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Intuit Inc.
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At a Glance

Uppers

Excellent pay and great benefits

Talented people

Flexible work schedule

Downers

Lots of office politics

The Bottom Line

Intuit is a solid, stable company where the pros far outweigh the cons.

About Intuit Inc.

Intuit's fact is: It handles other people's taxes – and their bookkeeping and other financial management tasks. The company is a leading developer of software used for small business accounting (QuickBooks), and consumer tax preparation (TurboTax). Mint, the online service, helps manage personal finances and budgeting. Professional accountants boot up Intuit's Lacerte, ProSeries, and ProConnect Tax Online products. More than 70% of revenue comes from products hosted on Intuit's servers, what the company calls connected services. Intuit claims more than 50 million users for its products and services. Not surprisingly, about half of annual revenue comes in the quarter that includes April 15.

Operations

Intuit operates in three segments Small Business & Self-Employed, Consumer, and Strategic Partner.

The Small Business & Self-Employed segment, about 50% of sales, offers QuickBooks financial and business management online services and desktop software, payroll and payment processing products, and financing for small businesses. 

The Consumer segment, about 40% of sales, offers the TurboTax income tax preparation products and services as well as the Mint financial planning service. 

The Strategic Partner segment, some 10% of sales, sells Intuit's professional tax products like Lacerte, ProSeries, ProFile, and ProConnect Tax Online.

Geographic Reach

California-based Intuit has operations in some 20 locations in nine countries  including US, Canada, India, the UK, Israel, and Australia. International sales consistently account for less than 5% of Intuit's sales.

Sales and Marketing

Intuit relies on web marketing and targeted advertising, such as search engine optimization and purchasing key words from major search engine companies; placing its mobile application in proprietary online stores (including Google's Play Store and Apple's App Store), direct-response mail and email campaigns, telephone solicitations, TV, radio, and print advertisements, social media, and coordinated promotional offers with major retailers. Its TurboTax tax preparation software is displayed prominently in stores such as Office Depot, Best Buy, and Sam's Club through April 15 each year.

As new competitors join existing rivals in the tax prep and financial planning software business, Intuit has responded by advertising more. From 2017 to 2019, the company increased its ad and marketing budget by two-thirds to reach about $800 million in 2019.

Financial Performance

Intuit has reported three years of higher revenue after an off-year in 2017 and the company recorded strong net income in the past three years.

In 2019 (ended July), revenue rose 13% to about $6.8 billion, up $759 million from 2018. Sales in the Small Business & Self-Employed segment jumped 15% thanks to growth in its online business while the Consumer segment's revenue increased 11% due to a shift to higher end products, growth in TurboTax federal units, and higher average revenue per customer. 

Net income rose to $1.5 billion in 2019 from $1.3 billion in 2018 on the strength of higher revenue. 

Intuit's coffers held $2.1 billion in cash in 2019 compared to $1.4 billion the year before. In 2019, operations generated $2.3 billion while investing activities used $566 million and financing activities used $1 billion.

Intuit's aggregate of $436 million of indebtedness could take money away from capital expenditures and acquisitions and limit financial flexibility.

Strategy

Intuit uses artificial intelligence to strengthen its products across its businesses, adding AI capabilities to its small business and consumer offerings. In one example, natural language is used to deal with all of the questions addressed to its TurboTax Live product, based on their type and complexity. Using the technology to screen questions, if not answer them, had led Intuit to expand its live offerings and maintain a healthy operating margin.

The company adds services and capabilities to its small business products. It offers a next business day payments service that enables customers to receive payment the next business day instead of waiting three to five days. That addition helped increase the volume of QuickBooks Online about 40% in 2019.

Helping people with simple tax returns file them for no charge has been a strategic focus for the company. Free products help the company expand the do-it-yourself category and then transform customers to  the assisted category, and finally connecting customers to financial products.

Mergers and Acquisitions

In 2019 Intuit agreed to buy Origami Logic, developer of a data integration, ingestion, and analytics platform for analyzing multiple data sets. Intuit intends to use the technology to help customers get more information out of their data. The transaction is expected to close in the 2019 fourth quarter.

Intuit Inc.

2700 COAST AVE
Mountain View, CA 94043-1140
Phone: 1 (650) 944-6000

Stats

Employer Type: Publicly Owned
Stock Symbol: INTU
Stock Exchange: , NASDAQ
EVP and CFO: Michelle Clatterbuck
Chairman and CEO: Brad D. Smith
EVP and CTO: H. Tayloe Stansbury
Employees (This Location): 70
Employees (All Locations): 9,400

Major Office Locations

Mountain View, CA

Other Locations

Tucson, AZ
Menlo Park, CA
Mountain View, CA
Portola Valley, CA
San Diego, CA
Woodland Hills, CA
Boulder, CO
Washington, DC
Athens, GA
Reno, NV
Plano, TX
Fredericksburg, VA
Edmonton, Canada