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TheStreet Open House

Intuit Updates Second-quarter Outlook Due To Late Start Of Tax Season; Reiterates Full-year Guidance

Stocks in this article: INTU

Intuit Inc. (Nasdaq: INTU) today announced it expects an additional shift of tax revenue and GAAP and non-GAAP operating income from its second fiscal quarter to its third fiscal quarter due to the late passage of tax legislation and the Internal Revenue Service’s delay in opening e-file. The company’s second fiscal quarter ended Jan. 31. The third quarter ends April 30. All other business segments performed within Intuit’s expectations for the second quarter.

Intuit expects to report second-quarter revenue of $960 million to $965 million; GAAP operating income of $85 million to $90 million; and non-GAAP operating income of $145 million to $150 million.

In a typical year, the IRS begins accepting returns by mid-January. This year the IRS did not begin accepting any returns until Jan. 30, just two days before the end of Intuit’s second fiscal quarter.

The late start is not expected to affect full-year revenue or operating income for Intuit or the Consumer Tax and Accounting Professionals business segments. Intuit reiterated full-year revenue and operating income guidance. For fiscal year 2013, the company expects revenue growth of 10 to 12 percent; GAAP operating income growth of 12 to 14 percent; and non-GAAP operating income growth of 12 to 14 percent.

“The season began substantively later this year than prior years, but the initial results we’ve seen in early February give us confidence that we are on track,” said Dan Maurer, senior vice president and general manager of Intuit’s consumer group. “Early indicators, including Web traffic, are trending in the right direction.”

The company will announce second-quarter results and will issue the first of three season-to-date unit updates for its consumer tax products and services on Feb. 21.

About Intuit Inc.

Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including  QuickBooks®,  Quicken® and  TurboTax®, simplify  small business management and  payroll processingpersonal finance, and  tax preparation and filingProSeries® and  Lacerte® are Intuit's leading tax preparation offerings for professional accountants.  Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to  manage their money.

Founded in 1983, Intuit had annual revenue of $4.15 billion in its fiscal year 2012. The company has approximately 8,500 employees with major offices in the  United States, Canada, the  United KingdomIndia and other locations. More information can be found at  www.intuit.com.

About Non-GAAP Financial Measures

This press release includes non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying Table 1 titled "About Non-GAAP Financial Measures."

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