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Stockholders' Equity | 9 Months Ended
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Apr. 30, 2024
Equity [Abstract] |
Stockholders' Equity |
10. Stockholders’ Equity
Stock Repurchase Programs and Treasury Shares
Intuit’s Board of Directors has authorized a series of common stock repurchase programs. Shares of common stock repurchased under these programs become treasury shares. During the nine months ended April 30, 2024, we repurchased a total of 3.0 million shares for $1.7 billion under these programs. Included in this amount were $22 million of repurchases, which occurred in late April 2024 and settled in early May 2024. On August 22, 2023, our Board of Directors approved an increase in the authorization under the existing stock repurchase program under which we are authorized to repurchase up to an additional $2.3 billion of our common stock. At April 30, 2024, we had authorization from our Board of Directors for up to $2.1 billion in stock repurchases. Future stock repurchases under the current program are at the discretion of management, and authorization of future stock repurchase programs is subject to the final determination of our Board of Directors. Our treasury shares are repurchased at the market price on the trade date; accordingly, all amounts paid to reacquire these shares have been recorded as treasury stock on our condensed consolidated balance sheets. Any direct costs to acquire treasury stock are recorded to treasury stock on our condensed consolidated balance sheets. Repurchased shares of our common stock are held as treasury shares until they are reissued or retired. When we reissue treasury stock, if the proceeds from the sale are more than the average price we paid to acquire the shares, we record an increase in additional paid-in capital. Conversely, if the proceeds from the sale are less than the average price we paid to acquire the shares, we record a decrease in additional paid-in capital to the extent of increases previously recorded for similar transactions and a decrease in retained earnings for any remaining amount. In the past, we have satisfied option exercises and restricted stock unit vesting under our employee equity incentive plans by reissuing treasury shares, and we may do so again in the future. For all periods presented, we issued new shares of common stock to satisfy option exercises and RSU vesting under our 2005 Equity Incentive Plan. We have not yet determined the ultimate disposition of the shares that we have repurchased in the past, and consequently we continue to hold them as treasury shares.
Dividends on Common Stock
During the nine months ended April 30, 2024, we declared quarterly cash dividends that totaled $2.70 per share of outstanding common stock for a total of $780 million. In May 2024, our Board of Directors declared a quarterly cash dividend of $0.90 per share of outstanding common stock payable on July 18, 2024 to stockholders of record at the close of business on July 10, 2024. Future declarations of dividends and the establishment of future record dates and payment dates are subject to the final determination of our Board of Directors.
Share-Based Compensation Expense
The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown.
| Three Months Ended |  | Nine Months Ended
(In millions) | April 30, 2024 |  | April 30, 2023 |  | April 30, 2024 |  | April 30, 2023
Cost of revenue | $ | 98 |  |  | $ | 114 |  |  | $ | 300 |  |  | $ | 291 |
Selling and marketing | 121 |  |  | 96 |  |  | 369 |  |  | 310 |
Research and development | 155 |  |  | 116 |  |  | 478 |  |  | 384 |
General and administrative | 77 |  |  | 93 |  |  | 274 |  |  | 279 |
Total share-based compensation expense | $ | 451 |  |  | $ | 419 |  |  | $ | 1,421 |  |  | $ | 1,264 |
Share-Based Awards Available for Grant
A summary of share-based awards available for grant under our plans for the nine months ended April 30, 2024 was as follows:
(Shares in thousands) | Shares Available for Grant
Balance at July 31, 2023 | 19,026 |
Additional shares authorized | 12,200 |
Restricted stock units granted (1) | (2,237) |
Options granted | — |
Share-based awards canceled/forfeited/expired (1) (2) | 4,565 |
Balance at April 30, 2024 | 33,554 |
(1)RSUs granted from the pool of shares available for grant under our 2005 Equity Incentive Plan reduce the pool by 2.3 shares for each share granted. RSUs forfeited and returned to the pool of shares available for grant under the 2005 Equity Incentive Plan increase the pool by 2.3 shares for each share forfeited. (2)Stock options and RSUs canceled, expired, or forfeited under our 2005 Equity Incentive Plan are returned to the pool of shares available for grant. Under the 2005 Equity Incentive Plan, shares withheld for income taxes upon vesting of RSUs that were granted on or after July 21, 2016 are also returned to the pool of shares available for grant. Stock options and RSUs canceled, expired, or forfeited under older expired plans are not returned to the pool of shares available for grant.
Restricted Stock Unit and Restricted Stock Activity
A summary of RSU and restricted stock activity for the nine months ended April 30, 2024 was as follows:
(Shares in thousands) | Number of Shares |  | Weighted- Average Grant Date Fair Value
Nonvested at July 31, 2023 | 11,894 |  |  | $ | 433.70 |
Granted | 973 |  |  | 586.29 |
Vested | (2,795) |  |  | 422.04 |
Forfeited | (854) |  |  | 386.31 |
Nonvested at April 30, 2024 | 9,218 |  |  | $ | 457.72 |
At April 30, 2024, there was approximately $3.6 billion of unrecognized compensation cost related to non-vested RSUs and restricted stock with a weighted-average vesting period of 2.6 years. We will adjust unrecognized compensation cost for actual forfeitures as they occur.
Stock Option Activity
A summary of stock option activity for the nine months ended April 30, 2024 was as follows:
| Options Outstanding
(Shares in thousands) | Number of Shares |  | Weighted- Average Exercise Price Per Share
Balance at July 31, 2023 | 2,130 |  |  | $ | 360.17 |
Granted | — |  |  | — |
Exercised | (530) |  |  | 212.37 |
Canceled or expired | (100) |  |  | 466.02 |
Balance at April 30, 2024 | 1,500 |  |  | $ | 405.32 |
Exercisable at April 30, 2024 | 837 |  |  | $ | 348.51 |
At April 30, 2024, there was approximately $81 million of unrecognized compensation cost related to non-vested stock options with a weighted-average vesting period of 2.6 years. We will adjust unrecognized compensation cost for actual forfeitures as they occur.

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