Intuit First-Quarter Operating Results Exceed Guidance
Revenue Growth at High End of Guidance: Driven by Payroll and Financial Institutions Businesses
MOUNTAIN VIEW, Calif. – Nov. 19, 2009 – Intuit Inc. (Nasdaq: INTU) today announced financial results for its first quarter ended Oct. 31.
Note: all comparisons are versus the same period a year ago.
Dollars in millions except for EPS
"Intuit's solid revenue and operating results give us a good start to the fiscal year, with our most important quarters ahead of us," said Brad Smith, Intuit's president and chief executive officer. "With these early results, we are confident that we will grow revenue and expand operating margins. We will continue to invest in targeted, high-yield opportunities while also managing expenses.
"We continue to see growth in our core businesses and are making progress in building out adjacent businesses. At the same time, we are accelerating our transition to a connected services company, with the recent acquisitions of online payroll provider PayCycle and the fast-growing online personal finance service Mint.com. We'll also continue to invest in our products and in innovations that position us well for future growth."
Business Segment Results and Highlights
Small Business Group revenue was flat with customer growth in all segments. This group includes these three business segments.
Financial Management Solutions
Employee Management Solutions
Intuit reaffirmed its financial full-year guidance for fiscal 2010, inclusive of the Mint transaction, and provided guidance for the second quarter, ending January 31. For fiscal 2010 the company expects:
For the second quarter the company expects:
Webcast and Conference Call Information
Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on Nov. 19. To hear the call, dial 866-238-1645 in the United States or 703-639-1163 from international locations. No reservation or access code is needed. The conference call can also be heard live via webcast at http://investors.intuit.com/events.cfm. Prepared remarks for the call will be available on Intuit's Web site after the call ends.
A replay of the conference call will also be available for one week by calling 888-266-2081, or 703-925-2533 from international locations. The access code for this call is 1406973.
The audio webcast will remain available on Intuit's Web site for one week after the conference call.
Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.
About Non-GAAP Financial Measures
This press release and the accompanying tables include 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, please see the section of the accompanying tables titled "About Non-GAAP Financial Measures" as well as the related Table B and Table E. A copy of the press release issued by Intuit on Nov. 19, 2009 can be found on the investor relations page of Intuit's Web site.
Cautions About Forward-Looking Statements
This press release contains forward-looking statements, including forecasts of Intuit's future expected financial results; its prospects for the business in fiscal 2010; the features and availability of future products and services; and all of the statements under the heading "Forward-looking Guidance."
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