Intuit Reports First-Quarter Revenue Growth of 12 Percent; Reiterates Full-year Guidance
Small Business Group Grows Revenue 12 Percent, Driven by Strength in Financial Management Solutions
MOUNTAIN VIEW, Calif. – Nov. 18, 2010 – Intuit Inc. (Nasdaq: INTU) today announced financial results for its first fiscal quarter, which ended Oct. 31.
First-Quarter 2011 Highlights:
Dollars in millions except for EPS
"We completed another strong quarter, getting us off to a good start in fiscal 2011. Our biggest quarters lie ahead of us," said Brad Smith, Intuit's president and chief executive officer. "Although the macroeconomic environment remains challenging, we're executing well against our strategy, and that's driving solid financial performance.
"We delivered double-digit revenue growth, demonstrating that our strategy is working. Our Small Business Group continues to show strength across the board. The early feedback on QuickBooks 2011 and QuickBooks Online is very positive and shows the potential of our core products. We are also seeing more people choosing Intuit Websites solutions, and healthy interest in our newly available mobile solutions coming to market.
"The market is clearly shifting to digital, or connected services. That plays to our advantage, and will help drive the next phase of our growth. It's especially clear in our tax business, where recent competitive events demonstrate the power and acceptance of digital services. That's our sweet spot. As we look forward to the tax season, we believe we're well positioned to expand the category and continue to grow share, with a strong marketing effort and a product line that offers customers the easiest-to-use solution at a compelling price."
Quarterly Business Segment Results and Highlights
Total Small Business Group revenue grew 12 percent compared to the year-ago quarter. This group includes these three business segments.
Financial Management Solutions
Employee Management Solutions
Share Repurchase Program
Intuit repurchased $330 million of its common stock in the first quarter and has $1.67 billion remaining on its current share repurchase authorization.
For the second-quarter the company expects:
Intuit also reiterated its full-year fiscal 2011 guidance. For the year ending July 31 Intuit expects:
Conference Call Information
Intuit executives will discuss the financial results on a conference call today at 1:30 p.m. Pacific time. 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 website 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 1493604.
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.
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 today 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 2011; and all of the statements under the heading "Forward-looking Guidance."
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