Intuit Reports 10 Percent Growth in TurboTax Units Through End of Tax Season
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU) today released the final of three season-to-date updates for its fiscal year 2010 consumer tax products. Through April 16, total TurboTax federal units increased 10 percent over the same period last year.
"We completed another strong tax season, gaining share by helping a record number of customers easily and accurately prepare their taxes," said Dan Maurer, senior vice president and general manager of Intuit's consumer group. "We're very pleased with our results, especially the continued growth online and believe we're positioned well for continued growth in the future."
Season-to-date TurboTax Federal Unit Data
Comparable Season Through Apr Percent Change YOY
Prior-Year Period 16, 2010
TurboTax desktop 6,200,000 6,079,000 -2%
units
TurboTax Web units 11,246,000 13,307,000 18%
TurboTax Units 17,446,000 19,386,000 11%
TurboTax Free File 1,314,000 1,326,000 1%
Alliance Web units
TOTAL TurboTax 18,760,000 20,712,000 10%
Units
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), 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 offerings for professional accountants. Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $3.1 billion in its fiscal year 2009. The company has approximately 7,800 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.
Forward-Looking Statements
Intuit's statement regarding our belief that we are positioned well for continued growth in the future is a forward-looking statement. Our actual results may differ materially from our expectations due to a number of risks and uncertainties, including the inherent difficulty in accurately predicting consumer behavior; competition from other providers of tax preparation software and services; and the impact of federal and state government supported initiatives that offer tax preparation services at no charge. In addition, we could experience operational difficulties in receiving, processing or filing customer tax submissions and consumers may not respond as we expect to our advertising and promotional activities. 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, 2009 and in our other SEC filings, which can be found at http://investors.intuit.com. Forward-looking statements are based on information as of April 19, 2010, and we do not undertake any duty to update any forward-looking statements or other information in this press release.
Unit Data and Estimates Used
The unit numbers reported are based on weekly reports received by Intuit from its retailers and distributors as well as the number of units provided 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 unit data, Intuit believes that errors in the data 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, 2010