Intuit Reports Mid-season TurboTax Unit Data; Reiterates Full-year Revenue Guidance
MOUNTAIN VIEW, Calif. –
Mar. 22, 2012 –
Intuit Inc. (Nasdaq: INTU) today released the second of three season-to-date updates for its fiscal year 2012 consumer tax offerings. Through March 17, total TurboTax federal units were up 8 percent compared to the same period last year. Also through March 17, TurboTax Online units were up 14 percent, while desktop units decreased 3 percent compared to the same period last year.
"In consumer tax, we continue to be pleased with our online share gain, estimated at approximately 1 point of share," said Dan Maurer, senior vice president and general manager of Intuit’s consumer group. “Additionally, our free tax advice service is being well received by customers, and we continue to see a shift to online.”
Intuit today also reiterated full-year Consumer Tax revenue growth guidance of 10 to 13 percent and company revenue growth guidance of 9 to 11 percent.
Season-to-date TurboTax Federal Unit Data
Note: Unit data through March 17, 2012.
Intuit will issue a third tax season update in April at the end of the tax season.
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and medium-sized businesses; consumers, accounting professionals and financial institutions. Its flagship products and services, including QuickBooks®, TurboTax® and Quicken®, simplify small business management including payment and payroll processing, tax preparation and filing, and personal finance. Lacerte® and ProSeries® 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.
Cautions About Forward-looking Statements
This press release contains forward-looking statements, including revenue growth guidance for Intuit and its Consumer Tax segment and Intuit’s prospects for the current tax season. 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.
Unit Data and Estimates Used
The unit numbers reported are based on weekly reports received by Intuit from its retailers and distributors as well as the number of units provided directly by Intuit. The numbers included in these updates are preliminary and include estimates, including estimates of sales by merchants that do not report their sales to Intuit. Although Intuit takes steps to verify the reliability of the unit data, Intuit believes that errors in the data reported by its retailers and distributors may impact its reported retail unit numbers on an immaterial basis.
Intuit, the Intuit logo and TurboTax are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.
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