Intuit Reaffirms First Quarter and Fiscal 2011 Guidance
MOUNTAIN VIEW, Calif. –
Sep. 22, 2010 –
Intuit Inc. (Nasdaq: INTU) today reaffirmed its financial guidance for first quarter and the full fiscal year 2011, first provided on Aug. 19. The company's fiscal year runs from Aug. 1 - July 31.
The announcement coincides with the company's annual Investor Day, to be held today at Intuit's Mountain View, Calif., headquarters. Chief Executive Officer Brad Smith will be joined by business segment leaders to discuss Intuit's business strategy and financial performance. The event will include business segment updates from small business, tax, and financial services leaders and will conclude with a financial update from Chief Financial Officer Neil Williams. In addition, attendees will see demonstrations of a number of Intuit products and services.
Intuit's guidance for fiscal 2011 is as follows:
|Forward-Looking Guidance for Fiscal 2011 |
($ millions except earnings per share)
| ||Q1 11 ||FY 11 |
|Revenue change Year-Over-Year ||9-11% ||8-11% |
|GAAP Operating Income (Loss) ||($110)-($100) ||$980-$1,015 |
|Non-GAAP Operating Income (Loss) ||($60)-($50) ||$1,215-1,250 |
|Non-GAAP Operating Margin ||NA ||32.0-32.5% |
|GAAP Diluted EPS ||($0.25)-($0.23) ||$1.88-$1.95 |
|Non-GAAP Diluted EPS ||($0.13)-($0.11) ||$2.36-$2.43 |
|Fiscal 2011 Business Segment Revenue Growth Guidance |
|Segment ||Year-Over-Year Revenue Growth |
|Small Business Group ||8-12% |
|Consumer Tax ||10-13% |
|Accounting Professionals ||4-7% |
|Financial Services ||4-7% |
|Other Businesses ||11-16% |
The event will be broadcast live on Intuit's website at http://www.intuit.com/about_intuit/investors/webcast.jhtml beginning at 8:30 a.m. Pacific time. A replay of the webcast will be available on Intuit's website two hours after the meeting ends.
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.
About Non-GAAP Financial Measures
This press release includes 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 (GAAP), please see the accompanying text titled "About Non-GAAP Financial Measures" as well as the related Table 1 which follows it.
Cautions About Forward-Looking Statements
This press release contains forward-looking statements, including forecasts of Intuit's expected financial results for fiscal 2011 and all of the statements under the headings "Forward-Looking Guidance for Fiscal 2011" and "Fiscal 2011 Business Segment Revenue Growth Guidance."
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: 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 products and services 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 and financial institutions, which could negatively affect our revenue and profitability; 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 2010 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 September 22, 2010, and we do not undertake any duty to update any forward-looking statement or other information in these materials.
( Financial Statements follow )