Intuit Reports Early Season Results: TurboTax Unit Growth Accelerating Since Jan. 30

  Intuit Reports Early Season Results: TurboTax Unit Growth Accelerating Since
  Jan. 30

                Company Reiterates Full-year Revenue Guidance

Business Wire

MOUNTAIN VIEW, Calif. -- February 21, 2013

Intuit Inc. (Nasdaq: INTU) today released the first of three season-to-date
updates for its fiscal year 2013 consumer tax offerings. Sales of TurboTax
Online units picked up through early February, growing 32 percent from Jan. 30
to Feb. 16 versus the comparable prior-year period. Total federal units grew
29 percent in the same span.

Year to date through Feb. 16, total TurboTax federal units were down 7 percent
compared to the same period last year.

"As we've noted, the tax industry got off to a slow start in January. Since
the Internal Revenue Service opened e-file on Jan. 30, we’ve seen strong
momentum in TurboTax Online,” said Dan Maurer, senior vice president and
general manager of Intuit’s consumer group. “We're confident that we're on
track and we have an aggressive plan to win."

As part of the company’s second-quarter earnings announcement, Intuit today
also reiterated full-year Consumer Tax revenue growth guidance of 8 to 10
percent and company revenue growth guidance of 10 to 12 percent. Further
details are available in the second-quarter earnings release issued today.

Season-to-date TurboTax Federal Unit Data

                                                                    Jan. 30 -
                                 Season                             Feb.
                 Comparable      Through         Percent Change     16, 2013
              Prior-        Feb. 16,      Year-Over-Year   Change
                 Year Period     2013                               Versus
                                                                   Comparable
                                                                   Prior-Year
                                                                    Period
TurboTax       4,301,000     4,053,000     -6%              14%
Desktop
TurboTax       9,208,000     8,646,000     -6%              32%
Online
Sub-total
TurboTax       13,509,000    12,699,000    -6%              29%
Units
TurboTax
Free File      590,000       429,000       -27%             28%
Alliance
Total
TurboTax       14,099,000    13,128,000    -7%              29%
Units
Note: Unit data through Feb. 16, 2013.

Intuit will issue additional tax season updates in March and April.


About Intuit Inc.

Intuit Inc. is a leading provider of innovative business and financial
management solutions for small businesses, consumers, accounting professionals
and financial institutions. Its flagship products and services that include
QuickBooks®, TurboTax® and Quicken® help customers solve important business
and financial management problems, such as running a small business, paying
bills, filing income taxes, or managing personal finances. ProSeries® and
Lacerte® are Intuit's leading tax preparation offerings for professional
accountants. Intuit Financial Services provides digital banking solutions to
banks and credit unions that help them make it easier for their customers to
manage money and pay bills.

Founded in 1983, Intuit had annual revenue of $4.15 billion in its fiscal year
2012. The company has approximately 8,500 employees with major offices in the
United States, Canada, the United Kingdom, India, Singapore 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 forecasts of
Intuit’s future expected financial results;expected shifts in revenue as a
result of the late tax legislation; expectations regarding Intuit’s growth;
and its prospects for the business in fiscal 2013.

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; 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 2012 and in our other
SEC filings. You can locate these reports through our website at
http://investors.intuit.com. Forward-looking statements are based on
information as of February 21, 2013, and we do not undertake any duty to
update any forward-looking statement or other information in these materials.

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 and the Intuit logo, among others, are registered trademarks and/or
registered service marks of Intuit Inc. in the United States and other
countries.

Contact:

Intuit Inc.
Investors
Matt Rhodes, 650-944-2536
matthew_rhodes@intuit.com
Media
Diane Carlini, 650-944-6251
diane_carlini@intuit.com
 
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