“Fiscal 2012 was another strong year for Intuit, with 10 percent revenue growth and earnings per share growth of 16 percent,” said Brad Smith, Intuit’s president and chief executive officer. “Our results and our outlook reflect the steady strength of our core businesses and Intuit’s resilience in the choppy macroeconomic environment.
“As consumers and small businesses benefit from our broad and healthy portfolio of offerings, we are confident in our ability to continue to deliver double-digit growth with margin expansion.
“Intuit is benefitting from a secular shift to digital solutions, and we remain confident about future growth. With the right strategy, a strong portfolio, sound financial discipline and a dedicated team, we expect to deliver another strong year,” Smith said.Business Segment Results and Highlights Total Small Business Group revenue grew 19 percent for the quarter and 14 percent for the year, led by continued strength in Employee Management Solutions and Payment Solutions.
- Financial Management Solutions revenue increased 17 percent for the quarter and 11 percent for the year. Adjusted for the acquisition of Demandforce, FMS revenue increased 9 percent for the quarter and the year. QuickBooks Online subscribers grew 28 percent for the year. QuickBooks Online and QuickBooks Enterprise Solutions continued to drive higher revenue per customer and revenue growth in this segment.
- Employee Management Solutions revenue grew 13 percent for the quarter and 12 percent for the year. Customer adoption of direct deposit payroll services continued to improve and Online Payroll subscribers grew 19 percent during the year.
- Payment Solutions revenue grew 31 percent for the quarter and 20 percent for the year, driven by fee structure changes, higher total card transaction volume, and growth in merchants. Intuit’s GoPayment mobile payment solutions fueled merchant customer growth of 13 percent for the year.
- Consumer Tax grew 16 percent for the quarter and 11 percent for the year.
- Accounting Professionals revenue grew 8 percent for the quarter and 6 percent for the year.
- Financial Services revenue was down slightly for the quarter and increased 5 percent for the year. Revenue increased 8 percent for the quarter and 9 percent for the year when adjusted for the sale of the corporate banking business in the third quarter of fiscal 2012.
- Other Businesses revenue was up 5 percent for the quarter and 1 percent for the year. Global small business revenue grew double digits while Quicken revenue declined.
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