During fiscal 2011 we generated
Stock Repurchase Programs and Dividends on Common Stock
As described in Note 12 to the financial statements in Item 8 of this Report, during fiscal 2013, 2012, and 2011 we continued to repurchase shares of our common stock under a series of repurchase programs that our Board of Directors has authorized. At
July 31, 2013, we had authorization from our Board of Directors to expend up to an additional $1.4 billionfor stock repurchases through August 15, 2014. On August 19, 2013our Board approved a new stock repurchase program under which we are authorized to repurchase up to an additional $2 billionof our common stock from time to time over a four-year period ending on August 19, 2017. On August 1, 2013, we sold our Intuit Financial Servicesbusiness for approximately $1.025 billionin cash. To facilitate the stock repurchase program described above, from time to time we repurchase shares in the open market. On August 23, 2013we entered into an accelerated share repurchase (ASR) agreement with a large financial institution to repurchase $1.4 billionof Intuit's common stock on an accelerated basis. We entered into this ASR agreement in order to repurchase shares at a guaranteed discount from the average price of our stock over a specified period of time. On August 23, 2013we paid $1.4 billionto the financial institution and received an initial delivery of 17.6 million shares of Intuit common stock. The total number of shares to be delivered generally will be determined by applying an agreed discount to the average of the daily volume weighted average price of Intuit common shares traded during the pricing period. The pricing period is scheduled to end in December 2013, but it may conclude sooner at the election of the financial institution. If the total number of shares to be delivered exceeds the number of shares delivered on August 23, 2013, we will receive the remaining balance of shares from the financial institution. Based on the current trading prices of our common stock, we expect to receive additional shares. If the 47
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total number of shares to be delivered is less than the number of shares delivered on
August 23, 2013, we have the contractual right to deliver to the financial institution either shares of Intuit common stock or cash equal to the value of those shares. During fiscal 2013 and 2012 we also continued to pay quarterly cash dividends on shares of our outstanding common stock. In August 2013our Board of Directors declared a quarterly cash dividend of $0.19per share of outstanding common stock payable on October 18, 2013to stockholders of records at the close of business on October 10, 2013. We currently expect to continue paying comparable cash dividends on a quarterly basis; however, 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.