Intuit Inc. (NASDAQ: INTU), the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced financial results for the fourth quarter and full fiscal year 2023, which ended July 31, 2023.
Sasan Goodarzi, Intuit's chief executive officer said, "We had a very strong fourth quarter, ending the year with momentum, as we executed on our strategy to be the global AI-driven expert platform powering prosperity for consumers and small businesses. Our overall performance demonstrates the strength of our platform and portfolio including our ability to maintain earnings power in uncertain times and expand operating margin while investing in the most important areas to drive durable long-term growth."
Financial Highlights for the fourth quarter, Intuit:
- Grew total revenue 12 percent to $2.7 billion.
- Increased Small Business and Self-Employed Group revenue 21 percent to $2.1 billion and Online Ecosystem revenue 21 percent.
- Reported Credit Karma revenue of $424 million, down 11 percent.
- Reported Consumer Group revenue of $128 million, down 12 percent.
Financial Highlights for the full year, Intuit:
- Grew total revenue to $14.4 billion, up 13 percent year-over-year.
- Increased combined Platform revenue, which includes the Small Business and Self-Employed Group Online Ecosystem, TurboTax Online and Credit Karma, 14 percent to $11.0 billion.
- Grew Small Business and Self-Employed Group revenue 24 percent and Online Ecosystem revenue 30 percent.
- Grew Consumer Group revenue 6 percent to $4.1 billion.
- Reported Credit Karma revenue of $1.6 billion, down 9 percent.
- Grew GAAP operating income 22 percent to $3.1 billion.
- Increased Non-GAAP operating income 22 percent to $5.5 billion.
- Grew GAAP earnings per share 16 percent to $8.42.
- Increased non-GAAP earnings per share 22 percent to $14.40.
Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.
Other Business Highlights
Intuit Small Business & Self-Employed Group:
- QuickBooks Online accounting revenue grew 22 percent for the quarter and 26 percent for the year. Growth in the quarter was driven primarily by customer growth, higher effective prices, and mix shift.
- Online services revenue grew 20 percent for the quarter and 34 percent for the year. Growth in the quarter was driven by growth in payroll, Mailchimp and payments.
- Total international online revenue grew 12 percent for the quarter and 31 percent for the year on a constant currency basis.
Intuit Consumer and ProTax Groups:
- TurboTax Online units declined 5 percent and total TurboTax units declined 5 percent for the year. The company believes this was driven by taxpayers who filed in order to receive pandemic-era stimulus and tax credits during the past several years but did not file taxes this season.
- TurboTax Live revenue grew 17 percent and TurboTax Live customers grew 12 percent for the year.
- ProTax Group revenue grew 3 percent for the year.
Intuit will host its annual Investor Day on Sept. 28 at 8:00 a.m. Pacific time, at its headquarters in Mountain View, CA and it can be heard live at http://investors.intuit.com/Events/default.aspx. The half-day event will include presentations from Sasan Goodarzi, chief executive officer, Sandeep Aujla, chief financial officer, and other leaders.
For more details about the quarter-end and year-end financial results, see the official Press Release Here.
Intuit is the global financial technology platform that powers prosperity for the people and communities they serve. With 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, Intuit believes that everyone should have the opportunity to prosper. Intuit never stops working to find new, innovative ways to make that possible. Visit Intuit.com for the latest information about Intuit and their products and services.