Intuit Reports Strong Tax Season Led by 7 Percent Increase in TurboTax Online Units

Intuit Inc. (Nasdaq: INTU) today
released the second and final update for its fiscal year 2019 consumer
tax offerings. Season-to-date through April 20, total TurboTax Online
units increased 7 percent and overall TurboTax units increased 5 percent
versus the comparable prior-year period.

“We had a great season. As the category leader, we grew the category,
grew our share and are proud of the experiences we delivered for our
customers,” said Greg Johnson, executive vice president and general
manager of Intuit’s TurboTax business.

“We delivered our best free offering yet and made significant progress
in our effort to transform the assisted category. We’ve generated strong
momentum heading into next year,” said Johnson.

“We improved the experience for customers with simple returns by
providing year-over-year data transfer for no charge and extending state
filings for free the entire season,” said Michelle Clatterbuck, Intuit’s
chief financial officer. “We now expect full-year fiscal 2019 Consumer
Group revenue growth of approximately 10 percent, at the high end of our
previous guidance range of 9 to 10 percent. We look forward to sharing
our full company fiscal third quarter results when we report earnings in
May.”

The company is scheduled to report third quarter fiscal 2019 results on
May 23.

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’s
Consumer Group.

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.

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