[August 21, 2008]

Intuit Fiscal 2008 Revenue Grows 15 Percent

MOUNTAIN VIEW, Calif. --(Business Wire)-- Intuit Inc. (Nasdaq:INTU) today announced fourth-quarter revenue of $478 million, an 11 percent increase over the year-ago quarter. Revenue for fiscal year 2008, which ended July 31, was $3.1 billion, a 15 percent increase over the prior year.

"We had another successful tax season and a solid finish in small business," said Brad Smith, Intuit's president and chief executive officer. "With our focus on innovation and on solving customer problems with connected services, we are looking forward to another strong year in fiscal 2009."

Fiscal 2008 Financial Highlights

-- Revenue of $3.1 billion increased 15 percent from fiscal 2007. Growth was driven by strong performance in Intuit's tax business and the acquisition of Digital Insight in February 2007.

-- GAAP (Generally Accepted Accounting Principles) operating income of $651 million increased 2 percent from fiscal 2007. GAAP diluted earnings per share of $1.41 increased 14 percent from fiscal 2007.

-- Non-GAAP operating income of $856 million increased 12 percent from fiscal 2007. Non-GAAP diluted earnings per share of $1.60 increased 12 percent from fiscal 2007.

Fiscal 2008 Business Segment Results

-- QuickBooks revenue was $622 million, an increase of 6 percent from the prior year.

-- Payroll and Payments revenue was $561 million, an increase of 9 percent from the prior year.

-- Consumer Tax revenue was $929 million, an increase of 14 percent from the prior year.

-- Accounting Professionals revenue was $327 million, an increase of 4 percent from the prior year. This segment was formerly known as Professional Tax.

-- Financial Institutions revenue was $299 million and includes the results of Digital Insight, which was acquired on Feb. 6, 2007.

-- Other Businesses revenue was $334 million, an increase of 14 percent from the prior year.

Fourth-Quarter 2008 Financial Highlights

-- Revenue of $478 million increased 11 percent from the year-ago quarter.

-- GAAP operating loss of $94 million compared with a GAAP operating loss of $57 million in the year-ago quarter. GAAP loss per share of $0.19 compared with a GAAP loss per share of $0.04 in the year-ago quarter.

-- Non-GAAP operating loss of $41 million compared with a non-GAAP operating loss of $17 million in the year-ago quarter. Non-GAAP loss per share of $0.08 compared with a non-GAAP loss per share of $0.02 in the year-ago quarter.

Intuit typically posts a seasonal loss in its fourth quarter when there is little revenue from its tax businesses but expenses remain relatively constant. The 2008 loss includes a $23 million pretax charge for severance and facilities closures. The 2007 loss includes a pretax gain of $31 million from the sale of outsourced payroll assets.

Forward-looking Guidance

Intuit provided its financial guidance for fiscal 2009, which will end on July 31, 2009. The company expects:

-- Revenue of $3.35 billion to $3.43 billion, or growth of 9 percent to 12 percent.

-- Non-GAAP operating income of $970 million to $990 million, or growth of 13 percent to 16 percent. GAAP operating income is expected to be $724 million to $744 million.

-- Non-GAAP diluted earnings per share, or EPS, is expected to be $1.86 to $1.90, or growth of 16 percent to 19 percent. GAAP diluted EPS is expected to be $1.41 to $1.45.

Fiscal 2009 Business Segment Guidance

Intuit's expected results for its business segments for fiscal 2009 are:

-- QuickBooks revenue of $670 million to $695 million, or growth of 8 percent to 12 percent.

-- Payroll and Payments revenue of $639 million to $662 million, or growth of 14 percent to 18 percent.

-- Consumer Tax revenue of $1.0 billion to $1.04 billion, or growth of 8 percent to 12 percent.

-- Accounting Professionals revenue of $345 million to $358 million, or growth of 5 percent to 9 percent.

-- Financial Institutions revenue of $313 million to $325 million, or growth of 5 percent to 9 percent.

-- Other Businesses revenue of $354 million to $367 million, or growth of 6 percent to 10 percent.

First-Quarter Fiscal 2009 Guidance

Intuit's expected results for the first quarter of 2009, which will end on Oct. 31, 2008, are:

-- Revenue of $480 million to $492 million, or growth of 8 percent to 11 percent.

-- Non-GAAP operating loss of $65 million to $50 million and a GAAP operating loss of $122 million to $107 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.

-- Non-GAAP net loss per share of $0.14 to $0.11 and a GAAP net loss per share of $0.26 to $0.23.

Webcast and Conference Call Information

A live audio webcast of Intuit's fourth-quarter 2008 conference call is available at http://www.intuit.com/about_intuit/investors/webcast.jhtml. The call begins today at 1:30 p.m. Pacific time. The replay of the audio webcast will remain on Intuit's Web site for one week after the conference call. Intuit has also posted this press release, including the attached tables and non-GAAP to GAAP reconciliations on its Web site and will post the conference call script shortly after the conference call concludes. These documents may be found at http://intuit.com/about_intuit/investors/earnings/2008/.

The conference call number is 866-814-1918 in the United States or 703-639-1362 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, or 703-925-2533 from international locations. The access code for this call is 1262029.

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

About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled "About Non-GAAP Financial Measures" as well as the related Table B and Table E which follow it. A copy of the press release issued by Intuit on August 21, 2008 can be found on the investor relations page of Intuit's Web site.

Cautions About Forward-Looking Statements

This press release contains forward-looking statements, including forecasts of Intuit's future expected financial results; its prospects for the business in fiscal 2009 and beyond; and all of the statements under the headings "Forward-looking Guidance," "Fiscal 2009 Business Segment Guidance" and "First-Quarter 2009 Guidance."

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These factors include, without limitation, the following: product introductions and price competition from our competitors can have unpredictable negative effects on our revenue, profitability and market position; governmental encroachment in our tax businesses or other governmental activities or public policy affecting the preparation and filing of tax returns could negatively affect our operating results and market position; we may not be able to successfully introduce new products and services to meet our growth and profitability objectives, and current and future products and services may not adequately address customer needs and may not achieve broad market acceptance, which could harm our operating results and financial condition; any failure to maintain reliable and responsive service levels for our offerings could cause us to lose customers and negatively impact our revenues and profitability; any significant product quality problems or delays in our products could harm our revenue, earnings and reputation; our participation in the Free File Alliance may result in lost revenue opportunities and cannibalization of our traditional paid franchise; any failure to properly use and protect personal customer information could harm our revenue, earnings and reputation; our acquisition activities may be disruptive to Intuit and may not result in expected benefits; our use of significant amounts of debt to finance acquisitions or other activities could harm our financial condition and results of operations; 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; we have implemented, and are continuing to upgrade, new information systems and any problems with these new systems could interfere with our ability to deliver products and services 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; if economic growth in the U.S. continues to slow, our customers may delay or reduce technology purchases which may harm our business, results of operations and financial condition; and litigation involving intellectual property, antitrust, shareholder and other matters may increase our costs. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2007 and in our other SEC filings. You can locate these reports through our website at http://www.intuit.com/about_intuit/investors. Forward-looking statements are based on information as of August 21, 2008, and we do not undertake any duty to update any forward-looking statement or other information in these remarks.


               Table A
              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,
              2008   2007    2008    2007
             --------- --------- ----------- -----------
Net revenue:
 Product         $219,575 $207,160 $1,496,655 $1,447,392
 Service and other     258,579  225,512  1,574,319  1,225,555
             --------- --------- ----------- -----------
  Total net revenue   478,154  432,672  3,070,974  2,672,947
             --------- --------- ----------- -----------
Costs and expenses:
 Cost of revenue:
  Cost of product
   revenue        28,883  27,026   154,147   169,101
  Cost of service and
   other revenue     108,497  90,851   414,100   309,419
  Amortization of
   purchased intangible
   assets         15,823  13,055   56,011   30,926
 Selling and marketing   180,188  154,665   859,647   742,368
 Research and development 156,730  125,902   605,818   472,516
 General and
 administrative      72,029  69,859   294,966   291,083
 Acquisition-related
 charges          10,169   8,022   35,518   19,964
             --------- --------- ----------- -----------
  Total costs and
   expenses (A)     572,319  489,380  2,420,207  2,035,377
             --------- --------- ----------- -----------
Operating income (loss)
from continuing
operations         (94,165) (56,708)  650,767   637,570
Interest expense      (11,901) (14,268)  (52,290)  (27,091)
Interest and other income  14,043  20,822   46,520   52,689
Gains on marketable equity
securities and other
investments, net        227     -    1,417    1,568
Gain on sale of outsourced
payroll assets (B)        -  31,270   51,571   31,676
             --------- --------- ----------- -----------
Income (loss) from
continuing operations
before income taxes    (91,796) (18,884)  697,985   696,412
Income tax (benefit)
provision (C)       (30,260)  (6,541)  245,579   251,607
Minority interest expense,
net of tax           324    516    1,656    1,337
             --------- --------- ----------- -----------
Net income (loss) from
continuing operations   (61,860) (12,859)  450,750   443,468
Net income (loss) from
discontinued operations
(D)               -   (781)   26,012   (3,465)
             --------- --------- ----------- -----------
Net income (loss)     $(61,860) $(13,640) $ 476,762 $ 440,003
             ========= ========= =========== ===========
Basic net income (loss)
per share from continuing
operations        $ (0.19) $ (0.04) $   1.37 $   1.29
Basic net income (loss)
per share from
discontinued operations     -     -    0.08    (0.01)
             --------- --------- ----------- -----------
Basic net income (loss)
per share         $ (0.19) $ (0.04) $   1.45 $   1.28
             ========= ========= =========== ===========
Shares used in basic per
share calculations     321,641  337,550   328,545   342,637
             ========= ========= =========== ===========
Diluted net income (loss)
per share from continuing
operations        $ (0.19) $ (0.04) $   1.33 $   1.25
Diluted net income (loss)
per share from
discontinued operations     -     -    0.08    (0.01)
             --------- --------- ----------- -----------
Diluted net income (loss)
per share         $ (0.19) $ (0.04) $   1.41 $   1.24
             ========= ========= =========== ===========
Shares used in diluted per
share calculations     321,641  337,550   339,268   355,815
             ========= ========= =========== ===========
           See accompanying Notes.


              INTUIT INC.
             NOTES TO TABLE A
(A) The following table summarizes the total share-based compensation
  expense that we recorded for continuing operations for the
  periods shown. The share-based compensation expense that we
  recorded for discontinued operations for these periods was
  nominal.


                Three Months     Twelve Months
                  Ended         Ended
               -----------------   -----------------
               July 31, July 31,   July 31, July 31,
                2008   2007     2008   2007
               -------- --------   -------- --------
Cost of product revenue    $  171 $  129   $ 1,018 $  743
Cost of service and other
revenue             1,317  1,200    6,211  3,283
Selling and marketing       9,838  5,205    37,948  23,518
Research and development     7,464  5,305    31,841  21,511
General and administrative    8,165  6,489    36,219  27,258
               -------- --------   -------- --------
Total share-based compensation $ 26,955 $ 18,328   $113,237 $ 76,313
               ======== ========   ======== ========


(B) In March 2007 we sold certain assets related to our Complete
   Payroll and Premier Payroll Service businesses to Automatic Data
   Processing, Inc. (ADP) for a price of up to approximately $135
   million in cash. The final purchase price was contingent upon
   the number of customers that transitioned to ADP pursuant to the
   purchase agreement over a period of approximately one year from
   the date of sale. In the twelve months ended July 31, 2008 we
   recorded a pre-tax net gain of $51.6 million on our statement of
   operations for customers who transitioned to ADP during that
   period. We received a total price of $93.6 million and recorded
   a total pre-tax gain of $83.2 million from the inception of this
   transaction through its completion in the third quarter of
   fiscal 2008.
  In accordance with the provisions of SFAS 144, "Accounting for
   the Impairment or Disposal of Long-Lived Assets," we did not
   account for this transaction as a discontinued operation because
   the operations and cash flows of the assets could not be clearly
   distinguished, operationally or for financial reporting
   purposes, from the rest of our outsourced payroll business. The
   assets were part of our Payroll and Payments segment.
(C) Our effective tax rate for the three months ended July 31, 2008
   was approximately 33%. Excluding one-time charges primarily
   related to an adjustment of a deferred tax asset, our effective
   tax rate for that period was 35% and did not differ
   significantly from the federal statutory rate. State income
   taxes were offset primarily by the benefit we received from tax
   exempt interest income, the domestic production activities
   deduction, and federal and state research and experimental
   credits. Our effective tax rate for the three months ended July
   31, 2007 was approximately 35% and did not differ significantly
   from the federal statutory rate. State income taxes were offset
   primarily by the benefit we received from federal and state
   research and experimental credits and tax exempt interest
   income.
  Our effective tax rate for the twelve months ended July 31, 2008
   was approximately 35% and did not differ significantly from the
   federal statutory rate. State income taxes were offset primarily
   by the benefit we received from tax exempt interest income, the
   domestic production activities deduction, and federal and state
   research and experimental credits. Our effective tax rate for
   the twelve months ended July 31, 2007 was approximately 36%.
   This differed from the federal statutory rate of 35% primarily
   due to state income taxes, which were partially offset by the
   benefit we received from federal and state research and
   experimental credits and tax exempt interest income. In
   addition, we benefited from the retroactive extension of the
   federal research and experimental credit in the fiscal 2007
   period.
(D) In August 2007 we sold our Intuit Distribution Management
   Solutions (IDMS) business for approximately $100 million in cash
   and recorded a net gain on disposal of $27.5 million. IDMS was
   part of our Other Businesses segment. In accordance with the
   provisions of SFAS 144, "Accounting for the Impairment or
   Disposal of Long-lived Assets," we determined that IDMS became a
   discontinued operation in the fourth quarter of fiscal 2007. We
   have therefore segregated the net assets and operating results
   of IDMS from continuing operations on our balance sheets and in
   our statements of operations for all periods prior to the sale.
   Assets held for sale at July 31, 2007 consisted primarily of
   goodwill and purchased intangible assets. Because IDMS operating
   cash flows were not material for any period presented, we have
   not segregated them from continuing operations on our statements
   of cash flows. We have segregated the cash impact of the gain on
   disposal of IDMS on our statement of cash flows for the twelve
   months ended July 31, 2008.
  Revenue and net loss from IDMS discontinued operations were $1.9
   million and $0.7 million for the twelve months ended July 31,
   2008. Revenue and net loss from IDMS discontinued operations
   were $12.5 million and $0.8 million for the three months ended
   July 31, 2007 and revenue and net loss were $52.0 million and
   $2.3 million for the twelve months then ended.
  We recorded net losses of $0.8 million in the second quarter of
   fiscal 2008 and $1.1 million in the third quarter of fiscal 2007
   for certain contingent liabilities that became payable to the
   purchaser of our Intuit Information Technology Solutions
   business, which we sold in December 2005.


  (A) Operating income (loss) and related operating margin as a
     percentage of revenue. We exclude share-based compensation
     expenses, amortization of purchased intangible assets and
     acquisition-related charges from our GAAP operating income
     (loss) from continuing operations and related operating
     margin in arriving at our non-GAAP operating income (loss)
     and related operating margin primarily because we do not
     consider them part of ongoing operating results when
     assessing the performance of the organization, our operating
     segments and senior management or when undertaking our
     budget and planning process. We believe that the exclusion
     of these expenses from our non-GAAP financial measures also
     facilitates the comparison of results for current periods
     and guidance for future periods with results for prior
     periods. In addition, we exclude amortization of purchased
     intangible assets and acquisition-related charges from non-
     GAAP operating income (loss) and operating margin because we
     believe that excluding these items facilitates comparisons
     to the results of other companies in our industry, which
     have their own unique acquisition histories.
  (B) Net income (loss) and net income (loss) per share (or
     earnings per share). We exclude share-based compensation
     expenses, amortization of purchased intangible assets,
     acquisition-related charges, net gains on marketable equity
     securities and other investments, gains and losses on
     disposals of businesses and assets, certain tax items as
     described above, and amounts related to discontinued
     operations from our GAAP net income (loss) and net income
     (loss) per share in arriving at our non-GAAP net income
     (loss) and net income (loss) per share. We exclude all of
     these items from our non-GAAP net income (loss) and net
     income (loss) per share primarily because we do not consider
     them part of ongoing operating results when assessing the
     performance of the organization, our operating segments and
     senior management or when undertaking our budget and
     planning process. We believe that the exclusion of these
     items from our non-GAAP financial measures also facilitates
     the comparison of results for current periods and guidance
     for future periods with results for prior periods.
    In addition, we exclude amortization of purchased intangible
     assets and acquisition-related charges from our non-GAAP net
     income (loss) and net income (loss) per share because we
     believe that excluding these items facilitates comparisons
     to the results of other companies in our industry, which
     have their own unique acquisition histories. We exclude net
     gains on marketable equity securities and other investments
     from our non-GAAP net income (loss) and net income (loss)
     per share because they are unrelated to our ongoing business
     operating results. Our non-GAAP financial measures exclude
     the income tax effects of the adjustments described above
     that relate to the current period as well as adjustments for
     similar items that relate to prior periods. We exclude the
     impact of these tax items because management believes that
     they are not indicative of our ongoing business operations.
     The effective tax rates used to calculate non-GAAP net
     income (loss) and net income (loss) per share were as
     follows: 37% for the first quarter of fiscal 2007; 36% for
     the second, third and fourth quarters of fiscal 2007; 36%
     for the first, second, third and fourth quarters of fiscal
     2008; and 36% for fiscal 2009 guidance. Finally, we exclude
     amounts related to discontinued operations from our non-GAAP
     net income (loss) and net income (loss) per share because
     they are unrelated to our ongoing business operations.


               Table B
              INTUIT INC.
      RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
       (In thousands, except per share amounts)
              (Unaudited)
               Three Months Ended Twelve Months Ended
               ------------------- -------------------
               July 31, July 31, July 31, July 31,
                2008   2007   2008   2007
               --------- --------- --------- ---------
GAAP operating income (loss)
from continuing operations  $(94,165) $(56,708) $650,767 $637,570
Amortization of purchased
intangible assets        15,823  13,055  56,011  30,926
Acquisition-related charges   10,169   8,022  35,518  19,964
Share-based compensation
expense             26,955  18,328  113,237  76,313
               --------- --------- --------- ---------
Non-GAAP operating income
(loss)            $(41,218) $(17,303) $855,533 $764,773
               ========= ========= ========= =========
GAAP net income (loss)     $(61,860) $(13,640) $476,762 $440,003
Amortization of purchased
intangible assets        15,823  13,055  56,011  30,926
Acquisition-related charges   10,169   8,022  35,518  19,964
Share-based compensation
expense             26,955  18,328  113,237  76,313
Net gains on marketable equity
securities and other
investments            (227)    -  (1,417)  (1,568)
Pre-tax gain on sale of
outsourced payroll assets      -  (31,270) (51,571) (31,676)
Income tax effect of non-GAAP
adjustments          (15,618)  (3,483) (55,181) (34,512)
Exclusion of discrete tax items  (575)   758  (5,155)  5,537
Discontinued operations        -    781  (26,012)  3,465
               --------- --------- --------- ---------
Non-GAAP net income (loss)   $(25,333) $ (7,449) $542,192 $508,452
               ========= ========= ========= =========
GAAP diluted net income (loss)
per share           $ (0.19) $ (0.04) $  1.41 $  1.24
Amortization of purchased
intangible assets         0.05   0.04   0.17   0.09
Acquisition-related charges    0.03   0.02   0.10   0.06
Share-based compensation
expense              0.08   0.05   0.33   0.21
Net gains on marketable equity
securities and other
investments             -     -     -     -
Pre-tax gain on sale of
outsourced payroll assets      -   (0.09)  (0.15)  (0.09)
Income tax effect of non-GAAP
adjustments           (0.05)    -   (0.16)  (0.11)
Exclusion of discrete tax items    -     -   (0.02)   0.02
Discontinued operations        -     -   (0.08)   0.01
               --------- --------- --------- ---------
Non-GAAP diluted net income
(loss) per share       $ (0.08) $ (0.02) $  1.60 $  1.43
               ========= ========= ========= =========
Shares used in diluted per
share calculations       321,641  337,550  339,268  355,815
               ========= ========= ========= =========


               Table C
              INTUIT INC.
        CONDENSED CONSOLIDATED BALANCE SHEETS
              (In thousands)
              (Unaudited)
                         July 31,  July 31,
                          2008    2007
                        ---------- ----------
          ASSETS
Current assets:
 Cash and cash equivalents           $ 413,340 $ 255,201
 Investments                   414,493 1,048,470
 Accounts receivable, net             127,230  131,691
 Income taxes receivable              60,564   54,178
 Deferred income taxes              101,730   84,682
 Prepaid expenses and other current assets     45,457   54,854
 Current assets of discontinued operations       -   8,515
                        ---------- ----------
   Current assets before funds held for
   customers                 1,162,814 1,637,591
 Funds held for customers             610,748  314,341
                        ---------- ----------
   Total current assets            1,773,562 1,951,932
Long-term investments                288,310     -
Property and equipment, net             507,499  298,396
Goodwill                     1,698,087 1,517,036
Purchased intangible assets, net          273,087  292,884
Long-term deferred income taxes           52,491   72,066
Other assets                     73,548   67,501
Long-term assets of discontinued operations        -   52,211
                        ---------- ----------
   Total assets                $4,666,584 $4,252,026
                        ========== ==========
   LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
 Accounts payable               $ 115,198 $ 119,799
 Accrued compensation and related liabilities   229,819  192,286
 Deferred revenue                 359,936  313,753
 Income taxes payable               16,211   33,278
 Other current liabilities            135,326  171,650
 Current liabilities of discontinued
  operations                      -   15,002
                        ---------- ----------
   Current liabilities before customer fund
   deposits                   856,490  845,768
 Customer fund deposits              610,748  314,341
                        ---------- ----------
   Total current liabilities          1,467,238 1,160,109
Long-term debt                   997,996  997,819
Other long-term obligations             121,489   57,756
                        ---------- ----------
   Total liabilities              2,586,723 2,215,684
                        ---------- ----------
Minority interest                   6,907   1,329
Stockholders' equity               2,072,954 2,035,013
                        ---------- ----------
   Total liabilities and stockholders' equity $4,666,584 $4,252,026
                        ========== ==========


               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,
             2008    2007    2008     2007
            ---------- ---------- ----------- ------------
Cash flows from
operating activities:
 Net income (loss)   $ (61,860) $ (13,640) $ 476,762 $  440,003
 Net loss from
 discontinued
 operations          -     -     755    1,140
            ---------- ---------- ----------- ------------
  Net income (loss)
   from continuing
   operations     (61,860)  (13,640)  477,517   441,143
 Adjustments to
 reconcile net income
 (loss) from
 continuing
 operations to net
 cash provided by
 (used in) operating
 activities:
  Depreciation     31,030   25,609   116,572    94,175
  Amortization     28,265   24,055   99,891    64,353
  Share-based
   compensation     26,956   18,558   113,284    77,314
  Net gains on
   marketable equity
   securities and
   other investments   (227)     -   (1,417)   (1,568)
  Gain on sale of
   outsourced
   payroll assets      -  (31,270)  (51,571)   (31,676)
  Gain on sale of
   Intuit
   Distribution
   Management
   Solutions         -     -   (45,667)      -
  Deferred income
   taxes        41,408  (27,425)   60,550   (39,200)
  Tax benefit from
   share-based
   compensation
   plans        10,135   23,972   38,226    56,081
  Excess tax benefit
   from share-based
   compensation
   plans        (2,979)  (12,682)  (20,764)   (30,913)
  Other         5,311   2,144   13,612    6,212
            ---------- ---------- ----------- ------------
    Subtotal     78,039   9,321   800,233   635,921
            ---------- ---------- ----------- ------------
  Changes in
   operating assets
   and liabilities:
    Accounts
    receivable    97,825   53,076   11,427    (3,913)
    Prepaid
    expenses,
    income taxes
    and other
    current assets  (54,923)  (43,083)  (14,360)    1,600
    Accounts
    payable     (28,212)  (6,887)  (17,504)   18,574
    Accrued
    compensation
    and related
    liabilities    50,082   43,677   28,508    3,641
    Deferred
    revenue      80,418   77,136   47,472    23,250
    Income taxes
    payable     (198,190) (158,949)  (15,147)   (1,202)
    Other
    liabilities   (64,342)  (62,196)  (10,439)   48,889
            ---------- ---------- ----------- ------------
     Total
      changes in
      operating
      assets and
      liabilities (117,342)  (97,226)   29,957    90,839
            ---------- ---------- ----------- ------------
    Net cash
    provided by
    (used in)
    operating
    activities    (39,303)  (87,905)  830,190   726,760
            ---------- ---------- ----------- ------------
Cash flows from
investing activities:
 Purchases of
 available-for-sale
 debt securities    (195,344) (488,337)  (934,335) (2,466,642)
 Liquidation of
 available-for-sale
 debt securities    176,562  557,670  1,045,321  1,997,825
 Maturities of
 available-for-sale
 debt securities     35,800   75,885   236,895   528,647
 Net change in funds
 held for customers'
 money market funds
 and other cash
 equivalents      (252,747) (149,455)  (290,462)   (51,242)
 Purchases of property
 and equipment     (88,873)  (63,949)  (306,127)  (153,257)
 Net change in
 customer fund
 deposits        252,747   55,255   290,462   (42,958)
 Acquisitions of
 businesses and
 intangible assets,
 net of cash acquired  (1,686)  (2,515)  (264,525) (1,271,791)
 Cash received from
 acquirer of
 outsourced payroll
 assets            4   10,588   34,883    54,900
 Proceeds from
 divestiture of
 businesses          -     -   97,147      -
 Other           6,022    (578)   4,691    (7,958)
            ---------- ---------- ----------- ------------
   Net cash used in
   investing
   activities of
   continuing
   operations     (67,515)  (5,436)  (86,050) (1,412,476)
  Net cash provided
   by (used in)
   investing
   activities of
   discontinued
   operations        -   (1,140)    (755)   19,849
            ---------- ---------- ----------- ------------
   Net cash used in
   investing
   activities     (67,515)  (6,576)  (86,805) (1,392,627)
            ---------- ---------- ----------- ------------
Cash flows from
financing activities:
 Proceeds from bridge
 credit facility       -     -      -  1,000,000
 Retirement of bridge
 credit facility       -     -      -  (1,000,000)
 Issuance of long-term
 debt, net of
 discounts          -     -      -   997,755
 Net proceeds from
 issuance of common
 stock under stock
 plans          47,715   60,442   194,661   211,370
 Purchase of treasury
 stock            -     -  (799,998)  (506,751)
 Excess tax benefit
 from share-based
 compensation plans    2,979   12,682   20,764    30,913
 Issuance of
 restricted stock
 units pursuant to
 Management Stock
 Purchase Plan        -     -    2,284      -
 Other          (1,148)   8,195   (4,220)     573
            ---------- ---------- ----------- ------------
   Net cash provided
   by (used in)
   financing
   activities     49,546   81,319  (586,509)   733,860
            ---------- ---------- ----------- ------------
Effect of exchange
rates on cash and cash
equivalents         (892)   3,790    1,263    7,607
            ---------- ---------- ----------- ------------
Net increase (decrease)
in cash and cash
equivalents       (58,164)  (9,372)  158,139    75,600
Cash and cash
equivalents at
beginning of period   471,504  264,573   255,201   179,601
            ---------- ---------- ----------- ------------
Cash and cash
equivalents at end of
period         $ 413,340 $ 255,201 $ 413,340 $  255,201
            ========== ========== =========== ============


               Table E
              INTUIT INC.
 RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL
               MEASURES
  TO PROJECTED GAAP REVENUE, OPERATING INCOME (LOSS), AND EPS
       (In thousands, except per share amounts)
              (Unaudited)
              Forward-Looking Guidance
     ------------------------------------------------------------
         GAAP                Non-GAAP
      Range of Estimate          Range of Estimate
     -----------------------       -----------------------
      From     To   Adjustments   From     To
     ----------------------- ------------ -----------------------
Three
Months
Ending[FEED_C
RLF]October
31, 2008
Revenue  $ 480,000 $ 492,000 $   -   $ 480,000 $ 492,000
Operating
loss   $ (122,000) $ (107,000) $ 57,000 (a) $ (65,000) $ (50,000)
Diluted
loss per
share  $  (0.26) $  (0.23) $  0.12 (b) $  (0.14) $  (0.11)
Shares    321,000   323,000     -    321,000   323,000
Twelve
Months
Ending
July 31,
2009
Revenue  $3,350,000 $3,430,000 $   -   $3,350,000 $3,430,000
Operating
income  $ 724,000 $ 744,000 $246,000 (c) $ 970,000 $ 990,000
Operating
margin      22%     22%    7%(c)     29%     29%
Diluted
earnings
per
share  $   1.41 $   1.45 $  0.45 (d) $   1.86 $   1.90
Shares    328,000   331,000     -    328,000   331,000


(a) Reflects estimated adjustments for share-based compensation
   expense of approximately $32 million; amortization of purchased
   intangible assets of approximately $15 million; and acquisition-
   related charges of approximately $10 million.
(b) Reflects the estimated adjustments in item (a) and income taxes
   related to these adjustments.
(c) Reflects estimated adjustments for share-based compensation
   expense of approximately $148 million; amortization of purchased
   intangible assets of approximately $60 million; and acquisition-
   related charges of approximately $38 million.
(d) Reflects the estimated adjustments in item (c) and income taxes
   related to these adjustments.

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