ile Alliance, a consortium of private sector companies that has entered into an agreement with the federal government to provide free online federal tax preparation and filing services to eligible taxpayers. Professional Tax This segment targets professional accountants in the U.S. and Canada and includes Lacerte, ProSeries, ProFile, and Intuit Tax Online professional tax products and services. The company’s Professional Tax offerings enable accountants to complete a range of consumer, small business and commercial federal and state tax returns with both desktop and online offerings. Lacerte is designed for full service accounting firms who handle more complex returns. The company offers two versions of its ProSeries software: ProSeries Professional Edition, designed for year-round tax practices handling moderately complex tax returns, and ProSeries Basic Edition, designed for the needs of smaller and seasonal tax practices. Intuit Tax Online is its cloud-based solution, which is designed for year-round practices who prepared moderately complex consumer and small business returns and integrates with its QuickBooks Online offerings. ProFile is the company’s Canadian tax offering, which serves year-round full service accounting firms for both consumer and business tax returns. The company offers various tax-related services that compliment the tax return preparation process, including year-round document storage and access, collaboration services, e-signature, bank products, and options for consumers to receive their tax refund on a debit card provided through a partner. Strategy The key elements of the company’s strategy are to focus on the product; create network effect platforms; and leverage its data for its customers’ benefit. Research and Development The company’s research and development expenses were $798 million of total net revenue in fiscal 2015. Seasonality The company’s Consumer Tax, Professional Tax, and QuickBooks offerings have significant and distinct seasonal patterns. As a result, the company’s total net revenue is usually highest during its second quarter (year ended July 31, 2015) ending January 31 and third quarter ending April 30. The company typically reports losses in its first quarter ending October 31 and fourth quarter ending July 31, when its total net revenue is lower but core operating expenses, such as research and development continue at relatively consistent levels. Although the seasonal patterns for all three of the company’s reporting segments continue to evolve as described below, it expects the overall seasonality of the company’s business to continue to have a significant impact on its quarterly financial results in the future. The company’s Consumer Tax and Professional Tax offerings are highly seasonal. Sales of income tax preparation products and services are heavily concentrated from November through April. In addition, an increasing proportion of its Consumer Tax revenue has been shifting to later in this seasonal period and the company expects that trend to continue in the future. This is due in part to the growth in sales of TurboTax Online, for which the company recognizes revenue toward the end of the tax preparation process, when tax returns are printed or electronically filed. The seasonality of the company’s Consumer Tax and Professional Tax revenue is also affected by the timing of the availability of tax forms from taxing agencies and the ability of those agencies to receive electronic tax return submissions. In its Small Business segment, prior to fiscal 2015 the company launched annual releases of its QuickBooks desktop software products each fall and revenue for those products tended to be highest around calendar year end, during its second and third fiscal quarters. Starting with QuickBooks 2015, which was released in the first quarter of fiscal 2015, the company began delivering ongoing enhancements and certain connected services for its QuickBooks desktop software products. As a result of this change, the company recognizes revenue for these QuickBooks desktop products as services are provided over approximately three years. Customer
intuit inc (ITU:German Stock Exchange)
2700 Coast Avenue
Mountain View, CA 94043
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