Intuit Reports 6 Percent Increase in TurboTax Online Units: Raises Full-year Consumer Group Guidance Range
April 25 2018 - 4:00PM
Business Wire
Intuit Inc. (Nasdaq: INTU) today released the second and final
update for its fiscal year 2018 consumer tax offerings.
Season-to-date through April 21, total TurboTax Online units
increased 6 percent and total TurboTax units rose 4 percent versus
the comparable prior-year period.
With these tax season results, Intuit now expects full-year
fiscal 2018 Consumer Group revenue growth of 12 to 13 percent,
exceeding the high end of the previous guidance range of 7 to 9
percent.
“We executed well this season and are excited that we are
already seeing some of our investments pay off by accelerating our
top line growth,” said Michelle Clatterbuck, Intuit’s chief
financial officer. “As we’ve shared, this has been a year of
increased investments in key areas including artificial
intelligence and machine learning capabilities, Amazon Web Services
migration, streamlined software development and enhanced brand and
marketing effectiveness.”
Tax Unit Results
“We delivered a strong tax season, growing the do-it-yourself
software category and simultaneously gaining share,” said Dan
Wernikoff, executive vice president and general manager of Intuit’s
Consumer Group. “Throughout the season, we executed across our
portfolio of tax preparation offerings, delivering confidence to
our customers that TurboTax has a solution to meet their needs
regardless of the ease or complexity of their taxes.”
Season-to-date TurboTax Federal Unit
Data
Season throughApril 21,
2018
Season throughApril 22,
2017
ChangeYear-Over-Year
TurboTax Desktop 5,030,000 5,295,000 -5%
TurboTax Online 29,814,000 28,113,000 6%
Sub-total TurboTax Units 34,844,000
33,408,000 4% TurboTax Free File Alliance
1,169,000 1,206,000 -3%
Total TurboTax
Units
36,013,000 34,614,000 4%
“TurboTax Live delivered a great new experience in its debut
season, expanding the TurboTax brand to address the needs of filers
seeking the complete confidence of having a tax pro by their side.
We successfully implemented technology to deliver a virtual
assisted tax preparation experience while operationalizing nearly
2,000 certified tax pros. With what we learned in our first year,
we are confident in long-term opportunities that TurboTax Live
presents to grow our dollar share of the tax preparation market,”
said Wernikoff.
The company is scheduled to report third quarter fiscal 2018
results on May 22.
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's Consumer Group and expectations regarding changes to
our products and their impact 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; 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 April 25, 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: https://www.businesswire.com/news/home/20180425006522/en/
Intuit Inc.InvestorsKim Watkins,
650-944-3324kim_watkins@intuit.comorMediaDiane Carlini,
650-944-6251diane_carlini@intuit.com
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