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Intuit Reaffirms First Quarter and Fiscal 2012 Guidance

MOUNTAIN VIEW, Calif. – Sep. 21, 2011 – Intuit Inc. (Nasdaq: INTU) reaffirmed its financial guidance for the first quarter and the full fiscal year 2012, initially provided on Aug. 18. The company's fiscal year runs from Aug. 1 to July 31.

Intuit reiterated its outlook in conjunction with today's Investor Day, an annual event held at the company's Mountain View, Calif. headquarters. The meeting includes a discussion of the company's strategy for fiscal year 2012 led by Chief Executive Officer Brad Smith and Chief Financial Officer Neil Williams with presentations from business segment leaders.

Forward Looking Guidance

Intuit's guidance for fiscal year 2012 is as follows:

  • Revenue of $4.185 billion to $4.285 billion, growth of 9 to 11 percent.
  • GAAP operating income of $1.185 billion to $1.21 billion, growth of 18 to 20 percent.
  • Non-GAAP operating income of $1.4 billion to $1.425 billion, growth of 12 to 14 percent.
  • GAAP diluted EPS of $2.38 to $2.47, growth of 19 to 24 percent.
  • Non-GAAP diluted EPS of $2.85 to $2.94, growth of 14 to 17 percent.

Intuit expects the following revenue growth by segment for fiscal year 2012:

  • Small Business Group: 10 to 12 percent.
  • Consumer Tax: 10 to 13 percent.
  • Accounting Professionals: 5 to 8 percent.
  • Financial Services: 7 to 10 percent.
  • Other Businesses: 3 to 7 percent.

For the first quarter of fiscal 2012, Intuit expects: 

  • Revenue of $575 million to $585 million, growth of 8 to 10 percent.
  • GAAP operating loss of $95 million to $105 million, compared to a loss of $104 million in the year-ago quarter.
  • Non-GAAP operating loss of $40 million to $50 million, compared to a loss of $53 million in the year-ago quarter.
  • GAAP net loss per share of $0.24 to $0.26, compared to a loss of $0.22 in the year-ago quarter.
  • Non-GAAP net loss per share of $0.11 to $0.13, compared to a loss of $0.12 in the year-ago quarter.
Webcast Information

Investor Day will be broadcast live on Intuit's website at http://www.intuit.com/about_intuit/investors/webcast.jhtml beginning at 1:00 p.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 $3.9 billion in its fiscal year 2011. 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.

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; forecasts of expected growth by segment; and all of the statements under the heading “Forward-looking 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: 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 2011 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 21, 2011, and we do not undertake any duty to update any forward-looking statement or other information in these materials.

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.

(Financial Statements follow)

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