Intuit (INTU) 8-K Results of Operations and Financial Condition

Exhibit 99.01

Contacts:	Investors	Media
	Bob Lawson	Holly Anderson
	Intuit Inc.	Intuit Inc.
	(650) 944-6165	(650) 944-3992
	Robert_Lawson@intuit.com	Holly_Anderson@intuit.com

Intuit’s Fiscal ’05 Revenue Grows 13 Percent, Tops $2 Billion

Fourth-Quarter Revenue Increases 17 Percent

MOUNTAIN VIEW, Calif. – Aug. 24, 2005– Intuit Inc. (Nasdaq: INTU) today announced strong revenue and profit growth for its fiscal year ended July 31, 2005.

          “We’re very pleased with our results for the year,” said Steve Bennett, Intuit’s president and chief executive officer. “Each of our business segments performed very well. Our two largest segments – QuickBooks-Related and Consumer Tax – had outstanding results, with strong revenue growth and a significant increase in new users.”

Fiscal 2005 Financial Highlights

• Revenue of $2.04 billion increased 13 percent from fiscal 2004. Growth was driven by solid performance in Intuit’s two largest business segments, QuickBooks-Related and Consumer Tax.

• Intuit had operating income of $524.1 million in accordance with GAAP, or Generally Accepted Accounting Principles, up 25 percent from fiscal 2004. Intuit had non-GAAP operating income of $550.9 million, up 22 percent from fiscal 2004.

• Intuit had net income of $381.6 million in accordance with GAAP, up 20 percent from fiscal 2004. This represents diluted earnings per share, or EPS, of $2.03, up 28 percent over fiscal 2004.

• Intuit’s non-GAAP net income of $375.5 million increased 18 percent from fiscal 2004. Non-GAAP diluted EPS of $1.99 grew 25 percent over the year-ago period.

Fiscal 2005 Business Segment Revenue Growth

• QuickBooks-Related revenue grew 15 percent over fiscal 2004 to $753.0 million.

• Intuit-Branded Small Business revenue increased 11 percent over fiscal 2004 to $230.7 million. This segment includes outsourced payroll and Intuit’s three vertical businesses.

• Consumer Tax revenue grew 16 percent over the prior-year period to $570.7 million.

• Professional Tax revenue increased 5 percent over fiscal 2004 to $265.0 million.

• Revenue from Other Businesses, which includes Quicken and Canada, was up 9 percent year-over-year to $218.3 million.

Fourth-Quarter 2005 Highlights

• Revenue of $301.8 million increased 17 percent from the year-ago quarter. Growth was primarily driven by strong performance in Intuit’s QuickBooks-Related segment.

• On a GAAP basis, Intuit had an operating loss of $34.2 million. On a non-GAAP basis, Intuit had an operating loss of $27.6 million.

• On a GAAP basis, Intuit had a net loss of $20.0 million, narrower than a loss of $42.1 million in the year-ago quarter. This represents a loss of $0.11 per share versus a loss of $0.22 per share in the fourth quarter of fiscal 2004.

• Intuit had a non-GAAP net loss of $14.7 million, narrower than a non-GAAP net loss of $16.2 million in the year-ago quarter. Intuit typically posts a seasonal loss in its fourth quarter when it has little revenue from its tax businesses but expenses remain relatively constant. The fourth-quarter non-GAAP loss per share was $0.08 versus a loss of $0.09 in the fourth quarter of fiscal 2004.

Forward-Looking Guidance for Fiscal 2006

     Intuit provided for the first time its financial guidance for fiscal 2006, which will end on July 31, 2006. The company expects:

• Revenue of $2.18 billion to $2.24 billion, or year-over-year growth of approximately 7 percent to 10 percent. Revenue guidance for each quarter of fiscal 2006 is provided on the accompanying fact sheet.

• GAAP operating income of $501 million to $523 million, versus $524.1 million in fiscal 2005. Beginning in fiscal 2006 GAAP operating income will include the expenses associated with employee stock options. On a non-GAAP basis, operating income is expected to be $595 million to $617 million, or growth of approximately 8 percent to 12 percent over fiscal 2005.

• GAAP diluted EPS of $1.86 to $1.96, down 3 percent to 8 percent year-over-year due to the expensing of employee stock options and a higher GAAP tax rate. On a non-GAAP basis, diluted EPS is expected to be $2.19 to $2.29, up approximately 10 percent to 15 percent from fiscal 2005. GAAP and non-GAAP EPS guidance for each quarter of fiscal 2006 is provided on the accompanying fact sheet.

Forward-Looking Guidance for First-Quarter 2006

     Intuit’s expected results for the first quarter of fiscal 2006, which will end Oct. 31, 2005, are:

• Revenue of $270 million to $285 million, or year-over-year growth of 7 percent to 13 percent.

• A GAAP operating loss of $111 million to $121 million and a non-GAAP operating loss of $85 million to $95 million. Intuit typically posts a seasonal loss in its first quarter when it has little revenue from its tax businesses but expenses remain relatively constant.

• A GAAP net loss of $0.38 to $0.43 per share and a non-GAAP net loss of $0.30 to $0.35 per share.

Conference Call Scripts, Webcast and Conference Call Information

          A live audio webcast of Intuit’s fourth-quarter and fiscal 2005 conference call is available athttp://www.intuit.com/about_intuit/investors/webcast_events.html. The call begins today at 1:30 p.m. PDT. The replay of the audio webcast will remain on Intuit’s Web site for one week after the conference call. Intuit has posted to its Web site this press release, including the attached tables and non-GAAP to GAAP reconciliations. It will post the conference call script to the Web site shortly after the conference call concludes.

          The conference call number is (866) 261-7147 in the United States and (703) 639-1227 from international locations. No reservation or access code is needed. A replay of the call will be available for one week by calling (888) 266-2081 in the United States and (703) 925-2533 from international locations. The access code is 749152.

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

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About Non-GAAP Financial Measures

This press release includes non-GAAP financial measures. These measures 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 non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. Intuit’s management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Intuit’s operating results because they exclude amounts that are not necessarily related to Intuit’s core operating results. In addition, the forward-looking guidance for non-GAAP income, loss, earnings per share and loss per share in fiscal 2006 excludes estimated expenses for stock-based compensation and associated taxes that Intuit will begin recording under SFAS 123(R) in the first quarter of fiscal 2006. These estimated stock-based compensation expenses and associated taxes are excluded from non-GAAP financial measures in order to facilitate the comparison of guidance for future periods with results for past periods, which did not include such stock-based compensation expenses. Intuit’s management refers to these non-GAAP financial measures in assessing the performance of Intuit’s ongoing operations and for planning and forecasting in future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Intuit’s historical operating results. In addition, Intuit has historically reported similar non-GAAP financial measures and believes that the inclusion of comparative numbers provides consistency in its financial reporting. Intuit computes non-GAAP financial measures using the same consistent method from quarter to quarter and year to year.

Non-GAAP operating income excludes amortization of purchased assets and acquisition-related charges. Non-GAAP net income and diluted earnings per share exclude gains and losses on marketable securities and other investments and the tax effects of these items as well as net income or loss from discontinued operations. In addition, the forward-looking guidance for non-GAAP income, loss, earnings per share and loss per share in fiscal 2006 excludes estimated expenses for stock-based compensation and associated taxes that Intuit will begin recording under SFAS 123(R) in the first quarter of fiscal 2006. The accompanying tables and sheet entitled “Intuit Facts” provide more details on Intuit’s historical performance and financial projections, the GAAP financial measures that are most directly comparable to Intuit’s non-GAAP financial measures, and the reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures.

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 “Forward-Looking Guidance for Fiscal 2006,”and “Forward-Looking Guidance for First-Quarter 2006”are forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the following: product introductions and price competition from our competitors, including competition from Microsoft, which has announced its intention to target small business customers with accounting software and associated services, can have unpredictable negative effects on our revenue, profitability and market position; governmental encroachment in our tax businesses or other governmental activities regulating the filing of tax returns could negatively affect our operating results and market position; our participation in the Free File Alliance may result in lost revenue due to potential customers filing free federal returns and electing not to pay for state filing or other services and cannibalization of our traditional paid franchise; our revenue and earnings are highly seasonal and the timing of our revenue between quarters is difficult to predict which may cause significant quarterly fluctuations in our financial results; predicting tax-related revenues is challenging due to the heavy concentration of activity in a short time period; revenue growth for some of our products is slowing and we must successfully introduce new products and services to meet our growth and profitability objectives; our new product offerings may not succeed or they may negatively impact our profitability if customers elect to purchase lower-priced simplified offerings instead of our higher priced offerings; we have implemented, and are continuing to upgrade, new information systems and any problems with these new systems could interfere with our ability to ship and deliver products and gather information to effectively manage our business; our financial position may not make repurchasing shares advisable or we may issue additional shares in an acquisition causing our number of outstanding shares to grow; litigation involving intellectual property, antitrust, shareholder and other matters may increase our costs; and our failure to maintain reliable and responsive service levels for our offerings could cause us to lose customers and negatively impact our revenues and profitability. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2004 and in our subsequent reports on Form 10-Q and other SEC filings. You can locate these reports through our website athttp://www.intuit.com/about_intuit/investors. Forward-looking statements are based on information as of August 24, 2005, and we do not undertake any duty to update any forward-looking statement or other information in this press release except as otherwise required by law.

Table A1
INTUIT INC.

GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended						Twelve Months Ended
	July 31,			July 31,			July 31,		July 31,
	2005			2004			2005		2004
Net revenue:
Product	$	176,762		$	164,060		$	1,242,693	$	1,179,101
Service		102,130			73,662			724,049		555,496
Other		22,927			20,313			70,961		67,627
Total net revenue		301,819			258,035			2,037,703		1,802,224
Costs and expenses:
Cost of revenue:
Cost of product revenue		25,928			26,534			164,551		170,769
Cost of service revenue		46,633			39,818			183,969		158,083
Cost of other revenue		6,297			6,634			24,133		24,179
Amortization of purchased assets		2,542			2,542			10,251		10,186
Selling and marketing		123,369			110,544			583,408		541,387
Research and development		75,536			64,012			305,241		276,049
General and administrative		51,698			46,524			225,507		178,653
Acquisition-related charges		3,969			4,995			16,545		23,435
Total costs and expenses		335,972			301,603			1,513,605		1,382,741
Income (loss) from continuing operations		(34,153	)		(43,568	)		524,098		419,483
Interest and other income		14,170			11,446			26,734		30,400
Gains on marketable securities and other investments, net		4,883			1,385			5,225		1,729
Income (loss) from continuing operations before income taxes		(15,100	)		(30,737	)		556,057		451,612
Income tax provision (benefit) [A]		7,467			(3,469	)		181,074		128,290
Net income (loss) from continuing operations		(22,567	)		(27,268	)		374,983		323,322
Net income (loss) from discontinued operations, net of income taxes [B]		2,571			(14,836	)		6,644		(6,292	)
Net income (loss)	$	(19,996	)	$	(42,104	)	$	381,627	$	317,030
Basic net income (loss) per share from continuing operations	$	(0.12	)	$	(0.14	)	$	2.03	$	1.65
Basic net income (loss) per share from discontinued operations		0.01			(0.08	)		0.04		(0.03	)
Basic net income (loss) per share	$	(0.11	)	$	(0.22	)	$	2.07	$	1.62
Shares used in basic per share amounts		180,266			190,893			184,601		195,455
Diluted net income (loss) per share from continuing operations	$	(0.12	)	$	(0.14	)	$	1.99	$	1.61
Diluted net income (loss) per share from discontinued operations		0.01			(0.08	)		0.04		(0.03	)
Diluted net income (loss) per share	$	(0.11	)	$	(0.22	)	$	2.03	$	1.58
Shares used in diluted per share amounts		180,266			190,893			188,398		200,081

See accompanying Notes.

INTUIT INC.

NOTES TO TABLE A1

[A]	We recorded an income tax provision of $7.5 million on a loss from continuing operations of $15.1 million for the three months ended July 31, 2005. The income tax provision recorded in this quarter included the accrual of additional state taxes for the twelve months ended July 31, 2005, partially offset by an increase in the carrying value of deferred state tax assets resulting from the increase in the effective state tax rate. The net effect of these items was to increase our effective tax rate from 30.4% for the nine months ended April 30, 2005 to 32.6% for the twelve months ended July 31, 2005.
	Our GAAP effective tax rate of 32.6% for the twelve months ended July 31, 2005 differed from the federal statutory tax rate of 35% primarily due to the net effect of the benefit received from federal research and experimental credits, tax exempt interest income, reversals of reserves related to potential income tax exposures that were resolved, and various state tax credits offset by state taxes.
	Our GAAP effective tax rate of 11.3% for the three months ended July 31, 2004 differed from the federal statutory rate of 35% primarily due to the net effect of non-deductible impairment of goodwill in the quarter and the benefit received from federal research and experimental credits, tax exempt interest income, reversals of reserves related to potential income tax exposures that were resolved, and various state tax credits offset by state taxes.
	Our GAAP effective tax rate of 28.4% for the twelve months ended July 31, 2004 differed from the federal statutory rate of 35% primarily due to the net effect of the benefit received from federal research and experimental credits, tax exempt interest income, reversals of reserves related to potential income tax exposures that were resolved, and various state tax credits offset by state taxes.
[B]	In December 2004 we sold our Intuit Public Sector Solutions (IPSS) business to a California software company for approximately $11 million. In accordance with SFAS 144,“Accounting for the Impairment or Disposal of Long-lived Assets,”we determined that IPSS became a long-lived asset held for sale and a discontinued operation in the first quarter of fiscal 2005. Consequently, we have segregated the net assets, operating results and cash flows of IPSS from continuing operations on our balance sheets, statements of operations and statements of cash flows for all periods prior to the sale. Also in accordance with SFAS 144, we discontinued the amortization of IPSS purchased intangible assets in the first quarter of fiscal 2005.
	Revenue and loss before income taxes for IPSS were $3.6 million and $18.7 million for the three months ended July 31, 2004. Revenue for IPSS was $3.8 million and $12.8 million for the twelve months ended July 31, 2005 and 2004. Loss before income taxes for IPSS was $0.8 million and $20.6 million for the same periods. The net loss from discontinued operations for the twelve months ended July 31, 2005 included a $0.5 million loss on disposal of IPSS and an income tax provision of $4.3 million for the estimated tax payable in connection with the tax gain on the sale of IPSS. The net loss from discontinued operations for the twelve months ended July 31, 2004 included an $18.7 million impairment of goodwill.
	In May 2005 our Board of Directors formally approved a plan to sell our Intuit Information Technology Solutions (ITS) business. In accordance with the provisions of SFAS 144, we determined that ITS became a long-lived asset held for sale in the fourth quarter of fiscal 2005. SFAS 144 provides that a long-lived asset classified as held for sale should be measured at the lower of its carrying amount or fair value less cost to sell. Since the carrying value of ITS at July 31, 2005 was less than the fair value less cost to sell, no adjustment to the carrying value of this long-lived asset was necessary during the fourth quarter of fiscal 2005.
	Also in accordance with the provisions of SFAS 144, we determined that ITS became a discontinued operation in the fourth quarter of fiscal 2005. Consequently, we have segregated the net assets, operating results and cash flows of ITS from continuing operations on our balance sheets, statements of operations and statements of cash flows for all periods presented. We discontinued the amortization of ITS intangible assets in the fourth quarter of fiscal 2005. Revenue for ITS was $14.7 million and $14.3 million for the three months ended July 31, 2005 and 2004. Income before income taxes for ITS was $5.6 million and $6.2 million for the same periods. Revenue for ITS was $57.0 million and $52.6 million for the twelve months ended July 31, 2005 and 2004. Income before income taxes for ITS was $20.6 million and $21.9 million for the same periods.

Table A2
INTUIT INC.

NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended						Twelve Months Ended
	July 31,			July 31,			July 31,		July 31,
	2005			2004			2005		2004
Net revenue:
Product	$	176,762		$	164,060		$	1,242,693	$	1,179,101
Service		102,130			73,662			724,049		555,496
Other		22,927			20,313			70,961		67,627
Total net revenue		301,819			258,035			2,037,703		1,802,224
Costs and expenses:
Cost of revenue:
Cost of product revenue		25,928			26,534			164,551		170,769
Cost of service revenue		46,633			39,818			183,969		158,083
Cost of other revenue		6,297			6,634			24,133		24,179
Selling and marketing		123,369			110,544			583,408		541,387
Research and development		75,536			64,012			305,241		276,049
General and administrative		51,698			46,524			225,507		178,653
Total costs and expenses		329,461			294,066			1,486,809		1,349,120
Income (loss) from operations		(27,642	)		(36,031	)		550,894		453,104
Interest and other income		14,170			11,446			26,734		30,400
Income (loss) before income taxes		(13,472	)		(24,585	)		577,628		483,504
Income tax provision (benefit)		1,196			(8,359	)		202,170		164,391
Net income (loss)	$	(14,668	)	$	(16,226	)	$	375,458	$	319,113
Basic net income (loss) per share	$	(0.08	)	$	(0.09	)	$	2.03	$	1.63
Shares used in basic per share amounts		180,266			190,893			184,601		195,455
Diluted net income (loss) per share	$	(0.08	)	$	(0.09	)	$	1.99	$	1.59
Shares used in diluted per share amounts		180,266			190,893			188,398		200,081

Total costs and expenses and each of the line items below it except interest and other income in Table A2 are non-GAAP financial measures. These measures 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 non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. Intuit’s management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Intuit’s operating results because they exclude amounts that are not related to Intuit’s core operating results. Intuit’s management refers to these non-GAAP financial measures in assessing the performance of Intuit’s ongoing operations and for planning and forecasting in future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Intuit’s historical operating results. In addition, Intuit has historically reported similar non-GAAP financial measures and believes that the inclusion of comparative numbers provides consistency in its financial reporting. Intuit computes non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. Tables B1 and B2 provide reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures.

The accompanying document entitled “Intuit Facts” also includes non-GAAP financial measures. These non-GAAP financial measures exclude estimated expenses for stock-based compensation and the associated taxes that Intuit will begin recording under SFAS 123(R) in the first quarter of fiscal 2006. These estimated stock-based compensation expenses and the associated taxes are excluded from non-GAAP financial measures in order to facilitate the comparison of guidance for future periods with results for past periods, which did not include such stock-based compensation expenses. Tables E1 and E2 provide reconciliations of the non-GAAP financial measures in the “Intuit Facts” document to the most directly comparable GAAP financial measures.

Table B1
INTUIT INC.

RECONCILIATION OF NON-GAAP STATEMENT OF OPERATIONS DATA
TO GAAP CONSOLIDATED STATEMENTS OF OPERATIONS [A]-[E]
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended											Three Months Ended
	July 31, 2005											July 31, 2004
	Non-											Non-
	GAAP			Adjmts			[A]		GAAP			GAAP			Adjmts			[A]		GAAP
Net revenue:
Product	$	176,762		$	—				$	176,762		$	164,060		$	—				$	164,060
Service		102,130			—					102,130			73,662			—					73,662
Other		22,927			—					22,927			20,313			—					20,313
Total net revenue		301,819			—					301,819			258,035			—					258,035
Costs and expenses:
Cost of revenue:
Cost of product revenue		25,928			—					25,928			26,534			—					26,534
Cost of service revenue		46,633			—					46,633			39,818			—					39,818
Cost of other revenue		6,297			—					6,297			6,634			—					6,634
Amortization of purchased assets		—			2,542			[B]		2,542			—			2,542			[B]		2,542
Selling and marketing		123,369			—					123,369			110,544			—					110,544
Research and development		75,536			—					75,536			64,012			—					64,012
General and administrative		51,698			—					51,698			46,524			—					46,524
Acquisition-related charges		—			3,969			[B]		3,969			—			4,995			[B]		4,995
Total costs and expenses		329,461			6,511					335,972			294,066			7,537					301,603
Loss from continuing operations		(27,642	)		(6,511	)				(34,153	)		(36,031	)		(7,537	)				(43,568	)
Interest and other income		14,170			—					14,170			11,446			—					11,446
Gains on marketable securities and other investments, net		—			4,883			[C]		4,883			—			1,385			[C]		1,385
Loss from continuing operations before income taxes		(13,472	)		(1,628	)				(15,100	)		(24,585	)		(6,152	)				(30,737	)
Income tax provision (benefit)		1,196			6,271			[D]		7,467			(8,359	)		4,890			[D]		(3,469	)
Net loss from continuing operations		(14,668	)		(7,899	)				(22,567	)		(16,226	)		(11,042	)				(27,268	)
Net income (loss) from discontinued operations, net of income taxes		—			2,571			[E]		2,571			—			(14,836	)		[E]		(14,836	)
Net loss	$	(14,668	)	$	(5,328	)			$	(19,996	)	$	(16,226	)	$	(25,878	)			$	(42,104	)
Basic net loss per share from continuing operations	$	(0.08	)						$	(0.12	)	$	(0.09	)						$	(0.14	)
Basic net income (loss) per share from discontinued operations		—								0.01			—								(0.08	)
Basic net loss per share	$	(0.08	)						$	(0.11	)	$	(0.09	)						$	(0.22	)
Shares used in basic per share amounts		180,266								180,266			190,893								190,893
Diluted net loss per share from continuing operations	$	(0.08	)						$	(0.12	)	$	(0.09	)						$	(0.14	)
Diluted net income (loss) per share from discontinued operations		—								0.01			—								(0.08	)
Diluted net loss per share	$	(0.08	)						$	(0.11	)	$	(0.09	)						$	(0.22	)
Shares used in diluted per share amounts		180,266								180,266			190,893								190,893

Table B2
INTUIT INC.

RECONCILIATION OF NON-GAAP STATEMENT OF OPERATIONS DATA
TO GAAP CONSOLIDATED STATEMENTS OF OPERATIONS [A]-[E]
(In thousands, except per share amounts)
(Unaudited)

	Twelve Months Ended									Twelve Months Ended
	July 31, 2005									July 31, 2004
	Non-									Non-
	GAAP		Adjmts			[A]		GAAP		GAAP		Adjmts			[A]		GAAP
Net revenue:
Product	$	1,242,693	$	—				$	1,242,693	$	1,179,101	$	—				$	1,179,101
Service		724,049		—					724,049		555,496		—					555,496
Other		70,961		—					70,961		67,627		—					67,627
Total net revenue		2,037,703		—					2,037,703		1,802,224		—					1,802,224
Costs and expenses:
Cost of revenue:
Cost of product revenue		164,551		—					164,551		170,769		—					170,769
Cost of service revenue		183,969		—					183,969		158,083		—					158,083
Cost of other revenue		24,133		—					24,133		24,179		—					24,179
Amortization of purchased assets		—		10,251			[B]		10,251		—		10,186			[B]		10,186
Selling and marketing		583,408		—					583,408		541,387		—					541,387
Research and development		305,241		—					305,241		276,049		—					276,049
General and administrative		225,507		—					225,507		178,653		—					178,653
Acquisition-related charges		—		16,545			[B]		16,545		—		23,435			[B]		23,435
Total costs and expenses		1,486,809		26,796					1,513,605		1,349,120		33,621					1,382,741
Income from continuing operations		550,894		(26,796	)				524,098		453,104		(33,621	)				419,483
Interest and other income		26,734		—					26,734		30,400		—					30,400
Gains on marketable securities and other investments, net		—		5,225			[C]		5,225		—		1,729			[C]		1,729
Income from continuing operations before income taxes		577,628		(21,571	)				556,057		483,504		(31,892	)				451,612
Income tax provision (benefit)		202,170		(21,096	)		[D]		181,074		164,391		(36,101	)		[D]		128,290
Net income from continuing operations		375,458		(475	)				374,983		319,113		4,209					323,322
Net loss from discontinued operations, net of income taxes		—		6,644			[E]		6,644		—		(6,292	)		[E]		(6,292	)
Net income	$	375,458	$	6,169				$	381,627	$	319,113	$	(2,083	)			$	317,030
Basic net income per share from continuing operations	$	2.03						$	2.03	$	1.63						$	1.65
Basic net income (loss) per share from discontinued operations		—							0.04		—							(0.03	)
Basic net income per share	$	2.03						$	2.07	$	1.63						$	1.62
Shares used in basic per share amounts		184,601							184,601		195,455							195,455
Diluted net income per share from continuing operations	$	1.99						$	1.99	$	1.59						$	1.61
Diluted net income (loss) per share from discontinued operations		—							0.04		—							(0.03	)
Diluted net income per share	$	1.99						$	2.03	$	1.59						$	1.58
Shares used in diluted per share amounts		188,398							188,398		200,081							200,081

INTUIT INC.

NOTES TO TABLES B1 and B2

[A]	Tables B1 and B2 reconcile the differences between the non-GAAP financial measures presented in Table A2 and the GAAP condensed consolidated statements of operations presented in Table A1 for the three and twelve month periods ended July 31, 2005 and 2004. We exclude certain GAAP items from our non-GAAP results of operations because they are not related to our core business operating results. Eliminating expense or loss line items improves non-GAAP results compared with GAAP results. Eliminating income or gain line items decreases non-GAAP results compared with GAAP results. See Notes B through E below for more information regarding the reasons for which we have excluded specific GAAP items from the non-GAAP financial measures in Table A2.
[B]	We amortize the value of intangible assets that we receive in connection with acquisitions over their estimated useful lives. Amortization of purchased assets in GAAP cost of revenue includes amortization of software and other technology assets related to acquisitions. Acquisition-related charges in GAAP operating expenses include amortization of other purchased intangible assets and deferred stock compensation related to acquisitions. We exclude amortization of purchased assets and acquisition-related charges from our non-GAAP operating income or loss because we believe that excluding these items facilitates comparisons to our historical core operating results and to the results of other companies in our industry, which have their own unique acquisition histories.
[C]	We exclude GAAP gains and losses on marketable securities and other investments from our non-GAAP net income or loss because they are unrelated to our core business operating results.
[D]	Our non-GAAP effective tax rates of 35% for the twelve months ended July 31, 2005 and 34% for the twelve months ended July 31, 2004 differ from our GAAP effective tax rates for those periods because non-GAAP income tax expense excludes certain GAAP discrete tax items, including the reversal of reserves related to potential income tax exposures that have been resolved. We exclude the impact of these discrete tax items from our non-GAAP provision for income taxes because they are not indicative of our ongoing business operations.
[E]	From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. In accordance with GAAP, we segregate the operating results of these discontinued businesses from continuing operations on our GAAP statements of operations but continue to include them in GAAP net income or loss and net income or loss per share. We exclude the operating results and gains and losses on the sale of these discontinued operations from our non-GAAP net income or loss and net income or loss per share, however, because they are unrelated to our ongoing business operations.

Table C
INTUIT INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

	July 31,		July 31,
	2005		2004
ASSETS
Current assets:
Cash and cash equivalents	$	83,842	$	25,992
Investments		910,416		991,971
Accounts receivable, net		86,125		81,615
Deferred income taxes		54,854		31,094
Prepaid expenses, taxes and other current assets		99,275		62,792
Current assets of discontinued operations		21,989		12,279
Current assets before funds held for payroll customers		1,256,501		1,205,743
Funds held for payroll customers		357,838		323,041
Total current assets		1,614,339		1,528,784
Property and equipment, net		208,548		232,194
Goodwill, net		509,499		508,855
Purchased intangible assets, net		69,678		93,904
Long-term deferred income taxes		118,475		161,502
Loans to executive officers and other employees		9,245		15,809
Other assets		30,078		17,510
Long-term assets of discontinued operations		156,589		172,183
Total assets	$	2,716,451	$	2,730,741
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	65,812	$	68,303
Accrued compensation and related liabilities		144,823		132,004
Deferred revenue		279,382		207,196
Income taxes payable		30,423		56,828
Other current liabilities		103,131		82,944
Current liabilities of discontinued operations		21,995		21,612
Current liabilities before payroll customer fund deposits		645,566		568,887
Payroll customer fund deposits		357,838		323,041
Total current liabilities		1,003,404		891,928
Long-term obligations		17,308		16,106
Long-term obligations of discontinued operations		240		288
Stockholders’ equity		1,695,499		1,822,419
Total liabilities and stockholders’ equity	$	2,716,451	$	2,730,741

Table D
INTUIT INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

	Three Months Ended						Twelve Months Ended
	July 31,			July 31,			July 31,			July 31,
	2005			2004			2005			2004
Cash flows from operating activities:
Net income (loss)	$	(19,996	)	$	(42,104	)	$	381,627		$	317,030
Net (income) loss from discontinued operations		(2,571	)		14,836			(6,644	)		6,292
Net income (loss) from continuing operations		(22,567	)		(27,268	)		374,983			323,322
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by (used in) operating activities:
Depreciation		22,723			20,165			99,970			77,261
Acquisition-related charges		3,969			4,995			16,545			23,435
Amortization of purchased assets		2,542			2,542			10,251			10,186
Amortization of other purchased intangible assets		2,137			1,601			8,123			5,982
Amortization of deferred compensation not related to acquisitions		1,119			1,558			5,489			6,232
Charge for vacant facilities		—			729			—			729
(Gain) loss on disposal of property and equipment		188			359			(492	)		2,750
Amortization of premiums and discounts on available-for-sale debt securities		2,318			3,291			10,633			12,449
Net realized (gain) loss on sales of available-for-sale debt securities		927			(6	)		2,546			(391	)
Net gain from marketable securities and other investments		(4,883	)		(1,385	)		(5,225	)		(1,729	)
Deferred income taxes		60,756			66,702			18,460			66,702
Tax benefit from employee stock options		12,169			1,098			26,372			27,061
(Gain) loss on foreign exchange transactions		475			450			67			(2,651	)
Subtotal		81,873			74,831			567,722			551,338
Changes in operating assets and liabilities:
Accounts receivable		44,872			47,038			(4,708	)		(2,037	)
Prepaid expenses and other current assets		(43,450	)		(7,581	)		(40,409	)		(23,517	)
Accounts payable		(28,716	)		(7,429	)		(3,060	)		12,287
Accrued compensation and related liabilities		26,332			20,712			12,568			15,112
Deferred revenue		83,314			68,763			72,069			39,806
Income taxes payable		(215,640	)		(174,334	)		(31,301	)		(62,577	)
Other liabilities		(49,934	)		(61,549	)		17,123			22,101
Total changes in operating assets and liabilities		(183,222	)		(114,380	)		22,282			1,175
Net cash provided by (used in) operating activities of continuing operations		(101,349	)		(39,549	)		590,004			552,513
Net cash provided by (used in) operating activities of discontinued operations		(9,410	)		10,167			7,700			26,350
Net cash provided by (used in) operating activities		(110,759	)		(29,382	)		597,704			578,863
Cash flows from investing activities:
Purchases of available-for-sale debt securities		(908,817	)		(529,814	)		(2,937,586	)		(3,554,863	)
Liquidation and maturity of available-for-sale debt securities		1,134,645			693,586			3,007,528			3,490,533
Net change in funds held for payroll customers’ money market funds and other cash equivalents		3,394			(19	)		(34,797	)		77,166
Purchases of property and equipment		(13,218	)		(32,072	)		(69,535	)		(117,623	)
Proceeds from sale of property		—			—			3,151			—
Proceeds from sale of long-term investments		4,667			—			4,667			—
Change in other assets		(1,001	)		939			(5,446	)		936
Net change in payroll customer funds deposits		(3,394	)		19			34,797			17,034
Acquisitions of businesses and intangible assets, net of cash acquired		(181	)		(3,573	)		(4,337	)		(121,359	)
Net cash provided by (used in) investing activities of continuing operations		216,095			129,066			(1,558	)		(208,176	)
Acquisition of intangible assets of discontinued operation		—			760			—			(2,190	)
Net proceeds from sale of discontinued operations		—			—			9,619			—
Net cash provided by (used in) investing activities		216,095			129,826			8,061			(210,366	)
Cash flows from financing activities:
Change in long-term obligations		(1,116	)		(7,827	)		(4,009	)		(18,971	)
Net proceeds from issuance of common stock under stock plans		68,392			14,250			165,797			119,140
Purchase of treasury stock		(209,220	)		(98,683	)		(709,887	)		(610,184	)
Net cash used in financing activities		(141,944	)		(92,260	)		(548,099	)		(510,015	)
Effect of exchange rates on cash and cash equivalents		(309	)		115			184			172
Net increase (decrease) in cash and cash equivalents		(36,917	)		8,299			57,850			(141,346	)
Cash and cash equivalents at beginning of period		120,759			17,693			25,992			167,338
Cash and cash equivalents at end of period	$	83,842		$	25,992		$	83,842		$	25,992

Table E1
INTUIT INC.

RECONCILIATION OF GUIDANCE FOR NON-GAAP FINANCIAL MEASURES
TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS
(All Figures Except GAAP EPS Exclude Intuit Information Technology Solutions)
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ending October 31, 2005
	Non-GAAP									GAAP
	Range of Estimate									Range of Estimate
	From			To			Adjustments			From			To
Revenue	$	270,000		$	285,000		$	—		$	270,000		$	285,000
Operating loss		(95,000	)		(85,000	)		(26,100	) [a]		(121,100	)		(111,100	)
Diluted loss per share	$	(0.35	)	$	(0.30	)	$	(0.08	) [b]	$	(0.43	)	$	(0.38	)
Shares		178,000			179,000			—			178,000			179,000

	Three Months Ending January 31, 2006
	Non-GAAP							GAAP
	Range of Estimate							Range of Estimate
	From		To		Adjustments			From		To
Revenue	$	670,000	$	710,000	$	—		$	670,000	$	710,000
Diluted earnings per share	$	0.75	$	0.85	$	(0.09	) [c]	$	0.66	$	0.76

	Three Months Ending April 30, 2006
	Non-GAAP							GAAP
	Range of Estimate							Range of Estimate
	From		To		Adjustments			From		To
Revenue	$	890,000	$	950,000	$	—		$	890,000	$	950,000
Diluted earnings per share	$	1.75	$	2.00	$	(0.08	) [d]	$	1.67	$	1.92

	Three Months Ending July 31, 2006
	Non-GAAP									GAAP
	Range of Estimate									Range of Estimate
	From			To			Adjustments			From			To
Revenue	$	300,000		$	330,000		$	—		$	300,000		$	330,000
Diluted loss per share	$	(0.15	)	$	(0.10	)	$	(0.08	) [e]	$	(0.23	)	$	(0.18	)

	Twelve Months Ending July 31, 2006
	Non-GAAP							GAAP
	Range of Estimate							Range of Estimate
	From		To		Adjustments			From		To
Revenue	$	2,180,000	$	2,240,000	$	—		$	2,180,000	$	2,240,000
Operating income		595,000		617,000		(93,800	) [f]		501,200		523,200
Diluted earnings per share	$	2.19	$	2.29	$	(0.33	) [g]	$	1.86	$	1.96
Shares		179,000		181,000		—			179,000		181,000

[a]	Reflects estimated adjustments for amortization of purchased assets of approximately $2.4 million, acquisition-related charges of approximately $4.5 million and stock-based compensation expense of approximately $19.2 million.
[b]	Reflects the adjustments in item [a], the income tax benefit related to these adjustments and estimated net income from discontinued operations of $3.2 million.
[c]	Reflects estimated adjustments for amortization of purchased assets of approximately $2.1 million, acquisition-related charges of approximately $4.3 million, stock-based compensation expense of approximately $17.7 million and the income tax benefit related to these adjustments.

[d]	Reflects estimated adjustments for amortization of purchased assets of approximately $1.6 million, acquisition-related charges of approximately $4.0 million, stock-based compensation expense of approximately $16.6 million and the income tax benefit related to these adjustments.
[e]	Reflects estimated adjustments for amortization of purchased assets of approximately $1.5 million, acquisition-related charges of approximately $3.6 million, stock-based compensation expense of approximately $16.3 million and the income tax benefit related to these adjustments.
[f]	Reflects estimated adjustments for amortization of purchased assets of approximately $7.6 million, acquisition-related charges of approximately $16.4 million and stock-based compensation expense of approximately $69.8 million.
[g]	Reflects the adjustments in item [f], the income tax benefit related to these adjustments and estimated net income from discontinued operations of $3.2 million.

Tables E1 and E2 reconcile the differences between the non-GAAP financial measures presented in the accompanying document entitled “Intuit Facts” and the most directly comparable GAAP financial measures. These non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. Intuit’s management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Intuit’s operating results because they exclude amounts that are not related to Intuit’s core operating results. In addition, these non-GAAP financial measures exclude estimated expenses for stock-based compensation and the associated taxes that Intuit will begin recording under SFAS 123(R) in the first quarter of fiscal 2006. These estimated stock-based compensation expenses and the associated taxes are excluded from non-GAAP financial measures in order to facilitate the comparison of guidance for future periods with results for past periods, which did not include such stock-based compensation expenses. Intuit’s management refers to these non-GAAP financial measures in assessing the performance of Intuit’s ongoing operations and for planning and forecasting in future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Intuit’s historical operating results. In addition, Intuit has historically reported similar non-GAAP financial measures and believes that the inclusion of comparative numbers provides consistency in its financial reporting. Intuit computes non-GAAP financial measures using the same consistent method from quarter to quarter and year to year.

The reconciliations of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in this Table E1 include all information reasonably available to Intuit at the date of this press release. This table includes adjustments that management can reasonably predict. Intuit’s non-GAAP financial measures exclude amortization of purchased assets, acquisition-related charges, gains and losses on marketable securities and discontinued operations. 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 E2
INTUIT INC.

RECONCILIATION OF SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES
TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)
(Unaudited)

	Non-
	GAAP			Adjustments				GAAP
Three months ended October 31, 2003
Operating loss	$	(84,977	)	$	(8,311	)	[a]	$	(93,288	)
Diluted loss per share	$	(0.26	)	$	(0.01	)	[b]	$	(0.27	)
Three months ended January 31, 2004
Operating income	$	223,346		$	(9,083	)	[c]	$	214,263
Diluted earnings per share	$	0.75		$	(0.02	)	[d]	$	0.73
Three months ended April 30, 2004
Operating income	$	350,766		$	(8,690	)	[e]	$	342,076
Diluted earnings per share	$	1.18		$	0.15		[f]	$	1.33
Three months ended July 31, 2004
Operating loss	$	(36,031	)	$	(7,537	)	[g]	$	(43,568	)
Diluted loss per share	$	(0.09	)	$	(0.13	)	[h]	$	(0.22	)
Twelve months ended July 31, 2004
Operating income	$	453,104		$	(33,621	)	[i]	$	419,483
Diluted earnings per share	$	1.59		$	(0.01	)	[j]	$	1.58
Three months ended October 31, 2004
Operating loss	$	(75,169	)	$	(6,982	)	[k]	$	(82,151	)
Diluted loss per share	$	(0.25	)	$	0.01		[l]	$	(0.24	)
Three months ended January 31, 2005
Operating income	$	224,983		$	(6,795	)	[m]	$	218,188
Diluted earnings per share	$	0.79		$	(0.02	)	[n]	$	0.77
Three months ended April 30, 2005
Operating income	$	428,722		$	(6,508	)	[o]	$	422,214
Diluted earnings per share	$	1.53		$	0.08		[p]	$	1.61
Three months ended July 31, 2005
Operating loss	$	(27,642	)	$	(6,511	)	[q]	$	(34,153	)
Diluted loss per share	$	(0.08	)	$	(0.03	)	[r]	$	(0.11	)
Twelve months ended July 31, 2005
Operating income	$	550,894		$	(26,796	)	[s]	$	524,098
Diluted earnings per share	$	1.99		$	0.04		[t]	$	2.03

[a]	Reflects adjustments for amortization of purchased software of $2.5 million and amortization of purchased intangible assets of $5.8 million.
[b]	Reflects the adjustments in item [a], an adjustment for net gains on marketable securities of $0.1 million and income taxes related to these adjustments as well as net income from discontinued operations of $2.5 million.

[c]	Reflects adjustments for amortization of purchased software of $2.6 million and amortization of purchased intangible assets of $6.5 million.
[d]	Reflects the adjustments in item [c], an adjustment for net gains on marketable securities of $0.1 million and income taxes related to these adjustments as well as net income from discontinued operations of $2.9 million.
[e]	Reflects adjustments for amortization of purchased software of $2.5 million and amortization of purchased intangible assets of $6.2 million.
[f]	Reflects the adjustments in item [e], an adjustment for net gains on marketable securities of $0.1 million and income taxes related to these adjustments. Also reflects an adjustment to exclude the GAAP release of certain tax reserves as well as net income from discontinued operations of $3.2 million.
[g]	Reflects adjustments for amortization of purchased software of $2.5 million and amortization of purchased intangible assets of $5.0 million.
[h]	Reflects the adjustments in item [g], an adjustment for net gains on marketable securities of $1.4 million and income taxes related to these adjustments as well as net loss from discontinued operations of $14.8 million.
[i]	Reflects adjustments for amortization of purchased software of $10.2 million and amortization of purchased intangible assets of $23.4 million.
[j]	Reflects the adjustments in item [i], an adjustment for net gains on marketable securities of $1.7 million and income taxes related to these adjustments as well as net loss from discontinued operations of $6.3 million.
[k]	Reflects adjustments for amortization of purchased software of $2.6 million and amortization of purchased intangible assets of $4.4 million.
[l]	Reflects the adjustments in item [k], an adjustment for net gains on marketable securities of $0.2 million and income taxes related to these adjustments. Also reflects an adjustment to exclude certain GAAP tax benefits as well as net loss from discontinued operations of $0.6 million.
[m]	Reflects adjustments for amortization of purchased software of $2.6 million and amortization of purchased intangible assets of $4.2 million.
[n]	Reflects the adjustments in item [m], an adjustment for net gains on marketable securities of $0.1 million and income taxes related to these adjustments as well as net income from discontinued operations of $2.3 million.
[o]	Reflects adjustments for amortization of purchased software of $2.5 million and amortization of purchased intangible assets of $4.0 million.
[p]	Reflects the adjustments in item [o], an adjustment for net gains on marketable securities of $0.1 million and income taxes related to these adjustments as well as net income from discontinued operations of $2.4 million.
[q]	Reflects adjustments for amortization of purchased software of $2.5 million and amortization of purchased intangible assets of $4.0 million.
[r]	Reflects the adjustments in item [q], an adjustment for net gains on marketable securities of $4.9 million and income taxes related to these adjustments as well as net income from discontinued operations of $2.6 million.
[s]	Reflects adjustments for amortization of purchased software of $10.3 million and amortization of purchased intangible assets of $16.5 million.
[t]	Reflects the adjustments in item [s], an adjustment for net gains on marketable securities of $5.2 million and income taxes related to these adjustments as well as net income from discontinued operations of $6.6 million.

Intuit Facts	Intuit Inc.
Q4/FY05 & FY04	Investor Relations (650) 944-5401
	NASDAQ: INTU

Financial Summary
($ millions)

	Q1 FY04			Q2 FY04			Q3 FY04			Q4 FY04			FY04			Q1 FY05			Q2 FY05			Q3 FY05			Q4 FY05			FY05
Revenue:
Small & Medium Business
QuickBooks Related	$	129.9		$	201.4		$	169.9		$	152.7		$	653.9		$	145.6		$	222.3		$	196.6		$	188.4		$	753.0
% change YOY		19	%		16	%		27	%		13	%		18	%		12	%		10	%		16	%		23	%		15	%
Intuit-Branded Small Business	$	47.0		$	55.6		$	51.7		$	52.6		$	206.9		$	53.5		$	60.7		$	56.4		$	60.2		$	230.7
% change YOY		18	%		9	%		9	%		10	%		11	%		14	%		9	%		9	%		14	%		11	%
Tax
Consumer Tax	$	5.2		$	130.0		$	344.7		$	10.1		$	490.0		$	5.0		$	141.1		$	419.0		$	5.6		$	570.7
% change YOY		-15	%		36	%		10	%		19	%		16	%		-3	%		9	%		22	%		-45	%		16	%
Professional Tax	$	6.9		$	156.8		$	82.5		$	5.7		$	251.9		$	7.4		$	150.6		$	99.8		$	7.2		$	265.0
% change YOY		7	%		4	%		3	%		-9	%		3	%		7	%		-4	%		21	%		27	%		5	%
Other Businesses	$	38.2		$	76.8		$	47.6		$	36.9		$	199.5		$	41.2		$	73.5		$	63.1		$	40.5		$	218.3
% change YOY		-9	%		4	%		6	%		16	%		4	%		8	%		-4	%		32	%		10	%		9	%
Total Revenue	$	227.2		$	620.6		$	696.4		$	258.0		$	1,802.2		$	252.8		$	648.2		$	834.9		$	301.9		$	2,037.7
% change YOY		11	%		14	%		12	%		12	%		13	%		11	%		4	%		20	%		17	%		13	%
GAAP Operating Income (Loss)	($	93.3	)	$	214.3		$	342.1		($	43.6	)	$	419.5		($	82.2	)	$	218.2		$	422.2		($	34.2	)	$	524.1
Non-GAAP Operating Income (Loss)[A]	($	85.0	)	$	223.3		$	350.8		($	36.0	)	$	453.1		($	75.2	)	$	225.0		$	428.7		($	27.6	)	$	550.9
Non-GAAP Operating Margin %[A]	NA				36	%		50	%	NA				25	%	NA				35	%		51	%	NA				27	%
Interest and Other Income[B]	$	7.4		$	6.8		$	4.7		$	11.4		$	30.4		$	3.9		$	3.0		$	5.7		$	14.2		$	26.7
GAAP EPS[C]	($	0.27	)	$	0.73		$	1.33		($	0.22	)	$	1.58		($	0.24	)	$	0.77		$	1.61		($	0.11	)	$	2.03
Non-GAAP EPS[A]	($	0.26	)	$	0.75		$	1.18		($	0.09	)	$	1.59		($	0.25	)	$	0.79		$	1.53		($	0.08	)	$	1.99
Basic Share Count		198.7			197.7			194.5			190.9			195.5			188.3			186.3			183.4			180.3			184.6
Fully Diluted Share Count		NA			203.4			198.7			NA			200.1			NA			190.1			186.9			NA			188.4
GAAP Tax Rate[C]		34	%		34	%		25	%		11	%		28	%		42	%		34	%		30	%		NA			33	%
Non-GAAP Tax Rate[A]		34	%		34	%		34	%		34	%		34	%		34	%		34	%		34	%		NA			35	%

Corporate Metrics

	Q4/04		FYE/04		Q4/05		FYE/05
Capital Expenditure	$	32.1M	$	117.6M	$	13.2M	$	69.5M
Depreciation	$	20.2M	$	77.3M	$	22.7M	$	100.0M
Common Stock Outst.		190.1M		190.1M		179.3M		179.3M
Full Time Employees		6,513		6,513		6,915		6,915

Portfolio and Segment Composition

                         Small & Medium Business

QuickBooks Related

QuickBooks Software

QuickBooks Standard Payroll

QuickBooks Enhanced Payroll

QuickBooks Enhanced Payroll Plus

Financial Supplies

Innovative Merchant Solutions

QuickBooks Support Programs

Point of Sale

Intuit-Branded Small Business

Complete Payroll

QuickBooks Assisted Payroll

Premier Payroll

Intuit Real Estate Solutions (MRI)

Intuit Distribution Management Solutions (Eclipse)

Intuit Construction Business Solutions

                         Tax

Consumer Tax

TurboTax

Professional Tax

ProSeries

Lacerte

                         Other

Other Businesses

Quicken

Canada/UK

Note:	All amounts except GAAP EPS exclude information related to Intuit Public Sector Solutions, which we divested in December 2004, and Intuit Information Technology Solutions, which we expect to divest in the first quarter of fiscal 2006.
[A]	These are non-GAAP financial measures. See tables B1, B2, E1 and E2 of the accompanying press release for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.
[B]	Interest and other income includes $7.5 million in variable royalty income from the purchaser of our former Quicken Loans business in each of Q4 FY04 and Q4 FY05.
[C]	The GAAP tax rate and GAAP EPS for Q3 FY04 and fiscal 2004 and for Q3 FY05 and fiscal 2005 include the reversal of reserves related to potential income tax exposures that have been resolved.
	The non-GAAP tax rate and non-GAAP EPS do not reflect the benefit of those reserve reversals.

Page 1

Intuit Facts	Intuit Inc.
	Investor Relations (650) 944-5401 NASDAQ: INTU

Business Metrics

Units in thousands, except where noted	FY03			Q1/FY04			Q2/FY04			Q3/FY04			Q4/FY04			FY04			Q1/FY05			Q2/FY05			Q3/FY05			Q4/FY05			FY05
QuickBooks Related[D]
Simple Start, Basic and Pro		998			163			262			312			205			942			152			318			325			223			1,018
Premier units		122			26			62			60			44			192			32			67			53			39			191
Enterprise units		4			1			1			1			2			5			2			3			3			2			10
Total QuickBooks software units sold		1,124			190			325			373			251			1,139			186			388			381			264			1,219
Net increase in Quickbooks software subscriptions[E]		7			1			3			4			2			10			5			54			45			33			137
Total Quickbooks software units and increase in subscriptions[E]		1,131			191			328			377			253			1,149			191			442			426			297			1,356
Total Quickbooks software subscription customers[E]		11			12			15			19			21			21			26			80			125			158			158
Sell Thru Channel Mix[F]
% of dollars at retail		54	%		59	%		49	%		48	%		53	%		51	%		62	%		47	%		49	%		50	%		51	%
QuickBooks Retail Share[G]
Unit share FYTD		82	%		78	%		82	%		83	%		83	%		83	%		83	%		86	%		88	%		88	%		88	%
Dollar share FYTD		89	%		85	%		89	%		90	%		91	%		91	%		89	%		90	%		92	%		92	%		92	%
QuickBooks do-it-yourself payroll (customers)		739			753			776			806			807			807			816			837			844			837			837
Intuit-Branded Small Business (selected)
Outsourced Payroll Customers
Premier		24			24			23			22			21			21			20			19			17			15			15
Branded Outsourced (Assisted & Complete)		43			45			48			50			51			51			51			53			54			54			54
Total Outsourced Payroll Customers		67			69			71			72			72			72			71			72			71			69			69
Consumer Tax[D]
Federal TurboTax (millions)
Desktop units retail		4.2		NM				2.4			2.3		NM				4.7		NM				2.6			2.7		NM				5.3
Desktop units direct		1.9		NM				1.2			0.5		NM				1.7		NM				1.1			0.6		NM				1.7
Web units paid		2.4		NM				0.4			2.4		NM				2.8		NM				0.6			2.7		NM				3.4
Free File Alliance		1.3		NM				0.1			0.6		NM				0.7		NM				0.4			1.8		NM				2.2
Total TurboTax federal units		9.8		NM				4.1			5.8		NM				9.9		NM				4.7			7.8		NM				12.6
TurboTax Efile returns (millions)		12.3		NM				1.3			11.6			0.2			13.1		NM				1.8			14.4			0.1			16.3
Sell-Thru Channel Mix[F]
% of dollars at retail		36	%	NM				51	%		30	%	NM				36	%	NM				55	%		26	%	NM				34	%
Federal TurboTax retail share[H]
Unit share FYTD		71	%	NM				71	%		72	%		72	%		72	%	NM				75	%		79	%		79	%		79	%
Dollar share FYTD		79	%	NM				81	%		82	%		82	%		82	%	NM				81	%		85	%		85	%		85	%
Professional Tax
Professional Tax units		96		NM				90			7		NM				97		NM				94			12		NM				106
Efile returns (millions)		8.7			0.2			0.6			12.7			0.4			13.9			0.7			0.7			15.6			0.6			17.6

[D]	Sales to end users (sell-through) by Intuit and via retailers and distributors for which Intuit relies on reports from these merchants. These numbers include estimates, including estimates of sales by merchants who do not report sales to Intuit.
[E]	Includes QuickBooks Online Edition, QuickBooks Pro and QuickBooks Premier from Enhanced Payroll Plus subscription units.
[F]	Estimate based on subset of retailers reporting.
[G]	Sources: NPD Group Monthly Retail Software Report through June 2005 and NPD Group Weekly Retail Software reports for July 2005.
[H]	Sources: NPD Group Monthly Retail Software Report through April 2005.

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Intuit Facts	Intuit Inc.
FY06 Financial Outlook[I], [J]	Investor Relations (650) 944-5401
	NASDAQ: INTU

Guidance
($ millions)

	Guidance	Guidance	Guidance	Guidance	Guidance	Historical
	Q1 FY06	Q2 FY06	Q3 FY06	Q4 FY06	FY06	FY05
Revenue:
Small & Medium Business
QuickBooks Related					$791-$828	$	753.0
% change YOY					5%-10%		15	%
Intuit-Branded Small Business					$242-$254	$	230.7
% change YOY					5%-10%		11	%
Tax
Consumer Tax					$628-$656	$	570.7
% change YOY					10%-15%		16	%
Professional Tax					$265-$278	$	265.0
% change YOY					0%-5%		5	%
Other Businesses					$229-$240	$	218.3
% change YOY					5%-10%		9	%
Total Revenue	$270-$285	$670-$710	$890-$950	$300-$330	$2,180-$2,240	$	2,037.7
% change YOY	7%-13%	3%-10%	7%-14%	(1%)-9%	7%-10%		13	%
GAAP Operating Income (Loss)	($121)-($111)				$501-$523	$	524.1
Non-GAAP Operating Income (Loss)[A]	($95)-($85)				$595-$617	$	550.9
Non-GAAP Operating Margin %[A]	NA				27%-28%		27	%
GAAP EPS[C] [K]	($0.43)-($0.38)	$0.66-$0.76	$1.67-$1.92	($0.23)-($0.18)	$1.86 - $1.96	$	2.03
Non-GAAP EPS[A]	($0.35)-($0.30)	$0.75-$0.85	$1.75-$2.00	($0.15)-($0.10)	$2.19 - $2.29	$	1.99
Basic Share Count	178-179				174-176		184.6
Fully Diluted Share Count	NA				179-181		188.4
GAAP Tax Rate[C] [K]	35%				35%		33	%
Non-GAAP Tax Rate[A]	35%				35%		35	%

Portfolio and Segment Composition

                         Small & Medium Business

QuickBooks Related

QuickBooks Software

QuickBooks Standard Payroll

QuickBooks Enhanced Payroll

QuickBooks Enhanced Payroll Plus

Financial Supplies

Innovative Merchant Solutions

QuickBooks Support Programs

Point of Sale

Intuit-Branded Small Business

Complete Payroll

QuickBooks Assisted Payroll

Premier Payroll

Intuit Real Estate Solutions (MRI)

Intuit Distribution Management Solutions (Eclipse)

Intuit Construction Business Solutions

                         Tax

Consumer Tax

TurboTax

Professional Tax

ProSeries

Lacerte

                         Other

Other Businesses

Quicken

Canada/UK

[I]	All of the numbers provided in the table entitled “Guidance,” other than those in the Historical FY05 column, are forward-looking statements.
	Please see “Cautions About Forward-Looking Statements” in the pages accompanying this fact sheet for important information to assess when evaluating these statements. Actual future results may differ materially due to a number of risks and uncertainties.
[J]	Excludes results of Intuit Information Technology Solutions (ITS). The figures in the Historical FY05 column exclude $57.0 million in ITS revenue, $23.2 million in ITS non-GAAP operating income, $20.8 million in ITS GAAP operating income and $0.08 in ITS non-GAAP EPS.
[K]	In accordance with accounting rules, GAAP EPS includes ITS for all periods presented. The GAAP tax rate and GAAP EPS for fiscal 2005 also include the reversal of reserves related to potential income tax exposures that have been resolved. The non-GAAP tax rate and Non-GAAP EPS do not reflect the benefit of those reserve reversals.

Page 3