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Intuit Reports TurboTax Online Unit Growth of 30 Percent from Feb. 13 through March 12
Season-to-date Total TurboTax Units Grew 7 Percent; Company Reiterates Full-year Revenue Guidance
MOUNTAIN VIEW, Calif. – Mar. 17, 2011 – Intuit Inc. (Nasdaq: INTU) today released the second of three season-to-date updates for its fiscal year 2011 consumer tax offerings.
From Feb. 13 through March 12, total TurboTax federal units grew 23 percent compared to the same period last year. The company reported strong momentum since mid-February with TurboTax Online unit growth of 30 percent compared to the same period last year.
For the season-to-date through March 12, total TurboTax federal units were up 7 percent compared to the same period last year. Also through March 12, TurboTax Online units were up 14 percent, while desktop units were down 3 percent compared to the same period last year. The company's first season-to-date consumer tax update was released in mid-February and reported TurboTax federal unit results through Feb. 12.
"We are continuing to see the pace of filing accelerate as we move further into the tax season. Taxpayers who were waiting to get started are now filing. IRS data through March 4 indicates consumer e-filing is growing at about 7.4 percent, outpacing all other tax preparation methods and reinforcing the continued shift to digital do-it-yourself tax preparation," said Dan Maurer, senior vice president and general manager of Intuit's consumer group. "We're very pleased with our strong momentum since mid-February with online unit growth picking up significantly over the last four weeks. We're effectively competing for share and are poised to end the season on a high note."
Intuit today also reiterated full-year Consumer Tax revenue growth guidance of 10 to 13 percent and company revenue growth guidance of 8 to 11 percent.
Season-to-date TurboTax Federal Unit Data
|Comparable Prior-Year Period
||Season Through March 12, 2011||Change Year-Over-Year||Feb. 13-March 12, 2011 Change Versus Comparable Prior-Year Period|
|Turbo Tax Online||9,001,000||10,294,000||14%||30%|
|Sub-total TurboTax Units||14,274,000||15,388,000||8%||25%|
|TurboTax Free File Alliance||914,000||844,000||-8%||1%|
|Total TurboTax Units||15,188,000||16,232,000||7%||23%|
Intuit will issue a third and final tax season update in April at the end of the tax season.
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®, 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. Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $3.5 billion in its fiscal year 2010. The company has approximately 7,700 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.
Cautions About Forward-looking Statements
This press release contains forward-looking statements, including full year revenue growth guidance for Intuit and its Consumer Tax segment, Intuit's prospects for the current tax season, and the statement that Intuit is poised to end the season on a high note. 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: inherent difficulty in predicting consumer behavior; further delay in the IRS's ability to accept e-filed returns for certain tax filers; difficulties in receiving, processing, or filing customer tax submissions; consumers may not respond as we expected to our advertising and promotional activities; 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; we may not be able to successfully innovate and introduce new offerings and business models to meet our growth and profitability objectives, and current and future offerings may not adequately address customer needs and may not achieve broad market acceptance, which could harm our operating results and financial condition; business interruption or failure of our information technology and communication systems may impair the availability of our products and services, which may damage our reputation and harm our future financial results; as we upgrade and consolidate our customer facing applications and supporting information technology infrastructure, any problems with these implementations could interfere with our ability to deliver our offerings; any failure to properly use and protect personal customer information and data could harm our revenue, earnings and reputation; if we are unable to develop, manage and maintain critical third party business relationships, our business may be adversely affected; increased government regulation of our businesses may harm our operating results; if we fail to process transactions effectively or fail to adequately protect against potential fraudulent activities, our revenue and earnings may be harmed; any significant offering quality problems or delays in our offerings 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; the continuing global economic downturn may continue to impact consumer and small business spending, financial institutions and tax filings, which could negatively affect our revenue and profitability; year-over-year changes in the total number of tax filings that are submitted to government agencies due to economic conditions or otherwise may result in lost revenue opportunities; 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; 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; our inability to adequately protect our intellectual property rights may weaken our competitive position and reduce our revenue and earnings; our acquisition and divestiture activities may disrupt our ongoing business, may involve increased expenses and may present risks not contemplated at the time of the transactions; our use of significant amounts of debt to finance acquisitions or other activities could harm our financial condition and results of operation; 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 2010 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 March 17, 2011, and we do not undertake any duty to update any forward-looking statement 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.