Earnings Call Excerpt
Intuit, Inc., (INTU)
Q3 2006 Earnings Conference Call
May 17, 2006, 4:30 p.m. EST
Executives:
Bob Lawson, Vice President of Investor Relations, Financial Planning, Analysis
Steve Bennett, President, Chief Executive Officer
Kiran Patel, Chief Financial Officer
Scott Cook, Intuit, Founder
Analysts:
Bryan Keane, Prudential
Greg Smith, Merrill Lynch
Adam Holt, JP Morgan
Jim MacDonald, First Analysis
Michael Millman, Soleil Securities
Scott Schneeberger, Lehman Brothers
Glen Greene, ThinkEquity Partners
Presentation
Operator
Good afternoon. My name is Patty, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Intuit Third Quarter 2006 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question and answer period. If you would like to ask a question during this time, simply press the number ?1? on your telephone keypad. If you would like to withdraw your question, press the ?#? key. With that, I’ll now turn the call over to Bob Lawson, Intuit’s Vice President of Investor Relations and Financial Planning and Analysis. Mr. Lawson?
Bob Lawson, Vice President, Investor Relations, Financial Planning, Analysis
Good afternoon everyone. Welcome to the Intuit Third Quarter 2006 Conference Call. I’m here with Steve Bennett, Intuit’s President and CEO; Kiran Patel, our CFO; with Scott Cook, our Founder.
Before we get started, I’d like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit’s results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2005, and our SEC filings. All of those documents are available on the Investor Relations page of Intuit’s website at www.intuit.com. We assume no obligation to update any forward-looking statement. Some of the numbers in this presentation will be presented on a non-GAAP basis. The most directly comparable GAAP financial measures and the reconciliation of the non-GAAP financial measures to GAAP are provided in today’s press release. After this call concludes, a copy of our prepared remarks and supplemental financial information will be available on our website. With that, I’ll turn the call over to Steve Bennett.
Steve Bennett, President, Chief Executive Officer
Thanks, Bob, and thanks to everyone for joining us today. As you’ve read in our press release, Intuit just delivered another terrific quarter with revenue of $953 million, up 14% year-over-year, driven by an outstanding Consumer Tax season and continued strength in QuickBooks. Non-GAAP diluted EPS was $1.79, up 16% despite $0.08 negative impact from a higher effective tax rate. On a GAAP basis, diluted EPS was $1.68.
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