INTUIT INC. (INTU): restructuring charge — Intuit lays off 1,800 employees (10% of workforce); $250-260M charges in Q4

INTUIT INC.

Approximately 1,800 employees (10% of workforce) will exit; Boise and Edmonton sites to close.
Estimated charges of $250-260M in Q4 FY2024: $217-227M cash severance, $33M non-cash charges.
Company expects to hire ~1,800 new employees in FY2025, primarily in engineering, product, and customer-facing roles.
CEO Sasan Goodarzi cites need to accelerate AI investments; executive headcount reduced by ~10%.
Substantially all actions expected to be completed by Q1 FY2025 (ending October 31, 2024).

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

INTUIT INC. announced a restructuring with charges of approximately $250 million to $260 million in charges affecting Boise and Edmonton sites (approximately 1,800 employees).

Type: restructuring
Charge: approximately $250 million to $260 million in charges
Affected area: Boise and Edmonton sites
Headcount: approximately 1,800 employees

Exact text from the filing

On July 10, 2024, Intuit Inc. (the "Company") announced a plan of reorganization (the "Plan") focused on reallocating resources to the Company's key growth areas. As part of the Plan, approximately 1,800 employees will exit the Company and the Company will close its Boise and Edmonton sites in service to growing technology teams and capabilities in strategic locations. The Company expects to hire a nearly equivalent number of employees in fiscal 2025 to support the Company's declared growth areas and expects overall headcount to grow in fiscal 2025 and beyond. The Company estimates that it will incur approximately $250 million to $260 million in charges in connection with the Plan, primarily in its fourth fiscal quarter ending July 31, 2024. These charges consist of approximately $217 million to $227 million in future cash expenditures related to severance payments and employee benefits and approximately $33 million in non-cash charges for share-based compensation and charges associate

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INTUIT INC. filing history →

Source: SEC EDGAR

accession 0000896878-24-000030

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