New Threads Only:  Add to Google Reader or Homepage
New Threads & Replies:  Add to Google Reader or Homepage
Forums are for serious investors only. GuruFocus Forum Rules.

Forum List » Business News and Headlines
SEC Filings, Earing Reports, Press Releases
New Topic Search
Goto Thread: PreviousNext
Goto: Forum ListMessage ListNew TopicSearchLog In
Intuit Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 25, 2012 03:18PM

Intuit Inc. (INTU) filed Quarterly Report for the period ended 2012-04-30. Intuit Inc has a market cap of $16.08 billion; its shares were traded at around $56.38 with a P/E ratio of 21.4 and P/S ratio of 4.2. The dividend yield of Intuit Inc stocks is 1.1%. Intuit Inc had an annual average earning growth of 17.9% over the past 10 years. GuruFocus rated Intuit Inc the business predictability rank of 4-star.



Highlight of Business Operations:

Total net revenue for the first nine months of fiscal 2012 was $3.6 billion, an increase of 9% compared with the same period of fiscal 2011. Our Consumer Tax segment and our Small Business Group were the key drivers of revenue growth in the first nine months of fiscal 2012. Revenue in our Consumer Tax segment increased 11% compared with the same period a year ago due to 7% growth in paid federal units and favorable offering mix. Revenue in our Small Business Group grew 11% compared with the same period a year ago due to growth in connected services offerings and improved offering mix. Operating income for the first nine months of fiscal 2012 was $1.2 billion, an increase of 13% compared with the same period of fiscal 2011. Higher revenue was partially offset by higher costs and expenses, including higher spending for staffing and share-based compensation. Net income increased 14% in the first nine months of fiscal 2012 compared with the same period of fiscal 2011, in line with the increase in operating income. Diluted net income per share for the first nine months of fiscal 2012 increased 19% to $2.58 as a result of the increase in net income and the decline in weighted average diluted common shares compared with the same period of fiscal 2011.

Total net revenue increased $300 million or 9% in the first nine months of fiscal 2012 compared with the same period of fiscal 2011. In our Small Business Group, revenue was up 11%. Financial Management Solutions segment revenue increased 8% due to growth in QuickBooks Online and QuickBooks Enterprise revenue and, to a lesser extent, to higher Financial Supplies revenue. Employee Management Solutions segment revenue increased 12% due to favorable offering mix, improved customer adoption of payroll direct deposit services, and price increases for desktop payroll customers. Payment Solutions segment revenue increased 16% due to fee structure changes, higher total card transaction volume, and growth in the merchant customer base. In our Consumer Tax segment, revenue increased 11% due to 7% growth in paid federal units and favorable offering mix. Accounting Professionals segment revenue grew 6% due to price increases in our professional tax business and higher QuickBooks Premier Accountant Edition and ProAdvisor Program revenue. Financial Services segment revenue increased 7%, or 9% when adjusted for the March 2012 sale of our corporate banking business. Revenue growth in this segment was primarily due to higher mobile banking revenue and, to a lesser extent, to higher bill-pay revenue. Other Businesses segment revenue was flat due to 9% growth in global revenue offset by lower Quicken revenue.

Consumer Tax segment revenue increased $36 million or 3% in the third quarter of fiscal 2012 compared with the same quarter of fiscal 2011. These results include the impact of last year's delay in the Internal Revenue Service's acceptance of certain electronically filed tax returns, which contributed to a shift in Consumer Tax revenue from the second quarter of fiscal 2011 to the third quarter of fiscal 2011. Consumer Tax segment revenue increased $138 million or 11% in the first nine months of fiscal 2012 compared with the same period of fiscal 2011 due to 7% growth in paid federal units and favorable offering mix, including improved conversion from free to paid and growth in our debit card business. Online federal units represented approximately 76% of total TurboTax federal units for the 2011 tax season to date, up from 74% for the comparable portion of the 2010 tax season.

Financial Services total net revenue increased $2 million or 2% in the third quarter of fiscal 2012 compared with the same quarter of fiscal 2011 and increased $18 million or 7% in the first nine months of fiscal 2012 compared with the same period of fiscal 2011. Revenue for the third quarter of fiscal 2012 grew 7% and revenue for the first nine months of fiscal 2012 grew 9% when adjusted for the March 2012 sale of our corporate banking business. Revenue growth for the third quarter of fiscal 2012 was primarily driven by higher mobile banking revenue. Revenue growth for the first nine months of fiscal 2012 was primarily due to higher mobile banking revenue and, to a lesser extent, to higher bill-pay revenue. Bill-pay revenue grew due to a 6% increase in bill-pay end users and higher transaction volumes for the first nine months of fiscal 2012.

Total operating expenses as a percentage of total net revenue decreased to 50% in the first nine months of fiscal 2012 from 52% in the same period of fiscal 2011. Revenue grew $300 million while total operating expenses increased $86 million in the fiscal 2012 period. Total operating expenses increased about $75 million for higher staffing expenses due to higher headcount and about $9 million for higher share-based compensation expenses. Share-based compensation expense increased because the market price of our common stock was higher at the time of our broad-based July 2011 grants of stock options and restricted stock units compared with the prior fiscal year.

Read the The complete Report



Stocks Discussed: INTU,
Rate this post:




Sorry, only registered users may post in this forum.

Please Login if you have an account or Create a Free Account if you don't




Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial