Intuit Reports Season-to-date TurboTax Unit Results

  Intuit Reports Season-to-date TurboTax Unit Results

                  Pace Accelerates after Late Season Start;
                Company Reiterates Full-year Revenue Guidance

Business Wire

MOUNTAIN VIEW, Calif. -- March 25, 2013

Intuit Inc. (Nasdaq: INTU) today issued its second of three season-to-date
results for its fiscal year 2013 consumer tax offerings. From Jan. 30 through
March 16, sales of TurboTax Online units increased 29 percent versus the
comparable prior-year period. Total TurboTax federal units were up 26 percent
in the same span.

Tax season typically begins in mid-January. This year, however, the Internal
Revenue Service opened e-file Jan. 30, roughly two weeks later than usual. For
the total season through March 16, total TurboTax federal units were flat year
over year. “IRS data shows total returns are down 7 percent as of March 15,”
said Dan Maurer, senior vice president and general manager of Intuit’s
consumer group. “We’ve had strong growth since Jan. 30 and season-to-date
we're taking share at retail, outperforming in mobile channels and maintaining
our strong leadership position online. We’re looking forward to a strong end
to the season. Millions of Americans still need to file their taxes.”

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.

Season-to-date TurboTax Federal Unit Data
                                                           
                                                                    Jan. 30-
                                 Season                             March
                 Season          Through                            16, 2013
              Through       March 16,     Year-over-year   Change
                 March 17,       2013            Change             Versus
                 2012                                               Comparable
                                                                   Prior-year
                                                                    Period
TurboTax       5,073,000     4,954,000     -2%              15%
Desktop
TurboTax       12,468,000    12,695,000    2%               29%
Online
Sub-total
TurboTax       17,541,000    17,649,000    1%               26%
Units
TurboTax
Free File      831,000       698,000       -16%             21%
Alliance
Total
TurboTax       18,372,000    18,347,000    0%               26%

Units
Note: Unit data through March 16, 2013.


The company will issue a third and final tax season update at the end of
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 March 25, 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 TurboTax 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.
Matt Rhodes, 650-944-2536 (Investors)
matthew_rhodes@intuit.com
Diane Carlini, 650-944-6251 (Media)
diane_carlini@intuit.com
 
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