Earnings Call Excerpt
Intuit (INTU)
Q2 2006 Earnings Conference Call
February 16th 2006, 4:30 PM.
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:
Heather Bellini, UBS
Adam Holt, JP Morgan
Bryan Keane, Prudential
Laura Lederman, William Blair
Jim MacDonald, First Analysis
Greg Smith, Merrill Lynch
Michael Millman, Soleil Securities
Scott Schneeberger, Lehman Brothers
Brian Fitzgerald, Morgan Stanley
Dan Cummins, Banc of America Securities
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 Second 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 "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. Sir, you may begin.
Bob Lawson, Vice President of Investor Relations, Financial Planning, Analysis
Good afternoon. Welcome to the Intuit second quarter 2006 conference call. I'm here with Steve Bennett, Intuit's President and Chief Executive Officer; Kiran Patel, our Chief Financial Officer; and 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 the call concludes a copy of our prepared remarks 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. As you've read in our press release, Intuit just delivered another strong quarter with revenue up 15% year-over-year driven by strong performance in our QuickBooks and Consumer Tax businesses. Non-GAAP diluted EPS was $0.97 per share, up 21%. Recall that our decision to eliminate TurboTax rebates and bundle federal and state software changed the timing of Consumer Tax revenue recognition. This moved about 35 million from the third quarter to the second quarter. So without this change, second quarter revenue would have been up 9%. I'm pleased with our progress as we enter the second half of the fiscal year. With that, I'll turn the call over to Kiran to walk us through the quarter details.
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