Thanks partly to an accounting policy change that will result in PC product revenue being recognized over time rather than entirely up-front, Intuit (NASDAQ:INTU) expects FY15 (ends July '15) revenue of $4.275B-$4.375B and EPS of $2.45-$2.50, well below a consensus of $4.85B and $3.97.
Adjusted revenue, which takes the policy change into account, is expected to be in a range of $4.75B-$4.85B.
Small business revenue +12% Y/Y in FQ4, with QuickBooks Online subs growing 40% Y/Y to 683K (60K added in the quarter). Consumer tax revenue +22%; ProTax +16%.
Costs/expenses +13% Y/Y to $787M. $152.5M was spent on buybacks.
FY17 targets: Revenue of $5.8B, EPS of $5, and 2M QuickBooks Online subs.
FQ4 results, PR