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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. Nearly 80% 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. The company perform its operation on its offices in the US, Canada, and the UK.

Operations

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

The Small Business & Self-Employed segment, nearly 55% 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, more than 5% of sales, sells Intuit's professional tax products like Lacerte, ProSeries, ProFile, and ProConnect Tax Online.

Overall, its services and others account nearly 80% of total sales while about 20% for its products.

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.

The company spent approximately $778 million, $800 million, and $615 million on advertising for FY 2020, 2019, and 2018, respectively.

Financial Performance

Intuit has reported five consecutive years of higher revenue and the company enjoyed strong net income for the same period.

In 2020 (ended July), revenue rose 13% to about $7.7 billion, up $895 million from 2019. Small Business & Self-Employed segment revenue increased 15% primarily due to growth in the Online Ecosystem. The Consumer segment revenue increased 13% primarily due to a shift in mix to its higher priced offerings including TurboTax Live and growth in TurboTax federal unit.

Net income increased $269 million or 17% in fiscal 2020 (ended July) compared with fiscal 2019 due to the increase in operating income.

Intuit's coffers held $6.7 billion in cash in 2020 (ended July) compared to $2.4 billion the year before. Operations generated $2.4 billion while financing activities added another $2 billion to the coffers. Investing activities used $97 million for purchases of corporate and fund investments.

Strategy

Intuit's strategy starts with customer obsession. It listens to and observe its customers, and then use advanced technology, including AI, to develop innovative solutions designed to solve its problems and help the company grow and prosper. Its strategy for delivering on its bold goals is to become an AI-driven expert platform where the company and others can solve its customers' most important problems. It plans to accelerate the development of the platform by applying AI in three key areas: Machine learning; Knowledge engineering; and natural language processing.

As it builds its AI-driven expert platform, Intuit is prioritizing its resources on five strategic priorities across the company. These priorities focus on solving the problems that matter most to customers and include: Revolutionizing speed to benefit; Connecting people to experts; Unlocking smart money decisions; Being the center of small business growth; and Disrupting the small business mid-market. As the external environment evolves, the company continues to innovate and adapt these strategy and anticipate its customers' needs.

Mergers and Acquisitions

In 2019, Intuit acquired Origami Logic, developer of a data integration, ingestion, and analytics platform for analyzing multiple data sets for estimated $64.5 million in venture funding. Intuit intends to use the technology to help customers get more information out of their data.

Intuit Inc.

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

Firm 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): 10,600

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