Intuit Reports Fourth Quarter Earnings

 

MOUNTAIN VIEWIntuit Inc. (Nasdaq: INTU) has announced financial results for the fourth quarter and its fiscal year 2017, which ended July 31.

For the company’s small business division, Intuit grew U.S. subscriber base by 53 percent year-over-year, to nearly 1.9 million subscribers, up from 40% growth last year. The company also saw an increase of the QuickBooks Online subscriber base outside the U.S. by 75 percent to over 500,000 subscribers, up from 45% growth last year.

“We had an excellent finish to the quarter and full year across the company,” said Brad Smith, Intuit’s chairman and chief executive officer.

“In Small Business we are encouraged by the momentum driving QuickBooks Online subscriber growth as well as online ecosystem revenue growth. We are also pleased with our success in Consumer Tax and ProConnect, with both delivering revenue at the high end of our expectations this tax season.

“Our efforts to drive innovation are improving the product experience and delivering meaningful results. These results also demonstrate the potential we see in our ecosystem, creating greater value for customers while building new sources of competitive advantage for Intuit,” said Smith.

Intuit Inc. also announced its succession plan for Chief Financial Officer, Neil Williams who has served as CFO since January 2008 and plans to step down in January 2018.

Senior Vice President Michelle Clatterbuck named CFO effective Feb. 1, 2018. (Photo: Business Wire)

Michelle Clatterbuck (photo), Senior Vice President of Finance for Intuit’s Consumer Tax Group and acting finance leader for Intuit’s Small Business Group, will assume the role of Chief Financial Officer Feb. 1, 2018.

Financial Highlights

For the fourth quarter, Intuit:

  • Grew revenue to $842 million, up 12 percent year-over-year.
  • Grew Small Business online ecosystem revenue by 33 percent for the quarter.
  • Increased Self-Employed subscribers to approximately 390,000.

For the full year, Intuit:

  • Grew revenue to $5.2 billion, up 10 percent year-over-year.
  • Increased GAAP operating income to $1.4 billion, up 12 percent.
  • Increased non-GAAP operating income to $1.7 billion, up 12 percent.
  • Finished the year with 2,383,000 QuickBooks Online subscribers, driving growth to 58 percent, up from 41 percent.
  • Surpassed 100,000 QuickBooks Online subscribers in three global markets: Canada, the U.K. and Australia.