Revenue for the Tax & Accounting Professionals business rose by 11 percent year-over-year for the first quarter ended March 31. The acquisition of SurePrep for $500 million in January added 2.6 percent points to the segment’s organic growth during the first quarter.Revenue for the most recently ended quarter was $282.3 million, compared to $253 million a year ago. The amount was up 13 percent for the period in constant currency. Tax & Accounting EBITDA was $149 million for the quarter, up 22 percent from $122 million for last year’s corresponding period.
CFO Mike Eastwood noted in a recent earnings webcast that about half of SurePrep’s revenue comes during the first quarter each year. He said about 20 percent of SurePrep’s revenue is recognized in the company’s corporate segment with the rest in Tax & Accounting.
Company revenue for the quarter was $1.74 billion, an increase of 4 percent from $1.67 million a year ago. Net earnings were $756 million, down 25 percent from slightly more than $1 billion a year ago.
