Intuit

Intuit is known mainly for its QuickBooks package, but decided to break away from its roots - autonomous ON financial management, accounting and tax calculation and give a "cloud" appearance to its products. Among the company's new cloud offerings are QuickBooks Online, QuickBooks Online Payroll and Intuit Payments Solutions. The company has an office in. Russia

Performance indicators

Revenue growth by 13%

In fiscal 2019, Intuit raised $6.78 billion, which is 13% more than a year earlier. The reporting 12-month period for the company ended on July 31, 2019.

Intuit Small Business and Self-Employed Group, which develops payroll and payment processing services, as well as QuickBooks Online accounting software, accounted for 52% of revenue, compared to 51% and 50% a year and two years earlier, respectively. The revenue of this structure increased by 15% and reached $3.53 billion.

In fiscal 2019, Intuit raised $6.78 billion, which is 13% more than a year earlier

The consumer business registered an 11% increase in turnover, up to $2.78 billion. The indicator in the Strategic Partner division (specializing in tax calculation products) increased by 4% and turned out to be $476 million.

The company's net profit in fiscal 2019 reached $1.56 billion, showing an increase of 17% compared to 2018. This rise was the result of an increase in operating profit, which offset by an increase in the effective tax rate.

Net income in fiscal year 2018 included tax benefits related to the reorganization of the subsidiary and the revaluation of net deferred tax liabilities as a result of the entry into force of the new Tax Cuts and Jobs Act.

The profit of Intuit Small Business and Self-Employed amounted to $1.5 billion, an increase of 17%. In the consumer business, profit jumped 10% to $1.74 billion. In the direction of Strategic Partner there was a profit of $318 million. This is 12% higher than profit in the 2018 reporting year.

It is also reported that the number of users of the QuickBooks Online product in the United States increased by 25% year on year, to 3.2 million. Outside the US market, the number of customers grew by 5.8%, to 1.3 million. The number of subscribers to QuickBooks Self-Employed exceeded 1 million.^[1]

History

2021

Los Angeles Clippers sponsorship deal

In mid-September 2021, the basketball club Los Angeles Clippers announced the start of a 23-year $500 million strategic partnership with the developer of Intuit financial software. As part of the cooperation in the 24/25 season, it is planned to open an arena in Inglewood (state), California it will be called Intuit Dome. More. here

Purchase of Mailchimp e-mail software developer for $12 billion

On September 13, 2021, the sale of Mailchimp to Intuit was announced for $12 billion. The buyer will pay for this purchase with their shares and cash. This is the largest purchase for Intuit. More details here.

Purchase of software developer to integrate sales data OneSaas

In early February 2021, Intuit announced the purchase of OneSaas at a price that they did not disclose. The acquisition will allow Intuit to implement support for omnichannel integration of sales data into its new QuickBooks Commerce product. More details here.

2019: Purchase of analytical tools developer for marketing Origami Logic

On May 28, 2019, Intuit announced the acquisition of Origami Logic, a developer of analytical marketing tools, which will help the buyer expand its data infrastructure. More details here.

2018

Revenue growth by 15% to $5.9 billion

In the fiscal year 2018, which ended July 31, 2018, Intuit's revenue reached $5.9 billion, an increase of 15% compared to the previous year.

Intuit Small Business and Self-Employed Group, which includes payroll and payment processing services, as well as QuickBooks Online accounting software, recorded revenues of $3 billion, which is 18% higher than a year ago.

Intuit Financial Performance

In the consumer direction, the basis of which is tax software TurboTax, revenue jumped 14% to $2.5 billion. The Strategic Partner division (promotes a set of programs and services ProConnect) experienced a 4 percent increase in revenues, which amounted to $453 million. The number of ProConnect users for the year increased from 122 to 124 thousand customers.

In 2018, Intuit's net profit increased to $1.2 billion from $971 million a year earlier.

The number of subscribers to QuickBooks Online by the end of July 2018 exceeded 3.41 million against 2.38 million a year earlier. 385 thousand customers were signed up for the QuickBooks Desktop version, while according to the results of fiscal year 2017, this figure was measured at 356 thousand. The number of customers who use paid functions of QuickBooks reached 4.5 million, an annual increase of almost 1 million.

The user base of QuickBooks Online in the United States in fiscal year 2018 increased by 38% and amounted to about 2.6 million customers. Outside the American market, audience size increased by 62%, to 800 thousand subscribers. The product QuickBooks Self-Employed has about 720 thousand users.

During the reporting year, Intuit bought back $270 million worth of shares. In addition, the board of directors approved a new $2 billion buyback program, as a result of which investors will be returned capital in the amount of $3.2 billion, excluding dividend payments.^[2]

Sasan Gudarzi - new CEO of Intuit

On August 23, 2018, Intuit announced the change of CEO. He appointed Sasan Gudarzi, who had previously served as executive vice president and general manager  of the Small Business and Self-Employed Group for two years. More details here.

2015: Profit drop almost tripled

On August 20, 2015, Intuit released its annual financial report and announced a significant reduction in business. The accounting software manufacturer intends to focus on small customers.

According to official Intuit data, in the fiscal year 2015, which ended July 31, 2015, the company's net profit amounted to $365 million, which is almost three times less than a year ago. Revenue for this period decreased by 1% to $4.2 billion.

Intuit decided to get rid of Demandforce, QuickBase and Quicken products

In the structure of annual sales, revenues from the sale of software products took $1.1 billion against $1.5 billion in fiscal year 2014. Most of the revenue is still formed by various kinds of services, services and other sources of profit - on all this Intuit earned $3 billion in 2015, which is $300 million more compared to the previous year.

At the same time as the financial results were published, Intuit announced plans to curtail the work of Demandforce (business software for marketing and customer interaction), QuickBase (platform for collaboration) and Quicken (software for financial reporting and planning). The company decided to take this step in order to focus on small businesses and optimize the tax burden in the United States and Canada.

"We are investing in areas that will pay off very well in the long run. Intuit is focused on strong customers and revenue growth in fiscal year 2016 and later, "said Intuit President and Chief Executive Officer Brad Smith.

The rejection of three products will lead to a decrease in revenue by $250 million and profit by 10 cents per share in fiscal year 2016, which will last until July 2016, Intuit said. For this year, the company forecasts sales in the range of $4.425 billion to $4.6 billion with adjusted profit at $3.4-3.45 per security.

Intuit says that small firms continue to strengthen the company's business, contributing to an increase in the number of subscribers to the QuickBooks Online service by 110 thousand in May-July 2015 - up to 1.075 million.

After the release of the annual report and plans to sell three divisions, Intuit shares fell by 2.9% (to $99.9) during the extended exchange session on August 20, 2015.^[3]

Notes