Highlights:
* Quarterly revenue grows 9 percent
* Non-GAAP operating income grows 15 percent
* GAAP EPS grows 11 percent, non-GAAP 21 percent
MOUNTAIN VIEW, Calif.–Intuit Inc. (Nasdaq:INTU) today announced third-quarter revenue of $1.434 billion, a 9 percent increase from the year-ago quarter. GAAP operating income of $764 million and GAAP diluted earnings per share of $1.47 were at the upper end of the guidance range.
âWe just finished a strong tax season with double-digit customer growth. We grew our small business customer base and increased share in a challenging economic environment,â said Brad Smith, Intuitâs president and chief executive officer.
âOur continued focus on customers and providing products and services that help consumers and small business owners save and make money enables us to grow our top line. We expect to deliver a solid year with both revenue and operating income growth,â Smith said.
Third-Quarter 2009 Financial Highlights
* Revenue of $1.434 billion, up 9 percent from the year-ago quarter.
* GAAP (Generally Accepted Accounting Principles) operating income from continuing operations of $764 million, up 13 percent from the year-ago quarter. GAAP diluted earnings per share of $1.47, compared to $1.33 in the year-ago quarter, up 11 percent from the year-ago quarter.
* Non-GAAP operating income of $837 million, up 15 percent from the year-ago quarter. Non-GAAP diluted earnings per share of $1.68, compared to $1.39 in the year-ago quarter, up 21 percent from the year-ago quarter.
Third-Quarter 2009 Business Segment Results
* Consumer Tax revenue was $777 million, up 18 percent from the year-ago quarter.
* QuickBooks revenue was $149 million, down 8 percent from the year-ago quarter.
* Payroll and Payments revenue was $157 million, up 11 percent from the year-ago quarter.
* Accounting Professionals revenue was $179 million, up 4 percent from the year-ago quarter.
* Financial Institutions revenue was $78 million, up 3 percent from the year-ago quarter.
* Other Businesses revenue was $94 million, down 9 percent from the year-ago quarter.
Forward-looking Guidance
Intuit narrowed its guidance range for the full 2009 fiscal year, which ends July 31, and expects:
* Revenue of $3.155 billion to $3.185 billion, or growth of 3 to 4 percent.
* GAAP operating income of $672 to $692 million, or growth of 3 to 6 percent. This represents GAAP diluted earnings per share of $1.31 to $1.35.
* Non-GAAP operating income of $918 million to $938 million, or growth of 7 to 10 percent. This represents non-GAAP diluted earnings per share of $1.78 to $1.82.
Intuit also updated its previous fiscal year revenue guidance for the Consumer Tax segment, which is now expected to grow 5 to 7 percent. All other segment revenue guidance remained unchanged.
Webcast and Conference Call Information
A live audio webcast of Intuitâs third-quarter 2009 conference call is available at http://investors.intuit.com/events.cfm. The call begins today at 1:30 p.m. Pacific time. The replay of the audio webcast will remain on Intuitâs Web site for one week after the conference call. Intuit has also posted this press release, including the attached tables and non-GAAP to GAAP reconciliations on its Web site and will post the conference call script shortly after the conference call concludes. These documents may be found at http://investors.intuit.com/results.cfm.
The conference call number is 866-238-1645 in the United States or 703-639-1163 from international locations. No reservation or access code is needed. A replay of the call will be available for one week by calling 888-266-2081, or 703-925-2533 from international locations. The access code for this call is 1355112.
Intuit, the Intuit logo and QuickBooks, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.
About Non-GAAP Financial Measures
This press release and the accompanying tables include 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 tables titled “About Non-GAAP Financial Measures” as well as the related Table B and Table E which follow it. A copy of the press release issued by Intuit on May 20, 2009 can be found on the investor relations page of Intuit’s Web site.
