Intuit announced a 14 percent increase in quarterly revenue today, for a total of $651 million, as part of its fourth-quarter and fiscal year 2012 earnings report. For the year, Intuit grew revenue 10 percent to $4.15 billion.
Executives discussed the results with investors on a conference call earlier today:
“The consistency of our performance is reinforced when you put these results in the context of the past five fiscal years, where we’ve delivered average annual revenue growth of 10 percent and non-GAAP earnings per share growth of 16 percent,” said Brad Smith, Intuit’s president and chief executive officer.
Core Businesses Continue to Lead Growth
Small Business Group revenue grew 14 percent for the year led by continued strength in connected services. QuickBooks Online subscribers grew 28 percent for the year and Online Payroll customers grew 19 percent. Consumer Tax revenue grew 16 percent for the quarter and 11 percent for the year.
“Across the company, our connected services and mobile offerings enable us to deliver powerful benefits to new customers, around the globe while increasing our mix of recurring revenue streams,” Smith told investors on the call. “These revenue streams are predictable, and provide transparency into our future growth performance as well.”
Turning to Financials
Chief Financial Officer Neil Williams recapped segment results for the quarter and the full year. Financial results reflect Intuit’s ongoing discipline and rigor around capital allocation, he said.
“Our financial principles and capital allocation strategy have not changed. We take a disciplined approach to capital management, investing the cash we generate in opportunities that yield 15-plus percent ROI,” said Williams.
Increased Quarterly Cash Dividend
The board of directors approved a $0.17 dividend for the first quarter of fiscal 2013, up 13 percent from last year. It will be paid on Oct. 18.
Outlook
Intuit also outlined its fiscal year 2013 guidance, led by revenue growth of 10 to 12 percent and first quarter revenue growth of 10 to 11 percent.
“As I look ahead, I’m enthusiastic about our long-term growth opportunities. Intuit is benefitting from a secular shift to digital solutions. I’ll talk more about the opportunities and our strategy at our investor day, scheduled for Sept. 18.” Smith concluded.
Prepared remarks and a replay of the conference call are available on Intuit’s website: http://investors.intuit.com/events.cfm.
This post includes forward-looking statements. There are a number of factors that could cause Intuit’s results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2011 and our other SEC filings.
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