Business
Intuit Updates Full Fiscal Year and Second Quarter Outlook Reflecting the Close of the Credit Karma Acquisition
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks and Mint, today updated its full fiscal year 2021 and
About this update from Intuit Inc.
[{"type":"text","content":" MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--\nIntuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks and Mint, today updated its full fiscal year 2021 and second fiscal quarter guidance to reflect the close of the Credit Karma acquisition on Dec. 3. The completion of the acquisition allows Intuit and Credit Karma to begin to transform personal finance by making it simpler for consumers to find the right financial products, put more money in their pockets, and access financial expertise and advice.\n\nFor the full fiscal year 2021, the company expects:\n\n\nRevenue of $8.810 billion to $8.995 billion, growth of approximately 15 to 17 percent.\n\n\nGAAP operating income of $1.920 billion to $1.990 billion, a decline of approximately 9 to 12 percent.\n\n\nNon-GAAP operating income of $2.975 billion to $3.045 billion, growth of approximately 12 to 14 percent.\n\n\nGAAP diluted earnings per share of $5.30 to $5.50, a decline of approximately 21 to 23 percent.\n\n\nNon-GAAP diluted earnings per share of $8.20 to $8.40, growth of approximately 4 to 7 percent.\n\n\nThis fiscal 2021 guidance includes Credit Karma beginning Dec. 3. The company expects Credit Karma revenue of $545 million to $580 million and segment operating income of $15 million to $35 million in fiscal 2021. Fiscal 2021 GAAP operating income for Intuit includes $343 million for stock-based compensation expense and $174 million for amortization expense associated with the acquisition of Credit Karma.\n\nThe company updated segment revenue guidance to include Credit Karma for fiscal year 2021:\n\n\nSmall Business and Self-Employed Group: growth of approximately 8 to 10 percent.\n\n\nConsumer Group: growth of approximately 9 to 10 percent.\n\n\nProConnect Group: growth approximately of 0 to 1 percent.\n\n\nCredit Karma: revenue of $545 million to $580 million.\n\n\nFor the second quarter of fiscal year 2021, which ends Jan. 31, the company expects:\n\n\nRevenue of $1.935 billion to $1.965 billion, growth of approximately 14 to 16 percent.\n\n\nGAAP operating income of $171 million to $191 million.\n\n\nNon-GAAP operating income of $455 million to $475 million.\n\n\nGAAP diluted earnings per share of $0.43 to $0.49.\n\n\nNon-GAAP diluted earnings per share of $1.25 to $1.31.\n\n\nThis second quarter guidance includes Credit Karma beginning Dec. 3.\n\nIntuit plans to operate...