Company Reiterates Full-year Consumer Tax Revenue Guidance
Intuit Inc. (Nasdaq: INTU) today
released the first of two seasonal updates for its fiscal year 2016
consumer tax offerings. Through Feb. 20, sales of TurboTax Online units
grew 12 percent versus the comparable prior-year period.
Internal Revenue Service data through Feb. 19 shows that self-prepared
e–filings increased approximately 3 percent, while assisted e-filings
decreased 5 percent.
“Total TurboTax e-file growth of 9 percent and other third-party data
indicate that we’ve gained significant share early in the season,” said
Sasan Goodarzi, executive vice president and general manager of Intuit’s
Consumer Tax Group. “We’re focused on execution for the remainder of the
season to continue to grow the do-it-yourself category and expand our
share.
|
|
|
|
|
|
|
|
|
|
|
|
|
Season-to-date TurboTax Federal Unit Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Season through
|
|
|
|
Season through
|
|
|
|
Change
|
|
|
|
|
Feb. 20, 2016
|
|
|
|
Feb. 21, 2015
|
|
|
|
Year-Over-Year
|
TurboTax Desktop
|
|
|
|
3,954,000
|
|
|
|
3,965,000
|
|
|
|
0%
|
TurboTax Online
|
|
|
|
14,957,000
|
|
|
|
13,305,000
|
|
|
|
12%
|
Sub-total TurboTax Units
|
|
|
|
18,911,000
|
|
|
|
17,270,000
|
|
|
|
10%
|
TurboTax Free File Alliance
|
|
|
|
464,000
|
|
|
|
490,000
|
|
|
|
-5%
|
Total TurboTax
Units
|
|
|
|
19,375,000
|
|
|
|
17,760,000
|
|
|
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
“We’re in the third year of a multi-year journey and are beginning to
see a sea change in how Americans prepare their taxes, driven by the
massive innovation across the TurboTax experience combined with a
breakthrough marketing campaign that makes our product the hero,” added
Goodarzi. “Early results indicate our strategy continues to resonate,
driving category growth and share gains, with more customers benefiting
from the smartest, most personalized TurboTax ever. We’re proud to help
millions of hardworking Americans confidently do their own taxes and
keep more of their hard-earned money.”
Intuit Reiterates Guidance
Intuit also reported second-quarter earnings today and reiterated
full-year revenue guidance. This included full-year Consumer Tax revenue
growth guidance of 5 to 7 percent and total company revenue guidance of
8 to 10 percent. Further details are available in the second-quarter
earnings release issued today.
Intuit will issue a final tax season update in April after the close of
the tax season.
About Intuit
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® and
TurboTax®, which make it
easier to manage small businesses
and tax preparation and filing.
Mint.com provides a fresh, easy and
intelligent way for people to manage their money, while ProSeries®
and Lacerte® are Intuit's
leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year
2015. The company has approximately 7,700 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 expected growth and future financial results of Intuit,;
Intuit’s prospects for the business in fiscal 2016 and beyond;
expectations regarding customer growth; expectations regarding changes
to our products and their impact on Intuit’s business; expectations
regarding availability of our offerings; expectations regarding the
impact of our strategic decisions on Intuit’s business; and all of the
statements under the heading “Forward-looking Guidance”.
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 the risks that may impact our business are included in our
Form 10-K for fiscal 2015 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 February 25,
2016 and we do not undertake any duty to update any forward-looking
statement or other information in these materials.
![](http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160225006410r1&sid=ntxv4&distro=nx&lang=en)
View source version on businesswire.com: http://www.businesswire.com/news/home/20160225006410/en/
Copyright Business Wire 2016