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Intuit Inc. (INTU)

  • Wed, Feb. 18, 5:35 PM
  • Tue, Feb. 17, 2:45 AM
    • Top lawmakers in the House and Senate have begun their own probes into a recent wave of fraudulent tax filings made through Intuit's (NASDAQ:INTU) TurboTax, highlighting a growing problem in the "e-filing" industry.
    • IRS data shows that the issue has grown rapidly, to a record of almost 2M suspected incidents by 2013 from about 440K in 2010.
    • The federal government estimates it blocked about $24B in attempts, but still lost about $5.2B in the 2013 filing season, due to fraudulent e-filings.
    • Previously: FBI probes fake TurboTax filings (Feb. 11 2015)
  • Wed, Feb. 11, 2:01 AM
    • The FBI is examining how fraudulent tax returns were filed in 19 states through Intuit's (NASDAQ:INTU) tax-preparation software TurboTax and whether a computer data breach allowed access to personal information, WSJ reports.
    • Intuit (INTU) halted e-filings of state returns last Friday after spotting criminal attempts to get refunds through its systems, but resumed filing after steps were taken to combat the activity.
    • Previously: TurboTax resumes e-filing of state tax returns (Feb. 07 2015)
    | 1 Comment
  • Sat, Feb. 7, 7:45 AM
    • Intuit (NASDAQ:INTU) yesterday halted electronic filing of all state tax returns after more than a dozen states spotted criminal attempts to get refunds through its systems. Last evening, the company said it resumed the e-filings after taking steps to combat the type of fraudulent activity it's seeing.
    • Intuit does not believe the fraud is the result of a security breach of its systems.
    • Source: Press Release
    • The stock fell 4.2% in the regular session on Friday, and climbed 0.8% after hours.
  • Nov. 20, 2014, 4:05 PM
    • Intuit (NASDAQ:INTU): FQ1 EPS of -$0.10 beats by $0.10.
    • Revenue of $672M (+8.0% Y/Y) beats by $51.22M.
    • Press Release
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  • Nov. 19, 2014, 5:35 PM
  • Oct. 2, 2014, 5:16 PM
    • At Tuesday's annual meeting, Intuit (INTU -1.4%) lowered its estimate for the average 5-year revenue value of QuickBooks Online clients by $100 to $1,400, while raising its estimate for the value of QuickBooks Desktop clients by $400 to $1,400.
    • With Desktop sales carrying much higher margins, the figures mean the transition will dent Intuit's profits per QuickBooks customer for at least the next 2-3 years, argues Evercore's David Togut, downgrading shares to Underweight.
    • Togut adds Intuit trades at a "rich valuation" of 17x its $5 2017 EPS target, and that management has signaled fresh QuickBooks Online price cuts to boost growth. He qualifies his note by mentioning the TurboTax and ProTax franchises accounted for 60%-70% of FY14 op. profit.
    • Intuit sold off last month after providing light FY15 (ends July '15) guidance. At the time, the company mentioned it has made "strategic decisions to invest in the acceleration to cloud-based subscriptions and to improve the companys future desktop offerings to encourage migration to online services."
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  • Sep. 5, 2014, 1:32 PM
    • Investor meetings with CEO Brad Smith and IR chief Matt Rhodes reinforced BofA/Merrill's belief Intuit's (INTU +1.8%) decision to speed up its transition to a cloud subscription model "is the correct strategy, and that INTU will execute as planned."
    • Analyst Kash Rangan: "[Intuit's] strategy appears to be almost Amazon-like, with very competitive pricing upfront to prevent competitors from winning share, while still increasing customer [long-term value] through additions to its product ecosystem."
    • The note comes 2 weeks after Intuit sold off due to the light FY15 guidance provided in its FQ4 report. The tax software giant partly blamed an accounting policy change (part of the cloud transition) that will lead PC product revenue to be recognized over time rather than entirely up-front.
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  • Aug. 21, 2014, 6:48 PM
    • 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
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  • Aug. 21, 2014, 4:11 PM
    • Intuit (NASDAQ:INTU): FQ4 EPS of -$0.01 misses by $0.08.
    • Revenue of $714M (+12.6% Y/Y) beats by $14.51M.
    • Shares -2.58% AH.
    • Press Release
    | Comment!
  • Aug. 20, 2014, 5:35 PM
  • Aug. 7, 2014, 6:46 PM
    • Intuit (NASDAQ:INTU) is buying PaySuite, a U.K.-based provider of cloud payroll software. Terms are undisclosed.
    • Intuit states the deal will allow small businesses to "seamlessly integrate" payroll data with QuickBooks Online, and furthers its goal of "providing small businesses with the full range of cloud-based business management tools."
    • PaySuite is Intuit's first acquisition in FY15 (ends July '15), following nearly a dozen in FY14. In May, the company announced it's buying popular bill-payment app Check for $360M.
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  • May 27, 2014, 9:38 AM
    • Intuit (INTU) is paying $360M in cash and "other consideration" for Check, whose bill-payment/monitoring apps claim 10M registered users. The deal is expected to close in the July quarter.
    • Intuit declares Check provides it with "a critical consumer payments capability that will allow the company to streamline interactions between consumer and small business customers," and suggests it complements its Quicken and Mint personal finance products.
    • The WSJ first reported of Intuit's interest in Check in April. The tax software giant has been buying companies early and often in recent years.
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  • May 20, 2014, 5:38 PM
    • Top gainers, as of 5:15 p.m.: STAR +11.8%. HERO +7.3%. DFS +4.4%. UVXY +1.7%. ITMN +1.6%.
    • Top losers, as of 5:15 p.m.: IVZ -5.1%. PVCT -3.7%. INTU -3.5%. RMBS -2.8%. [[DNOWw]] -2.6%.
    | 1 Comment
  • May 20, 2014, 4:48 PM
    • Intuit (INTU) expects FQ4 revenue of $683M-$713M and EPS of $0.06-$0.08, largely below a consensus of $712.2M and $0.12.
    • The company met revenue estimates for seasonally huge FQ3 (set to account for over half of FY14 revenue) on the back of a 14% Y/Y increase in TurboTax Online units for tax season, and a 60K Q/Q increase in QuickBooks Online subs to 624K (+36% Y/Y).
    • Total product revenue rose 15% Y/Y to $735M, and service/other revenue 14% to $1.65B. Small business revenue +8%, consumer +13%, professional tax +32%.
    • Costs/expenses grew 11% to $894M, with sales/marketing spend rising 7% to $412M.
    • FQ3 results, PR
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  • May 20, 2014, 4:03 PM
    • Intuit (INTU): FQ3 EPS of $3.53 beats by $0.03.
    • Revenue of $2.38B (+9.2% Y/Y) in-line.
    • Shares -5.00% AH.
    • Press Release
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Company Description
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.
Sector: Technology
Country: United States