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Intuit Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 29, 2012 10:03PM
Intuit Inc. (INTU) filed Quarterly Report for the period ended 2012-10-31.
Highlight of Business Operations:Total net revenue for the first three months of fiscal 2013 was $647 million, an increase of 12% compared with the same period of fiscal 2012. Our Small Business Group was the key driver of revenue growth in the first three months of fiscal 2013. Revenue in our Small Business Group grew 18% compared with the same period a year ago due to growth in connected services offerings, improved offering mix, and the May 2012 acquisition of Demandforce.
Operating loss from continuing operations for the first three months of fiscal 2013 was $69 million, a decrease of 18% compared with the same period of fiscal 2012. Higher revenue was partially offset by higher costs and expenses, including higher spending for staffing and share-based compensation. Net loss from continuing operations decreased 12% in the first three months of fiscal 2013 compared with the same period of fiscal 2012 due to the lower operating loss and a lower effective tax benefit rate in the fiscal 2013 quarter. Basic and diluted net loss per share from continuing operations for the first three months of fiscal 2013 decreased 11% to $0.17 as a result of the lower net loss and the decline in weighted average basic and diluted common shares compared with the same period of fiscal 2012.
Segment operating income or loss is segment net revenue less segment cost of revenue and operating expenses. See “Executive Overview – Industry Trends and Seasonality” earlier in this Item 2 for a description of the seasonality of our business. Segment expenses do not include certain costs, such as corporate selling and marketing, product development, and general and administrative expenses and share-based compensation expenses, which are not allocated to specific segments. These unallocated costs totaled $206 million in the first three months of fiscal 2013 and $183 million in the first three months of fiscal 2012. Unallocated costs increased in the fiscal 2013 period due to increases in corporate product development and selling and marketing expenses in support of the growth of our businesses, and to a lesser extent to increases in share-based compensation expenses. Segment expenses also do not include amortization of acquired technology, amortization of other acquired intangible assets, and goodwill and intangible asset impairment charges. See Note 10 to the financial statements in Part I, Item 1 of this report for reconciliations of total segment operating income or loss to consolidated operating income or loss for each fiscal period presented.
We determined that Intuit Websites became discontinued operations in the fourth quarter of fiscal 2012. We have therefore segregated the operating results of Intuit Websites from continuing operations in our statements of operations for all periods prior to the sale. Net revenue from Intuit Websites was $9 million for the three months ended October 31, 2012 and $19 million for the three months ended October 31, 2011.
We used no net cash for investing activities during the first three months of fiscal 2013. We used $70 million in cash for capital expenditures. We received $60 million in cash from the sale of our Intuit Websites business and $15 million in cash from net sales of investments.
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