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Intuit Grows First-quarter Revenue 12 Percent; Reiterates Full-year Guidance

CEO Perspective

“We’re off to a strong start in fiscal year 2013. We grew first-quarter revenue 12 percent, and we’re reiterating our guidance of double-digit top-line and bottom-line growth for the full fiscal year,” said Brad Smith, Intuit’s president and chief executive officer. “While we’re not completely insulated from the challenges of the macro-environment, we have proven to be resilient, and we continue to execute against principles that guide us through tough times.”

“We also refreshed our connected services strategy to capitalize on structural shifts occurring in the market that will serve as growth catalysts. Our mobile products are contributing meaningful growth, with around half of our mobile customers new to the franchise, which is expanding our market reach and our category growth.

“Looking ahead, we’re building on a strong foundation while reimagining our products to capitalize on a rapidly changing environment. With big market opportunities in front of us, and the tailwind of technology adoption at our backs, we expect to deliver strong results for quarters and years to come,” Smith said.

Business Segment Results and Highlights

Total Small Business Group revenue grew 18 percent for the quarter, led by strength in Financial Management Solutions and Payment Solutions.
  • Financial Management Solutions revenue increased 20 percent for the quarter. Customer growth in Demandforce and QuickBooks Online continued to drive revenue growth.
  • Demandforce, acquired in May 2012, recorded over 60 percent growth in subscriptions, and QuickBooks Online subscribers grew 29 percent.
  • Employee Management Solutions revenue grew 12 percent, driven by 20 percent growth in online payroll subscribers.
  • Payment Solutions revenue grew 21 percent for the quarter. Card transaction volume grew 11 percent, driven by customer acquisition in Intuit’s GoPayment mobile payment solution.

Consumer Tax
  • Consumer Tax revenue declined to $36 million in a seasonally light quarter as customers filed fewer extended returns for the 2011 tax year compared with the year-ago quarter.
  • TurboTax desktop products for 2012 will go on sale in retail stores and be available for download on Nov. 23. TurboTax Online will be available Dec. 3.

Accounting Professionals
  • Accounting Professionals revenue grew 19 percent, to $32 million, in a seasonally light quarter. Recently enhanced QuickBooks Accountant offerings contributed to growth.

Financial Services
  • Financial Services revenue increased 4 percent for the quarter, led by higher revenue in online and mobile banking. Revenue increased 11 percent when adjusted for the March 2012 sale of the corporate banking business and the addition of Mint revenue.

Other Businesses
  • Other Businesses revenue was up 5 percent for the quarter.

Quarterly Dividend

Intuit paid a quarterly cash dividend of $0.17 per share, totaling $50 million during the first quarter of fiscal 2013. Intuit’s board of directors approved a new quarterly cash dividend of $0.17 per share to be paid on Jan. 18, 2013, to shareholders of record as of the close of business on Jan. 10, 2013.

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