Fri, Aug. 21, 10:00 AM
- Intuit's FQ4 is often a time of "strategic introspection," says UBS's Brent Thill reiterating his Buy rating and cutting the price target by $3 to $117, but this year had a few extra moving pieces thanks to the company now being in year one of an aggressive transition to Cloud/subs.
- "As seen in Adobe's transition, it can take a few tries to get the playbook right. We believe Intuit (INTU -11.4%) is still on track long-term, and the tighter playbook should improve the success rate."
- First Analysis downgrades to Underweight.
- Previously: Intuit divesting Demandforce/QuickBase/Quicken, hiking dividend; shares -3.8% (Aug. 20)
- Previously: Intuit beats by $0.07, misses on revenue (Aug. 20)
Thu, Aug. 20, 5:39 PM
Thu, Aug. 20, 4:59 PM
- Intuit (NASDAQ:INTU) uses its FQ4 report to announce it's divesting its Demandforce cloud marketing/customer contact software unit, QuickBase custom business app unit, and Quicken personal finance/money management software unit.
- The moves are declared to "align with [Intuit's] two strategic goals: to be the operating system behind small business success, and to do the nation's taxes in the U.S. and Canada.." They're expected to respectively cut FY16 (ends July '16) revenue and EPS by $250M and $0.10.
- With the aforementioned businesses treated as discontinued ops, Intuit is guiding for FQ1 revenue of $660M-$680M and EPS of $0.03-$0.04, and FY16 revenue of of $4.525B-$4.6B and EPS of $3.40-$3.45. Revenue for continuing ops is expected to rise 8%-10% in FY16, and EPS 31%-33%.
- 110K QuickBooks Online subs were added in FQ4, bringing the paid base to 1.075M. U.S. TurboTax units rose 7%, with TurboTax Online units rising 11%.
- Intuit is hiking its quarterly dividend by 20% to $0.30/share. That spells a 1.2% yield at current levels. Its next dividend is payable on Oct. 19.
- Shares have fallen to $99.00 after hours.
- FQ4 results, PR
Thu, Aug. 20, 4:08 PM
Wed, Aug. 19, 5:35 PM
Wed, Aug. 19, 2:49 PM
- Deutsche's Nandan Amladi has upgraded Intuit (INTU +0.6%) to Buy ahead of tomorrow's FQ4 report, and hiked his target by $20 to $120.
- Amladi: "While recent quarters have focused on the [QuickBooks Online] transition, we believe investor interest has now moved to how much upside INTU can generate over the next two years. We estimate INTU can overachieve the 2m subs target in Fiscal 2017 by over 10%, with up to $0.25 in EPS upside at the current growth momentum. A bit less competition from Xero recently and TAM expansion from INTU's early entry into the 'sharing economy' have boosted our confidence."
- In May, Intuit forecast it would end FY15 (ended in July) with 1M-1.025M QuickBooks Online subs, up from prior guidance of 975K-1M. Shares are within $3 of a high of $109.21, hit the day after Intuit posted an FQ3 beat.
Sun, Jun. 28, 1:33 PM
- With Intuit (NASDAQ:INTU) having 8,000 workers as of July 31, 2014, the layoff covers roughly 5% of the tax/accounting software giant's workforce. “Over the last few days we’ve communicated organizational changes that drive greater alignment with the company’s priorities,” says an Intuit spokesperson.
- In tandem with the job cuts, Patrick Barry, head of Intuit's Demandforce cloud marketing/customer communications software unit (acquired in 2012 for $423M), has stepped down. He remains an employee.
Thu, May 21, 7:15 PM
- Intuit (NASDAQ:INTU) added more than 120K QuickBooks Online subs in FQ3, up from FQ2's 102K and bringing the total base to 965K (over 150K outside of U.S.). As a result, the company now expects to end FY15 (ends July '15) with 1M-1.025M subs, up from prior guidance of 975K-1M.
- FQ4 revenue guidance of $720M-$745M is in-line with a $728.4M consensus. However, EPS guidance of -$0.10 to -$0.12 is below a -$0.05 consensus.
- $568M was spent on buybacks in FQ3, boosting EPS. Small business revenue fell 5% Y/Y thanks to an ongoing shift towards subscriptions from up-front license payments, and consumer tax revenue rose 4%. As previously announced, U.S. TurboTax Online units rose 13% Y/Y during tax season.
- After initially rising, Intuit is now nearly unchanged in AH trading.
- FQ3 results, PR
Thu, May 21, 5:41 PM
Thu, May 21, 4:06 PM
Wed, May 20, 5:35 PM
Tue, Apr. 21, 6:38 PM
- Intuit (NASDAQ:INTU) sold 30.2M federal TurboTax units this year through April 16 (the end of tax season), up 8% Y/Y. TurboTax Online +13% to 23.8M; TurboTax Desktop -6% to 5.4M; TurboTax Free File Alliance -11% to 1M.
- Thanks to the numbers, Intuit now expects 8% FY15 (ends July '15) consumer tax revenue growth, above prior guidance of 5%-7%.
- INTU +1% AH to $98.23. The all-time high (set on March 20) is $100.88.
Fri, Mar. 6, 5:43 PM
- Following a number of reports to the effect, Intuit (NASDAQ:INTU) confirms it "has been contacted by regulatory authorities, including Congress, the Federal Trade Commission, and the Department of Justice" regarding fraudulent attempts in many states to obtain tax refunds by filing online via TurboTax.
- Additional details on the probes won't be provided until they're finished. Shares fell 0.7% today amid a market selloff, but remained close to an all-time high (set on Monday) of $98.69.
Thu, Feb. 19, 5:39 PM
Thu, Feb. 19, 4:58 PM
- Intuit (NASDAQ:INTU) added 102K QuickBooks Online subs in FQ2, bringing the total count to 841K (soundly above November guidance of 800K)., The company now expects to end FY15 (ends July '15) with 975K-1M subs, up from prior guidance of 925K-950K.
- Thanks in part to a transition to cloud/subscription revenue streams from up-front licenses, guidance for seasonally huge FQ3 is light: Revenue of $2.075B-$2.15B and EPS of $2.70-$2.75 vs. a consensus of $2.23B and $2.88. But FY15 guidance of $4.275B-$4.375B and $2.45-$2.50 is in-line with a consensus of $4.34B and $2.47.
- Service revenue rose 23% Y/Y in FQ2 to $610M, more than offsetting a 31% drop in product revenue to $198M.
- $555M was spent on buybacks, providing a lift to EPS. GAAP costs/expenses rose 9% Y/Y to $906M.
- Shares are up to $94.03 AH. The all-time high is $95.84.
- FQ2 results, PR
Thu, Feb. 19, 4:07 PM
INTU vs. ETF Alternatives
Intuit Inc creates business and financial management solutions that help simplify the business of life for small businesses, consumers, and accounting professionals. The Company operates in three segments; Small Business, Consumer, and Professional Tax.
Other News & PR