 |
 |
 |
|
|
2007 |
2006 |
2005 |
2004 |
2003 |
2002 |
2001 |
2000 |
1999 |
1998
|
|
|
|
| Intuit's First-Quarter Revenue Grows 20 Percent |
|
| Company Raises Revenue and Earnings Guidance for Fiscal Year 2006 |
|
MOUNTAIN VIEW, Calif. -
Nov.
16,
2005 -
Intuit Inc. (Nasdaq: INTU) today announced its first-quarter 2006 revenue increased 20 percent over the year-ago quarter to $304.1 million. Growth was primarily driven by strong sales of its QuickBooks software and add-on solutions. The company's first quarter ended on Oct. 31, 2005.
"Intuit delivered a terrific first quarter and we've raised our outlook for the fiscal year," said Steve Bennett, Intuit's president and chief executive officer. "With our strongest-ever QuickBooks® lineup now on the shelves and a great TurboTax® lineup launching next week, we're excited about the balance of the fiscal year."
First-Quarter 2006 Financial Highlights
Intuit posted a GAAP (Generally Accepted Accounting Principles) net loss of $45.8 million versus a net loss of $46.1 million in the first quarter of 2005. This represents a net loss of $0.26 per diluted share versus a net loss of $0.24 per diluted share in the year-ago quarter. First-quarter 2006 results included approximately $12 million after tax, or $0.07 per share, in expenses associated with employee stock options and purchases under Intuit's employee stock purchase plan. Intuit's first-quarter 2005 GAAP results did not include options expense. Intuit typically posts a seasonal loss in its first quarter when it has little revenue from its tax businesses.
Intuit posted a non-GAAP net loss of $45.8 million versus a net loss of $47.1 million in the first quarter of 2005. The first-quarter non-GAAP net loss was $0.26 per diluted share versus a net loss of $0.25 per diluted share in the first quarter of fiscal 2005. A lower share count caused the per share loss to widen year-over-year.
First-Quarter 2006 Business Segment Results
- QuickBooks-Related revenue of $178.1 million was up 22 percent over the year-ago quarter.
- Intuit-Branded Small Business revenue of $58.2 million was up 9 percent over the year-ago quarter.
- Other Businesses revenue of $51.0 million was up 24 percent.
- In a seasonally slow quarter, Consumer Tax revenue was $7.9 million and Professional Tax revenue was $8.9 million.
Fiscal 2006 Guidance
Intuit has raised its revenue and earnings guidance for fiscal year 2006, which will end on July 31, 2006. The company now expects:
- Revenue of $2.20 billion to $2.26 billion, which represents annual growth of 8 percent to 11 percent. Previous guidance was annual growth of 7 percent to 10 percent.
- GAAP operating income of $506 million to $526 million, versus $524 million in fiscal 2005. Fiscal 2006 GAAP operating income will include the expenses associated with employee stock options. On a non-GAAP basis, operating income is expected to be $600 million to $620 million, which represents annual growth of 9 percent to 13 percent.
- GAAP diluted earnings per share, or EPS, of $1.99 to $2.07 versus $2.03 in fiscal 2005. Fiscal 2006 EPS will include expenses for employee stock options and a higher GAAP tax rate. On a non-GAAP basis, diluted EPS is expected to be $2.23 to $2.31, which represents annual growth of 12 percent to 16 percent. Previous guidance was for annual growth of 10 percent to 15 percent.
Intuit has raised its 2006 guidance for QuickBooks revenue to annual growth of 7 percent to 12 percent, up from 5 percent to 10 percent. The company reaffirmed revenue growth guidance for its other business segments. That information is provided on the accompanying fact sheet.
Second-Quarter 2006 Guidance
In a separate press release, Intuit today announced improvements to this season's TurboTax offerings, including changes in products and pricing. A result of those changes is a change in the seasonal pattern of TurboTax revenue this season. Approximately $40 million in revenue and $0.13 in EPS will move up from Intuit's third quarter to its second quarter. It has updated its quarterly guidance accordingly. Second-quarter guidance is now:
- Revenue of $710 million to $750 million, or year-over-year growth of 10 percent to 16 percent.
- GAAP operating income of $226 million to $241 million, or year-over-year growth of 3 percent to 10 percent. Non-GAAP operating income of $250 million to $265 million, or year-over-year growth of 11 percent to 18 percent.
- GAAP diluted EPS of $0.80 to $0.90. Intuit expects non-GAAP diluted EPS of $0.88 to $0.98, or year-over-year growth of 11 percent to 24 percent.
GAAP and non-GAAP revenue and EPS guidance for the third and fourth quarters of fiscal 2006 is provided on the accompanying fact sheet.
Webcast and Conference Call Information
A live audio webcast of Intuit's first-quarter 2006 conference call is available at http://www.intuit.com/about_intuit/investors/webcast_events.html. The call begins today at 1:30 p.m. PST. The replay of the audio webcast will remain on Intuit's Web site for one week after the conference call. Intuit has posted to its Web site this press release, including the attached tables and non-GAAP to GAAP reconciliations. It will post the conference call script to the Web site shortly after the conference call concludes.
The conference call number is (866) 256-3815 in the United States and (703) 639-1212 from international locations. No reservation or access code is needed. A replay of the call will be available for one week by calling (888) 266-2081 in the United States and (703) 925-2533 from international locations. The access code is 802045.
Intuit, the Intuit logo, Quicken, QuickBooks and TurboTax, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.
About Non-GAAP Financial Measures
This press release and the accompanying tables and sheet entitled "Intuit Facts" include non-GAAP financial measures. For a description of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP), please see the section of the accompanying tables entitled "About Non-GAAP Financial Measures" as well as the related Table A2, Table B, Table E1 and Table E2 which follow it. A copy of the press release filed by Intuit on Nov. 16, 2005, can be found on the investor relations page of Intuit's web site at www.intuit.com.
Cautions About Forward-Looking Statements
This press release contains forward-looking statements, including forecasts of our expected financial results. Other statements relating to the future are also forward-looking, including: our expectations regarding future market opportunities; our prospects for the business in fiscal 2006 and beyond; our expectations regarding future stock repurchases; all of the statements under the headings "Fiscal 2006 Guidance" and "Second Quarter 2006 Guidance;" our objectives regarding future revenue growth and EPS growth; our assessment of potential growth opportunities; and our expectations regarding the launch of new or improved products and services.
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. These factors include, without limitation, the following: product introductions and price competition from our competitors, including competition from Microsoft, which has released accounting software and associated services for small business customers, can have unpredictable negative effects on our revenue, profitability and market position; governmental encroachment in our tax businesses or other governmental activities regulating the filing of tax returns could negatively effect our operating results and market position; current and future products and services, including the 2006 edition of QuickBooks, may not adequately address customer needs and may not achieve broad market acceptance, which could harm our operating results and financial condition; 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; we may not be able to successfully introduce new products and services to meet our growth and profitability objectives; our new product or service offerings may not attract customers or they may negatively impact our profitability if the business models for new offerings are not successful or if customers elect to purchase lower-priced alternatives; we have implemented, and are continuing to upgrade, new information systems and any problems with these new systems could interfere with our ability to ship and deliver products and gather information to effectively manage our business; our financial position may not make repurchasing shares advisable or we may issue additional shares in an acquisition causing our number of outstanding shares to grow; 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 2005 and in other SEC filings. You can locate these reports through our website at http://www.intuit.com/about_intuit/investors. Forward-looking statements are based on information as of November 16, 2005, and we do not undertake any duty to update any forward-looking statement or other information in this press release.
(Fact Sheet follows)
|
| |
|
|
|
|
|
|
