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INTUIT: QBES REVS $450 MILLION Featured

Richard Preece, IntuitIntuit receives about $450 million in annual revenue from its desktop QuickBooks Enterprise Solutions. The QBES figure, which I do not believe has been disclosed in years, was given this week by Richard Preece, the SVP who leads Intuit’s Small Business and Self-Employed Group.

Speaking at the Barclay Global Technology, Media, and Telecommunications Conference, Preece continued a recent trend of providing more information about QBES. That included the disclosure during the company’s last earnings webcast there 140,000 companies using QBES. That works out to slightly more than $3,200 annual revenue per customer. “The only desktop product that has been growing is QuickBooks Enterprise,” Preece said. That $450 million figure represented 7.5 percent of revenue for the year ended July 31, not at the 10 percent figure usually chosen a threshold for materiality, but it is certainly significant for a product Intuit has been quiet about until after fiscal 2018 ended. Preece also talked about QuickBooks Online Advanced, which is essentially the product for QBES targets who want cloud. He said Advanced supports 30 users, which is up from 25 users since Intuit began discussing advanced in August. Intuit sees target segment of 10 to 100 users that is wide open “It’s definitely that we see the lower midmarket as having very little competition,” Preece said.

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