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Intuit does not endorse or approve these products and services, or the opinions of these corporations or organizations or individuals. Intuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks and Mint, announced financial results for the third quarter of fiscal 2020, which ended April 30. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Reminder instructions are … Amortization of acquired technology and amortization of other acquired intangible assets. Intuit® ®QuickBooks Enterprise Solutions 10.0 Comprehensive Report List Page 2 of 28 Have questions? Business position: Consider the position of your business within your industry, and factor in your growth expectations. If the problem persists you can clear your cache and cookies and then restart your computer, or try using a … Suzanne has been a full-time freelance writer for 20 years. The audio webcast will remain available on Intuit’s website for one week after the conference call. Consumer Group revenue declined 15 percent to $1.8 billion. To import QuickBooks into TurboTax Online Self-Employed, see this article instead. Revenue, Income, and Profit. After growing approximately 30 percent through mid-March, online payments charge volume growth decelerated and was flat. Operating results and gains and losses on the sale of discontinued operations. Finished the year with over 4.5 million QuickBooks Online subscribers, growth of 33 percent. Next, deduct your total projected expenses, and you’ll have your revenue forecast. Make sure your browser has Javascript and cookies enabled. Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks of Intuit Inc. 00999999 MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Your customers: Identify your customer base and determine which ones you’ll include in the forecast. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer lists, covenants not to compete, and trade names. This email did not come from Intuit. Drove DIY category growth of 2.2 percent, outpacing assisted category decline of 18.8 percent while total e-files were down 9.6 percent, based on IRS data through May 8. The 2020 TurboTax Business CD/Download software can import directly from the QuickBooks 2014-2021 Desktop software. After submitting your request, you will receive an activation email to the requested email address. Features a self-seal flap for ease of mailing. Intuit accepts no responsibility for the accuracy, legality, or content on these sites. After 90 days, comments are closed on posts. Example 2: Income by Customer Summary. Seasonal adjustments: Many businesses have increased and decreased sales in a cyclical seasonal cycle. We exclude from our non-GAAP financial measures gains and losses that we record when we impair available-for-sale debt and equity securities and other investments. We are unable to sign you in. 650-944-3324 Small Business Online Ecosystem revenue grew 28 percent. We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. Prepaid expenses and other current assets, Current assets before funds held for customers, Accrued compensation and related liabilities, Current liabilities before customer fund deposits, Long-term deferred income tax liabilities, Total liabilities and stockholders’ equity, CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS. Will it remain steady or increase? Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired businesses. QuickBooks automatically downloads the latest available transactions every night around 10 PM PT. For the fiscal year of 2020: Generated revenue growth of 15% in the Small Business & Self-Employed Group, 13% in the Consumer Group and 4% in the Strategic Partner Group. Example 1: Profit & Loss Standard. QuickBooks is Intuit’s small business solution. Look at the most recent consumer spending habits in the, To find detailed information about your industry, visit to the bureau’s. We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. To hear the call, dial 844-246-4601 in the United States or 703-639-1172 from international locations. So you won't have to repeat it. Reported $193 million of professional tax revenue in the Strategic Partner Group for the third quarter, down 18 percent, reflecting the impact of the extended deadline on the timing of consumer tax filings completed by accountants. QuickBooks General Help Line. Our effective tax rates for the three and nine months ended April 30, 2019 were approximately 23% and 21%. Contact information for Intuit, Inc. including support links, media contact information, account recovery, campus locations, and more. In this example, your revenue totals $50,000. 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. Goodwill and intangible asset impairment charges, Gains and losses on disposals of businesses and long-lived assets, Gains and losses on debt and equity securities and other investments. See insights on Intuit QuickBooks including office locations, competitors, revenue, financials, executives, subsidiaries and … QuickBooks Live pairs you with experienced bookkeepers who can reconcile your accounts, close your books, and provide advanced reports. However, the COVID-19 pandemic resulted in the IRS extending the tax filing deadline to July 15. We exclude these amounts from our non-GAAP financial measures. New to Intuit? We recommend having a QuickBooks expert call you. Segment managers are not held accountable for share-based compensation expense, amortization, or the other excluded items and, accordingly, we exclude these amounts from our measures of segment performance. Photographs ©2018 Jeremy Bittermann Photography, Intuit Third Quarter Revenue Declined 8 Percent; Small Business Online Ecosystem Revenue Grew 28 Percent, http://investors.intuit.com/Events/default.aspx, https://www.businesswire.com/news/home/20200521005704/en/. This represents a 13 percent increase compared to the same period last year. A Case Study: How Using ProConnect™ Tax Online and QuickBooks® Online Can Benefit Your Practice June 13, 2018 (Last Modified: July 31, 2018 ) / Tara Stratton Find out how Mariette Martinez, EA, her practice, and her clients have benefited from moving tax and accounting to the cloud. We exclude the following items from all of our non-GAAP financial measures: We also exclude the following items from non-GAAP net income (loss) and diluted net income (loss) per share: We believe these non-GAAP financial measures provide meaningful supplemental information regarding Intuit’s operating results primarily because they exclude amounts that we do not consider part of ongoing operating results when planning and forecasting and when assessing the performance of the organization, our individual operating segments, or our senior management. If you experience any issues with this process, please contact us for further assistance. Intuit drew down the full amount of its $1 billion revolving credit facility on May 7 to maintain financial flexibility. Some of the most important financial terms to understand if you own a small business are revenue, income, and profit. The QuickBooks report examines the financial health of small businesses across the United States by leveraging anonymized revenue data from between 800,000 to 1.1 million QuickBooks Online customers. Intuit can afford to keep the subscription price low for QuickBooks Self-Employed because they aim to generate revenue from attachments, such as TurboTax and QuickBooks Payments. Terms and conditions, features, support, pricing, and service options subject to change without notice. See quarterly reports filed on Form 10-Q for reconciliation of funds held for customers by investment category. As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and Adjustments” following Table D, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. GAAP CONSOLIDATED STATEMENTS OF OPERATIONS, Amortization of other acquired intangible assets, Shares used in basic per share calculations, Shares used in diluted per share calculations, The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown. Karen Nolan They include the cost of the goods sold (including materials and supplies), packaging costs, sales, cost of labor, marketing, and customer service costs as they directly relates to the sale of your product. Easily track store inventory and customer purchases, send invoices, and accept payments. 1; Grew Online Ecosystem revenue by 38 percent. For the full year, Intuit: Grew revenue to $7.7 billion, up 13 percent year-over-year. 0.00% . Excluding discrete tax items primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for both periods was 23%. That’s why you should run these numbers three times. INTUIT INC. We will evaluate this long-term non-GAAP tax rate on an annual basis and whenever any significant events occur which may materially affect this rate. You can adjust your projections monthly as you see how real-world sales compare to your predictions. Intuit's Executive Leadership team is led by our CEO, Sasan Goodarzi. If so, include your current geographical area as well as the area you plan to include in the future. If you prefer to call us directly, we'll ask you a series of questions to confirm your personal info and the reason for your call. Remember, you’ll start slow and gradually increase your customer base, and that should be reflected in your numbers. & Trust Company, 59 Maiden Lane Since April 30, 2020, Intuit helped make available just over $875 million of approved small business loans to customers from the PPP through QuickBooks Capital as of May 20. For instance, do you want to determine whether you can add a second location in two years? The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit. The following are descriptions of the items we exclude from our non-GAAP financial measures. It will take meticulous research on your part, and the outcome should be based on this research, rather than guesswork. It needs to connect your work together, and more importantly, connect you with your clients.From features that power up your productivity, to a full platform of tools that help you make a positive difference, even in tough times—Intuit professional tax solutions have you covered. For the three and nine months ended April 30, 2019, we recognized excess tax benefits on share-based compensation of $20 million and $69 million, respectively, in our provision for income taxes. Here are some good sources of information: Next, you’ll take all of your research and mold it into a prediction for your future sales. We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES, TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES, Professional fees for business combinations, Net (gain) loss on debt securities and other investments, Non-GAAP diluted net income (loss) per share, Shares used in GAAP diluted per share calculation, Shares used in non-GAAP diluted per share calculation. Market conditions: What is the state of the market? To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 2020 W-2 Forms (two tax forms per page) four free W-3 forms; compatible double-window envelopes; Pre-printed W-2 Kits are compatible with QuickBooks Desktop and QuickBooks Desktop Pro customers using QuickBooks Desktop Basic or Enhanced Payroll. Here are the steps to arrive at that figure: To arrive at your projected sales volume, take all the figures you have and input them into this formula: Number of customers x average sales price x number of yearly purchases = yearly projected sales. Intuit Inc. is an American business that specializes in financial software.The company is headquartered in Mountain View, California, and the CEO is Sasan Goodarzi.As of 2019, more than 95% of its revenues and earnings come from its activities within the United States. New York, NY 10038 Had a total cash and investments balance of approximately $4 billion as of April 30. Want quick, easy help? Intuit may, but has no obligation to, monitor comments. Predict the average dollar amount of each purchase for each of your product or service categories. Table B1 and Table B2 reconcile the non-GAAP financial measures in that press release to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). TurboTax Online share and average revenue per customer remain on track for the season. Before forecasting your revenue, you’ll need to decide how far into the future you want to look. The sender is not associated with Intuit, is not an authorized agent of Intuit, nor is their use of Intuit's brands authorized by Intuit. 650-944-6619 Your company’s sales are only one component of your gross revenue. Next, deduct your total projected expenses, and you’ll have your revenue forecast. If you prefer to establish your own connectivity, please fill out the form. Small Business and Self-Employed Group revenue up 11 percent to $1.0 billion. Run an optimistic projection, a pessimistic one, and middle-of-the-road one. TurboTax® is the #1 best-selling tax preparation software to file taxes online. American Stock Transfer & Trust Company. In accordance with GAAP, we segregate the operating results of discontinued operations as well as gains and losses on the sale of these discontinued operations from continuing operations on our GAAP statements of operations but continue to include them in GAAP net income or loss and net income or loss per share. Intuit Aid Assist offers free, easy-to-use estimators to help you understand which relief programs make the most sense for your business. Get help for QuickBooks Online, QuickBooks CD/Download for Windows, and for QuickBooks for Mac from the official QuickBooks® support website. 50M Join 50 million people already using TurboTax, QuickBooks and Mint to power their financial prosperity. She’s written for numerous business and financial publications such as Entrepreneur, Reason Magazine, Home Business Magazine, and Money Crashers. Your service area: Do you have plans for expansion? (Shareholder Relations). Perfect for large returns you do not wish to fold. Other Intuit Products QuickBooks Online QuickBooks Desktop Pro QuickBooks Desktop Premier QuickBooks Self-Employed QuickBooks Enterprise QuickBooks Payments QuickBooks Payroll QuickBooks Point of Sale QuickBooks Apps Do this by determining the total number of available customers and then predicting how many of them will buy from you. For the nine months ended April 30, 2019, we reclassified the net change in customer fund deposits in the condensed consolidated statements of cash flows from investing activities to financing activities to conform to the current presentation. Tax and office supplies designed for accountants. Grew Small Business and Self-Employed Group revenue by 15 percent and Online Ecosystem revenue by 31 percent. Excluding discrete tax items primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for the period was 24%. For the full year, Intuit: Grew revenue to nearly $6.8 billion, up 13 percent year-over-year. 59 Maiden Lane New York, NY 10038 800-937-5449 (Shareholder Relations) Despite these headwinds, the customer base and average revenue per customer are expected to grow in fiscal year 2020. Received Board approval for a quarterly dividend of $0.53 per share, payable July 20, 2020. Goodwill and intangible asset impairment charges. The conference call can also be heard live at http://investors.intuit.com/Events/default.aspx. These risks and uncertainties may be amplified by the COVID-19 pandemic, which has caused significant economic instability and uncertainty. Profit & Loss It’s easy to be overconfident or too conservative in your projections. Intuit has recently received reports from customers that they have received emails similar to the one below. Please visit us for the latest news and in-depth information about Intuit and its brands and find us on social. We exclude from our non-GAAP financial measures non-cash charges to adjust the carrying values of goodwill and other acquired intangible assets to their estimated fair values. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. Revenue forecasts are useful both for startups and existing businesses. By accessing and using this page you agree to the Terms and Conditions. Transfer Agent. We exclude from our non-GAAP financial measures gains and losses on disposals of businesses and long-lived assets because they are unrelated to our ongoing business operating results. More consumers trust Intuit products for their tax prep, small business accounting, and personal financial management than any other brand. There may be an issue with your system configuration. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards. Repurchased $40 million of shares, with $2.4 billion remaining on the company's authorization. If you offer more than one product or service, you should do this for each of those areas and then combine them for a total figure. Intuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks and Mint, announced financial results for the third quarter of fiscal 2020, which ended April 30. Kim Watkins Thanks to its excellent administrative tools and procedures, and an exceptional user experience, you always know where your accounts stand. If the monthly income from these two items is $500, you can add this to your net revenue of $7,500 for gross revenue of $8,000. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP). To arrive at your projected sales volume, take all the figures you have and input them into this formula: Number of customers x average sales price x number of yearly purchases = yearly projected sales. Remember, common wisdom says that you’ll get 80 percent of your business from 20 percent of your customers. These services are provided only by tax experts or CPAs. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit's website. These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP net income (loss) per share. But this type of report will also provide some much needed information that will help you know when you can afford to hire an employee, launch a marketing campaign, or expand your operations. From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. Get the correct supplies at a discount with the convenience of online ordering. Determine how often your customers will buy from you. Grew QuickBooks online accounting revenue 36 percent in the quarter, driven primarily by customer growth, higher effective prices and, to a lesser extent, mix-shift. For example, if you own a service business, sales are typically calculated by billable hours. Forms, envelopes, and folders from the industry leader, Intuit. Reported $1.8 billion of Consumer Group revenue for the third quarter, down 15 percent, reflecting a shift of a significant portion of tax filings and related revenue out of the third quarter and into the fourth quarter. $4.8 billion. The majority of Intuit's customers, which are service-based businesses, were negatively impacted by shelter-in-place. QuickBooks Self-Employed QuickBooks ProAdvisor Program QuickBooks Online Accountant Predicting your expenses is perhaps the easiest part of your revenue forecast because you’ll be working with past expense records if you’re an existing business and researched forecasts if you’re a startup. Grew combined QBO and TTO platform revenue over 23 percent, totaling approximately $3.9 billion. We are a global financial platform company with products including TurboTax, QuickBooks, Mint and Turbo, designed to empower consumers, self-employed and small businesses to improve their financial lives. This is a key difference between Intuit and Xero in this marketplace, as Xero doesn’t own their own tax and payment processing products (at least not in the US). Forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. "Additionally, the shelter-in-place directives negatively impacted small businesses who are facing loss of income and cash flow to pay employees and weather the storm.". karen_nolan@intuit.com, American Stock Transfer Our effective tax rates for the three and nine months ended April 30, 2020 were approximately 23% and 19%, respectively. Income tax effects and adjustments. Retail forecasts are typically based on sales per square foot. Our platform and products help customers get more money with the least amount of work, while giving them complete confidence in their actions and decisions. Save money on Intuit & QuickBooks Checks & Supplies with Intuit coupon codes. The accompanying press release dated May 21, 2020 contains non-GAAP financial measures. This press release and the accompanying tables include non-GAAP financial measures. If you are interested in one of these providers, please contact them directly to evaluate their services. Intuit Inc. ABOUT NON-GAAP FINANCIAL MEASURES. Other income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and the excess tax benefits on share-based compensation. Share-based compensation expenses. View source version on businesswire.com: You must click the activation link in order to complete your subscription. We believe our non-GAAP financial measures also facilitate the comparison by management and investors of results for current periods and guidance for future periods with results for past periods. We do not undertake any duty to update any forward-looking statement or other information in this presentation. See “About Non-GAAP Financial Measures” immediately following Table D for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure. kim_watkins@intuit.com, Media This rate is separated from the unemployment insurance rate in QuickBooks. "During the first half of the fiscal year we grew total company revenue 14 percent, and we saw this momentum continue into the beginning of the third quarter. Prepared remarks for the call will be available on Intuit’s website after the call ends. Iowa Workforce Development . Loans from the Paycheck Protection Program (PPP) through QuickBooks Capital as of April 30 were insignificant. Our innovative ecosystem of financial management solutions serves approximately 50 million customers worldwide. But if you run a tree-trimming service, once a year would be a good estimate. Estimate your market share. Professional fees for business combinations. Vendor Payable Name . Tax Advice, Expert Review and TurboTax Live: Access to tax advice and Expert Review (the ability to have a Tax Expert review and/or sign your tax return) is included with TurboTax Live or as an upgrade from another version, and available through December 31, 2021. Grew combined QBO and TTO platform revenue 22 percent, totaling approximately $4.8 billion. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled "About Non-GAAP Financial Measures" as well as the related Table B1 and Table B2. Adjustments to reconcile net income to net cash provided by operating activities: Amortization of acquired intangible assets. The company expects more of its customers with complex returns to file later in the extended season. Within online payroll, after an increase of 20 percent year-over-year in workers paid through mid-March, workers paid decreased 10 percent year-over-year. You’ll need to calculate two types of expenses: The thought of forecasting sales intimidates a lot of people, but in actuality, it’s simply an act of looking at some raw data and making some logical assumptions from it. If you own an existing business, look at your past sales figures, and then consider the following factors to make an educated guess about future sales on a month by month basis: If you own a startup and don’t have historical records to work from, forecasting your revenue won’t be as simple. If your business falls into that pattern, take this into consideration. This caused the timing of millions of tax filings to shift later in the season, resulting in total revenue declining 8 percent in the quarter," said Sasan Goodarzi, Intuit’s chief executive officer. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements.

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