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Intuit Reaffirms Outlook for First Quarter and Fiscal 2013

MOUNTAIN VIEW, Calif. – Sep. 18, 2012 –  Intuit Inc. (Nasdaq: INTU) reaffirmed its financial guidance for the first quarter and full fiscal year 2013, initially provided on Aug. 21. The company's fiscal year runs from Aug. 1 to July 31.

Intuit reiterated its outlook in conjunction with its annual investor day, being held today at the company’s Mountain View, Calif. headquarters. President and Chief Executive Officer Brad Smith will outline the company’s evolving connected services strategy that builds on its position in cloud, mobile and data services for consumers and small businesses to accelerate growth.

Chief Financial Officer Neil Williams and business segment leaders will present financial and business segment plans for fiscal year 2013. In addition, Intuit will showcase several innovations, including recently launched products, in-market experiments and early prototypes.

Forward-looking Guidance

Intuit reaffirmed guidance for fiscal year 2013, which ends July 31, and expects:

  • Revenue of $4.55 billion to $4.65 billion, growth of 10 to 12 percent.
  • GAAP operating income of $1.315 billion to $1.345 billion, growth of 12 to 14 percent.
  • Non-GAAP operating income of $1.57 billion to $1.60 billion, growth of 12 to 14 percent.
  • GAAP diluted EPS of $2.76 to $2.82, growth of 6 to 8 percent.
  • Non-GAAP diluted EPS of $3.32 to $3.38, growth of 12 to 14 percent.

Intuit expects the following revenue growth by segment for fiscal year 2013:

  • Small Business Group: 15 to 17 percent.
  • Consumer Tax: 8 to 10 percent.
  • Accounting Professionals: 5 to 8 percent.
  • Financial Services: 6 to 9 percent.
  • Other Businesses: 0 to 4 percent.

For the first quarter of fiscal 2013 ending Oct. 31, Intuit expects:

  • Revenue of $630 million to $640 million, growth of 10 to 11 percent.
  • GAAP operating loss of $85 million to $90 million.
  • Non-GAAP operating loss of $20 million to $25 million.
  • GAAP net loss per share of $0.20 to $0.21.
  • Non-GAAP net loss per share of $0.06 to $0.07.

The event will be broadcast live on Intuit’s website at http://investors.intuit.com/events.cfm. 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 $4.15 billion in its fiscal year 2012. 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.

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