Intuit Posts Season-to-date Results; TurboTax Online Units Grew 11 Percent

  Intuit Posts Season-to-date Results; TurboTax Online Units Grew 11 Percent

                Company Reiterates Full-year Revenue Guidance

Business Wire

MOUNTAIN VIEW, Calif. -- February 20, 2014

Intuit Inc. (Nasdaq: INTU) today released the first of two season-to-date unit
updates for its fiscal year 2014 consumer tax offerings. Sales of TurboTax
Online units grew 11 percent versus the comparable prior-year period. Year to
date through Feb. 15, total federal units grew 7 percent.

Season-to-date TurboTax Federal Unit Data
                        Comparable
                        Prior

                        -Year Period       Season Through       Percent Change
                                                     
                        (Feb. 16,          Feb. 15, 2014        Year-Over-Year
                        2013)

                        
TurboTax Desktop     4,053,000       3,993,000         -1%
TurboTax Online      8,646,000       9,595,000         11%
Sub-total            12,699,000      13,588,000        7%
TurboTax Units
TurboTax Free        429,000         490,000           14%
File Alliance
Total TurboTax
                     13,128,000      14,078,000        7%
Units

Note: Unit data through Feb. 15, 2014.

“This year we’ve delivered product innovations for filers with simple returns
and redesigned the TurboTax experience for returning customers, supported by
our new marketing campaign that positions TurboTax as the champion of the
do-it-yourself tax filer,” said Sasan Goodarzi, senior vice president and
general manager of Intuit’s consumer tax group. “The DIY category is off to a
strong start in the early part of the season. We believe we have the right mix
of solutions for filers, and will continue to adjust through the season to
grow the tax software category and to grow share for TurboTax.”

As ofFeb. 14 total do-it-yourself category e-files received by the IRS were
up 6.6 percent. On a comparable basis, TurboTax e-files were up 10 percent.

As part of the company’s second-quarter earnings announcement, Intuit today
also reiterated full-year Consumer Tax revenue growth guidance of 4 to 5
percent and company revenue growth guidance of 6 to 8 percent. Further details
are available in the second-quarter earnings release issued today.

Intuit will issue a final tax season update in late April.

Intuit Inc. creates business and financial management solutions that simplify
the business of life for small businesses, consumers and accounting
professionals.

Its flagship products and services include QuickBooks®, Quicken® and
TurboTax®, which make it easier to manage  small businesses and payroll
processing, personal finance, and tax preparation and filing. Mint.com
provides a fresh, easy and intelligent way for people to manage their money,
while Demandforce® offers marketing and communication tools for small
businesses. ProSeries® and Lacerte® are Intuit's leading tax preparation
offerings for professional accountants.

Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year 2013.
The company has approximately 8,000 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.

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.

Cautions About Forward-looking Statements

This press release contains forward-looking statements, including forecasts of
Intuit’s future expected financial results; expectations regarding Intuit’s
growth; expectations regarding Intuit’s product launches and marketing
campaigns and their impacts on Intuit’s business; and Intuit’s prospects for
the business in fiscal 2014.

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 2013 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 20, 2014, 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.

Contact:

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