Company Reiterates Full-year Revenue Guidance

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–
Intuit Inc. (Nasdaq: INTU) today
released the first of two season-to-date unit updates for its fiscal
year 2015 consumer tax offerings. Year to date through Feb. 14, sales of
TurboTax Online units grew 19 percent versus the comparable prior-year
period.

Season-to-date TurboTax Federal Unit Data

 
    Season Through

Feb. 15, 2014

  Season Through

Feb. 14, 2015

  Percent Change

Year-Over-Year

TurboTax Desktop   3,993,000   3,722,000   -7%
TurboTax Online   9,595,000   11,434,000   19%
Sub-total TurboTax Units   13,588,000   15,156,000   12%
TurboTax Free File Alliance   490,000   427,000   -13%
Total TurboTax

Units

  14,078,000   15,583,000   11%

Note: Unit data through Feb. 14, 2015.

“We’ve worked through some early challenges, but we are pleased with our
progress at this point in the season,” said Sasan Goodarzi, senior vice
president and general manager of Intuit’s consumer tax group. “Early
indicators prove that our focus on providing innovative products and
experiences for hardworking Americans is succeeding, and our customers
are sharing their positive experiences with friends and family. This is
especially important at a time that matters most for many of our
customers, as their tax refund is their largest check of the year.”

Intuit also reported second-quarter earnings today and reiterated
full-year Consumer Tax revenue growth guidance of 5 to 7 percent and
total company revenue guidance of .275 billion to .375 billion.
Further details are available in the second-quarter earnings release
issued today.

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

About Intuit Inc.

Intuit Inc. creates business and
financial management solutions that simplify the business of life for
small businesses, consumers and accounting professionals.

Its flagship products and services include QuickBooks®,
Quicken®
and TurboTax®,
which make it easier to manage small businesses and payroll processing,
personal finance, and tax preparation and filing. Mint.com
provides a fresh, easy and intelligent way for people to manage their
money, while Demandforce®
offers marketing and communication tools for small businesses. ProSeries®
and Lacerte®
are Intuit’s leading tax preparation offerings for professional
accountants.

Founded in 1983, Intuit had revenue of .5 billion in its fiscal year
2014. The company has approximately 8,000 employees with major offices
in the United States, Canada, the United Kingdom, India and other
locations. More information can be found at www.intuit.com.

Intuit and the Intuit logo, among others, are registered trademarks
and/or registered service marks of Intuit Inc. in the United States and
other countries.

Cautions About Forward-looking Statements

This press release contains forward-looking statements, including
forecasts of Intuit’s future expected financial results; expectations
regarding Intuit’s growth; expectations regarding Intuit’s product
launches and marketing campaigns and their impacts on Intuit’s business;
and Intuit’s prospects for the business in fiscal 2015.

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: inherent difficulty in predicting consumer behavior;
difficulties in receiving, processing, or filing customer tax
submissions; consumers may not respond as we expected to our advertising
and promotional activities; product introductions and price competition
from our competitors can have unpredictable negative effects on our
revenue, profitability and market position; governmental encroachment in
our tax businesses or other governmental activities or public policy
affecting the preparation and filing of tax returns could negatively
affect our operating results and market position; we may not be able to
successfully innovate and introduce new offerings and business models to
meet our growth and profitability objectives, and current and future
offerings may not adequately address customer needs and may not achieve
broad market acceptance, which could harm our operating results and
financial condition; business interruption or failure of our information
technology and communication systems may impair the availability of our
products and services, which may damage our reputation and harm our
future financial results; as we upgrade and consolidate our customer
facing applications and supporting information technology
infrastructure, any problems with these implementations could interfere
with our ability to deliver our offerings; any failure to properly use
and protect personal customer information and data could harm our
revenue, earnings and reputation; if we are unable to develop, manage
and maintain critical third party business relationships, our business
may be adversely affected; increased government regulation of our
businesses may harm our operating results; if we fail to process
transactions effectively or fail to adequately protect against potential
fraudulent activities, our revenue and earnings may be harmed; any
significant offering quality problems or delays in our offerings could
harm our revenue, earnings and reputation; our participation in the Free
File Alliance may result in lost revenue opportunities and
cannibalization of our traditional paid franchise; the continuing global
economic downturn may continue to impact consumer and small business
spending, financial institutions and tax filings, which could negatively
affect our revenue and profitability; year-over-year changes in the
total number of tax filings that are submitted to government agencies
due to economic conditions or otherwise may result in lost revenue
opportunities; our revenue and earnings are highly seasonal and the
timing of our revenue between quarters is difficult to predict, which
may cause significant quarterly fluctuations in our financial results;
our financial position may not make repurchasing shares advisable or we
may issue additional shares in an acquisition causing our number of
outstanding shares to grow; our inability to adequately protect our
intellectual property rights may weaken our competitive position and
reduce our revenue and earnings; our acquisition and divestiture
activities may disrupt our ongoing business, may involve increased
expenses and may present risks not contemplated at the time of the
transactions; our use of significant amounts of debt to finance
acquisitions or other activities could harm our financial condition and
results of operation; and litigation involving intellectual property,
antitrust, shareholder and other matters may increase our costs. More
details about these and other risks that may impact our business are
included in our Form 10-K for fiscal 2014 and in our other SEC filings.
You can locate these reports through our website at http://investors.intuit.com.
Forward-looking statements are based on information as of February 19,
2015, and we do not undertake any duty to update any forward-looking
statement or other information in these materials.

Unit Data and Estimates Used

The TurboTax unit numbers reported are based on weekly reports received
by Intuit from its retailers and distributors as well as the number of
units provided directly by Intuit. The numbers included in these updates
are preliminary and include estimates, including estimates of sales by
merchants that do not report their sales to Intuit. Although Intuit
takes steps to verify the reliability of the unit data, Intuit believes
that errors in the data reported by its retailers and distributors may
impact its reported retail unit numbers on an immaterial basis.

Source: Intuit Inc.

Investors
Intuit Inc.
Matt Rhodes, 650-944-2536
matthew_rhodes@intuit.com
or
Media
Intuit
Inc.
Diane Carlini, 650-944-6251
diane_carlini@intuit.com