Posted on Tuesday, Nov 26th 2019
Intuit last week reported a strong first quarter that beat analyst estimates driven by 41% growth of QuickBooks Online (QBO) in its Small Business and Self-Employed Group segment.
first quarter revenues grew 15% over the year to $1.2 billion, beating analyst
estimates of $1.12 billion. Adjusted EPS was $0.41, which was also better than analyst
estimate of $0.26. A year ago, Intuit had reported revenues of $1.016 billion
and earnings of $0.29 per share.
By segment, Small Business and Self-Employed Group revenues grew 15% to $1 billion. Within the segment, Online Ecosystem revenues grew 35% to $501 million driven by 41% growth of QBO to $306 million and Desktop Ecosystem grew 1.5% to $545 million. Revenue from the Consumer segment grew 11% to $100 million and Strategic Partner segment grew 5.5% to $19 million. Grew total international online revenue over 60 percent.
During the first quarter, the
company repurchased $139 million of shares, with $2.5 billion remaining in its
share repurchase authorization. It received Board approval for a quarterly
dividend of $0.53 per share.
the second quarter, Intuit forecast revenue growth of 11% to 13% or $1.665-$1.695
billion with adjusted EPS of $1.00-$1.03. Analysts expect Q2 revenues of $1.66
billion and EPS of $1.14.
Intuit reiterated its full year
guidance for fiscal 2020. It expects to end the year with revenues of
$7.44-$7.54 billion and an EPS of $7.50-$7.60. The Street was expecting
revenues of $7.42 billion for the year with an EPS of $7.55.
Intuit is investing in five strategic
areas: AI and machine learning for increased efficiency, platform to connect
people and businesses to experts, tools to unlock smart money decisions, help
in the growth of small businesses, and disrupt the small business mid-market
with QBO Advanced.
To this end, it recently launched
QuickBooks Live for connecting small businesses with live experts. This
offering aims to increase its small business customers’ confidence, helping
them get set up, close their books each month, and ensure their records are
accurate and up to date.
Intuit recently introduced credit
score goal setting and payment history tracking in Turbo app to help customers
improve their credit score and their overall financial health.
It announced a cash flow planner to help its small business
customers make better decisions as they grow. It is designed to automatically alert business owners
when a negative cash flow situation is on the horizon and provide
recommendations on how to navigate the situation. It also
announced receipt capture in the mobile app and enhanced mileage tracking to
enable its customers to automatically deduct expenses seamlessly. Over time, the
company expects to transform omni-channel commerce and benefit customers who sell
products through multiple channels.
Intuit also extended
eligibility for QuickBooks Capital to desktop customers. QuickBooks Capital has
funded $522 million in cumulative loans since being launched two years ago. At
the end of the first quarter, the net loans receivable balance was $96 million.
For QBO Advanced, it
recently introduced a revenue streams dashboard that allows customers to easily
compare revenue across product, services, projects, customers and employees and
other attributes to better understand their business performance.
Its stock is trading at $257.07 with a market cap of $66.92 billion. It had soared to a record high of $295.77 in September. It had fallen to a 52-week low of $182.61 in December last year.
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