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

Stock Repurchase Program

Intuit repurchased $100 million of its common stock during the first quarter of fiscal 2013. At the end of the quarter the current authorization had $1.6 billion remaining for stock repurchases through August 2014.

CFO Perspective

“We delivered a strong financial performance this quarter, with small business reporting customer growth in payments, QuickBooks Online and Demandforce. Our cloud-based subscriptions are really leading the way,” said Neil Williams, Intuit’s chief financial officer. “All of our Small Business segments delivered double-digit growth, even with our own and external indicators pointing to slow growth in the sector.”

“As we’ve said, the tables are set for late tax legislation, which could impact the availability of tax forms and push Consumer Tax and Accounting Professionals revenue from our second fiscal quarter to our third quarter. We’ve assumed the impact is $50 million to $75 million in revenue and $0.10 to $0.15 in earnings per share. To provide additional transparency into our expected results, we are providing revenue and earnings per share guidance ranges for the third and fourth quarters,” said Williams.

Forward-looking Guidance

Intuit reiterated guidance for full fiscal year 2013, which ends July 31, and expects:
  • Revenue of $4.55 billion to $4.65 billion, growth of 10 to 12 percent.
  • GAAP operating income of $1.315 billion to $1.345 billion, growth of 12 to 14 percent.
  • Non-GAAP operating income of $1.57 billion to $1.60 billion, growth of 12 to 14 percent.
  • GAAP diluted EPS of $2.76 to $2.82, growth of 6 to 8 percent.
  • Non-GAAP diluted EPS of $3.32 to $3.38, growth of 12 to 14 percent.

For the second quarter of fiscal 2013, Intuit expects:
  • Revenue of $1.02 billion to $1.04 billion.
  • GAAP operating income of $130 million to $150 million.
  • Non-GAAP operating income of $190 million to $210 million.
  • GAAP diluted earnings per share of $0.27 to $0.30.
  • Non-GAAP diluted EPS of $0.40 to $0.43.

Intuit also provided revenue and earnings per share guidance ranges for the second half of the fiscal year to provide additional transparency into expected results.

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