EXHIBIT 99.2
CONTACTS: INVESTORS MEDIA
Linda Fellows, VP, Treasurer Heather McLellan
Intuit Inc. Intuit Inc.
(650) 944-5436 (650) 944-3501
or
Holly Anderson
Sandhill Communications
(615) 377-6902
FOR IMMEDIATE RELEASE
INTUIT ANNOUNCES NEW STOCK REPURCHASE PROGRAM
$500 MILLION AUTHORIZED OVER NEXT THREE YEARS
MOUNTAIN VIEW, Calif. -- March 24, 2003 -- Intuit Inc. (NASDAQ: INTU)
today announced that its board of directors has authorized a three-year stock
repurchase program for up to $500 million.
"Intuit is continually working to enhance shareholder value," said Steve
Bennett, Intuit's president and chief executive officer. "We have multiple
growth engines that are driving revenue growth of at least 25 percent and pro
forma earnings per share of at least 41 percent. We are acquiring new companies
to provide platforms for future growth. And at the same time, we're using our
strong cash position to continue to repurchase our stock."
This is Intuit's second repurchase program. The first, a three-year $500
million program, was authorized by the board in May 2001 and was subsequently
increased to $750 million. That program was completed in December 2002.
CAUTIONS ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements about future financial
results and other events that have not yet occurred, including guidance about
Intuit's expected results for the remainder of fiscal 2003. Statements with
words like "expects," "anticipates" or "believes," and statements in the future
tense, are forward-looking statements. Actual results may differ materially from
Intuit's expressed expectations because of risks and uncertainties about the
future. Some of the important factors that could cause Intuit's results to
differ are listed below. More details about these and other
risks are included in Intuit's fiscal 2002 Form 10-K and other SEC filings and
at www.intuit.com/company/investors/considerations.html. The company does not
intend to update the information in this press release if any forward-looking
statement later turns out to be inaccurate.
- Seasonality causes significant quarterly fluctuations in
Intuit's revenue and net income.
- The increased use of Intuit's web-based consumer tax products
and the shift in customer purchases through Intuit's direct
marketing channel affect the timing of its consumer tax revenue
during the tax season. These factors, among others, have
increased the uncertainty for the full tax season.
- Actual product returns may exceed product return reserves,
particularly for Intuit's tax preparation software.
- If Intuit fails to maintain reliable and responsive service
levels for its electronic tax offerings or customer support
function, it could lose revenue and customers.
- Integrating acquired businesses creates challenges for Intuit's
operational, financial and management information systems. If
Intuit is unable to adequately address these and other issues
presented by acquisitions, Intuit may not fully realize the
intended benefits of its acquisitions.
- Expansion of Intuit's product and service offerings requires
Intuit to develop and enhance more and increasingly complex
products, market and sell higher priced products and services
and distribute and support an expanding portfolio of products
and services. It also increases the number and complexity of
Intuit's revenue models. If Intuit is unable to support its
expanded businesses, they may not achieve sustainable financial
viability or broad customer acceptance.
- Intuit faces competitive pressures in all of its businesses,
which can have a negative impact on its revenue, profitability
and market position.
- Risks related to Intuit's distribution channels include
challenges in negotiating favorable terms with retailers and the
negative affect of the current economic environment on retail
sales. In addition, expansion of Intuit's product and service
offerings requires Intuit to develop and manage a direct sales
organization, which is a new distribution method for Intuit.
- A continuation of the recent general decline in economic
conditions and the softness in retail sales could lead to
significantly reduce demand for Intuit's products and services.
- Revenue growth for Intuit's vertical business management
solutions is subject to risks such as the negative impact of the
current economic environment and the potential disruption to the
businesses during the acquisition integration process.
- Risks relating to customer privacy and security and increasing
governmental regulation could hinder the growth of Intuit's
businesses.
ABOUT INTUIT INC.
Intuit Inc. (NASDAQ: INTU) is a leading provider of business and financial
management solutions for small 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 has annual revenue of more than $1 billion. The company
has nearly 7,000 employees with major offices in 13 states across the U.S. and
offices in Canada and the United Kingdom. More information can be found at
www.intuit.com.
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Intuit, the Intuit logo, Quicken, QuickBooks, Quicken Loans and TurboTax, among
others, are registered trademarks and/or registered service marks of Intuit Inc.
in the United States and other countries. Quicken.com, among others, is a
trademark and/or service mark of Intuit Inc. or one of its subsidiaries, in the
United States and other countries. Other parties' trademarks or service marks
are the property of their respective owners and should be treated as such.