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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Intuit Inc.    INTU

INTUIT INC.

(INTU)
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Intuit : Prosperity Hub Program Generates 2,200 Jobs and $123 Million Annual Economic Activity for Communities in Need

10/15/2020 | 09:48am EST

Intuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks, and Mint, today unveiled an update on the economic and societal impact of its Prosperity Hub Program, including the generation of 2,200 jobs and $123M annual economic contribution to communities in need. Since the program launched in 2016, Intuit has worked with select partners in each Prosperity Hub to create new jobs and deliver programs that benefit the community through customer success centers, educational institutions, financial empowerment initiatives and small business success centers.

Intuit Prosperity Hubs are located in seven communities across the U.S. and internationally, including Bluefield (WV), Hazard (KY), Johnstown (PA), Lawton (OK), Morristown (TN) and Wise (VA) and Corner Brook (Canada), with an additional location set to launch in the United Kingdom in late October 2020. Intuit selects communities that are considered to have low levels of economic well-being, according to the Economic Innovation Group’s Distressed Community Index, and that would benefit disproportionately from stepped up investment and employment opportunities. For every $1.00 Intuit invested into the Prosperity Hub Program over the past year, recipient communities (U.S. only) have experienced as much as a $1.83 in positive economic impact.

Jobs through Intuit’s Prosperity Hub Program are implemented by key employer-partners including Alorica, Concentrix, Sitel and Sykes. Approximately one-third of the jobs are permanently virtual, and designed for people in military communities, who must often relocate, and people with varying abilities. The program's U.S. workforce and its $63M in annual employee compensation have contributed $123M in economic activity over the past year (Sage Policy Group).

“Not only is Intuit creating jobs in Bluefield, but they provide our local businesses and entrepreneurs with support and educational resources from their area of expertise,” said Jim Spencer, Executive Director, Bluefield WV Economic Development Authority. “We’ve seen the economic impact of Intuit’s Prosperity Hub Program firsthand, as it changes lives throughout Bluefield. We’re thrilled to see Intuit doubling down on growing the program and expanding support for communities in need.”

Intuit’s Prosperity Hub Program is part of Intuit’s ongoing corporate responsibility initiative to create jobs and support career readiness across underserved communities. In addition to creating new jobs, Intuit partners closely with each Prosperity Hub community to offer career readiness and financial empowerment programs, and equip entrepreneurs to start and build successful businesses. In the last year, Intuit has introduced and bolstered several key initiatives, such as:

  • Career Readiness through Education programs, both in Prosperity Hub communities and in school systems across the U.S., supported over 150,000 students and educators with skills-building opportunities, business simulations, career exploration assistance and workshops designed to bolster career readiness and close the 21st century skills gap.
  • Prosperity Hub School District Program increased access to entrepreneurship and personal finance education for students living in Prosperity Hub communities. Intuit is piloting a version of this program across select Prosperity Hub communities, and is planning to expand to additional qualified districts in 2021.
  • SaverLife Partnership helped thousands of community members pledge and maintain the habit of savings. With funding from Intuit, SaverLife, a national not-for-profit, customized its program for Concentrix and Alorica employees and residents of Johnstown and Bluefield. With above average participation rates for employers and communities, the average net increase in savings in Bluefield and Johnstown totaled $442 and $211 per family, respectively. The SaverLife program will be rolled out across all U.S. Prosperity Hub locations in 2021.
  • Small Business Success Centers launched in Wise and Bluefield, providing over 50 in-person and virtual training sessions and workshops to equip entrepreneurs and small business owners with skills in cash management flow management, moving a business online and design thinking. A virtual small business success platform is currently in development, bringing these resources and more to all Prosperity Hub communities in 2021.

“Communities around the world are feeling the devastating effects of the global pandemic, climate change and shifting economic circumstances, all conditions that make it more difficult to find jobs and prepare for future careers,” said Lara Balazs, Intuit GM, Strategic Partner Group and CMO. “This past fiscal year, we’ve doubled down on our mission to power prosperity around the world by formally adding communities as a key stakeholder group. We have only strengthened our resolve, as a company, to help accelerate prosperity and build resilience in communities in need.”

Through its job creation efforts, Intuit aims to increase the number of jobs offered in Prosperity Hub communities to 7,000 by 2023, and plans to ramp up the number of virtual job opportunities that afford job-seekers the flexibility they need.

To learn more about the Prosperity Hub Program, download Intuit’s 2020 Corporate Responsibility Report or visit the Intuit Corporate Responsibility website.

ABOUT INTUIT

Intuit’s mission is to power prosperity around the world. We are a mission-driven, global financial platform company with products including TurboTax, QuickBooks, Mint and Turbo, designed to empower consumers, self-employed and small businesses to improve their financial lives. Our platform and products help customers get more money with the least amount of work, while giving them complete confidence in their actions and decisions. Our innovative ecosystem of financial management solutions serves more than 50 million customers worldwide. Please visit us for the latest news and in-depth information about Intuit and its brands and find us on social.


© Business Wire 2020
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Financials (USD)
Sales 2021 8 358 M - -
Net income 2021 1 974 M - -
Net cash 2021 5 126 M - -
P/E ratio 2021 48,0x
Yield 2021 0,68%
Capitalization 90 207 M 90 207 M -
EV / Sales 2021 10,2x
EV / Sales 2022 8,90x
Nbr of Employees 10 600
Free-Float 96,6%
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Number of Analysts 22
Average target price 381,11 $
Last Close Price 343,33 $
Spread / Highest target 32,5%
Spread / Average Target 11,0%
Spread / Lowest Target -15,5%
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Managers
NameTitle
Sasan K. Goodarzi President, Chief Executive Officer & Director
Brad D. Smith Executive Chairman
Michelle M. Clatterbuck Chief Financial Officer & Executive Vice President
Atticus Tysen Chief Information Officer & Senior Vice President
Marianna Tessel Chief Technology Officer & Executive VP
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