Summary
Intuit Inc. reported its first quarter fiscal year 2019 results, showing a significant year-over-year revenue increase driven by strong growth in its Small Business & Self-Employed segment. Total net revenue rose by 12% to $1.016 billion, with the Small Business & Self-Employed segment experiencing an 11% increase to $908 million, primarily due to its Online Ecosystem. While the company moved from a net loss of $2 million in the prior year's first quarter to a net income of $34 million, this was significantly influenced by a substantial excess tax benefit on share-based compensation. The company continues to manage its operations efficiently, with operating expenses as a percentage of total net revenue decreasing. Intuit also returned capital to shareholders through dividends and stock repurchases, signaling continued confidence in its financial position and future prospects.
Financial Highlights
51 data points| Revenue | $1.02B |
| Cost of Revenue | $247.00M |
| Gross Profit | $769.00M |
| R&D Expenses | $294.00M |
| Operating Expenses | $779.00M |
| Operating Income | -$10.00M |
| Interest Expense | $4.00M |
| Net Income | $34.00M |
| EPS (Basic) | $0.13 |
| EPS (Diluted) | $0.13 |
| Shares Outstanding (Basic) | 260.00M |
| Shares Outstanding (Diluted) | 264.00M |
Key Highlights
- 1Total net revenue increased by 12% to $1.016 billion for the first quarter of fiscal 2019.
- 2Small Business & Self-Employed segment revenue grew by 11% to $908 million, driven by a 42% increase in its Online Ecosystem.
- 3The company achieved net income of $34 million in Q1 FY19, a significant improvement from a net loss of $2 million in Q1 FY18.
- 4Operating expenses as a percentage of total net revenue decreased from 82% to 77%.
- 5Cash, cash equivalents, and investments decreased by $384 million to $1.3 billion, primarily due to operating activities, stock repurchases, and dividend payments.
- 6Intuit declared a quarterly cash dividend of $0.47 per share, and continued its stock repurchase program with $3.1 billion authorized for future repurchases.
- 7The company adopted new accounting standards for revenue recognition (Topic 606) and statement of cash flows (Topic 230), restating prior periods accordingly.