Intuit Reports Early Season TurboTax Units Results: Helping Consumers Get the Maximum Tax Refund

Company Reiterates Full-year Guidance

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Intuit Inc. (Nasdaq: INTU) today
released the first of two updates for its consumer tax offerings. Based
on early season data, the do-it-yourself category is performing better
than assisted.

As of Feb. 8 total DIY category e-files received by the Internal Revenue
Service were down 3.2 percent. On a comparable basis, TurboTax e-files
were down 3.5 percent.

Broader IRS data through Feb. 8 shows total e-filed returns down 7.1
percent and assisted e-files declined 12.5 percent year-over-year. New
tax legislation and the extended partial government closure may have
impacted consumer behavior resulting in a slower forming season.

We are pleased with the season so far,” said Greg Johnson, executive
vice president and general manager of Intuit’s TurboTax business.
Within DIY, we’ve invested in delivering the best experience for our
customers, while transforming the assisted tax category with TurboTax
Live.

Through the end of the season we’ll remain laser focused, and look
forward to helping our customers get their maximum refund,” said Johnson.

Through Feb. 16, sales of TurboTax units were flat versus the comparable
prior-year period.

 

Season-to-date TurboTax Federal Unit Data

    Season through     Season through     Change
      Feb. 16, 2019     Feb. 17, 2018     Year-Over-Year
TurboTax Desktop     3,573,000     3,647,000     -2%
TurboTax Online     14,582,000     14,503,000     1%
Sub-total TurboTax Units     18,155,000     18,150,000     0%
TurboTax Free File Alliance     425,000     415,000     2%
Total TurboTax Units     18,580,000     18,565,000     0%
 

Full-year Guidance

Intuit also reported second-quarter earnings today and reiterated
full-year guidance. Details are available in the second-quarter earnings
release issued today.

Intuit will issue a final tax season update in April after the close of
the tax season.

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 approximately 50 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 social.

Cautions About Forward-looking Statements

This press release contains forward-looking statements, including
forecasts of expected growth and future financial results of Intuit; the
size of the market for tax preparation software and the timing of when
individuals will file their tax returns; forecasts of total tax season
results based on preliminary IRS and other internal and external data
points that may, in certain cases, be based on small sample sizes;
Intuit’s prospects for the business in fiscal 2019 and beyond;
expectations regarding customer growth; expectations regarding changes
to our products and their impact on Intuit’s business; expectations
regarding availability of our offerings; expectations regarding the
impact of our strategic decisions on Intuit’s business; and all of the
statements under the heading “Forward-looking Guidance”.

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: our ability to compete successfully; our participation in
the Free File Alliance; governmental encroachment in our tax businesses;
our ability to adapt to technological change; our ability to predict
consumer behavior; our ability to protect our intellectual property
rights; our reliance on third party intellectual property; any harm to
our reputation; risks associated with acquisitions and divestitures;
issue of additional shares as consideration or incurring debt to fund an
acquisition; our cybersecurity incidents (including those affecting the
third parties we rely on); customer concerns about privacy and
cybersecurity incidents; fraudulent activities by third parties using
our offerings; failure to process transactions effectively; interruption
or failure of our information technology; ability to maintain critical
third party business relationships; our ability to attract and retain
talent; deficiency in quality, accuracy or timely launch of products;
difficulties in processing or filing customer tax submissions; risks
associated with international operations; changes to public policy, laws
or regulations affecting our businesses; litigation in which we are
involved; seasonal nature of our tax business; changes in tax rates and
tax reform legislation; global economic changes; exposure to credit risk
of the businesses we provide capital to; amortization of acquired
intangible assets and impairment charges; our ability to repay
outstanding debt; our ability to repurchase shares or distribute
dividends; volatility of our stock price; and our ability to
successfully market our offerings. More details about these and other
risks that may impact our business are included in our Form 10-K for
fiscal 2018 and in our other SEC filings. You can locate these reports
through our website at http://investors.intuit.com.
Fiscal 2019 guidance speaks only as of the date it was publicly issued
by Intuit. Other forward-looking statements represent the judgment of
the management of Intuit as of the date of this release. We do not
undertake any duty to update any forward-looking statement or other
information in this presentation.

Contacts

Investors
Kim Watkins
Intuit Inc.
650-944-3324
kim_watkins@intuit.com

Media
Diane Carlini
Intuit Inc.
650-944-6251
diane_carlini@intuit.com

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