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| Intuit Raises Third-Quarter, Fiscal 2005 Revenue and EPS Guidance |
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| Total TurboTax Units Up 27 Percent for Season |
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MOUNTAIN VIEW, Calif. -
April
21,
2005 -
Intuit Inc. (Nasdaq: INTU) today raised its revenue and earnings guidance for its third-quarter and fiscal 2005.
“Thanks to great execution of our ‘Right for Me’ growth strategies, Intuit is on track to deliver 11 percent to 12 percent revenue growth and 21 percent to 24 percent pro forma diluted EPS growth in fiscal 2005,” said Steve Bennett, Intuit’s president and chief executive officer. “We’ve just wrapped up a very successful tax season in both our consumer and professional tax businesses. At the same time, QuickBooks and the rest of our portfolio continue to post strong results.”
Intuit Expects Q3 Revenue to be Up 18-19%; Pro Forma Diluted EPS to be Up 28-29%
Intuit expects the following results for its third quarter, which will end April 30, 2005:
- Revenue of $840 million to $845 million, or year-over-year growth of 18 to 19 percent.
- Pro forma diluted EPS of $1.53 to $1.55, or year-over-year growth of 28 percent to 29 percent. Intuit expects GAAP diluted EPS of $1.50 to $1.52.
Intuit will provide details about its actual third-quarter results when it announces quarterly earnings in May.
Intuit Raises Fiscal 2005 Guidance
Intuit raised its fiscal 2005 revenue guidance to reflect the strength of expected third-quarter results:
|
New
FY 2005Guidance |
Prior
FY 2005 Guidance |
| Revenue |
+11% to +12% annually |
+8% to 9% annually |
| Pro Forma Diluted EPS |
+21% to 24% annually |
+15% to 20% annually |
| GAAP EPS |
+22% to 25% annually |
+15% to 20% annually |
|
Intuit’s preliminary view of its fourth quarter results is in line with prior guidance.
TurboTax Completes Strong Tax Season
Intuit ended the tax season with stronger-than-expected growth in TurboTax. Through April 17, total federal units, including Free File Alliance, grew 27 percent over the same period last year. Excluding Free File, federal units were up 13 percent.
Season-to-Date TurboTax Federal Unit Data
|
Season Through
4/17/04 |
Season Through
4/17/05 |
% Change YOY |
| TurboTax federal desktop units sold through at retail |
4,663,000 |
5,284,000 |
+13% |
| TurboTax federal desktop units sold direct |
1,709,000 |
1,694,000 |
-1% |
| TurboTax for the Web paid federal returns sold |
2,767,000 |
3,313,000 |
+20% |
| SUB-TOTAL |
9,139,000 |
10,291,000 |
+13% |
| TurboTax for the Web federal units donated via Free File Alliance |
709,000 |
2,174,000 |
+207% |
| TOTAL |
9,848,000 |
12,465,000 |
+27% |
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About Intuit Inc.
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Intuit Inc. is a leading provider of business and financial management solutions for small- and mid-sized businesses, consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit’s leading tax preparation software suites for professional accountants.
Founded in 1983, Intuit had annual revenue of nearly $1.9 billion in its fiscal year 2004. The company has nearly 7,000 employees, with major offices in 13 states across the United States and offices in Canada and the United Kingdom. More information can be found at www.intuit.com.
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About pro forma, or non-GAAP, financial measures
Intuit’s management believes that the pro forma financial measures it uses provide meaningful supplemental information regarding Intuit’s core operating results because they exclude amounts that are not necessarily related to Intuit’s core operating results. Intuit’s management refers to these pro forma financial measures in assessing the performance of Intuit’s ongoing operations and for planning and forecasting in future periods. These pro forma financial measures also facilitate management’s internal comparisons to Intuit’s historical operating results. In addition, Intuit has historically reported similar pro forma financial measures and believes that the inclusion of comparative numbers provides consistency in its financial reporting. Intuit computes pro forma, or non-GAAP, financial measures using the same consistent method from quarter to quarter and year to year.
Pro forma diluted earnings (loss) per share excludes amortization of purchased software, amortization of purchased intangible assets, net gains on marketable securities, loss from discontinued operations, and the tax effects of these transactions. These pro forma financial measures are not prepared in accordance with generally accepted accounting principles and likely are different from non-GAAP or pro forma financial measures used by other companies. The accompanying tables provide a quantitative reconciliation of Intuit’s pro forma financial measures to the most directly comparable GAAP financial measures.
Cautions About Forward-Looking Statements
This press release contains forward-looking statements, including forecasts of Intuit’s expected financial results. Mr. Bennett’s statements about Intuit being on track to deliver 11 percent - 12 percent revenue growth and 21 percent - 24 percent pro forma diluted EPS growth in fiscal 2005, and about QuickBooks and the rest of Intuit’s portfolio continuing to post strong results, are forward-looking statements. In addition, all of the statements under the headings “Intuit Expects Q3 Revenue to be Up 18-19%; Pro Forma Diluted EPS to be Up 28-29%,” “Intuit Raises Fiscal 2005 Guidance,” and the statement reaffirming Intuit’s preliminary view of fourth quarter results as in line with prior guidance, are forward-looking statements. A number of risks and uncertainties may cause our actual results to differ materially from these expressed expectations. Some of the important factors that could cause our results to differ include the following: our revenue, profitability and market position can be negatively impacted in an unpredictable manner due to product introductions and price competition from our competitors, including competition from Microsoft, which recently announced its intention to target small business customers with accounting software and associated services, and governmental encroachment in our tax businesses; our participation in the Free File Alliance may result in lost revenue due to potential customers filing free federal returns and electing not to pay for state filing or other services and cannibalization of our traditional paid franchise; 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; predicting tax-related revenues is challenging due to the heavy concentration of activity in a short time period; revenue growth for some of our products is slowing and we must successfully introduce new products and services to meet our growth and profitability objectives; our new product offerings may not succeed or they may negatively impact our profitability if customers elect to purchase lower-priced simplified offerings instead of our higher priced offerings; we have implemented new information systems but they have not yet been utilized in a peak season period, any problems with these new systems, particularly during peak tax season could interfere with our ability to ship and deliver products and gather information to effectively manage our business; litigation involving intellectual property, antitrust, shareholder and other matters may increase our costs; and our failure to maintain reliable and responsive service levels for our offerings could cause us to lose customers and negatively impact our revenues and profitability. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2004 and in subsequent Form 10-Q, and other SEC filings. You can locate these reports through our website at http://www.intuit.com/about_intuit/investors. We do not undertake any duty to update the information in this press release except as otherwise required by law.
The TurboTax unit numbers reported are based on weekly sales reports received by Intuit from its retailers and distributors as well as the number of units sold directly from 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 sales data, Intuit believes that errors in the sales reported by its retailers and distributors may impact its reported retail unit numbers on an immaterial basis.
Intuit, the Intuit logo, TurboTax, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.
(Financial statement follows)
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