May 19, 2004 - EXHIBIT 99.01 - 8-K: Current report filing

EXHIBIT 99.01


Contacts:	Investors	Media
	Linda Fellows	Heather McLellan
	Intuit Inc.	Intuit Inc.
	(650) 944-5436	(650) 944-3501
	Linda_Fellows@intuit.com	Heather_Mclellan@intuit.com

Intuit Posts Record Revenue of $713 Million in Third Quarter

Third-Quarter Revenue Up 12%; Pro Forma EPS Up 14%

MOUNTAIN VIEW, Calif. May 19, 2004 Intuit Inc. (Nasdaq: INTU) today announced results for the third quarter of fiscal 2004, which ended April 30, 2004.

Intuit delivered great results for the third quarter, said Steve Bennett, Intuits president and chief executive officer. For the first time in Intuits history, we had quarterly revenue of more than $700 million. Pro forma diluted EPS of $1.20 also set a new quarterly record. QuickBooks had a great quarter and were coming off another strong TurboTax season.

Third-Quarter 2004 Highlights

			Revenue of $713.0 million increased 12 percent from the year-ago quarter.

			Pro forma operating income of $356.9 increased 11 percent from $320.6 million in the year-ago quarter. Pro forma net income of $238.7 million increased 8 percent from $220.3 million in the year-ago quarter. Pro forma diluted earnings per share (EPS) of $1.20 increased 14 percent from $1.05 in the third quarter of fiscal 2003.

Intuit had GAAP (Generally Accepted Accounting Principles) operating income of $347.1 million, up 13 percent from $308.5 million in the year-ago quarter. Intuit had GAAP net income of $264.0 million, down 10 percent from $294.0 million in the year-ago quarter. This represents GAAP diluted EPS of $1.33 per diluted share, down 5 percent from $1.40 per diluted share in the year-ago quarter. Last years GAAP results included a one-time gain of $71 million, or $0.34 per diluted share, from the sale of Intuits Japan operations.

Third-Quarter Business Segment Revenue Growth

			TurboTax revenue of $344.7 million was up 10 percent from third-quarter 2003.

			Professional Accounting Solutions (PAS) revenue of $82.5 million increased 3 percent over the year-ago quarter.

			QuickBooks revenue of $73.0 million grew 31 percent year-over-year.

			Small Business Products and Services revenue of $137.6 million increased 20 percent over the year-ago quarter. This segment includes Intuits payroll businesses as well as other non-accounting products and services.

			Vertical Business Management Solutions revenue of $27.5 million increased 7 percent year-over-year.

			Other Businesses, which includes Quicken and Canada, had revenue of $47.6 million, up 6 percent from the year-ago quarter.

Fourth-Quarter 2004 Guidance

Although financial analysts have developed their own estimates for Intuits fourth-quarter performance, Intuit had not previously issued guidance for the quarter. Intuits expected results for the fourth-quarter 2004, which will end July 31, 2004 are:

			Revenue of $258 million to $278 million, or year-over-year growth of 5 percent to 13 percent.

			A pro forma operating loss of $30 million to $40 million and a GAAP operating loss of $38 million-$48 million.

			A pro forma net loss per diluted share of $0.06 to $0.10 and a GAAP net loss per diluted share of $0.09 to $0.13.

Fiscal 2004 Guidance

Intuits guidance for fiscal 2004 is fourth quarter guidance added to actual results for the first three quarters:

			Revenue of $1.85 billion to $1.87 billion, or year-over-year growth of approximately 12 percent to 13 percent.

			Pro forma operating income of $465 million to $475 million, or growth of approximately 16 percent to 19 percent over fiscal 2003. On a GAAP basis, operating income is expected to be $428 million to $438 million, or growth of approximately 25 percent to 27 percent over fiscal 2003.

			Pro forma diluted earnings per share of $1.63 to $1.67, or growth of approximately 17 percent to 20 percent over fiscal 2003. On a GAAP basis, diluted EPS is expected to be $1.67 to $1.71, up approximately 2 percent to 5 percent from fiscal 2003.

Fiscal 2005 Guidance

Intuit expects annual revenue growth in the high single digits in fiscal 2005, which begins Aug. 1, 2004. The company expects annual pro forma diluted EPS growth of 15 percent to 20 percent.

Conference Call Scripts, Webcast and Conference Call Information

The script that accompanies Intuits conference call and a live audio webcast of the call is available at http://www.intuit.com/about_intuit/investors/webcast_events.html. The call begins today at 1:30 p.m. (PST). The replay of the audio webcast will remain on Intuits Web site for one week after the conference call. This press release, including the tables, is available at that site and any other supplemental financial and statistical information required to be posted, including pro forma reconciliation, will be posted to that site.

The conference call number is (800) 615-5585 and (706) 679-0331 from international locations. No reservation or access code is needed. A replay of the call will be available for one week by calling (800) 642-1687, and (706) 645-9291 from international locations. The reservation number is 7124880.

Intuit, the Intuit logo, Quicken, QuickBooks, and TurboTax, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.

About pro forma, or non-GAAP, financial measures

Intuits management believes that the pro forma financial measures it uses provide meaningful supplemental information regarding Intuits core operating results because they exclude amounts that are not necessarily related to Intuits core operating results. Intuits management refers to these pro forma financial measures in assessing the performance of Intuits ongoing operations and for planning and forecasting in future periods. These pro forma financial measures also facilitate managements internal comparisons to Intuits historical operating results. In addition, Intuit has historically reported similar pro forma financial measures and believes that the inclusion of comparative numbers provides consistency in its financial reporting. Intuit computes pro forma financial measures using the same consistent method from quarter to quarter and year to year.

Intuit computes its pro forma, or non-GAAP, financial measures using the same consistent method from quarter to quarter and year to year. Pro forma operating income excludes acquisition-related charges, such as amortization of intangibles and impairment charges, as well as amortization of purchased software and charges for purchased research and development. Pro forma net income and diluted earnings per share exclude discontinued operations, gains and losses on marketable securities and other investments, as well as the tax effects of these transactions. These pro forma financial measures are not prepared in accordance with generally accepted accounting principles and likely are different from non-GAAP or pro forma financial measures used by other companies. The accompanying tables and fact sheet have more details on Intuits historical performance and financial projections, the GAAP financial measures that are most directly comparable to Intuits pro forma financial measures, and the reconciliation of pro forma financial measures to GAAP.

Cautions About Forward-Looking Statements

This press release contains forward-looking statements, including forecasts of our expected financial results. All of the statements under the headings Fourth-Quarter Fiscal 2004 Guidance, Fiscal 2004 Guidance, and Fiscal 2005 Guidance are forward-looking statements. A number of risks and uncertainties may cause our actual results to differ materially from our expressed expectations. Some of the important factors that could cause our results to differ include the following:

			We face intense competitive pressures in all of our businesses, which can have unpredictable negative effects on our revenue, profitability and market position.

			Because some of our principal product offerings are in maturing markets, if we do not successfully add value to existing products and services we will be unable to drive substantial and sustained revenue or margin growth for our company.

			Expanding our product and service offerings creates risk due to the increasing complexity and decreasing predictability of our revenue streams.

			We are continuing to implement new information systems to enable us to execute on our growth strategy, and problems with the design or implementation of these new systems could interfere with our business and operations.

			Integrating acquired businesses presents several challenges and we may not fully realize the intended benefits of our acquisitions if we do not successfully integrate them with our operations.

			Given the nature of the products and services that we offer, our revenue and earnings are highly seasonal and this can cause significant quarterly fluctuations in our financial results.

			If we fail to maintain reliable and responsive service levels for our offerings, we could lose revenue and customers.

More details about these and other risks are included in our Forms 10-Q, 2003 Form 10-K, and other SEC filings and at http://www.intuit.com/about_intuit/investors. We do not undertake any duty to update the information in this press release except as otherwise required by law.

Table A1
INTUIT INC.
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)


	Three Months Ended				Nine Months Ended
	April 30,				April 30,
	2003		2004		2003		2004
Net revenue:
Product	$	371,144	$	374,555	$	971,018	$	1,044,783
Service		246,453		320,528		384,564		496,637
Other		17,101		17,870		50,064		50,350

Total net revenue		634,698		712,953		1,405,646		1,591,770

Costs and expenses:
Cost of revenue:
Cost of product revenue		46,023		47,034		145,797		144,947
Cost of service revenue		37,035		43,049		113,204		121,357
Cost of other revenue		5,648		5,988		15,402		19,661
Amortization of purchased software [B]		3,662		3,422		10,157		10,035
Customer service and technical support		46,044		48,847		141,265		153,053
Selling and marketing		83,108		95,710		255,725		295,299
Research and development		62,002		71,167		192,209		215,831
General and administrative		34,243		44,214		112,264		136,040
Charge for purchased research and development [C]						8,859
Acquisition-related charges [D]		8,406		6,391		27,015		19,220

Total costs and expenses		326,171		365,822		1,021,897		1,115,443

Income from continuing operations		308,527		347,131		383,749		476,327
Interest and other income		8,193		4,774		24,749		19,434
Gains on marketable securities and other investments, net		7,014		107		10,094		344

Income from continuing operations before income taxes		323,734		352,012		418,592		496,105
Income tax provision [E]		100,766		87,979		130,702		136,971

Net income from continuing operations		222,968		264,033		287,890		359,134
Discontinued operations, net of income taxes:
Gain on disposal of Quicken Loans discontinued operations [F]						5,556
Net income from Intuit KK discontinued operations [G]						3,267
Gain on disposal of Intuit KK discontinued operations [G]		71,009				71,009

Net income from discontinued operations		71,009				79,832

Net income	$	293,977	$	264,033	$	367,722	$	359,134

Basic net income per share from continuing operations	$	1.08	$	1.36	$	1.39	$	1.82
Basic net income per share from discontinued operations		0.35				0.39

Basic net income per share	$	1.43	$	1.36	$	1.78	$	1.82

Shares used in basic per share amounts		205,709		194,517		206,452		196,976

Diluted net income per share from continuing operations	$	1.06	$	1.33	$	1.35	$	1.78
Diluted net income per share from discontinued operations		0.34				0.38

Diluted net income per share	$	1.40	$	1.33	$	1.73	$	1.78

Shares used in diluted per share amounts		210,448		198,748		212,446		202,113

See accompanying Notes.

Table A2
INTUIT INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)


	Three Months Ended				Nine Months Ended
	April 30,				April 30,
	2003		2004		2003		2004
Net revenue:
Product	$	371,144	$	374,555	$	971,018	$	1,044,783
Service		246,453		320,528		384,564		496,637
Other		17,101		17,870		50,064		50,350

Total net revenue		634,698		712,953		1,405,646		1,591,770

Costs and expenses:
Cost of revenue:
Cost of product revenue		46,023		47,034		145,797		144,947
Cost of service revenue		37,035		43,049		113,204		121,357
Cost of other revenue		5,648		5,988		15,402		19,661
Customer service and technical support		46,044		48,847		141,265		153,053
Selling and marketing		83,108		95,710		255,725		295,299
Research and development		62,002		71,167		192,209		215,831
General and administrative		34,243		44,214		112,264		136,040

Total costs and expenses		314,103		356,009		975,866		1,086,188

Income from operations		320,595		356,944		429,780		505,582
Interest and other income		8,193		4,774		24,749		19,434

Income before income taxes		328,788		361,718		454,529		525,016
Income tax provision		108,500		122,984		149,995		178,505

Net income	$	220,288	$	238,734	$	304,534	$	346,511

Basic net income per share	$	1.07	$	1.23	$	1.48	$	1.76

Shares used in basic per share amounts		205,709		194,517		206,452		196,976

Diluted net income per share	$	1.05	$	1.20	$	1.43	$	1.71

Shares used in diluted per share amounts		210,448		198,748		212,446		202,113

The pro forma, or non-GAAP, financial measures above should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with generally accepted accounting principles (GAAP). These pro forma financial measures are not prepared in accordance with GAAP and likely are different from pro forma financial measures used by other companies. Intuits management believes that these pro forma financial measures provide meaningful supplemental information regarding Intuits core operating results because they exclude amounts that are not necessarily related to Intuits core operating results. Intuits management refers to these pro forma financial measures in assessing the performance of Intuits ongoing operations and for planning and forecasting in future periods. These pro forma financial measures also facilitate managements internal comparisons to Intuits historical operating results. In addition, Intuit has historically reported similar pro forma financial measures and believes that the inclusion of comparative numbers provides consistency in its financial reporting. Intuit computes pro forma financial measures using the same consistent method from quarter to quarter and year to year. See Tables B1 and B2 for reconciliations of these pro forma financial measures to GAAP.

Table B1
INTUIT INC.
RECONCILIATION OF PRO FORMA FINANCIAL MEASURES
TO GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [A]-[G]
(In thousands, except per share amounts)
(Unaudited)


	Three Months Ended							Three Months Ended
	April 30, 2003							April 30, 2004
	Pro							Pro
	Forma		Adjmts[A]			GAAP		Forma		Adjmts[A]			GAAP
Net revenue:
Product	$	371,144	$			$	371,144	$	374,555	$			$	374,555
Service		246,453					246,453		320,528					320,528
Other		17,101					17,101		17,870					17,870

Total net revenue		634,698					634,698		712,953					712,953

Costs and expenses:
Cost of revenue:
Cost of product revenue		46,023					46,023		47,034					47,034
Cost of service revenue		37,035					37,035		43,049					43,049
Cost of other revenue		5,648					5,648		5,988					5,988
Amortization of purchased software				3,662	[B]		3,662				3,422	[B]		3,422
Customer service and technical support		46,044					46,044		48,847					48,847
Selling and marketing		83,108					83,108		95,710					95,710
Research and development		62,002					62,002		71,167					71,167
General and administrative		34,243					34,243		44,214					44,214
Charge for purchased research and development					[C]
Acquisition-related charges				8,406	[D]		8,406				6,391	[D]		6,391

Total costs and expenses		314,103		12,068			326,171		356,009		9,813			365,822

Income from continuing operations		320,595		(12,068	)		308,527		356,944		(9,813	)		347,131
Interest and other income		8,193					8,193		4,774					4,774
Gains on marketable securities and other investments, net				7,014			7,014				107			107

Income from continuing operations before income taxes		328,788		(5,054	)		323,734		361,718		(9,706	)		352,012
Income tax provision		108,500		(7,734	)		100,766		122,984		(35,005	)		87,979

Net income from continuing operations		220,288		2,680			222,968		238,734		25,299			264,033
Discontinued operations, net of income taxes:
Gain on disposal of Quicken Loans discontinued operations
Net income from Intuit KK discontinued operations
Gain on disposal of Intuit KK discontinued operations				71,009	[G]		71,009

Net income from discontinued operations				71,009			71,009

Net income	$	220,288	$	73,689		$	293,977	$	238,734	$	25,299		$	264,033

Basic net income per share from continuing operations	$	1.07				$	1.08	$	1.23				$	1.36
Basic net income per share from discontinued operations							0.35

Basic net income per share	$	1.07				$	1.43	$	1.23				$	1.36

Shares used in basic per share amounts		205,709					205,709		194,517					194,517

Diluted net income per share from continuing operations	$	1.05				$	1.06	$	1.20				$	1.33
Diluted net income per share from discontinued operations							0.34

Diluted net income per share	$	1.05				$	1.40	$	1.20				$	1.33

Shares used in diluted per share amounts		210,448					210,448		198,748					198,748

Table B2
INTUIT INC.
RECONCILIATION OF PRO FORMA FINANCIAL MEASURES
TO GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [A]-[G]
(In thousands, except per share amounts)
(Unaudited)


	Nine Months Ended							Nine Months Ended
	April 30, 2003							April 30, 2004
	Pro							Pro
	Forma		Adjmts[A]			GAAP		Forma		Adjmts[A]			GAAP
Net revenue:
Product	$	971,018	$			$	971,018	$	1,044,783	$			$	1,044,783
Service		384,564					384,564		496,637					496,637
Other		50,064					50,064		50,350					50,350

Total net revenue		1,405,646					1,405,646		1,591,770					1,591,770

Costs and expenses:
Cost of revenue:
Cost of product revenue		145,797					145,797		144,947					144,947
Cost of service revenue		113,204					113,204		121,357					121,357
Cost of other revenue		15,402					15,402		19,661					19,661
Amortization of purchased software				10,157	[B]		10,157				10,035	[B]		10,035
Customer service and technical support		141,265					141,265		153,053					153,053
Selling and marketing		255,725					255,725		295,299					295,299
Research and development		192,209					192,209		215,831					215,831
General and administrative		112,264					112,264		136,040					136,040
Charge for purchased research and development				8,859	[C]		8,859
Acquisition-related charges				27,015	[D]		27,015				19,220	[D]		19,220

Total costs and expenses		975,866		46,031			1,021,897		1,086,188		29,255			1,115,443

Income from continuing operations		429,780		(46,031	)		383,749		505,582		(29,255	)		476,327
Interest and other income		24,749					24,749		19,434					19,434
Gains on marketable securities and other investments, net				10,094			10,094				344			344

Income from continuing operations before income taxes		454,529		(35,937	)		418,592		525,016		(28,911	)		496,105
Income tax provision		149,995		(19,293	)		130,702		178,505		(41,534	)		136,971

Net income from continuing operations		304,534		(16,644	)		287,890		346,511		12,623			359,134
Discontinued operations, net of income taxes:
Gain on disposal of Quicken Loans discontinued operations				5,556	[F]		5,556
Net income from Intuit KK discontinued operations				3,267	[G]		3,267
Gain on disposal of Intuit KK discontinued operations				71,009	[G]		71,009

Net income from discontinued operations				79,832			79,832

Net income	$	304,534	$	63,188		$	367,722	$	346,511	$	12,623		$	359,134

Basic net income per share from continuing operations	$	1.48				$	1.39	$	1.76				$	1.82
Basic net income per share from discontinued operations							0.39

Basic net income per share	$	1.48				$	1.78	$	1.76				$	1.82

Shares used in basic per share amounts		206,452					206,452		196,976					196,976

Diluted net income per share from continuing operations	$	1.43				$	1.35	$	1.71				$	1.78
Diluted net income per share from discontinued operations							0.38

Diluted net income per share	$	1.43				$	1.73	$	1.71				$	1.78

Shares used in diluted per share amounts		212,446					212,446		202,113					202,113

INTUIT INC.
NOTES TO TABLES A1, B1 AND B2

[A]		Tables B1 and B2 reconcile the differences between the pro forma or non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles (GAAP), and the GAAP condensed consolidated statements of operations for the three and nine months ended April 30, 2003 and 2004. Pro forma operating income (loss) excludes certain cost and expense line items that are in the GAAP statement of operations. For example, for the line item acquisition-related charges, the number in the GAAP column is subtracted out of the pro forma column in calculating pro forma operating income or loss. Eliminating cost or expense items improves pro forma results compared to GAAP results. Pro forma net income (loss) starts with pro forma operating income or loss and then excludes certain non-operating gains and losses that are in the GAAP statement of operations. For example, for the line item gains on marketable securities and other investments, net the number in the GAAP column is taken out of the pro forma column in calculating pro forma net income or loss. Eliminating loss line items improves pro forma results compared to GAAP results. Eliminating gain line items decreases pro forma results compared to GAAP results.

[B]		We amortize the value of software and other technology assets that we receive in connection with certain acquisitions over their estimated useful lives.

[C]		In connection with certain acquisitions we determine the value of in-process projects under development for which technological feasibility has not been established. The value of each project is recorded as a charge for purchased research and development at the time of the acquisition. In the nine months ended April 30, 2003, we recorded charges for purchased research and development totaling $8.9 million, primarily in connection with our acquisition of Blue Ocean Software, Inc. (now Intuit Information Technology Solutions).

[D]		Acquisition-related charges include amortization of purchased intangible assets and deferred compensation related to acquisitions as well as impairment charges. For the three and nine months ended April 30, 2003, amortization of purchased intangible assets and deferred compensation was $8.4 million and $27.0 million and there were no impairment charges. For the three and nine months ended April 30, 2004, amortization of purchased intangible assets and deferred compensation was $6.4 million and $19.2 million and there were no impairment charges.

[E]		Our effective tax rate for the three months ended April 30, 2003 differed from the federal statutory rate primarily due to the net effect of the benefit received from tax exempt interest income and various tax credits offset by state taxes. Our effective tax rate for the nine months ended April 30, 2003 differed from the federal statutory rate primarily due to the net effect of the benefit received from tax exempt interest income and various tax credits offset by state taxes and acquisition-related charges recorded in the first quarter of fiscal 2003. Our effective tax rate for the three and nine months ended April 30, 2004 differed from the federal statutory rate primarily due to the net effect of reversals of reserves related to potential income tax exposures that have been resolved and the benefit received from tax-exempt interest income and various tax credits offset by state taxes.

[F]		On July 31, 2002, we sold our Quicken Loans mortgage business to Rock Acquisition Corporation and accounted for the sale as discontinued operations. In the first quarter of fiscal 2003, we sold our residual minority equity interest in Rock and recorded a gain of $5.6 million.

[G]		On February 7, 2003, we sold our wholly owned Japanese subsidiary, Intuit KK, and accounted for the sale as discontinued operations. Accordingly, we have segregated the operating results of Intuit KK from continuing operations on our statement of operations for all periods prior to the sale. Revenue for Intuit KK for the three and six months ended January 31, 2003 was $16.2 million and $26.6 million. Net income before income taxes for Intuit KK for the three and six months ended January 31, 2003 was $5.3 million and $5.6 million. We recorded a gain on disposal of discontinued operations of $71.0 million, net of income taxes, in the third quarter of fiscal 2003.

Table C
INTUIT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)


	July 31,		April 30,
	2003		2004
ASSETS
Current assets:
Cash and cash equivalents	$	170,043	$	18,520
Short-term investments		1,036,758		1,159,976
Payroll customer deposits		306,007		323,022
Accounts receivable, net		88,156		138,446
Deferred income taxes		34,824		35,574
Prepaid expenses and other current assets		33,082		51,904

Total current assets		1,668,870		1,727,442
Property and equipment, net		188,253		215,825
Goodwill, net		591,091		689,800
Purchased intangible assets, net		125,445		113,687
Long-term deferred income taxes		183,061		183,061
Loans to executive officers and other employees		19,690		16,799
Other assets		13,857		17,254

Total assets	$	2,790,267	$	2,963,868

LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Accounts payable	$	56,786	$	77,905
Accrued compensation and related liabilities		118,678		113,594
Payroll service obligations		306,007		323,022
Deferred revenue		178,840		152,721
Income taxes payable		76,725		188,329
Other current liabilities		59,129		145,176

Total current liabilities		796,165		1,000,747
Long-term obligations		29,265		17,767
Stockholders equity		1,964,837		1,945,354

Total liabilities and stockholders equity	$	2,790,267	$	2,963,868

Table D1
INTUIT INC.
RECONCILIATION OF GUIDANCE FOR PRO FORMA FINANCIAL MEASURES
TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS
(In thousands, except per share amounts)
(Unaudited)


	Three Months Ending July 31, 2004
	Pro Forma									GAAP
	Range of Estimate									Range of Estimate
	From			To			Adjustments			From			To
Revenue	$	258,000		$	278,000		$			$	258,000		$	278,000
Operating loss		(40,000	)		(30,000	)		(8,300	)[a]		(48,300	)		(38,300	)
Interest and other income		10,000			11,000						10,000			11,000
Diluted earnings per share	$	(0.10	)	$	(0.06	)	$	(0.03	)[b]	$	(0.13	)	$	(0.09	)
Shares		190,000			195,000						190,000			195,000


	Twelve Months Ending July 31, 2004
	Pro Forma							GAAP
	Range of Estimate							Range of Estimate
	From		To		Adjustments			From		To
Revenue	$	1,850,000	$	1,870,000	$			$	1,850,000	$	1,870,000
Operating income		465,000		475,000		(37,500	)[c]		427,500		437,500
Interest and other income		29,000		31,000					29,000		31,000
Diluted earnings per share	$	1.63	$	1.67	$	0.04	[d]	$	1.67	$	1.71
Shares		202,000		200,000					202,000		200,000

[a]		Reflects estimated adjustments for amortization of purchased software of approximately $3.4 million and amortization of purchased intangible assets of approximately $4.9 million for the three months ending July 31, 2004.

[b]		Net of related income tax expense, the pro forma adjustments in item [a] result in a $0.03 per diluted share adjustment for the three months ending July 31, 2004.

[c]		Reflects estimated adjustments for amortization of purchased software of approximately $13.4 million and amortization of purchased intangible assets of approximately $24.1 million for the twelve months ending July 31, 2004.

[d]		The pro forma adjustments in item [c], net of related income tax expense, and the reversal of certain tax reserves in the third quarter of fiscal 2004 that affected our GAAP income tax rate but not our pro forma income tax rate, result in a $0.04 per diluted share adjustment for the twelve months ending July 31, 2004.

The reconciliations of the forward-looking pro forma financial measures to GAAP in this Table D1 include all information reasonably available to Intuit at the date of this press release. The adjustments in this table are those that management can predict. Intuits pro forma financial measures exclude acquisition-related charges, discontinued operations and gains and losses on marketable securities. Events that could cause the reconciliation to change include acquisitions and divestitures of businesses, goodwill and other asset impairments and sales of marketable securities.

TABLE D2
INTUIT INC.
RECONCILIATION OF SUPPLEMENTAL PRO FORMA FINANCIAL MEASURES
TO MOST DIRECTLY COMPARABLE GAAP MEASURES
(In thousands, except per share amounts)
(Unaudited)


	Three Months Ended July 31, 2003
	Pro
	Forma			Adjustments			GAAP
Revenue	$	245,097		$			$	245,097
Operating loss		(29,946	)		(10,571	)[a]		(40,517	)
Diluted earnings per share	$	(0.05	)	$	(0.07	)[b]	$	(0.12	)


	Twelve Months Ended July 31, 2003
	Pro
	Forma		Adjustments			GAAP
Revenue	$	1,650,743	$			$	1,650,743
Operating income		399,834		(56,602	)[c]		343,232
Diluted earnings per share	$	1.39	$	0.24	[d]	$	1.63


	Twelve Months Ended July 31, 1999
	Pro
	Forma		Adjustments			GAAP
Revenue	$	800,940	$			$	800,940
Operating income		124,799		(89,848	)[e]		34,951
Diluted earnings per share	$	0.45	$	1.48	[f]	$	1.93

[a]		Reflects adjustments for amortization of purchased software of $3.6 million and amortization of purchased intangible assets of $6.9 million for the three months ended July 31, 2003.

[b]		Reflects the adjustments in item [a] and an adjustment for net gains on marketable securities of $0.8 million. Net of related income tax expense, these pro forma adjustments resulted in a $0.07 per diluted share adjustment for the three months ended July 31, 2003.

[c]		Reflects adjustments for amortization of purchased software of $13.8 million, charges for purchased research and development of $8.9 million and amortization of purchased intangible assets of $33.9 million for the twelve months ended July 31, 2003.

[d]		Reflects the adjustments in item [c] and adjustments for net gains on marketable securities of $10.9 million and net income from discontinued operations of $79.8 million. Net of related income tax expense, these pro forma adjustments resulted in a $0.24 per diluted share adjustment for the twelve months ended July 31, 2003.

[e]		Reflects adjustments for amortization of purchased software of $5.3 million and amortization of goodwill and purchased intangible assets of $84.6 million for the twelve months ended July 31, 1999.

[f]		Reflects the adjustments in item [e] and adjustments for net gains on marketable securities of $579.2 million and net loss from discontinued operations of $2.2 million. Net of related income tax expense, these pro forma adjustments resulted in a $1.48 per diluted share adjustment for the twelve months ended July 31, 1999.

TABLE D3
INTUIT INC.
RECONCILIATION OF SUPPLEMENTAL PRO FORMA FINANCIAL MEASURES
TO MOST DIRECTLY COMPARABLE GAAP MEASURES
(In thousands, except per share amounts)
(Unaudited)


	Three Months Ended October 31, 2003
	Pro
	Forma			Adjustments			GAAP
Revenue	$	242,528		$			$	242,528
Operating loss		(80,076	)		(9,338	)[a]		(89,414	)
Diluted earnings per share	$	(0.24	)	$	(0.03	)[b]	$	(0.27	)


	Three Months Ended January 31, 2004
	Pro
	Forma		Adjustments			GAAP
Revenue	$	636,289	$			$	636,289
Operating income		228,714		(10,104	)[c]		218,610
Diluted earnings per share	$	0.77	$	(0.04	)[d]	$	0.73

[a]		Reflects adjustments for amortization of purchased software of $3.3 million and amortization of purchased intangible assets of $6.0 million for the three months ended October 31, 2003.

[b]		Reflects the adjustments in item [a] and an adjustment for net gains on marketable securities of $0.1 million. Net of related income tax expense, these pro forma adjustments resulted in a $0.03 per diluted share adjustment for the three months ended October 31, 2003.

[c]		Reflects adjustments for amortization of purchased software of $3.3 million and amortization of purchased intangible assets of $6.8 million for the three months ended January 31, 2004.

[d]		Reflects the adjustments in item [c] and adjustments for net gains on marketable securities of $0.1 million. Net of related income tax expense, these pro forma adjustments resulted in a $0.04 per diluted share adjustment for the three months ended January 31, 2004.


*Intuit Facts . . .*		Intuit Inc.

Q3/FY04		Investor Relations (650) 944-5436

		NASDAQ: INTU

Financial Outlook^[A]


	ACTUAL			ACTUAL			ACTUAL			ACTUAL			(in future)			(in future)			ACTUAL			ACTUAL
(millions)	Q1 FY04			Q2 FY04			Q3 FY04			YTD 04			Q4 FY04			FY04			YTD FY03			FY03
QuickBooks	$	42.8		$	101.3		$	73.0		$	217.1		$	53-$60		$	270-$277		$	188.1		$	242.8
% of change YOY		11	%		8	%		31	%		15	%		(3%)-10	%		11%-14	%		19	%		24	%
Small Business Products & Services	$	123.1		$	145.3		$	137.6		$	406.1		$	130-$140		$	536-$546		$	337.2		$	454.9
% of change YOY		22	%		20	%		20	%		20	%		10%-19	%		18%-20	%		35	%		35	%
TurboTax	$	5.2		$	130.0		$	344.7		$	479.8		$	6-$9		$	486-$489		$	414.4		$	422.9
% of change YOY		(15	%)		36	%		10	%		16	%		(29%)-6	%		15%-16	%		24	%		20	%
Vertical Businesses	$	26.3		$	26.1		$	27.5		$	79.9		$	29-$32		$	109-$112		$	68.5		$	94.8
% of change YOY		40	%		9	%		7	%		17	%		10%-22	%		15%-18	%	New			New
Prof. Accounting Solutions	$	6.9		$	156.8		$	82.5		$	246.2		$	4-$6		$	250-$252		$	237.2		$	243.4
% of change YOY		7	%		4	%		3	%		4	%		(36%)-(4	%)		3%-4	%		9	%		8	%
All Other	$	38.2		$	76.8		$	47.6		$	162.7		$	35-$40		$	198-$203		$	160.2		$	191.9
% of change YOY		(9	%)		4	%		6	%		2	%		10%-26	%		3%-6	%		2	%		2	%

Total Revenue	$	242.5		$	636.3		$	713.0		$	1,591.8		$	258-$278		$	1,850-$1,870		$	1,405.6		$	1,650.7
% of change YOY		14	%		14	%		12	%		13	%		5%-13	%		12%-13	%		25	%		26	%
GAAP Operating Income	$	(89.4	)	$	218.6		$	347.1		$	476.3		$	(48)-($38	)	$	428-$438		$	383.7		$	343.2
Operating Income^[B]	$	(80.1	)	$	228.7		$	356.9		$	505.6		$	(40)-($30	)	$	465-$475		$	429.8		$	399.8
% of change YOY	NA				24	%		11	%		18	%	NA				16%-19	%		37	%		46	%
Interest & Other Income	$	7.5		$	7.2		$	4.8		$	19.4		$	10-$11		$	29-$31		$	24.7		$	38.7
% of change YOY		(15	%)		(8	%)		(42	%)		(21	%)		(28%)-(21	%)		(25%)-(20	%)		0	%		42	%
GAAP Diluted EPS	$	(0.27	)	$	0.73		$	1.33		$	1.78		$	(0.13)-($0.09	)	$	1.67-$1.71		$	1.73		$	1.63
Diluted EPS^{[B] not in millions}	$	(0.24	)	$	0.77		$	1.20		$	1.71		$	(0.10)-($0.06	)	$	1.63-$1.67		$	1.43		$	1.39
% of change YOY	NA				26	%		14	%		20	%	NA				17%-20	%		38	%		51	%
Weighted Shares		198.7			203.4			198.7			202.1			190-195			200-202			212.4			211
Tax Rate^[B]		34	%		34	%		34	%		34	%		34	%		34	%		33	%		33	%

Corporate Metrics

FYE/03

Q3/03

Q3/04

Capital expenditure

84.7M

15.6M

38.5M

Depreciation

73.8M

19.0M

18.8M

Common Stock Outst.

199.5M

205.2M

192.0M

Full Time Employees

6,624

6,827

6,941

Segment Composition

QuickBooks
Core (Basic, Pro, 5-Pack, Mac)
Premier (incl. POS)
Enterprise
Online Edition
OEM and Royalties

Small Business Products & Services
Payroll (DIY, OSP)
IT Solutions
Support Programs
Supplies
Merchant Account Services
Customer Manager
Financial Statement Reporter

TurboTax
Basic, Deluxe, Premier

Professional Accounting Solutions
ProSeries, Lacerte
EasyACCT
PAP
Client Manager

Vertical Businesses
Intuit Construction Business Solutions
Intuit Public Sector Solutions
Intuit Real Estate Solutions (MRI)
Intuit Distribution Management Solutions (Eclipse)

^[A]		As of May 19, 2004, this contains forward looking information that is subject to risks and uncertainties. Actual results may differ materially due to the factors included in Intuits May 19, 2004 earnings press release and SEC filings and at www.intuit.com/company/investors/considerations.html.

^[B]		These are pro forma, or non-GAAP, financial measures. They exclude acquisition related costs, pre-tax gains and losses related to marketable securities and other investments, and other similar items. See Tables D1, D2 and D3 of accompanying press release.


*Intuit Facts . . .*		Intuit Inc.

Investor Relations (650) 944-5436		NASDAQ: INTU

Business Metrics


	Q3/FY02			Q4/FY02			Q1/FY03			Q2/FY03			Q3/FY03			Q4/FY03			Q1/FY04			Q2/FY04			Q3/FY04
QuickBooks
Basic & Pro units (thousands)		325			217			195			308			285			217			163			262			312
Premier units		23			17			15			37			35			35			26			62			60
Enterprise units		0			1			1			1			1			1			1			1			1

Total QuickBooks units sold^[D]		348			235			211			346			321			253			190			325			373
Average Sales Price	$	203		$	223		$	217		$	238		$	241		$	255		$	253		$	249		$	250
Sell Thru Channel Mix^[E]
% of units at retail		60	%		64	%		65	%		56	%		56	%		49	%		64	%		54	%		50	%
% of dollars at retail		63	%		64	%		63	%		54	%		55	%		47	%		59	%		49	%		48	%
QuickBooks Retail Share^[C]
Unit share FYTD		83	%		84	%		76	%		80	%		82	%		82	%		78	%		82	%		83	%
Dollar share FYTD		89	%		89	%		83	%		87	%		89	%		89	%		85	%		89	%		90	%
Small Business Products & Services (selected)
Payroll Customers (thousands)
DIY (Basic)		661			675			665			681			711			739			753			776			806
Premier		26			26			26			25			25			24			24			23			22
Branded Outsourced		22			35			36			41			41			43			45			48			50

Total		709			736			727			747			777			806			822			847			878
Consumer Tax
Federal TurboTax (millions)
Desktop units retail		2.4		NM			NM				2.1			2.1		NM			NM				2.4			2.3
Desktop units direct		0.2		NM			NM				1.0			0.9		NM			NM				1.2			0.5
Web units paid		2.0		NM			NM				0.3			2.1			0.1		NM				0.4			2.4
Web units unpaid		0.9		NM			NM				0.1			1.2		NM			NM				0.1			0.6

Total TurboTax units^[D]		5.5		NM			NM				3.5			6.3			0.1		NM				4.1			5.8
TurboTax Efile returns (millions)		11.0		NM			NM				1.1			11.0			0.2		NM				1.3			11.6
Sell Thru Channel Mix^[E]
% of dollars at retail		37	%	NM			NM				50	%		32	%	NM			NM				51	%		30	%
Federal TurboTax Retail Share^[C]
Unit share FYTD		71	%		71	%	NM				72	%		71	%		71	%	NM				71	%		72	%
Dollar share FYTD		81	%		81	%	NM				80	%		79	%		79	%	NM				81	%		82	%
Professional Accounting Solutions
Professional Accounting Tax units (thousands)		9		NM			NM				89			7		NM			NM				90			7
Efile returns (millions)		6.0		NM			NM				0.5			7.8		NM			NM				0.7			12.4

^[C]		Source: NPD Group NPD Techworld Monthly Retail Software Report through July 2003 for FY02 and FY03. NPD Group Monthly Retail Software Report through March plus the NPD Group NPD Techworld weekly Retail Software Reports through the end of April FY04.

^[D]		End-user purchases or products customers have acquired and/or paid for at both retail and direct.

^[E]		Estimate based on subset of retailers reporting

NM: Not Meaningful

Form: 8-K

Documents