Intuit Reports Early Season Results: TurboTax Unit Growth Accelerating Since Jan. 30
Company Reiterates Full-year Revenue Guidance
MOUNTAIN VIEW, Calif. – Feb. 21, 2013 – Intuit Inc. (Nasdaq: INTU) today released the first of three season-to-date updates for its fiscal year 2013 consumer tax offerings. Sales of TurboTax Online units picked up through early February, growing 32 percent from Jan. 30 to Feb. 16 versus the comparable prior-year period. Total federal units grew 29 percent in the same span.
Year to date through Feb. 16, total TurboTax federal units were down 7 percent compared to the same period last year.
"As we've noted, the tax industry got off to a slow start in January. Since the Internal Revenue Service opened e-file on Jan. 30, we’ve seen strong momentum in TurboTax Online,” said Dan Maurer, senior vice president and general manager of Intuit’s consumer group. “We're confident that we're on track and we have an aggressive plan to win."
As part of the company’s second-quarter earnings announcement, Intuit today also reiterated full-year Consumer Tax revenue growth guidance of 8 to 10 percent and company revenue growth guidance of 10 to 12 percent. Further details are available in the second-quarter earnings release issued today.
Season-to-date TurboTax Federal Unit Data
Note: Unit data through Feb. 16, 2013.
Intuit will issue additional tax season updates in March and April.
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.
Cautions About Forward-looking Statements
This press release contains forward-looking statements, including forecasts of Intuit’s future expected financial results; expected shifts in revenue as a result of the late tax legislation; expectations regarding Intuit’s growth;; and its prospects for the business in fiscal 2013.
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 and the Intuit logo, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.
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