Intuit Raises Third-Quarter and FY 2006 Revenue and EPS Guidance; TurboTax Unit Sales Climb 20 Percent

Business Wire, April 20, 2006

MOUNTAIN VIEW, Calif. -- Citing a 20 percent increase in paid TurboTax federal unit sales over last season, Intuit Inc. (Nasdaq:INTU) today raised its revenue and earnings guidance for its third quarter and fiscal year 2006. "TurboTax had a great finish to an outstanding season," said Steve Bennett, Intuit's president and chief executive officer.

"Our TurboTax team executed our strategies very well across the board and delivered excellent growth -- especially on the Web. With the great tax results and the strong performance from QuickBooks and our other businesses, we're on track for another great quarter and year."

Intuit Raises Third-Quarter 2006 Guidance

Intuit expects the following results for its third quarter, which ends April 30, 2006:

--Revenue of $940 million to $945 million, which represents year-over-year growth of 13 percent. Prior guidance was for growth of 5 percent to 8 percent.

--GAAP diluted earnings per share, or EPS, of $1.67 to $1.68, which represents year-over-year growth of 4 percent. Prior guidance was for EPS of $1.56 to $1.60.

--Non-GAAP diluted EPS of $1.75 to $1.76, which represents year-over-year growth of 14 percent. Prior guidance was for growth of 6 percent to 9 percent.

Intuit Raises Fiscal Year 2006 Guidance

Intuit expects the following results for its fiscal year 2006, which ends July 31, 2006:

--Revenue of $2.295 billion to $2.315 billion, which represents year-over-year growth of 13 percent to 14 percent. Prior guidance was for growth of 10 percent to 12 percent.

--GAAP diluted EPS of $2.26 to $2.29, which represents year-over-year growth of 11 percent to 13 percent. Prior guidance was for growth of 7 percent to 10 percent.

--Non-GAAP diluted EPS of $2.37 to $2.40, which represents year-over-year growth of 18 percent to 19 percent. Prior guidance was for year-over-year growth of 14 percent to 16 percent. Included in this new non-GAAP guidance is an approximately $0.04 per share impact of Intuit's tax rate increasing from 36 percent to 37 percent for fiscal 2006.

--The company has not changed its guidance for the fourth quarter.

TurboTax Completes Record Season

Intuit completed another record tax season, with total paid TurboTax federal units up 20 percent over last year's tax season. Last year, Intuit posted 13 percent unit growth. Intuit said it now expects fiscal 2006 Consumer Tax revenue to grow 22 percent to 23 percent over fiscal 2005. Prior guidance was for revenue growth of 12 percent to 15 percent.

Season-to-Date TurboTax Federal Unit Data

----------------------------------------------------------------------
                           FY 05 Season       FY 06 Season    % Change
                        (through April 17, (through April 18,    YOY
                              2005(1))           2006(2))
----------------------------------------------------------------------
TurboTax federal desktop
 units sold at retail            5,284,000          5,482,000       4%
----------------------------------------------------------------------
TurboTax federal desktop
 units sold direct               1,694,000          1,621,000      -4%
----------------------------------------------------------------------
TurboTax Online federal
 units sold                      3,313,000          5,228,000      58%
----------------------------------------------------------------------
TOTAL PAID UNITS                10,291,000         12,331,000      20%
----------------------------------------------------------------------
Free File Alliance
 federal units                   2,174,000          1,384,000     -36%
----------------------------------------------------------------------
Total FFA and paid units        12,465,000         13,715,000      10%
----------------------------------------------------------------------
(1) FY 05 desktop retail and desktop direct unit sales are reported
    through April 16, 2005.
(2) FY 06 desktop retail unit sales are reported through April 15,
    2006.
----------------------------------------------------------------------

Season-to-date TurboTax federal unit sales data for the past three tax seasons are available on Intuit's Web site at http://www.intuit.com/about_intuit/investors/.>

About Intuit Inc.

Intuit Inc. is a leading provider of business and financial management solutions for small- and mid-sized businesses, consumers and accounting professionals. Its flagship products and services, including QuickBooks(R), Quicken(R) and TurboTax(R) software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries(R) and Lacerte(R) are Intuit's leading tax preparation software suites for professional accountants.

Founded in 1983, Intuit had annual revenue of more than $2 billion in its fiscal year 2005. The company has nearly 7,000 employees with major offices in 13 states across the United States, and offices in Canada and the United Kingdom. More information can be found at www.intuit.com.

Sales Data and Estimates Used