Intuit Finishes the Tax Season Strong; TurboTax Online Units Increased 15 Percent
April 26 2016 - 9:00AM
Business Wire
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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version on businesswire.com: http://www.businesswire.com/news/home/20160426006048/en/
InvestorsIntuit Inc.Matt Rhodes,
650-944-2536matthew_rhodes@intuit.comorMediaIntuit Inc.Diane
Carlini, 650-944-6251diane_carlini@intuit.com
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