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Intuit Reaffirms First Quarter and Fiscal 2010 Guidance
MOUNTAIN VIEW, Calif. – Sep. 23, 2009 – Intuit Inc. (Nasdaq: INTU) today reaffirmed its financial guidance for first quarter and the full fiscal year 2010, which it first provided on Aug. 20. The company’s fiscal year runs from Aug. 1 – July 31.
The announcement was made in conjunction with the company's annual Investor Day, which is being held today at Intuit's Mountain View, Calif., headquarters. Brad Smith, chief executive officer, and other senior leaders are scheduled to present business plans and the company's financial outlook.
Intuit's guidance for fiscal 2010 is as follows:
|Forward-Looking Guidance for Fiscal 2010
($ millions, except earnings per share)
|Q1 10||FY 10|
|Revenue % change Year-Over-Year||0-2%||4-8%|
|GAAP Operating Income (Loss)||($126)-($107)||$785-$825|
|Non-GAAP Operating Income (Loss)||($79)-($60)||$985-$1,025|
|Non-GAAP Operating Margin||NA||29-30%|
|GAAP Diluted EPS||($0.28)-($0.24)||$1.49-$1.56|
|Non-GAAP Diluted EPS||($0.19)-($0.15)||$1.89-$1.96|
|Fiscal 2010 Business Segment Revenue Growth Guidance|
|Segment||Year-Over-Year Revenue Growth|
|Small Business Group||4-8%|
On Sept. 14, Intuit announced it had signed a definitive agreement to purchase Mint.com, a leading provider of online personal finance services, in a cash transaction valued at approximately $170 million. The transaction is expected to close during the fourth quarter of calendar year 2009 and is subject to regulatory review and other customary closing conditions. Following the close of the transaction, Intuit expects to reduce its fiscal year 2010 non-GAAP (Generally Accepted Accounting Principles) diluted earnings per share guidance by approximately 2 cents and its GAAP diluted earnings per share guidance by approximately 3 cents. Intuit does not expect the acquisition to have a material effect on fiscal year 2011 earnings.
Intuit's Investor Day presentations will be broadcast live on Intuit's Web site at http://investors.intuit.com/events.cfm beginning today at 9 a.m. Pacific time. 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 two hours after the event ends.
Periodic updates will also be available on Twitter at www.twitter.com/IntuitInc.
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®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings 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 $3.2 billion in its fiscal year 2009. The company has approximately 7,800 employees with major offices in the United States, Canada, the United Kingdom, India 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 2010 and all of the statements under the headings “Forward-Looking Guidance for Fiscal 2010” and “Fiscal 2010 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 harm our business; our introduction of free offerings may result in lost revenue opportunities and cannibalization of our traditional paid offerings; governmental encroachment in our tax businesses or other governmental activities regulating the filing of tax returns could harm our business; we may not be able to successfully innovate and develop new products and services to meet changing customer needs and attract and retain talented software developers; our expanding range of product and service offerings generate more varied revenue streams which may make our revenue less predictable; any problems with our information systems and platforms could interfere with our ability to develop and deliver products and services; any interruption or failure of our information technology and communications systems could compromise the availability and security of our online products; the recent global economic downturn may continue to impact consumer and small business spending and financial institutions; any failure to properly host, collect, use and protect personal customer information could harm our business; increased government regulation in the tax preparation industry and with respect to our financial institution customers may place new restrictions on our business or subject us to existing or new rules and regulations, which may harm our business; our inability to adequately protect our intellectual property rights may weaken our competitive position and reduce our revenue and earnings; and our acquisition activities may be disruptive to us and may not result in expected benefits. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2009 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 23, 2009, and we do not undertake any duty to update any forward-looking statement or other information in this release.