Press Releases

Intuit Reaffirms First Quarter and Fiscal 2005 Guidance
MOUNTAIN VIEW, Calif. - September 29, 2004 - Intuit Inc. (Nasdaq: INTU) today reaffirmed its guidance for its first quarter and full fiscal year 2005 results, which was provided on Aug. 18, 2004. The announcement was made in conjunction with the company's annual Investor Day.

Forward-Looking Guidance for First Quarter 2005
Intuit's guidance for the first quarter of fiscal 2005, which ends Oct. 31, 2004, remains:

  • Revenue of $251 million to $263 million, or year-over-year growth of 5 percent to 10 percent.
  • A pro forma operating loss of $85 million to $75 million and a GAAP (Generally Accepted Accounting Principles) operating loss of $93 million to $83 million. Intuit typically posts a seasonal loss in its first quarter when it has little revenue from its tax businesses but expenses remain constant.
  • A pro forma net loss per diluted share of $0.29 to $0.25 and a GAAP net loss per diluted share of $0.32 to $0.28.

Forward-Looking Guidance for Fiscal 2005
Intuit's guidance for fiscal 2005, which ends July 31, 2005, remains:

  • Revenue of $1.97 billion to $2.02 billion, or year-over-year growth of approximately 6 percent to 9 percent.
  • Pro forma operating income of $535 million to $559 million, or growth of approximately 12 percent to 17 percent over fiscal 2004. On a GAAP basis, operating income is expected to be $503 million to $527 million, or growth of approximately 14 percent to 20 percent over fiscal 2004.
  • Pro forma diluted earnings per share of $1.93 to $2.01, or growth of approximately 15 percent to 20 percent over fiscal 2004. On a GAAP basis, diluted earnings per share is expected to be $1.82 to $1.90, up approximately 15 percent to 20 percent from fiscal 2004.

Business Segments Reaffirm Fiscal 2005 Revenue Growth Targets
Each business has reaffirmed the fiscal 2005 year-over-year revenue growth targets provided in August 2004:

  • QuickBooks-Related growth of 5 percent to 10 percent.
  • Intuit Branded Small Business growth of 6 percent to 12 percent.
  • Consumer Tax growth of 5 percent to 10 percent.
  • Professional Tax growth of 0 percent to 5 percent.
  • Other Business growth of 0 percent to 5 percent.
 
About Intuit Inc.
Founded in 1983, Intuit had annual revenue of nearly $1.9 billion in its fiscal year 2004. The company has nearly 7,000 employees with major offices in 13 states across the U.S., and offices in Canada and the United Kingdom. More information can be found at www.Intuit.com.
 
Webcast Information
This event will be broadcast live on Intuit's Web site at www.intuit.com/about_intuit/investors/webcast_events.html beginning at 1:30 p.m. Those viewing the webcast should go to the Web site before the meeting to install any necessary audio software. A replay of the webcast will be available on Intuit's Web site two hours after the conclusion of the live event and will remain on the site through Mar. 30, 2005.
 
About pro forma, or non-GAAP, financial measures
Intuit's management believes that the pro forma financial measures it uses provide meaningful supplemental information regarding Intuit's core operating results because they exclude amounts that are not necessarily related to Intuit's core operating results. Intuit's management refers to these pro forma financial measures in assessing the performance of Intuit's ongoing operations and for planning and forecasting in future periods. These pro forma financial measures also facilitate management's internal comparisons to Intuit's historical operating results. In addition, Intuit has historically reported similar pro forma financial measures and believes that the inclusion of comparative numbers provides consistency in its financial reporting. Intuit computes pro forma financial measures using the same consistent method from quarter to quarter and year to year.

Intuit computes its pro forma, or non-GAAP, financial measures using the same consistent method from quarter to quarter and year to year. Pro forma operating income excludes acquisition-related charges, such as amortization of intangibles and impairment charges, as well as amortization of purchased software and charges for purchased research and development. Pro forma net income and diluted earnings per share exclude discontinued operations, gains and losses on marketable securities and other investments, as well as the tax effects of these transactions. These pro forma financial measures are not prepared in accordance with generally accepted accounting principles and likely are different from non-GAAP or pro forma financial measures used by other companies. The accompanying tables and fact sheet have more details on Intuit's historical performance and financial projections, the GAAP financial measures that are most directly comparable to Intuit's pro forma financial measures, and the reconciliation of pro forma financial measures to GAAP.

Cautions About Forward-Looking Statements
All of the information provided in this press release involves forward-looking statements. A number of risks and uncertainties may cause our actual results to differ materially from our expressed expectations. Some of the important factors that could cause our results to differ include the following: product introductions and price competition from our competitors, including competition from Microsoft in our software businesses and governmental encroachment in our tax businesses, can have unpredictable negative effects on our revenue, profitability and market position; revenue growth for some of our products is slowing and we must successfully introduce new products and services to meet our growth and profitability objectives; our new product offerings may not succeed or they may negatively impact our profitability if customers elect to purchase lower-priced simplified offerings; we are implementing new information systems and problems with the design or implementation of these new systems could interfere with our ability to ship and deliver products and gather information to effectively manage our business; our revenue and earnings are highly seasonal and may cause significant quarterly fluctuations in our financial results; litigation involving intellectual property, antitrust, shareholder and other matters may increase our costs; and our failure to maintain reliable and responsive service levels for our offerings could cause us to lose customers and negatively impact our revenues and profitability. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2004 and in subsequent Form 10-Q, and other SEC filings. You can locate these reports through our website at http://www.intuit.com/about_intuit/investors. We do not undertake any duty to update the information in this press release except as otherwise required by law.