## Table 0 ##
ITEM 7 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) includes the following sections: ?
Executive Overview that discusses at a high level our operating results and some of the trends that affect our business.  ?
Critical Accounting Policies and Estimates that we believe are important to understanding the assumptions and judgments underlying our financial statements.  ?
Results of Operations that includes a more detailed discussion of our revenue and expenses.  ?
Liquidity and Capital Resources which discusses key aspects of our statements of cash flows, changes in our balance sheets and our financial commitments.
You should note that this MD&A discussion contains forward-looking statements that involve risks and uncertainties.
Please see the section entitled “Forward-Looking Statements and Risk Factors” at the beginning of Item 1A for important information to consider when evaluating such statements.
You should read this MD&A in conjunction with the financial statements and related notes in Item 8 of this Report.
In fiscal 2010 we acquired Mint Software Inc.  and in fiscal 2012 we acquired Demandforce, Inc.  We have included the results of operations for each of them in our consolidated results of operations from their respective dates of acquisition.
We have reclassified our financial statements for all periods presented to reflect our Intuit Real Estate Solutions, Intuit Websites, Intuit Financial Services, and Intuit Health businesses as discontinued operations.
See “Results of Operations – NonOperating Income and Expense – Discontinued Operations” later in this Item 7 for more information.
Unless otherwise noted, the following discussion pertains only to our continuing operations.
Executive Overview This overview provides a high level discussion of our operating results and some of the trends that affect our business.
We believe that an understanding of these trends is important in order to understand our financial results for fiscal 2013 as well as our future prospects.
This summary is not intended to be exhaustive, nor is it intended to be a substitute for the detailed discussion and analysis provided elsewhere in this Annual Report on Form 10-K.  Industry Trends and Seasonality The industry in which we operate is dynamic and highly competitive, and we expect it to remain so in the future.
The markets for software and related services, especially highly-available connected services, are characterized by rapid technological change, shifting customer needs, and frequent new product introductions and enhancements.
Competition and expertise in many of the markets we serve, particularly small business services and consumer tax, have grown over the past few years and we expect this trend to continue.
There are also large, cloud-based service companies who innovate quickly and serve small businesses and consumers.
While today our competition with such companies may be limited, as we and those companies grow,
income per share from continuing operations for fiscal 2012 increased 16% to $2.51 as a result of the increase in net income and the decline in weighted average diluted shares compared with fiscal 2011.  Business Segment Results The information below is organized in accordance with our six reportable business segments.
Results for all periods presented have been adjusted to exclude results for our Intuit Financial Services and Intuit Health businesses, which we classified as discontinued operations in the fourth quarter of fiscal 2013.
Intuit Financial Services comprised substantially all of our former Financial Services segment, and Intuit Health was part of our Other Businesses segment.
Results for our Mint business are included in our Other Businesses segment for all periods presented.
Fiscal 2012 and 2011 results for our Financial Management Solutions segment have been adjusted to exclude results for our Intuit Websites business, which we classified as discontinued operations in the fourth quarter of fiscal 2012.
See Note 8 to the financial statements in Item 8 of this Report for more information.
Segment operating income is segment net revenue less segment cost of revenue and operating expenses.
Segment expenses do not include certain costs, such as corporate selling and marketing, product development, and general and administrative expenses and share-based compensation expenses, which are not allocated to specific segments.
These unallocated costs totaled $823 million in fiscal 2013, $736 million in fiscal 2012, and $676 million in fiscal 2011.
Unallocated costs increased in fiscal 2013 compared with fiscal 2012 and in fiscal 2012 compared with fiscal 2011 due to increases in corporate product development and selling and marketing expenses in support of the growth of our businesses, and to a lesser extent to increases in share-based compensation expenses.
Segment expenses also do not include amortization of acquired technology, amortization of other acquired intangible assets, and goodwill and intangible asset impairment charges.
See Note 15 to the financial statements in Item 8 of this Report for reconciliations of total segment operating income to consolidated operating income from continuing operations for each fiscal year presented.
We calculate revenue growth rates and segment operating margin figures using dollars in thousands.
Those results may vary slightly from figures calculated using the dollars in millions presented.
Financial Management Solutions
## Table 1 ##
Financial Management Solutions (FMS) product revenue is derived primarily from QuickBooks desktop software products, including QuickBooks Pro, QuickBooks Premier, and QuickBooks Enterprise Solutions, and from financial supplies such as paper checks, envelopes, invoices, business cards and business stationery.
FMS service and other revenue is derived primarily from QuickBooks Online; QuickBooks technical support plans; Demandforce, which provides online marketing and customer communication solutions for small businesses; QuickBase; and royalties from small business online services.
Fiscal 2013 Compared with Fiscal 2012 FMS total net revenue increased $135 million or 20% in fiscal 2013 compared with fiscal 2012.
When adjusted to exclude revenue from Demandforce, which we acquired in May 2012, FMS revenue was 10% higher in fiscal 2013.
Total U. S.  QuickBooks customers were up 6% while U. S.  QuickBooks Online subscribers grew 26%, driving the organic revenue growth in this segment in fiscal 2013.
QuickBooks desktop units were down 5% in fiscal 2013 compared with fiscal 2012 due to a continuing trend toward customer adoption of our online QuickBooks offerings.
FMS segment operating income as a percentage of related revenue decreased slightly to 37% in fiscal 2013 from 38% in fiscal 2012.
The increases in segment revenue described above were partially offset by higher segment costs and expenses that
Fiscal 2013 Compared with Fiscal 2012 Consumer Tax total net revenue increased $62 million or 4% in fiscal 2013 compared with fiscal 2012 due to 4% growth in paid federal units.
Total online federal units represented approximately 78% of total federal TurboTax units for the 2012 consumer tax season, up slightly from approximately 77% for the 2011 tax season.
Consumer Tax segment operating income as a percentage of related revenue increased to 63% in fiscal 2013 from 61% in fiscal 2012 due to the higher revenue described above partially offset by slightly higher costs and expenses.
Higher expenses for advertising and other marketing programs were nearly offset by lower costs for refund debit card processing and data center hosting costs.
Debit card processing costs were lower because we offered that program through a partner in fiscal 2013 rather than managing it internally, as we did in fiscal 2012.
Fiscal 2012 Compared with Fiscal 2011 Consumer Tax total net revenue increased $143 million or 11% in fiscal 2012 compared with fiscal 2011 due to 6% growth in paid federal units and favorable offering mix, including improved conversion from free to paid offerings.
Revenue from our refund debit card program was higher in fiscal 2012 because customer card usage was higher and because we managed the program internally rather than offering it through a partner and sharing the revenue, as we did in fiscal 2011.
Total online federal units grew 9% and represented approximately 77% of total federal TurboTax units for the 2011 consumer tax season, up from approximately 75% for the 2010 tax season.
Consumer Tax segment operating income as a percentage of related revenue decreased to 61% in fiscal 2012 from 65% in fiscal 2011.
Segment cost of service revenue as a percentage of service revenue was higher in fiscal 2012 due to costs associated with our new Free Tax Advice and debit card programs and to higher data center hosting costs.
Segment operating expenses also increased about $43 million for staffing expenses and about $15 million for advertising and other marketing programs compared with the fiscal 2011 period.
Accounting Professionals
## Table 2 ##
Accounting Professionals product revenue is derived primarily from ProSeries and Lacerte professional tax preparation software products and from QuickBooks Premier Accountant Edition and ProAdvisor Program subscriptions for professional accountants.
Accounting Professionals service and other revenue is derived primarily from Intuit Tax Online tax return preparation services, electronic tax filing services, bank product transmission services, and training services.
Fiscal 2013 Compared with Fiscal 2012 Accounting Professionals total net revenue increased $26 million or 6% in fiscal 2013 compared with fiscal 2012 due to customer growth and price increases in our professional tax business, and higher QuickBooks Premier Accountant Edition revenue.
Accounting Professionals segment operating income as a percentage of related revenue was flat at 59% in fiscal 2013 and fiscal 2012 because costs and expenses grew in proportion to revenue.

<table><tr><td>Consolidated Balance Sheet Data</td><td colspan="5">At July 31,</td></tr><tr><td>(In millions)</td><td>2013</td><td>2012</td><td>2011</td><td>2010</td><td>2009</td></tr><tr><td>Cash, cash equivalents and investments</td><td>$1,661</td><td>$744</td><td>$1,421</td><td>$1,622</td><td>$1,347</td></tr><tr><td>Long-term investments</td><td>83</td><td>75</td><td>63</td><td>91</td><td>97</td></tr><tr><td>Working capital</td><td>1,116</td><td>258</td><td>449</td><td>1,074</td><td>884</td></tr><tr><td>Total assets</td><td>5,486</td><td>4,684</td><td>5,110</td><td>5,198</td><td>4,826</td></tr><tr><td>Current portion of long-term debt</td><td>—</td><td>—</td><td>500</td><td>—</td><td>—</td></tr><tr><td>Long-term debt</td><td>499</td><td>499</td><td>499</td><td>998</td><td>998</td></tr><tr><td>Other long-term obligations</td><td>167</td><td>166</td><td>175</td><td>143</td><td>171</td></tr><tr><td>Total stockholders’ equity</td><td>3,531</td><td>2,744</td><td>2,616</td><td>2,821</td><td>2,557</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td>Fiscal2013</td><td>Fiscal2012</td><td>Fiscal2011</td><td>2013-2012% Change</td><td>2012-2011% Change</td></tr><tr><td>Product revenue</td><td>$425</td><td>$418</td><td>$405</td><td></td><td></td></tr><tr><td>Service and other revenue</td><td>401</td><td>273</td><td>217</td><td></td><td></td></tr><tr><td>Total segment revenue</td><td>$826</td><td>$691</td><td>$622</td><td>20%</td><td>11%</td></tr><tr><td>% of total revenue</td><td>20%</td><td>18%</td><td>18%</td><td></td><td></td></tr><tr><td>Segment operating income</td><td>$306</td><td>$265</td><td>$243</td><td>15%</td><td>9%</td></tr><tr><td>% of related revenue</td><td>37%</td><td>38%</td><td>39%</td><td></td><td></td></tr></table>
<table><tr><td>(Dollars in millions)</td><td>Fiscal2013</td><td>Fiscal2012</td><td>Fiscal2011</td><td>2013-2012% Change</td><td>2012-2011% Change</td></tr><tr><td>Product revenue</td><td>$384</td><td>$370</td><td>$340</td><td></td><td></td></tr><tr><td>Service and other revenue</td><td>65</td><td>53</td><td>59</td><td></td><td></td></tr><tr><td>Total segment revenue</td><td>$449</td><td>$423</td><td>$399</td><td>6%</td><td>6%</td></tr><tr><td>% of total revenue</td><td>11%</td><td>11%</td><td>12%</td><td></td><td></td></tr><tr><td>Segment operating income</td><td>$266</td><td>$249</td><td>$228</td><td>7%</td><td>9%</td></tr><tr><td>% of related revenue</td><td>59%</td><td>59%</td><td>57%</td><td></td><td></td></tr></table>

Question: In the year with the most Total assets, what is the growth rate of working capital?