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$INTU to acquire TSheets, a platform that is used to automate the time tracking of employees. The deal, which is expected to close in 2Q18, is valued at approx. $340MM of cash and other consideration. Intuit added that this transaction will not have material impact on its earnings outlook for 2Q18 and FY18.
$INTU said the subscriber base for its tax solutions is growing in Canada, the UK and Australia, while measures are in place to expand business to various other countries including France, India and Brazil. The company expects to leverage the anticipated increase in overall IRS returns next year, to grow business.
Expressing confidence in achieving the 40% subscriber growth target for QBO service in the near term, $INTU said the subscriber base is growing across geographies, with customers in many regions preferring QBO to local alternatives. The current focus is to provide better service to customers during the tax season, by launching an advanced product.
$AMZN said $INTU has selected Amazon Web Services (AWS) as its standard for machine learning and artificial intelligence workloads. $INTU expanded its use of AWS to further expedite deployment of its artificial intelligence and machine learning capabilities at scale for its customers. $INTU will also run its companywide data lake on AWS.
$INTU reiterated its FY18 revenue guidance in the range of $5.64Bil to $5.74Bil. GAAP earnings per share are expected to be between $4 and $4.10, and Non-GAAP EPS between $4.9 and $5.0. Intuit sees revenues growing to $1.16-$1.18Bil in 2Q18, and predicts GAAP earning in the $0.08-0.11 per share. Non-GAAP EPS is forecasted between $0.31 and $0.34.
Revenues of $INTU rose 14% annually to $886MM in first quarter, helped by strong subscriber growth for its QuickBooks online service. The company’s net loss narrowed to $17MM or $0.07 per share from $30MM or $0.12 per share in 1Q17. On a non-GAAP Basis, the management solutions provider posted earnings per share of $0.11, up from $0.06 last year.
For FY18, $INTU aligns its segments with core customers and business partners. The company renamed Small Business segment as Small Business & Self-Employed and ProConnect as the Strategic Partner segment. Consumer segment, is created by combining consumer ecosystem offering which includes Mint business with the Consumer Tax segment.
Financial solutions company $INTU said its CFO Neil Williams will step down in January 2018, ending a ten-year-long career with the company. Succeeding Williams, senior executive Michelle Clatterbuck will assume the role of CFO on February 1, 2018.
TurboTax, QuickBooks and other accounting software maker $INTU reported 4Q17 net income of $24MM, or $0.09 per share, compared to net loss of $40MM, or $0.16 per share during 4Q16. Revenues during the quarter rose 12% YoY to $842MM from $754MM. Excluding items, the company earned $0.20 per share.
Financial management solutions provider $INTU has joined hands with jewelry firm Stella & Dot to provide online accounting service QuickBooks Self-Employed to the latter. Under the partnership, Stella & Dot’s independent business owners in the US and Canada will be able to use the service for managing their finances and tax obligations.