Summary
Intuit Inc.'s 2014 10-K filing reveals a company firmly rooted in financial management solutions for small businesses and consumers. The fiscal year ending July 31, 2014, saw total net revenue of $4.5 billion, marking an 8% increase driven by robust growth in the Small Business and Consumer segments. The company continues its strategic shift towards connected services, which now represent 66% of total revenue, up from 50% six years prior. This transition is supported by significant investments in product development, a focus on mobile-first design, and the creation of network effect platforms. Financially, Intuit demonstrated solid performance with operating income from continuing operations up 7% and net income from continuing operations up 5% year-over-year. The company maintained a strong liquidity position with $1.9 billion in cash, cash equivalents, and investments, and continued to return value to shareholders through dividends and share repurchases. Despite facing intense competition and evolving technological landscapes, Intuit's diversified product portfolio, including QuickBooks, TurboTax, Quicken, and Mint, positions it to address a wide range of customer needs in the digital economy.
Financial Highlights
57 data points| Revenue | $4.24B |
| Cost of Revenue | $137.00M |
| Gross Profit | $4.11B |
| R&D Expenses | $714.00M |
| Operating Expenses | $2.94B |
| Operating Income | $1.30B |
| Interest Expense | $31.00M |
| Net Income | $907.00M |
| EPS (Basic) | $3.18 |
| EPS (Diluted) | $3.12 |
| Shares Outstanding (Basic) | 285.00M |
| Shares Outstanding (Diluted) | 291.00M |
Key Highlights
- 1Total net revenue increased by 8% to $4.5 billion in fiscal year 2014, driven by growth in Small Business and Consumer segments.
- 2Connected services now constitute 66% of total revenue, indicating a successful strategic shift towards online and subscription-based offerings.
- 3Operating income from continuing operations grew by 7% to $1.314 billion, reflecting revenue growth partially offset by increased operating expenses.
- 4Net income from continuing operations rose by 5% to $861 million, with diluted earnings per share from continuing operations increasing by 9% to $2.96.
- 5The company ended the fiscal year with $1.9 billion in cash, cash equivalents, and investments, demonstrating strong liquidity.
- 6Intuit continued its commitment to shareholder returns, paying $220 million in dividends and actively repurchasing shares under its stock repurchase programs.
- 7Significant investment in R&D ($758 million, 17% of revenue) signals a focus on innovation and developing new products and services, particularly in mobile and connected services.