Intuit Grows First-quarter Revenue 12 Percent; Reiterates Full-year Guidance

Intuit Inc. (Nasdaq: INTU) today announced financial results for its first fiscal quarter, which ended Oct. 31, and reiterated guidance for the full fiscal year 2013.

Unless otherwise noted, all growth rates refer to the first fiscal quarter versus the comparable prior-year quarter. Where applicable, business metrics and associated growth rates refer to worldwide business metrics.

First-quarter 2013 Highlights

• Increased total revenue 12 percent, to $647 million.
• Attracted online customers; Demandforce subscribers grew by more than 60 percent, while QuickBooks Online subscribers grew 29 percent.
• Increased Small Business Group revenue 18 percent overall, including Payment Solutions revenue growth of 21 percent.
• Grew QuickBooks Online to more than 20,000 paying customers outside the U.S., with free trials in over 150 countries.
• Reiterated guidance for full fiscal year 2013, including revenue growth of 10 to 12 percent.

Snapshot of First-quarter Results
GAAP								Non-GAAP
		Q1 FY13		Q1 FY12		Change		Q1 FY13		Q1 FY12		Change
Revenue		$647		$575		12%		$647		$575		12%
Operating Loss		($69)		($84)		NA		($8)		($20)		NA
EPS		($0.06)		($0.21)		NA		($0.03)		($0.08)		NA

Dollars are in millions, except earnings per share (EPS). See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP). All figures in the table above have been reclassified to reflect Intuit Websites as discontinued operations and to exclude its results from non-GAAP EPS. GAAP EPS for the first quarter of fiscal 2013 includes a gain of $0.11 on the sale of Intuit Websites.

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