Intuit Posts Strong TurboTax Results; Online Units Grew 13 Percent
22 April 2015 - 6:05AM
Business Wire
Company Now Expects Consumer Tax Revenue
Growth Above Guidance Range
Intuit Inc. (Nasdaq: INTU) today released the second and final
update for its fiscal year 2015 consumer tax offerings. TurboTax
Online units grew 13 percent versus the comparable prior-year
period. Year to date through April 16, total federal units grew 8
percent.
Season-to-date TurboTax Federal Unit
Data
Season
Through
April 16, 2014
Season Through
April 16, 2015
Percent Change
Year-over-year
TurboTax Desktop 5,691,000 5,372,000
-6 % TurboTax Online 20,980,000
23,792,000 13 %
Sub-total TurboTax Units
26,671,000 29,164,000
9 % TurboTax Free File Alliance
1,154,000 1,025,000 -11 %
Total
TurboTax
Units
27,825,000 30,189,000
8 %
Note: Unit data through April 16, 2015.
“We delivered another strong tax season, continuing our momentum
from last year. The do-it-yourself software category grew faster
than all other tax preparation methods and we believe TurboTax
gained share for the second year in a row," said Sasan Goodarzi,
senior vice president and general manager of Intuit’s Consumer Tax
Group. “We innovated across the end-to-end experience and delivered
our most personalized online and mobile offerings ever. Our
marketing campaigns resonated with taxpayers and our customer care
team provided support and answers when and where customers needed
our help.”
“Our strong growth this season reflects our commitment to our
customers as more American taxpayers trust TurboTax to complete
their taxes,” said Goodarzi.
With these tax season results, Intuit now expects full-year
fiscal 2015 consumer tax revenue growth of approximately 8 percent,
exceeding the high end of the company’s previous growth guidance
range of 5 to 7 percent.
About Intuit Inc.
Intuit Inc. creates business and financial management solutions
that simplify the business of life for small businesses, consumers
and accounting professionals.
Its flagship products and services include QuickBooks®, Quicken®
and TurboTax®, which make it easier to manage small businesses and
payroll processing, personal finance, and tax preparation and
filing. Mint.com provides a fresh, easy and intelligent way for
people to manage their money, while Demandforce® offers marketing
and communication tools for small businesses. ProSeries® and
Lacerte® are Intuit's leading tax preparation offerings for
professional accountants.
Founded in 1983, Intuit had revenue of $4.5 billion in its
fiscal year 2014. The company has approximately 8,000 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.
Intuit and the Intuit logo, among others, are registered
trademarks and/or registered service marks of Intuit Inc. in the
United States and other countries.
Cautions About Forward-looking Statements
This press release contains forward-looking statements,
including forecasts of Intuit’s future expected financial results;
expectations regarding Intuit’s growth; expectations regarding
Intuit’s product launches and marketing campaigns and their impacts
on Intuit’s business; and Intuit’s prospects for the business in
fiscal 2015.
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: inherent difficulty in predicting
consumer behavior; difficulties in receiving, processing, or filing
customer tax submissions; consumers may not respond as we expected
to our advertising and promotional activities; 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 or public policy affecting the
preparation and filing of tax returns could negatively affect our
operating results and market position; we may not be able to
successfully innovate and introduce new offerings and business
models to meet our growth and profitability objectives, and current
and future offerings may not adequately address customer needs and
may not achieve broad market acceptance, which could harm our
operating results and financial condition; business interruption or
failure of our information technology and communication systems may
impair the availability of our products and services, which may
damage our reputation and harm our future financial results; as we
upgrade and consolidate our customer facing applications and
supporting information technology infrastructure, any problems with
these implementations could interfere with our ability to deliver
our offerings; any failure to properly use and protect personal
customer information and data could harm our revenue, earnings and
reputation; if we are unable to develop, manage and maintain
critical third party business relationships, our business may be
adversely affected; increased government regulation of our
businesses may harm our operating results; if we fail to process
transactions effectively or fail to adequately protect against
potential fraudulent activities, our revenue and earnings may be
harmed; related publicity regarding such fraudulent activity could
cause customers to lose confidence in using our software and
adversely impact our results; any significant offering quality
problems or delays in our offerings could harm our revenue,
earnings and reputation; our participation in the Free File
Alliance may result in lost revenue opportunities and
cannibalization of our traditional paid franchise; the continuing
global economic downturn may continue to impact consumer and small
business spending, financial institutions and tax filings, which
could negatively affect our revenue and profitability;
year-over-year changes in the total number of tax filings that are
submitted to government agencies due to economic conditions or
otherwise may result in lost revenue opportunities; 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; 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; our inability to adequately protect our
intellectual property rights may weaken our competitive position
and reduce our revenue and earnings; our acquisition and
divestiture activities may disrupt our ongoing business, may
involve increased expenses and may present risks not contemplated
at the time of the transactions; our use of significant amounts of
debt to finance acquisitions or other activities could harm our
financial condition and results of operation; 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 2014 and in our other SEC filings. You can locate these
reports through our website at http://investors.intuit.com.
Forward-looking statements are based on information as of April 16,
2015, and we do not undertake any duty to update any
forward-looking statement or other information in these
materials.
Unit Data and Estimates Used
The TurboTax 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 Inc.InvestorsMatt Rhodes,
650-944-2536matthew_rhodes@intuit.comorMediaDiane Carlini,
650-944-6251diane_carlini@intuit.com
Intuit (NASDAQ:INTU)
Historical Stock Chart
From Apr 2024 to May 2024
Intuit (NASDAQ:INTU)
Historical Stock Chart
From May 2023 to May 2024