Intuit Reports Early Season TurboTax Units Results: Helping Consumers Get the Maximum Tax Refund
February 21 2019 - 4:01PM
Business Wire
Company Reiterates Full-year
Guidance
Intuit Inc. (Nasdaq: INTU) today released the first of two
updates for its consumer tax offerings. Based on early season data,
the do-it-yourself category is performing better than assisted.
As of Feb. 8 total DIY category e-files received by the
Internal Revenue Service were down 3.2 percent. On a comparable
basis, TurboTax e-files were down 3.5 percent.
Broader IRS data through Feb. 8 shows total e-filed returns down
7.1 percent and assisted e-files declined 12.5 percent
year-over-year. New tax legislation and the extended partial
government closure may have impacted consumer behavior resulting in
a slower forming season.
“We are pleased with the season so far,” said Greg Johnson,
executive vice president and general manager of Intuit’s TurboTax
business. “Within DIY, we've invested in delivering the best
experience for our customers, while transforming the assisted tax
category with TurboTax Live.
“Through the end of the season we’ll remain laser focused, and
look forward to helping our customers get their maximum refund,”
said Johnson.
Through Feb. 16, sales of TurboTax units were
flat versus the comparable prior-year period.
Season-to-date TurboTax Federal Unit
Data
Season through Season
through Change
Feb. 16, 2019 Feb. 17, 2018
Year-Over-Year TurboTax Desktop
3,573,000 3,647,000 -2% TurboTax Online
14,582,000 14,503,000 1%
Sub-total TurboTax Units 18,155,000
18,150,000 0% TurboTax
Free File Alliance 425,000 415,000
2%
Total TurboTax Units
18,580,000 18,565,000
0%
Full-year Guidance
Intuit also reported second-quarter earnings today and
reiterated full-year guidance. 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 approximately 50 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 social.
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 2019 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: our ability to compete successfully; our
participation in the Free File Alliance; governmental encroachment
in our tax businesses; our ability to adapt to technological
change; our ability to predict consumer behavior; our ability to
protect our intellectual property rights; our reliance on third
party intellectual property; any harm to our reputation; risks
associated with acquisitions and divestitures; issue of additional
shares as consideration or incurring debt to fund an acquisition;
our cybersecurity incidents (including those affecting the third
parties we rely on); customer concerns about privacy and
cybersecurity incidents; fraudulent activities by third parties
using our offerings; failure to process transactions effectively;
interruption or failure of our information technology; ability to
maintain critical third party business relationships; our ability
to attract and retain talent; deficiency in quality, accuracy or
timely launch of products; difficulties in processing or filing
customer tax submissions; risks associated with international
operations; changes to public policy, laws or regulations affecting
our businesses; litigation in which we are involved; seasonal
nature of our tax business; changes in tax rates and tax reform
legislation; global economic changes; exposure to credit risk of
the businesses we provide capital to; amortization of acquired
intangible assets and impairment charges; our ability to repay
outstanding debt; our ability to repurchase shares or distribute
dividends; volatility of our stock price; and our ability to
successfully market our offerings. More details about these and
other risks that may impact our business are included in our Form
10-K for fiscal 2018 and in our other SEC filings. You can locate
these reports through our website at http://investors.intuit.com.
Fiscal 2019 guidance speaks only as of the date it was publicly
issued by Intuit. Other forward-looking statements represent the
judgment of the management of Intuit as of the date of this
release. We do not undertake any duty to update any forward-looking
statement or other information in this presentation.
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version on businesswire.com: https://www.businesswire.com/news/home/20190221005928/en/
InvestorsKim WatkinsIntuit
Inc.650-944-3324kim_watkins@intuit.com
MediaDiane CarliniIntuit
Inc.650-944-6251diane_carlini@intuit.com
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