Intuit: Q3 FY21 Results Quick Read (Substack Exclusive)
Flash Note (INTU US) (Buy)
Intuit reported Q3 FY21 (Jan-Apr) results after markets closed this evening (May 25, Tuesday). It has already announced on May 11 that it expects FY21 results to be above the high end of its previous guidance. Shares are now up 0.8% in aftermarket trading.
Core Small Business Segment Grew Revenues 20%
Quarterly revenues for Intuit’s segments are as follows:
Small Business & Self-Employed (“SBSE”) grew revenues by 20%, including:
Online Ecosystem revenues growing 28% (long-term target is “more than 30%”)
International online revenues growing 38% excluding currency
Non-recurring Paycheck Protection Program ("PPP”) revenues were worth 1 ppt to SBSE segment revenue growth and 2 ppt to Online Ecosystem revenue growth.
SBSE’s non-GAAP EBIT was $620m for Q3 FY21, an increase of 36% year-on-year.
The Consumer segment is seasonal and year-on-year comparisons are not meaningful this year due to shifting IRS tax filing deadlines.
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