Intuit Reiterates Full Fiscal Year 2022 Revenue Guidance Based on Strong Momentum; Expects Second Quarter Revenue to Reflect Slower Forming Tax Season|||

Mount VIEW, Calif.–(Business organisation WIRE)–Intuit Inc. (Nasdaq: INTU), the global technology platform that makes TurboTax, QuickBooks, Mint, Credit Karma and Mailchimp, today reiterated full financial year 2022 revenue guidance. Acquirement for its 2d fiscal quarter is expected to be lower than previous guidance due to a slower forming tax season.

Intuit expects to report second quarter acquirement at an best high for both the Pocket-size Business and Cocky-Employed Group and Credit Karma. The company plans to report GAAP and non-GAAP results for the 2d quarter and refresh its previously issued full year guidance on February 24, 2022 after completing the purchase cost allocation for the acquisition of Mailchimp, which airtight on November 1, 2021. Mailchimp is the largest transaction in the company’s history.

We continue to see strong momentum beyond the visitor with Small Business and Credit Karma expected to deliver record loftier revenues for the quarter with taxation on rails to deliver total year fiscal 2022 revenue guidance,” said Sasan Goodarzi, Intuit’s chief executive officer. “
We remain confident that our innovations will transform the assisted category and will accelerate growth in underpenetrated segments.”

The company expects to report full GAAP and not-GAAP results for the second quarter on February 24. Reflecting the slow forming tax season, the company now expects to report the following for the second fiscal quarter ended January 31:

  • Revenue of $2.660 billion to $2.665 billion, downwards from the prior range of $2.719 billion to $2.749 billion.
  • Small Business & Self-Employed revenue of $1.575 billion to $ane.580 billion, upward from $ane.078 billion the prior year.
  • Credit Karma revenue of $435 million to $440 meg.
  • Consumer Group revenue of $405 meg to $410 million, up from $147 million the prior twelvemonth.
  • ProConnect acquirement of $230 million to $235 one thousand thousand, up from $207 1000000 the prior year.
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The visitor expects full yr acquirement results for Intuit and all business organization segments to be in line with its guidance issued on November 18, 2021. For financial year 2022, the company continues to expect:

  • Revenue of $12.165 billion to $12.300 billion, growth of approximately 26 to 28 percent, including Mailchimp as of November 1 and a total twelvemonth of Credit Karma.
  • Excluding Mailchimp, acquirement growth of 18 to xx per centum.

About Intuit

Intuit is the global technology platform that helps consumers and small businesses overcome their most important financial challenges. Serving more than 100 million customers worldwide with TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never terminate working to detect new, innovative means to make that possible. Please visit us for the latest information near Intuit, our products and services, and observe us on social.

Cautions About Forward-looking Statements

This printing release contains forward-looking statements, including expectations regarding: the timing of when individuals will file their tax returns; forecasts and timing of growth and future financial results of Intuit and its reporting segments; Intuit’s prospects for the business in fiscal 2022 and beyond; timing and growth of revenue from current or hereafter products and services; the impact of acquisitions on our business and strategic priorities; and the timing of Intuit’s reporting of financial results and frontwards-looking guidance.

Because these frontwards-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 risks and uncertainties may exist amplified by the COVID-19 pandemic, which has acquired meaning global economic instability and doubtfulness. These factors include, without limitation, the following: our ability to compete successfully; potential governmental encroachment in our tax businesses; our ability to adapt to technological change; our ability to predict consumer beliefs; our reliance on third-political party intellectual holding; our ability to protect our intellectual property rights; whatsoever harm to our reputation; risks associated with acquisition and divestiture activeness, including the acquisition and integration of Credit Karma and Mailchimp; the issuance of disinterestedness or incurrence of debt to fund an acquisition; our cybersecurity incidents (including those affecting the 3rd parties nosotros rely on); customer concerns about privacy and cybersecurity incidents; fraudulent activities by tertiary parties using our offerings; our failure to process transactions effectively; suspension or failure of our data engineering; our power to maintain critical third-party business concern relationships; our ability to attract and retain talent; whatsoever deficiency in the quality or accurateness of our products (including the advice given by experts on our platform); any delays in product launches; difficulties in processing or filing customer revenue enhancement submissions; risks associated with international operations; changes to public policy, laws or regulations affecting our businesses; litigation in which we are involved; the seasonal nature of our revenue enhancement business; changes in tax rates and taxation reform legislation; global economic changes; exposure to credit, counterparty and other risks in providing upper-case letter to businesses; acquittal of acquired intangible avails and damage charges; our ability to repay or otherwise comply with the terms of our 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 bear on our business are included in our Grade ten-K for financial 2021 and in our other SEC filings. You tin locate these reports through our website at Fiscal 2022 total-yr guidance speaks only as of the date it was publicly issued by Intuit. In add-on, our expectations regarding the second quarter results are based on preliminary financial information about the second quarter and are subject to revision. Although the 2nd quarter is now completed, we are still in the process of our standard fiscal reporting closing procedures. Other forwards-looking statements stand for the judgment of the management of Intuit every bit of the date of this presentation. We practice not undertake any duty to update any forward-looking statement or other data in this presentation.

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