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| Intuit Reaffirms Quarterly and Fiscal 2007 Guidance |
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MOUNTAIN VIEW, Calif. -
Sept.
20,
2006 -
Intuit Inc. (Nasdaq: INTU) today reaffirmed its financial guidance for each quarter and its full fiscal year 2007, which it provided on Aug. 22, 2006 (see charts below). The announcement was made in conjunction with the company's annual Investor Day, which is being held this morning at Intuit's headquarters in Mountain View, Calif.
For fiscal 2007, Intuit reaffirms the following guidance:
| Forward-Looking Guidance for 2007($ millions except EPS) |
|
Q1 07 |
Q2 07 |
Q3 07 |
Q4 07 |
FY 07 |
| Revenue% change YOY |
10%-15% |
0%-2% |
13%-16% |
4%-8% |
8%-10% |
| GAAP Operating Income (Loss) |
($114)-($99) |
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$620-$646 |
| Non-GAAP Operating Income (Loss) |
($90)-($75) |
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$720-$746 |
| Non-GAAP Operating Margin |
NA |
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28%-29% |
| GAAP Diluted EPS |
($0.18)-($0.16) |
$0.34-$0.37 |
$1.04-$1.08 |
($0.09)-($0.07) |
$1.18-$1.22 |
| Non-GAAP Diluted EPS |
($0.14)-($0.12) |
$0.39-$0.42 |
$1.08-$1.12 |
($0.04)-($0.02) |
$1.36-$1.40 |
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| Fiscal 2007 Business Segment Revenue Growth Guidance |
| Segment |
YOY Revenue Growth |
| QuickBooks |
8%-12% |
| Payroll & Payments |
12%-16% |
| Consumer Tax |
10%-15% |
| Professional Tax |
0%-5% |
| Other Businesses |
0%-5% |
|
Webcast Information
Intuit's Investor Day presentations will be broadcast live on Intuit's Web site at http://web.intuit.com/about_intuit/investors/webcast_events.html beginning at 8:30 a.m. PDT today. Those viewing the webcast should go to the Web site before the meeting to install any necessary audio software. A replay of the webcast will be available on Intuit's Web site approximately two hours after the conclusion of the live event.
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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 $2.3 billion in its fiscal year 2006. The company has nearly 7,500 employees with major offices in 13 states across the United States, and offices in Canada and several other foreign countries. More information can be found at www.intuit.com.
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About Non-GAAP Financial Measures
This press release includes non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, 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 accompanying tables titled "About Non-GAAP Financial Measures" as well as the related Table 1 which follows it.
Cautions About Forward-Looking Statements
This press release contains forward-looking statements, including: the forecasts of our expected financial results; our statement that Intuit is positioned for success in fiscal 2007; our belief that we are well positioned to continue to expand the penetration of Intuit products and services; and all of the statements under the headings "Forward-Looking Guidance for 2007" and "Fiscal 2007 Business Segment Revenue Growth Guidance." Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following: product introductions and price competition from our competitors, including Microsoft, 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 affect our operating results and market position; we may not be able to successfully introduce new products and services to meet our growth and profitability objectives, and current and future products and services may not adequately address customer needs and may not achieve broad market acceptance, which could harm our operating results and financial condition; any failure to maintain reliable and responsive service levels for our offerings could cause us to lose customers and negatively impact our revenues and profitability; any significant product quality problems or delays in our products could harm our revenue, earnings and reputation, our participation in the Free File Alliance may result in lost revenue due to potential customers filing free federal tax returns and electing not to pay for state filing or other services and cannibalization of our traditional paid franchise; any failure to properly use and protect personal customer information could harm our revenue, earnings and reputation; 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 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; and litigation involving intellectual property, antitrust, shareholder and other matters may increase our costs. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2006 and in our other SEC filings. You can locate these reports through our Web site at http://www.intuit.com/about_intuit/investors. Forward-looking statements are based on information as of September 20, 2006, and we do not undertake any duty to update any forward-looking statement or other information in this presentation.
(RECONCILIATION OF NON-GAAP FINANCIAL MEASURES follows)
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