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Intuit Reports 11 Percent Growth in TurboTax Units Through April 16
Company Reiterates Third-Quarter and Full-year Revenue Guidance
MOUNTAIN VIEW, Calif – Apr. 20, 2009 – Intuit Inc. (Nasdaq: INTU) today released the final season-to-date update for its fiscal year 2009 consumer tax products. Through April 16, total TurboTax federal units increased 11 percent over the same period last year. Intuit also reiterated its third-quarter and fiscal year 2009 revenue guidance. The company now expects full-year Consumer Tax segment revenue to be slightly below its previous guidance range.
"We're pleased with our customer growth this year and early indications are that we gained share, especially online," said Dan Maurer, senior vice president and general manager of Intuit's consumer tax group. "We're well positioned for continued growth, even though the season-end peak for the category this year was lower than we anticipated."
|Comparable Prior-Year Period||Season Through April 16, 2009||Percent Change Year-Over-Year|
|TurboTax desktop units||6,997,000||6,200,000||-11%|
|TurboTax Web units||8,268,000||11,246,000||36%|
|TurboTax Free File Alliance Web units||1,589,000||1,314,000||-17%|
|TOTAL Turbo Tax Units||16,854,000||18,760,000||11%|
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation software suites for professional accountants. The company's financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.
Founded in 1983, Intuit had annual revenue of $3.1 billion in its fiscal year 2008. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom and other locations. More information can be found at http://www.intuit.com/.
Forward Looking Statements
Intuit's statements regarding our third quarter and fiscal year 2009 revenue guidance, our expectations regarding Consumer Tax revenue, and our belief that Intuit is well positioned for continued growth are forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These factors include, without limitation, the following: product introductions and price competition from our competitors can have unpredictable negative effects on our revenue, profitability and market position; governmental encroachment in our tax businesses or other governmental activities or public policy affecting the preparation and filing of tax returns could negatively affect our operating results and market position; if economic and market conditions in the U.S. and worldwide continue to decline, our customers may delay or reduce technology purchases which may harm our business, results of operations and financial condition; we may not be able to successfully introduce new products and services to meet our growth and profitability objectives, and current and future products and services may not adequately address customer needs and may not achieve broad market acceptance, which could harm our operating results and financial condition; any failure to maintain reliable and responsive service levels for our offerings could cause us to lose customers and negatively impact our revenues and profitability; any significant product quality problems or delays in our products could harm our revenue, earnings and reputation; our participation in the Free File Alliance may result in lost revenue opportunities and cannibalization of our traditional paid franchise; any failure to properly use and protect personal customer information could harm our revenue, earnings and reputation; our acquisition activities may be disruptive to Intuit and may not result in expected benefits.
These factors also include: our use of significant amounts of debt to finance acquisitions or other activities could harm our financial condition and results of operations; our revenue and earnings are highly seasonal and the timing of our revenue between quarters is difficult to predict, which may cause significant quarterly fluctuations in our financial results; predicting tax-related revenues is challenging due to the heavy concentration of activity in a short time period; we have implemented, and are continuing to upgrade, new information systems and any problems with these new systems could interfere with our ability to deliver products and services and gather information to effectively manage our business; our financial position may not make repurchasing shares advisable or we may issue additional shares in an acquisition causing our number of outstanding shares to grow; and litigation involving intellectual property, antitrust, shareholder and other matters may increase our costs. More information on potential factors that could impact our results are included in our public reports filed with the SEC, including our Form 10-K for the fiscal year ended July 31, 2008 and in our other SEC filings. You can locate these reports through our website at http://www.intuit.com/about_intuit/investors. Forward-looking statements are based on information as of April 20, 2009, and we do not undertake any duty to update any forward-looking statements or other information in this press release.
Unit Data and Estimates Used
The unit numbers reported are based on weekly reports received by Intuit from its retailers and distributors as well as the number of units provided directly by Intuit. The numbers included in these updates are preliminary and include estimates, including estimates of sales by merchants that do not report their sales to Intuit. Although Intuit takes steps to verify the reliability of the unit data, Intuit believes that errors in the data reported by its retailers and distributors may impact its reported retail unit numbers on an immaterial basis.
Intuit, the Intuit logo and TurboTax are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.