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TheStreet Open House

Intuit Reports Early Season Results: TurboTax Unit Growth Accelerating Since Jan. 30

Intuit Inc. (Nasdaq: INTU) today released the first of three season-to-date updates for its fiscal year 2013 consumer tax offerings. Sales of TurboTax Online units picked up through early February, growing 32 percent from Jan. 30 to Feb. 16 versus the comparable prior-year period. Total federal units grew 29 percent in the same span.

Year to date through Feb. 16, total TurboTax federal units were down 7 percent compared to the same period last year.

"As we've noted, the tax industry got off to a slow start in January. Since the Internal Revenue Service opened e-file on Jan. 30, we’ve seen strong momentum in TurboTax Online,” said Dan Maurer, senior vice president and general manager of Intuit’s consumer group. “We're confident that we're on track and we have an aggressive plan to win."

As part of the company’s second-quarter earnings announcement, Intuit today also reiterated full-year Consumer Tax revenue growth guidance of 8 to 10 percent and company revenue growth guidance of 10 to 12 percent. Further details are available in the second-quarter earnings release issued today.

Season-to-date TurboTax Federal Unit Data

 
     

Comparable Prior- Year Period

   

Season Through Feb. 16, 2013

 

   

Percent Change Year-Over-Year

 

   

Jan. 30 - Feb. 16, 2013 Change Versus Comparable Prior-Year Period

TurboTax Desktop     4,301,000     4,053,000     -6%     14%
TurboTax Online     9,208,000     8,646,000     -6%     32%

Sub-total TurboTax Units

    13,509,000     12,699,000     -6%     29%

TurboTax Free FileAlliance

    590,000     429,000     -27%     28%

Total TurboTax Units

    14,099,000     13,128,000     -7%     29%

Note: Unit data through Feb. 16, 2013.

 

Intuit will issue additional tax season updates in March and April.

 

About Intuit Inc.

Intuit Inc. is a leading provider of innovative business and financial management solutions for small businesses, consumers, accounting professionals and financial institutions. Its flagship products and services that include QuickBooks®, TurboTax® and Quicken® help customers solve important business and financial management problems, such as running a small business, paying bills, filing income taxes, or managing personal finances. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. Intuit Financial Services provides digital banking solutions to banks and credit unions that help them make it easier for their customers to manage money and pay bills.

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