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Intuit Reports TurboTax Units Through Feb. 14
MOUNTAIN VIEW, Calif – Feb. 19, 2009 – Intuit Inc. (Nasdaq: INTU) today released the first of three updates for its fiscal year 2009 consumer tax products. Through Feb. 14, total TurboTax federal units increased 6 percent over the same period last year.
“The tax season is off to a solid start and is playing out as we expected,” said Dan Maurer, senior vice president and general manager of Intuit’s consumer tax group. “As we’ve seen for the last several years, more taxpayers are going online and the timing of the season is shifting into the third quarter. Our marketing execution, and product improvements that make TurboTax the easy way to maximize refunds, positions us for another great year.”
|Comparable Prior-Year Period||Season Through Feb. 14, 2009||Percent Change Year-Over-Year|
|TurboTax desktop units||5,092,000||4,363,000||-14%|
|TurboTax Web units||3,558,000||4,928,000||39%|
|TurboTax Free File Alliance Web units||715,000||611,000||-15%|
|TOTAL TurboTax units||9,365,000||9,902,000||6%|
Intuit will issue two additional updates in March and April.
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 belief that Intuit is well positioned for another successful tax year are forward-looking statements. Our actual results may differ materially from our expectations due to a number of risks and uncertainties, including the inherent difficulty in accurately predicting consumer behavior; competition from other desktop software providers, Web-based competitors and tax preparation services; and the impact of competition from federal and state government supported initiatives that offer tax preparation services at no charge. In addition, we could experience operational difficulties in receiving, processing or filing customer submissions and consumers may not respond as we expect to our advertising and promotional activities. 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 Feb. 19, 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.