Company Now Expects Consumer Tax Revenue Growth Above Previous
Guidance Range
Intuit Inc. (Nasdaq:INTU) today
released the second and final update for its fiscal year 2016 consumer
tax offerings. Season-to-date through April 23, TurboTax Online units
grew 15 percent versus the comparable prior-year period.
“We delivered an outstanding tax season, thanks to our most innovative
end-to-end experience ever, delighting millions of new online and mobile
customers,” said Sasan Goodarzi, executive vice president and general
manager of Intuit’s Consumer Tax Group. “Our breakthrough go-to-market
campaign helped drive the do-it-yourself software category, which grew
faster than all other tax preparation methods.
“And for the third year in a row, we’ve proven TurboTax can gain
significant share with free and paid product lines while growing
revenue,” said Goodarzi.
Season-to-date TurboTax Federal Unit Data
|
|
|
|
|
|
|
|
|
|
Season through
|
|
Season through
|
|
Change
|
|
|
April 23, 2016
|
|
April 25, 2015
|
|
Year-Over-Year
|
TurboTax Desktop
|
|
5,340,000
|
|
5,374,000
|
|
-1%
|
TurboTax Online
|
|
27,564,000
|
|
23,894,000
|
|
15%
|
Sub-total TurboTax Units
|
|
32,904,000
|
|
29,268,000
|
|
12%
|
TurboTax Free File Alliance
|
|
1,004,000
|
|
1,031,000
|
|
-3%
|
Total TurboTax
Units
|
|
33,908,000
|
|
30,299,000
|
|
12%
|
Note: Unit data through April 23, 2016.
Intuit Updates Consumer Tax Revenue Guidance
With these tax season results, Intuit now expects full-year fiscal 2016
consumer tax revenue growth of 8 to 9 percent, exceeding the high end of
the previous guidance range of 5 to 7 percent.
“We’re pleased with these results and looking ahead believe we’re well
positioned to drive continued share gains and revenue growth for our tax
business,” said Neil Williams, Intuit’s chief financial officer.
Intuit is scheduled to report third quarter fiscal 2016 results on May
24.
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; expectations
regarding customer growth; expectations regarding changes to our
products and their impact on Intuit’s business; and expectations
regarding the impact of our strategic decisions on Intuit’s business.
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; any failure to
properly use and protect personal customer information and data could
harm our revenue, earnings and reputation; 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. 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 April 26, 2016
and we do not undertake any duty to update any forward-looking statement
or other information in these materials.
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