Intuit Reports Rise in TurboTax Units: Reiterates Full-year Guidance
February 22 2018 - 4:01PM
Business Wire
Intuit Inc. (Nasdaq: INTU) today released the first of two
season updates for its consumer tax offerings. Through Feb. 17
sales of total TurboTax units increased 1 percent versus the
comparable prior-year period. The tax season got underway Jan.
29.
The most recent Internal Revenue Service data through Feb. 16
shows total e-filed returns are down 1 percent, self-prepared
e-files grew 1 percent, and assisted e-files are down 4 percent. In
comparison, TurboTax e-filed returns through the same period grew 2
percent.
“Early results this season are positive and aligned with our
expectations,” said Dan Wernikoff, executive vice president and
general manager of Intuit’s TurboTax business. “Through the
remainder of the season we are focused on executing well to deliver
for our customers."
Season-to-date TurboTax Federal Unit
Data
Season through
Feb. 17, 2018
Season through
Feb. 18, 2017
Change
Year-Over-Year
TurboTax Desktop 3,647,000 3,830,000 -5% TurboTax Online 14,503,000
14,025,000 3%
Sub-total TurboTax
Units
18,150,000 17,855,000 2%
TurboTax Free File
Alliance
415,000 471,000 -12%
Total TurboTax
Units
18,565,000 18,326,000 1%
Full-year Guidance
Intuit also reported second-quarter earnings today and
reaffirmed full-year guidance. 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’s mission is to Power Prosperity Around
the World. Our global products and platforms, including
TurboTax, QuickBooks, Mint and Turbo, are
designed to empower consumers, self-employed, and small
businesses to improve their financial lives, finding them more
money with the least amount of work, while giving them complete
confidence in their actions and decisions. Our innovative
ecosystem of financial management solutions serves 46 million
customers worldwide, unleashing the power of many for the
prosperity of one. Please visit us for the latest news and
in-depth information about Intuit and its brands and find us on
Facebook.
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; the size of the market for tax preparation software and
the timing of when individuals will file their tax returns;
forecasts of total tax season results based on preliminary IRS and
other internal and external data points that may, in certain cases,
be based on small sample sizes; Intuit’s prospects for the business
in fiscal 2018 and beyond; expectations regarding customer growth;
expectations regarding changes to our products and their impact on
Intuit’s business; and all of the statements under the heading
“Full-year 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
2017 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 22, 2018 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/20180222006286/en/
Intuit Inc.InvestorsKim Watkins,
650-944-3324kim_watkins@intuit.comorMediaIntuit Inc.Diane
Carlini, 650-944-6251diane_carlini@intuit.com
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