12] - Total principal balance of debt at October 31, 2024 is $6.170 billion, with a net carrying value of $6.124 billion[49] - Future principal payments for debt at October 31, 2024 include $500 million due in fiscal year 2025 and $1.55 billion due in fiscal year 2027[49] - The 2020 Notes have $1.5 billion outstanding as of October 31, 2024, with an effective interest rate ranging from 1.127% to 1.767%[50] - The 2023 Notes have $4.0 billion outstanding as of October 31, 2024, with $106 million in interest paid during the three months ended October 31, 2024[52] - The 2024 Credit Facility provides a $1.5 billion unsecured revolving credit facility, with no amounts outstanding as of October 31, 2024[53] - The 2019 Secured Facility has $370 million outstanding as of October 31, 2024, with a weighted-average interest rate of 6.25%[54] - The 2022 Secured Facility has $300 million outstanding as of October 31, 2024, with a weighted-average interest rate of 6.2%[56] - The commercial paper program established in June 2024 has a capacity of $1.5 billion, with no amounts outstanding as of October 31, 2024[57] - Total other current liabilities decreased from $549 million in July 2024 to $536 million in October 2024[58] - Total other long-term obligations increased from $208 million in July 2024 to $221 million in October 2024[59] - The company has $1.5 billion of senior unsecured notes outstanding as of October 31, 2024, with a maximum interest payment commitment of $75 million[139] - The company issued $4 billion of senior unsecured notes in September 2023, with a maximum interest payment commitment of $2.8 billion[141] - The company entered into a $1.5 billion unsecured revolving credit facility expiring on February 5, 2029, with no amounts outstanding as of October 31, 2024[142] - The company has $670 million outstanding under its secured revolving credit facilities as of October 31, 2024[135] - Established a $1.5 billion commercial paper program in June 2024, with no amounts outstanding as of October 31, 2024 and July 31, 2024[145] Investments and Fair Value - Total assets measured at fair value on a recurring basis were $2.468 billion as of October 31, 2024, down from $3.153 billion as of July 31, 2024[33] - Downward adjustments for long-term investments during Q1 Fiscal 2025 amounted to $42 million[36] - Cumulative upward adjustments for long-term investments through October 31, 2024 amounted to $75 million[36] - Cumulative downward adjustments for long-term investments through October 31, 2024 amounted to $55 million[36] - Carrying value of long-term investments was $90 million as of October 31, 2024, down from $131 million as of July 31, 2024[36] - Total estimated fair value of senior unsecured notes was $5.5 billion as of October 31, 2024 and July 31, 2024[35] - Total available-for-sale debt securities remained stable at $636 million as of October 31, 2024, compared to $615 million as of July 31, 2024[40] - Long-term investments decreased by $41 million (31%) to $90 million as of October 31, 2024[135] Shareholder Equity and Dividends - Total stockholders' equity decreased from $18,436 million at July 31, 2024 to $18,136 million at October 31, 2024[13] - Share-based compensation expense was $511 million for the three months ended October 31, 2024, up from $495 million in the same period in 2023[13] - Dividends and dividend rights declared increased to $1.04 per share for the three months ended October 31, 2024, compared to $0.90 per share in the same period in 2023[13] - Quarterly cash dividends declared totaled $295 million for the three months ended October 31, 2024[70] - The company repurchased 915,000 shares for $570 million during the three months ended October 31, 2024[67] - The company repurchased 915,000 shares of common stock and increased its stock repurchase authorization by $3 billion, bringing the total authorization to $4.3 billion[138] - Quarterly cash dividends declared totaled $1.04 per share, amounting to $295 million for the three months ended October 31, 2024[138] Segment Performance - Global Business Solutions segment revenue increased from $2,344 million in Q1 fiscal 2024 to $2,544 million in Q1 fiscal 2025[85] - Credit Karma segment revenue increased from $405 million in Q1 fiscal 2024 to $524 million in Q1 fiscal 2025[85] - Consumer segment revenue decreased by $11 million (6%) in Q1 FY25 compared to Q1 FY24, with operating income dropping by $56 million (42%)[120] - ProTax segment revenue decreased by $3 million (7%) in Q1 FY25, with operating income declining by $2 million (9%)[126] - The company reclassified $65 million from Consumer segment operating income to other corporate expenses in Q1 FY25 due to reorganization of technology and customer success functions[120] Reorganization and Strategic Initiatives - The company reorganized certain technology and customer success functions, resulting in a reclassification of $332 million from Global Business Solutions, $65 million from Consumer, and $8 million from ProTax to other corporate expenses for the three months ended October 31, 2023[20] - The company renamed its Small Business & Self-Employed segment as the Global Business Solutions segment on August 1, 2024, to better align with the global reach of the Mailchimp and QuickBooks platform[20] - Intuit's AI-driven expert platform strategy focuses on delivering "done for you" experiences and connecting customers with AI-powered human expertise[100] - The company is creating a unified consumer platform with TurboTax and Credit Karma to help optimize spend, access money, and grow wealth[102] - Intuit aims to disrupt the mid-market with an integrated ecosystem, including QuickBooks, workforce solutions, and Mailchimp's marketing offerings[102] - Intuit secured a $300 million revolving credit facility, with $150 million committed and $150 million uncommitted, to fund loans to small businesses[89] - The company reorganized its Global Business Solutions, Consumer, and ProTax segments, reclassifying $332 million, $65 million, and $8 million in expenses, respectively, to other corporate expenses[95] Tax and Compensation - Effective tax rate for the three months ended October 31, 2024 was approximately 8%[65] - Total unrecognized tax benefits at July 31, 2024 were $327 million[66] - The company's effective tax rate for Q1 FY25 was approximately 8%, excluding discrete tax items primarily related to share-based compensation[133] - Share-based compensation expense was $511 million for the three months ended October 31, 2024, up from $495 million in the same period in 2023[13] - Total share-based compensation expense increased from $495 million in October 2023 to $511 million in October 2024[72] - Share-based awards available for grant increased from 27,317 thousand shares at July 31, 2024 to 29,033 thousand shares at October 31, 2024[73] - Nonvested RSUs and restricted stock decreased from 10,924 thousand shares at July 31, 2024 to 9,677 thousand shares at October 31, 2024, with a weighted-average grant date fair value of $509.71[75] - Unrecognized compensation cost related to non-vested RSUs and restricted stock was approximately $4.5 billion with a weighted-average vesting period of 2.9 years[75] - Stock options outstanding decreased from 1,772 thousand shares at July 31, 2024 to 1,631 thousand shares at October 31, 2024, with a weighted-average exercise price of $455.16[77] - Unrecognized compensation cost related to non-vested stock options was approximately $117 million with a weighted-average vesting period of 3.0 years[77] Loans and Receivables - Funds receivable and amounts held for customers increased to $5.606 billion as of October 31, 2024, up from $3.921 billion as of July 31, 2024[12] - Net notes receivable balance for term loans to small businesses increased to $1.0 billion as of October 31, 2024, compared to $912 million as of July 31, 2024[44] - Total sales of term loans during the three months ended October 31, 2024 amounted to $106 million, compared to $35 million during the same period in 2023[46] - The company has a remaining monthly commitment to sell $248 million in participation interests in unsecured term loans to small businesses through July 31, 2027[46] - The company purchased term loans from its originating bank partner with principal balances of $650 million during the three months ended October 31, 2024, compared to $279 million during the same period in 2023[44] - The company had commitments to purchase $22 million in term loans that were originated on or prior to October 31, 2024[44] Intangible Assets and Amortization - Acquired intangible assets net value at October 31, 2024 is $5.662 billion, with a weighted-average life of 13 years[48] - Total expected future amortization expense for acquired intangible assets is $5.662 billion, with $472 million expected in fiscal year 2025[48] Leases and Operating Costs - Operating lease cost increased from $26 million in October 2023 to $29 million in October 2024[62] - Total net lease cost increased from $29 million in October 2023 to $31 million in October 2024[62] - Present value of lease liabilities

Intuit CEO Sasan Goodarzi speaks at the opening night of the Intuit Dome in Los Angeles on Aug. 15, 2024.Intuit shares fell 6% in extended trading on Thursday after the finance software maker issued a revenue forecast for the current quarter that trailed analysts' estimates due to some sales getting delayed.Here's how the company performed in comparison with LSEG consensus:Earnings per share: $2.50 adjusted vs. 2.35 expectedRevenue: $3.28 billion vs. 3.14 billionRevenue increased 10% year over year in the q ...

Revenue Growth and Performance - Total revenue grew to $3.3 billion, up 10%[3] - Global Business Solutions Group revenue increased to $2.5 billion, up 9%, with Online Ecosystem revenue growing to $1.9 billion, up 20%[4][9] - Credit Karma revenue grew 29% to $524 million[13] - Consumer Group revenue declined 6% to $176 million, impacted by the extended tax filing deadline in California[14] - Full-year fiscal 2025 revenue guidance is $18.160 billion to $18.347 billion, representing 12-13% growth[16] - Global Business Solutions Group is expected to grow 16-17%, with Online Ecosystem revenue growing approximately 20%[18] - Credit Karma is projected to grow 5-8% for the full fiscal year[20] - Q2 FY25 revenue is expected to be $3.812 billion to $3.845 billion, with 13-14% growth[21] - Revenue guidance for the three months ending January 31, 2025 is estimated to be between $3,812 million and $3,845 million[53] - Revenue guidance for the twelve months ending July 31, 2025 is estimated to be between $18,160 million and $18,347 million[53] Operating Income and Expenses - GAAP operating income was $271 million, down 12%, while non-GAAP operating income was $953 million, down 1%[7] - Cost of revenue increased to $111 million for the three months ended October 31, 2024, compared to $101 million in the same period in 2023[36] - Selling and marketing expenses rose to $137 million from $123 million year-over-year[36] - Research and development expenses remained flat at $161 million[36] - General and administrative expenses decreased to $102 million from $110 million[36] - Total share-based compensation expense increased to $511 million from $495 million[36] - GAAP operating income for Q1 fiscal 2025 was $271 million, while non-GAAP operating income was $953 million[39] - GAAP operating income for Q1 2024 was $307 million, increasing to $369 million in Q2, and reaching $3,105 million in Q3, but dropping to a loss of $151 million in Q4, resulting in a full-year GAAP operating income of $3,630 million[42] - Non-GAAP operating income for Q1 2024 was $960 million, rising to $1,000 million in Q2, and $3,712 million in Q3, with Q4 at $730 million, leading to a full-year Non-GAAP operating income of $6,402 million[42] - Operating income guidance for the three months ending January 31, 2025 is estimated to be between $983 million and $1,003 million on a non-GAAP basis[53] Net Income and Earnings Per Share - GAAP net income for Q1 fiscal 2025 was $197 million, while non-GAAP net income was $709 million[39] - GAAP diluted net income per share for Q1 fiscal 2025 was $0.70, while non-GAAP diluted net income per share was $2.50[39] - GAAP net income for Q1 2024 was $241 million, increasing to $353 million in Q2, and $2,389 million in Q3, but dropping to a loss of $20 million in Q4, resulting in a full-year GAAP net income of $2,963 million[42] - Non-GAAP net income for Q1 2024 was $698 million, rising to $746 million in Q2, and $2,804 million in Q3, with Q4 at $563 million, leading to a full-year Non-GAAP net income of $4,811 million[42] - GAAP diluted net income per share for Q1 2024 was $0.85, increasing to $1.25 in Q2, and $8.42 in Q3, but dropping to a loss of $0.07 in Q4, resulting in a full-year GAAP diluted net income per share of $10.43[42] - Non-GAAP diluted net income per share for Q1 2024 was $2.47, rising to $2.63 in Q2, and $9.88 in Q3, with Q4 at $1.99, leading to a full-year Non-GAAP diluted net income per share of $16.94[42] - Diluted net income per share guidance for the three months ending January 31, 2025 is estimated to be between $2.55 and $2.61 on a non-GAAP basis[53] Cash Flow and Financial Position - Net income for the three months ended October 31, 2024 was $197 million, compared to $241 million in the same period last year[48] - Total adjustments to reconcile net income to net cash provided by operating activities were $703 million for the three months ended October 31, 2024[48] - Net cash provided by operating activities was $362 million for the three months ended October 31, 2024, compared to a net cash used of $97 million in the same period last year[48] - Net cash used in investing activities was $188 million for the three months ended October 31, 2024, compared to net cash provided of $210 million in the same period last year[48] - Net cash provided by financing activities was $761 million for the three months ended October 31, 2024, compared to $849 million in the same period last year[50] - Cash, cash equivalents, restricted cash, and restricted cash equivalents at the end of the period were $8,034 million, compared to $3,797 million at the end of the same period last year[50] - Total current assets as of October 31, 2024, were $10,726 million, compared to $9,678 million as of July 31, 2024[46] - Total assets as of October 31, 2024, were $33,193 million, compared to $32,132 million as of July 31, 2024[46] - Total current liabilities as of October 31, 2024, were $8,619 million, compared to $7,491 million as of July 31, 2024[46] - Total liabilities as of October 31, 2024, were $15,057 million, compared to $13,696 million as of July 31, 2024[46] Shareholder Returns and Investments - The company repurchased $570 million of stock and increased its quarterly dividend by 16% to $1.04 per share[15] - The company recognized a $42 million net loss on other long-term investments during the three months ended October 31, 2024[39] Non-GAAP Adjustments and Tax Considerations - The effective tax rate for the three months ended October 31, 2024, was approximately 8%, excluding discrete tax items it was 24%[36] - The company excludes credit losses on available-for-sale debt securities and gains/losses on other investments from non-GAAP financial measures[70] - The company excludes gains/losses on executive deferred compensation plan assets from non-GAAP financial measures[70] - The company uses a long-term non-GAAP tax rate of 24% for fiscal 2024 and 2025, subject to change due to significant acquisitions, geographic earnings mix changes, or tax law changes[71] - The company excludes operating results and gains/losses on the sale of discontinued operations from non-GAAP financial measures[72] - Forward-looking non-GAAP financial measures include adjustments for acquisitions, divestitures, asset impairments, and disposals of businesses and long-lived assets[73]