Summary
Intuit Inc.'s 2010 10-K report details a strong fiscal year, with total net revenue growing 11% to $3.5 billion. This growth was driven by broad-based performance across its key segments, including Consumer Tax, Small Business, and Financial Services. The company highlighted its strategic shift towards connected services, which accounted for nearly 60% of revenue, with Software-as-a-Service (SaaS) contributing approximately one-third. Intuit also emphasized its ongoing investment in research and development, representing 17% of total net revenue, to foster innovation and adapt to evolving technological and market trends. Financially, the company maintained a healthy cash position and continued its shareholder return program through stock repurchases. Key financial highlights include a 23% increase in diluted net income per share from continuing operations to $1.66. The company's balance sheet remained robust, with cash, cash equivalents, and investments totaling $1.6 billion at the end of the fiscal year. Intuit's commitment to innovation and customer focus is evident in its product development and strategic acquisitions, positioning it for continued growth in the dynamic financial management and tax preparation markets.
Financial Highlights
57 data points| Revenue | $3.40B |
| Cost of Revenue | $144.00M |
| Gross Profit | $3.26B |
| R&D Expenses | $564.00M |
| Operating Expenses | $2.50B |
| Operating Income | $904.00M |
| Interest Expense | $61.00M |
| Net Income | $574.00M |
| EPS (Basic) | $1.82 |
| EPS (Diluted) | $1.77 |
| Shares Outstanding (Basic) | 316.00M |
| Shares Outstanding (Diluted) | 325.00M |
Key Highlights
- 1Total net revenue increased by 11% to $3.5 billion for fiscal year 2010.
- 2Diluted net income per share from continuing operations grew by 23% to $1.66.
- 3Connected services accounted for nearly 60% of total revenue, signaling a successful transition to online and service-based offerings.
- 4Research and development expenses were $573 million, representing 17% of total net revenue, underscoring a commitment to innovation.
- 5The company ended the fiscal year with $1.6 billion in cash, cash equivalents, and investments, demonstrating strong liquidity.
- 6Intuit continued its stock repurchase program, announcing a new authorization of up to $2 billion.
- 7The Consumer Tax segment saw significant growth, driven by a 19% increase in TurboTax Online units.