Intuit Reports TurboTax Unit Sales Through April 18, 2007
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--
Intuit Inc. (Nasdaq:INTU) today announced the final season-to-date unit sales update for its fiscal year 2007 consumer tax products and services. Through April 18, 2007, total TurboTax federal unit sales increased 5 percent over the same period last year.
"We very much regret the poor experience some of our customers had earlier this week," said Brad Henske, senior vice president and general manager of consumer tax. "That said, online unit sales in the second half of the season were very strong and we are pleased with the customer response to our 2007 product lineup and pricing strategy. We expect segment revenue to increase 12 percent to 13 percent for the year. In addition, early indications are that our total market share remained within one point of last year and that we maintained our share on the Web."
Intuit reiterated its financial guidance for the third and fourth quarters as well as fiscal year 2007 for the company and other segments previously provided in its Feb. 22, 2007 earnings release.
Season-to-date TurboTax Federal Unit Data
Comparable Season Percent
Prior-Year Through Change
Period April 18, YOY
2007
---------------------------- -------------- ------------ -------------
TurboTax federal desktop
units sold 7,103,000 6,942,000 -2%
---------------------------- -------------- ------------ -------------
TurboTax for the Web federal
returns (non-FFA) 5,228,000 6,042,000 16%
---------------------------- -------------- ------------ -------------
SUB-TOTAL 12,331,000 12,984,000 5%
---------------------------- -------------- ------------ -------------
TurboTax for the Web federal
returns donated via Free
File Alliance 1,384,000 1,422,000 3%
---------------------------- -------------- ------------ -------------
TOTAL 13,715,000 14,406,000 5%
---------------------------- -------------- ------------ -------------
Note: Season-to-date TurboTax federal unit sales data for the past three tax seasons is available on Intuit's Web site at http://www.intuit.com/about_intuit/investors/ under Historical TurboTax Data.
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(R), Quicken(R) and TurboTax(R) software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries(R) and Lacerte(R) are Intuit's leading tax preparation software suites for professional accountants. The company's financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.
Founded in 1983, Intuit had annual revenue of $2.3 billion in its fiscal year 2006. The company has more than 8,100 employees with major offices in the United States, Canada, the United Kingdom and other locations. More information can be found at www.intuit.com.
Forward-Looking Statements
This release contains forward-looking statements, which are subject to safe harbors under federal securities laws. Intuit's statements regarding financial guidance for fiscal 2007, expected segment revenue growth and market share are forward-looking statements. Our actual results may differ materially from our expectations due to a number of risks and uncertainties, including, without limitation, the following: product introductions and price competition from our competitors 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; any failure to maintain reliable and responsive service levels for our offerings could cause us to lose customers and harm our business; any significant product quality problems or delays in our products could harm our business; our participation in the Free File Alliance may result in lost revenue opportunities 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 acquisition activities may be disruptive to Intuit and may not result in expected benefits; our use of significant amounts of debt to finance acquisitions or other activities could harm our financial condition and results of operations; and litigation involving intellectual property, antitrust, shareholder and other matters may increase our costs. More information on potential factors that could impact our results are included in our public reports filed with the SEC, including our Form 10-K for the fiscal year ended July 31, 2006 and in our 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 April 19, 2007, and we do not undertake any duty to update any forward-looking statements or other information in this press release.
Sales Data and Estimates Used
The 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 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 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 and TurboTax are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.
Source: Intuit Inc.
Released April 19, 2007