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Intuit Reaffirms Quarterly and Fiscal 2008 Guidance
MOUNTAIN VIEW, Calif. – Sept. 27, 2007 – Intuit Inc. (Nasdaq: INTU) today reaffirmed its financial guidance for each quarter and the full fiscal year 2008, which it first provided on Aug. 22. The announcement was made in conjunction with the company's annual Investor Day, which is being held today at Intuit's headquarters in Mountain View, Calif.
|Forward-Looking Guidance for Fiscal 2008 ($ millions except EPS)|
|Q1 08||Q2 08||Q3 08||Q4 08||FY 08|
|Revenue% change YOY||22% - 26%||11% - 13%||11% - 14%||8% - 9%||12% - 14%|
|GAAP Operating Income (Loss)||($116) - ($105)||$660 - $675|
|Non-GAAP Operating Income (Loss)||($67) - ($56)||$855 - $870|
|Non-GAAP Operating Margin||NA||28% - 29%|
|GAAP Diluted EPS||($0.09) - ($0.07)||$0.28 - $0.30||$1.25 - $1.28||($0.13) - ($0.11)||$1.41 - $1.43|
|Non-GAAP Diluted EPS||($0.14) - ($0.12)||$0.34 - $0.36||$1.33 - $1.36||($0.04) - ($0.02)||$1.59 - $1.61|
|Fiscal 2008 Business Segment Revenue Growth Guidance|
|Segment||YOY Revenue Growth|
|QuickBooks||8% - 12%|
|Payroll and Payments||5% - 9%|
|Consumer Tax||8% - 12%|
|Professional Tax||(1%) - 1%|
|Financial Institutions||100% - 107%|
|Other Businesses||12% - 16%|
Intuit's Investor Day presentations will be broadcast live on Intuit's Web site at http://www.intuit.com/about_intuit/investors/webcast.jsp beginning at 9 a.m. PDT today. 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 approximately four hours after the event ends.
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 $2.67 billion in its fiscal year 2007. 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 www.intuit.com.
About Non-GAAP Financial Measures
This press release includes non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP), please see the accompanying text titled "About Non-GAAP Financial Measures" as well as the related Table 1 which follows it.
Cautions About Forward-Looking Statements
This press release contains forward-looking statements, including forecasts of Intuit's expected financial results in fiscal 2008 and all of the statements under the headings "Forward-Looking Guidance for Fiscal 2008" and "Fiscal 2008 Business Segment Revenue Growth Guidance." 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 regulating the filing of tax returns could negatively affect our operating results and market position; 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; 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 ship and deliver products 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 details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2007 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 September 27, 2007, and we do not undertake any duty to update any forward-looking statement or other information in this release.