Intuit Reports 10 Percent Growth in TurboTax Units Through March 13

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MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU) today released the second of three season-to-date updates for its fiscal year 2010 consumer tax products. Through March 13, total TurboTax federal units increased 10 percent over the same period last year.

"We're pleased with how the tax season is progressing and continue to see strong growth online fueled by the increasing popularity of do-it-yourself tax software," said Dan Maurer, senior vice president and general manager of Intuit's consumer group. "We think this positions TurboTax for another strong tax season." 


Season-to-date TurboTax Federal Unit Data

                          Comparable           Season Through    Percent Change

                          Prior-Year Period    March 13, 2010    Year-Over-Year

TurboTax desktop units    5,367,000            5,273,000         -2%

TurboTax Web units        7,519,000            9,001,000         20%

Sub-total
                          12,886,000           14,274,000        11%
TurboTax Units

TurboTax Free File        925,000              914,000           -1%
Alliance Web units

TOTAL TurboTax Units      13,811,000           15,188,000        10%

Intuit will issue a third and final update in April at the end of tax season.

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. 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 $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 for another strong tax season 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 March 17, 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 March 17, 2010