Summary
Intuit Inc. (INTU) filed an 8-K on February 11, 2014, primarily to announce a change in its financial outlook for the quarter ending January 31, 2014, and to reiterate its full-year guidance for fiscal year 2014. The company attributed the updated quarterly outlook to a later-than-usual opening of the tax season. While specific figures for the quarterly update were not detailed in the 8-K itself but rather in an attached press release (Exhibit 99.01), the reiteration of full-year guidance suggests management's confidence in achieving annual targets despite the temporary shift in tax season timing. In addition to the financial outlook update, the filing also disclosed a significant executive appointment. Mark J. Flournoy was appointed as the new Vice President and Chief Accounting Officer, effective February 10, 2014. Mr. Flournoy has a long tenure with Intuit, having joined in 2003 and previously serving as Corporate Controller, bringing extensive accounting and financial experience from within the company and prior roles at Ernst & Young.
Key Highlights
- 1Intuit updated its financial outlook for the quarter ended January 31, 2014, citing a delayed tax season opening.
- 2The company reiterated its full-year guidance for fiscal year 2014.
- 3Mark J. Flournoy appointed as Vice President and Chief Accounting Officer, effective February 10, 2014.
- 4Mr. Flournoy has been with Intuit since 2003, previously serving as Corporate Controller.
- 5The press release containing the financial outlook update is attached as Exhibit 99.01.
- 6Information furnished in the 8-K is not deemed 'filed' under Section 18 of the Exchange Act unless expressly stated.