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Intuit Announces Second-Quarter Results

Reiterates Full-year Guidance

Intuit Inc. has announced financial results for the second quarter of fiscal 2014, which ended Jan. 31.

“With a renewed focus, our teams are now aligned against two strategic outcomes: To be the operating system behind small business success and to do the nations' taxes in the U.S. and Canada," said Brad Smith, Intuit’s president and chief executive officer. "I'm pleased that we are seeing momentum across our businesses driven by our platform shift to the cloud.

“While the tax season is just underway, we are encouraged by our product innovations, our focus on filers with simple returns and a strong branding campaign. This momentum, along with early-season unit growth, give us confidence we're off to a good start,” Smith said.

Financial Highlights

Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.

  • Accelerated subscriber growth across small business, led by QuickBooks Online growth of 30 percent, with customer growth outside the U.S. increasing 90 percent.
  • Gained momentum in the adoption of connected services with total QuickBooks subscribers growing 26 percent.
  • Raised guidance for the third quarter and reiterated guidance for full fiscal year revenue, operating income and earnings per share, expecting full fiscal year revenue growth of 6 to 8 percent.
  • Completed an accelerated share repurchase agreement to buy back $1.4 billion in shares.

Second-quarter Revenue

Total second-quarter revenue declined 12 percent to $782 million, reflecting processing delays and changes in Intuit’s tax offerings that will shift revenue into the third quarter.

Business Segment Highlights

Small Business

  • Grew total Small Business segment revenue 8 percent.
  • Grew Small Business Financial Solutions revenue 5 percent, including QuickBooks revenue growth of 12 percent and flat payments revenue.
  • Delivered 16 percent higher revenue in Small Business Management Solutions led by Employee Management Solutions revenue growth of 14 percent and Demandforce revenue growth of 32 percent.
  • Showed promising results for the new QuickBooks Online, adding more than 45,000 net new customers in the past quarter.
  • Generated more than 11 billion impressions through the Small Business Big Game marketing program, culminating in an ad campaign that drove worldwide visibility for Intuit and the four small business finalists.

Consumer

  • Released the first of two season-to-date updates; TurboTax units grew 7 percent through Feb. 15, versus the comparable prior-year period. TurboTax Online units grew 11 percent.
  • Launched a Spanish language version of SnapTax, Intuit’s mobile app for simple tax returns.

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