Intuit (INTU) Reaffirms First-quarter and Fiscal 2023 Guidance

Intuit Inc. (Nasdaq: INTU) the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, reaffirmed its financial guidance for the first quarter and full fiscal year 2023 in conjunction with its Investor Day, being held today at the company's Mountain View, CA, headquarters. The meeting begins at 8:00 a.m. PT. The company's fiscal year runs from August 1 to July 31.

Intuit leaders will discuss the company's plan to accelerate innovation and drive durable growth. Speakers include:

• Sasan Goodarzi, chief executive officer
• Michelle Clatterbuck, chief financial officer
• Marianna Tessel, executive vice president, chief technology officer
• Alex Chriss, executive vice president and general manager, small business and self-employed group
• Varun Krishna, executive vice president and general manager, consumer group
• Kenneth Lin, chief executive officer and founder, Credit Karma

In addition, Intuit will share a platform immersion experience highlighting the company's strategy and latest innovations.

“Our strategy to become a global AI-driven expert platform, and our five big bets, are driving strong momentum across the company and represent significant future growth opportunities,” said Goodarzi. "We believe everyone should have the opportunity to prosper and we remain committed to accelerating innovation to make that possible for consumers and small businesses."

Reiterates First-Quarter And Fiscal Year 2023 Guidance

Intuit reiterated the first-quarter and full-year fiscal 2023 guidance, previously announced on August 23, 2022. For the full fiscal year, the company expects:

• Revenue of $14.485 billion to $14.700 billion, growth of approximately 14 to 16 percent.
• GAAP operating income of $2.794 billion to $2.899 billion, growth of approximately 9 to 13 percent.
• Non-GAAP operating income of $5.258 billion to $5.363 billion, growth of approximately 17 to 19 percent.
• GAAP diluted earnings per share of $6.92 to $7.22, a decline of approximately 5 to 1 percent.
• Non-GAAP diluted earnings per share of $13.59 to $13.89, growth of approximately 15 to 17 percent.

The company expects the following segment revenue results for fiscal year 2023:

• Small Business and Self-Employed Group: growth of 19 to 20 percent.
• Consumer Group: growth of 9 to 10 percent.
• ProTax (formerly ProConnect) Group: growth of 3 percent.
• Credit Karma: growth of 10 to 15 percent.

For the first quarter of fiscal year 2023, which ends October 31, the company expects:

• Revenue growth of approximately 23 to 25 percent, including Mailchimp.
• GAAP loss per share of $0.43 to $0.37.
• Non-GAAP diluted earnings per share of $1.14 to $1.20.

Investor Day: How To Participate

The half-day event will be broadcast live via webcast available on Intuit’s website and can be heard at http://investors.intuit.com/Events/default.aspx. A replay of the video broadcast and webcast will be available on Intuit’s website approximately two hours after the meeting ends.

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