Intuit Inc has reported strong fourth-quarter and full-year results, with total full-year revenue jumping by 32% year-on-year as the company behind TurboTax, QuickBooks, Mint, and Credit Karma, saw continuing momentum in its business boosted by the acquisition of Mailchimp.
For its full fiscal year ended July 31, 2022, which included the addition of Mailchimp from November 1, 2021, the global technology platform grew its total revenue to $12.7 billion, with the 32% increase including 8 points from the addition of Mailchimp.
"We had a very strong fourth quarter, ending the year with momentum. We're more confident than ever in our long-term business strategy as we power prosperity around the world," said Sasan Goodarzi, Intuit's chief executive officer in the results statement. "Our platform and offerings are mission-critical for consumers and small businesses, and we are proud that Intuit is the platform of choice for over 100 million customers around the world."
Intuit reported combined Platform revenue - which includes its Small Business and Self-Employed Group Online Ecosystem, TurboTax Online and Credit Karma - of $9.6 billion for the full-year, a 45% increase which included 11 points from the addition of Mailchimp.
Intuit reported full-year GAAP operating income of $2.6 billion, up 3%, with reported non-GAAP operating income up 29% to $4.5 billion, while reported GAAP earnings per share declined by 4% and non-GAAP earnings per share grew 22%.
For the fourth quarter, Intuit reported total revenue of $2.4 billion, down 6%, reflecting an earlier IRS tax filing deadline this year, partially offset by the addition of Mailchimp. Excluding Mailchimp, total revenue declined by 16%.
The company saw its Small Business and Self-Employed Group revenue increase by 41% to $1.8 billion in the fourth-quarter and Online Ecosystem revenue grew 66%. Excluding Mailchimp revenue of $265 million, Small Business and Self-Employed Group revenue grew by 20% and Online Ecosystem revenue grew by 32%.
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