TurboTax desktop software grows share of revenue and units at retail; TurboTax for the Web reaches 2.4 million federal returns;
SAN DIEGO, CA -
May
03,
2001 -
Speaking before investors at the J. P. Morgan H&Q 29th Annual Technology Conference in San Francisco, Steve Bennett, president and chief executive officer of Intuit Inc. (NASDAQ: INTU) today announced another record tax season.
"Intuit had an excellent tax season - we aced every aspect of our strategy and delivered outstanding results," said Bennett. "In an intensely competitive environment, we grew our units sold at retail by eight percent, resulting in one full percentage point growth in retail unit share, despite an increase in prices. We also grew desktop software revenue at retail more than 27 percent, driving growth of retail revenue share to just over 80 percent, up eight percentage points over last year."
Bennett noted that Intuit also had a banner year on the Web. The company started the season with prices for Quicken® TurboTax® for the WebSM, the leading online tax preparation and filing service, 50 percent higher than the previous year. After April 1, prices increased again - double last year's price, and a record 2.4 million federal returns were prepared, an increase of 71 percent over last year. Revenue from online tax preparation grew even more dramatically, up more than 130 percent over the prior year, powering tremendous growth for the company's tax business.
The company also reported that five million electronically filed personal federal returns were accepted by the Internal Revenue Service through Intuit's TurboTax desktop software and TurboTax for the Web, up from 3.9 million last season. According to the IRS, 6.6 million self-preparers used a home computer to electronically file their return this year. Self-prepared returns electronically filed through TurboTax desktop and Web programs accounted for 75 percent of those returns.
About Quicken TurboTax
Quicken TurboTax is the No.1-selling tax preparation software program, with 70 percent share of units sold at retail and more than 80 percent retail revenue share this tax season, up eight points over last year, according to PC Data. Its web-based counterpart, TurboTax for the Web, is the most popular site for online tax preparation and filing services. In addition, Intuit offers TurboTax Home & Business, designed for the sole proprietor. The Automated Tax Return feature is included at no additional charge in all of these versions of TurboTax. With 17 years of personal finance expertise, the TurboTax family of products saves time and money for more than 13 million Americans each year.
About Intuit Inc.
Intuit Inc. (NASDAQ: INTU) is the leading provider of financial software and Web-based services for consumers, small businesses and accounting professionals. Its flagship products and services, including Quicken®, QuickBooks®, Quicken TurboTax® and Quicken Loans® simplify personal finance, small business management and payroll processing, tax preparation and filing and online home loans.
Founded in 1983, Intuit has annual revenues of more than $1 billion and reaches 22 million customers with nearly 5,000 employees in 13 states and four countries. More information can be found at www.Intuit.com.
Intuit, Quicken, QuickBooks, QuickBooks Pro, TurboTax and ProSeries, among others, are registered trademarks and/or registered service marks of Intuit Inc. Quicken.com and QuickBooks.com, among others, are trademarks and/or service marks of Intuit Inc.
