8-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

March 25, 2003
(Date of report)

March 20, 2003
(Date of earliest event reported)

INTUIT INC.
(Exact Name of Registrant as Specified in its Charter)

Delaware	000-21180	77-0034661
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2535 Garcia Avenue
Mountain View, CA 94043
(Address of Principal Executive Offices)
(Zip Code)

Registrant’s telephone number, including area code: (650) 944-6000

TABLE OF CONTENTS

	ITEM 5. OTHER EVENTS.
	ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS.
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99.1
EXHIBIT 99.2

ITEM 5. OTHER EVENTS.

Update of Fiscal 2003 Guidance

On March 20, 2003, Intuit Inc. (the “Company”) announced that it had revised its fiscal 2003 guidance to reflect the impact of the nation’s economic slowdown on its business. A copy of the press release updating the Company’s FY 2003 guidance is attached as Exhibit 99.1

Announcement of Stock Repurchase Program

On March 24, 2003, the Company announced that its Board of Directors has authorized a three-year stock repurchase program for up to $500 million. A copy of the press release announcing the repurchase program is attached as Exhibit 99.2.

ITEM 7: FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits

99.1	Press release dated March 20, 2003 announcing that the Company has revised its fiscal 2003 guidance.
99.2	Press release dated March 24, 2003 announcing that the Board of Directors of the Company has authorized a three-year stock repurchase program for up to $500 million.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 24, 2003.	INTUIT INC.
	By:	/s/ Linda Fellows
		Linda Fellows Vice President of Investor Relations and Treasurer

EXHIBIT INDEX

Exhibit
99.1	Press release dated March 20, 2003 announcing that the Company has revised its fiscal 2003 guidance.
99.2	Press release dated March 24, 2003 announcing that the Board of Directors of the Company has authorized a three-year stock repurchase program for up to $500 million.

EX-99.1 3 f88757exv99w1.txt EXHIBIT 99.1 EXHIBIT 99.1 CONTACTS: INVESTORS MEDIA Linda Fellows, VP, Treasurer Heather McLellan Intuit Inc. Intuit Inc. (650) 944-5436 (650) 944-3501 or Holly Anderson Sandhill Communications (615) 377-6902 FOR IMMEDIATE RELEASE INTUIT UPDATES FISCAL 2003 GUIDANCE Company Lowers Growth Projections in Second Half of Fiscal 2003 Annual Revenue Now Expected to Grow 25-29 Percent over Fiscal 2002 MOUNTAIN VIEW, CALIF. -- MARCH 20, 2003 -- Intuit Inc. (NASDAQ: INTU) today announced that it has revised its fiscal 2003 guidance to reflect the impact of the nation's economic slowdown on its business. Intuit now expects revenue of $1.65 billion to $1.69 billion for the fiscal year ending in July 2003, which represents growth of approximately 25-29 percent over fiscal 2002. The company has taken appropriate action to realign costs with revenue and expects pro forma earnings per share of $1.30 to $1.35, or growth of 41-47 percent over the prior year. "Intuit continues to grow revenue and earnings at a faster pace than last year and each of our growth engines is still growing within its expected range," said Steve Bennett, Intuit's president and chief executive officer. "Our share of retail sales for QuickBooks and TurboTax has remained steady and strong, but the categories are simply growing more slowly. "We're disappointed to see a sluggish economy worsening in the past few weeks with a further decrease in customer spending in all our categories. This is not an issue with just one of our businesses -- all our businesses have been affected. Consequently, we won't grow as fast as we'd originally projected." Intuit had expected that additional strength in its businesses would have offset the more than $20 million in second-half revenue that the company will not receive due to the recent sale of its Japanese subsidiary. This additional strength has not materialized. Consumer tax is Intuit's largest revenue driver in its third quarter, which ends April 30. Intuit, along with others in the industry, has experienced a slower start to its consumer tax season this year. The company believes this has caused slower growth in the consumer tax category while TurboTax's share of retail season-to-date sales has remained steady at approximately 68 percent of units and nearly 77 percent of dollars(1). However, with three of the busiest weeks of the tax season still to come and with products and promotions that make it easy for consumers to do their taxes at the last minute, the company could benefit from stronger-than-expected season-end sales. Given the slower start and the impact of the economy on its other businesses, however, the company believes it's prudent to re-set expectations. COMPANY MAINTAINS GROWTH RANGES IN ALL FIVE GROWTH ENGINES Intuit has not changed the fiscal 2003 growth rate ranges for any of its five growth engines, but now expects to come in at the lower ends of the ranges. Those growth rate ranges are: - QuickBooks 20-30 percent revenue growth - Small Business Services 30+ percent revenue growth - TurboTax 20-30 percent revenue growth - Professional Accounting Solutions 10-15 percent revenue growth - Business Verticals 10-30 percent revenue growth UPDATED GUIDANCE

Dollars in millions except per share data Q3 03 Q4 03 FY 03 - ----------------------------------------- ----- ----- ----- REVENUE $630 to $660 $245 to $255 $1,646 to $1,686 YOY Growth 28% to 34% 31% to 36% 25% to 29% PRO FORMA OPERATING INCOME $320 to $330 ($35) to ($30) $394 to $409 YOY Growth 47% to 52% NA 44% to 50% PRO FORMA EARNINGS PER SHARE $1.00 to $1.03 ($.10) to ($.08) $1.30 to $1.35 YOY Growth 44% to 49% NA 41% to 47%

"Despite the economy and overall business conditions, we still expect another strong year at Intuit, with revenue growth of at least 25 percent and pro forma operating income growth of at least 44 percent," said Bennett. ADDITIONAL INFORMATION Intuit's prior guidance for fiscal 2003 revenue was $1.71 billion to $1.77 billion, or growth of 30 percent to 35 percent. Because of the seasonal nature of its business, most of the slower revenue growth should occur in the third quarter. Prior guidance for fiscal 2003 pro forma operating income was $419 million to $434 million, or growth of 53-59 percent. Prior guidance for fiscal 2003 pro forma EPS was $1.38 to $1.42, or growth of 50-54 percent. The company's policy is to not confirm, update or otherwise comment on its financial projections except in compliance with Regulation FD. See Cautions about Forward-Looking Statements below. Intuit always reports pro forma performance to provide investors with an alternative method for assessing ongoing core operating results. Intuit's pro forma results are presented for information purposes only and use the same consistent methods from quarter to quarter and year to year. Pro forma operating income always excludes acquisition-related charges, such as amortization of goodwill and intangibles and impairment charges, as well as amortization of purchased software and charges for purchased research and development. Pro forma net income and earnings per share exclude discontinued operations, gains and losses on marketable securities and other investments, as well as the tax effects of these transactions. Pro forma results are not computed according to GAAP. Because there are no generally accepted industry standards for presenting pro forma results, the method Intuit uses may differ from the methods used by other companies. CAUTIONS ABOUT FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements about future financial results and other events that have not yet occurred, including guidance about Intuit's expected results for the remainder of fiscal 2003. Statements with words like "expects," "anticipates" or "believes," and statements in the future tense, are forward-looking statements. Actual results may differ materially from Intuit's expressed expectations because of risks and uncertainties about the future. Some of the important factors that could cause Intuit's results to differ are listed below. More details about these and other risks are included in Intuit's fiscal 2002 Form 10-K and other SEC filings and at www.intuit.com/company/investors/considerations.html. The company does not intend to update the information in this press release if any forward-looking statement later turns out to be inaccurate. - Seasonality causes significant quarterly fluctuations in Intuit's revenue and net income. - The increased use of Intuit's web-based consumer tax products and the shift in customer purchases through Intuit's direct marketing channel affect the timing of its consumer tax revenue during the tax season. These factors, among others, have increased the uncertainty for the full tax season. - Actual product returns may exceed product return reserves, particularly for Intuit's tax preparation software. - If Intuit fails to maintain reliable and responsive service levels for its electronic tax offerings or customer support function, it could lose revenue and customers. - Integrating acquired businesses creates challenges for Intuit's operational, financial and management information systems. If Intuit is unable to adequately address these and other issues presented by acquisitions, Intuit may not fully realize the intended benefits of its acquisitions. - Expansion of Intuit's product and service offerings requires Intuit to develop and enhance more and increasingly complex products, market and sell higher priced products and services and distribute and support an expanding portfolio of products and services. It also increases the number and complexity of Intuit's revenue models. If Intuit is unable to support its expanded businesses, they may not achieve sustainable financial viability or broad customer acceptance. - Intuit faces competitive pressures in all of its businesses, which can have a negative impact on its revenue, profitability and market position. - Risks related to Intuit's distribution channels include challenges in negotiating favorable terms with retailers and the negative affect of the current economic environment on retail sales. In addition, expansion of Intuit's product and service offerings requires Intuit to develop and manage a direct sales organization, which is a new distribution method for Intuit. - A continuation of the recent general decline in economic conditions and the softness in retail sales could lead to significantly reduce demand for Intuit's products and services. - Revenue growth for Intuit's vertical business management solutions is subject to risks such as the negative impact of the current economic environment and the potential disruption to the businesses during the acquisition integration process. - Risks relating to customer privacy and security and increasing governmental regulation could hinder the growth of Intuit's businesses. ABOUT INTUIT INC. Intuit Inc. (NASDAQ: INTU) is a leading provider of business and financial management solutions for small businesses, consumers and accounting professionals. Its flagship products and services, including QuickBooks(R), Quicken(R) and TurboTax(R) software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries(R) and Lacerte(R) are Intuit's leading tax preparation software suites for professional accountants. Founded in 1983, Intuit has annual revenue of more than $1 billion. The company has nearly 7,000 employees with major offices in 13 states across the U.S. and offices in Canada and the United Kingdom. More information can be found at www.intuit.com. ### Intuit, the Intuit logo, Quicken, QuickBooks, Quicken Loans and TurboTax, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Quicken.com, among others, is a trademark and/or service mark of Intuit Inc. or one of its subsidiaries, in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such. (1) NPD Techworld March 8, 2003. EX-99.2 4 f88757exv99w2.txt EXHIBIT 99.2 EXHIBIT 99.2 CONTACTS: INVESTORS MEDIA Linda Fellows, VP, Treasurer Heather McLellan Intuit Inc. Intuit Inc. (650) 944-5436 (650) 944-3501 or Holly Anderson Sandhill Communications (615) 377-6902 FOR IMMEDIATE RELEASE INTUIT ANNOUNCES NEW STOCK REPURCHASE PROGRAM $500 MILLION AUTHORIZED OVER NEXT THREE YEARS MOUNTAIN VIEW, Calif. -- March 24, 2003 -- Intuit Inc. (NASDAQ: INTU) today announced that its board of directors has authorized a three-year stock repurchase program for up to $500 million. "Intuit is continually working to enhance shareholder value," said Steve Bennett, Intuit's president and chief executive officer. "We have multiple growth engines that are driving revenue growth of at least 25 percent and pro forma earnings per share of at least 41 percent. We are acquiring new companies to provide platforms for future growth. And at the same time, we're using our strong cash position to continue to repurchase our stock." This is Intuit's second repurchase program. The first, a three-year $500 million program, was authorized by the board in May 2001 and was subsequently increased to $750 million. That program was completed in December 2002. CAUTIONS ABOUT FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements about future financial results and other events that have not yet occurred, including guidance about Intuit's expected results for the remainder of fiscal 2003. Statements with words like "expects," "anticipates" or "believes," and statements in the future tense, are forward-looking statements. Actual results may differ materially from Intuit's expressed expectations because of risks and uncertainties about the future. Some of the important factors that could cause Intuit's results to differ are listed below. More details about these and other risks are included in Intuit's fiscal 2002 Form 10-K and other SEC filings and at www.intuit.com/company/investors/considerations.html. The company does not intend to update the information in this press release if any forward-looking statement later turns out to be inaccurate. - Seasonality causes significant quarterly fluctuations in Intuit's revenue and net income. - The increased use of Intuit's web-based consumer tax products and the shift in customer purchases through Intuit's direct marketing channel affect the timing of its consumer tax revenue during the tax season. These factors, among others, have increased the uncertainty for the full tax season. - Actual product returns may exceed product return reserves, particularly for Intuit's tax preparation software. - If Intuit fails to maintain reliable and responsive service levels for its electronic tax offerings or customer support function, it could lose revenue and customers. - Integrating acquired businesses creates challenges for Intuit's operational, financial and management information systems. If Intuit is unable to adequately address these and other issues presented by acquisitions, Intuit may not fully realize the intended benefits of its acquisitions. - Expansion of Intuit's product and service offerings requires Intuit to develop and enhance more and increasingly complex products, market and sell higher priced products and services and distribute and support an expanding portfolio of products and services. It also increases the number and complexity of Intuit's revenue models. If Intuit is unable to support its expanded businesses, they may not achieve sustainable financial viability or broad customer acceptance. - Intuit faces competitive pressures in all of its businesses, which can have a negative impact on its revenue, profitability and market position. - Risks related to Intuit's distribution channels include challenges in negotiating favorable terms with retailers and the negative affect of the current economic environment on retail sales. In addition, expansion of Intuit's product and service offerings requires Intuit to develop and manage a direct sales organization, which is a new distribution method for Intuit. - A continuation of the recent general decline in economic conditions and the softness in retail sales could lead to significantly reduce demand for Intuit's products and services. - Revenue growth for Intuit's vertical business management solutions is subject to risks such as the negative impact of the current economic environment and the potential disruption to the businesses during the acquisition integration process. - Risks relating to customer privacy and security and increasing governmental regulation could hinder the growth of Intuit's businesses. ABOUT INTUIT INC. Intuit Inc. (NASDAQ: INTU) is a leading provider of business and financial management solutions for small businesses, consumers and accounting professionals. Its flagship products and services, including QuickBooks(R), Quicken(R) and TurboTax(R) software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries(R) and Lacerte(R) are Intuit's leading tax preparation software suites for professional accountants. Founded in 1983, Intuit has annual revenue of more than $1 billion. The company has nearly 7,000 employees with major offices in 13 states across the U.S. and offices in Canada and the United Kingdom. More information can be found at www.intuit.com. ### Intuit, the Intuit logo, Quicken, QuickBooks, Quicken Loans and TurboTax, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Quicken.com, among others, is a trademark and/or service mark of Intuit Inc. or one of its subsidiaries, in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such. -----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

                                                                    EXHIBIT 99.1

CONTACTS:   INVESTORS                      MEDIA

            Linda Fellows, VP, Treasurer   Heather McLellan
            Intuit Inc.                    Intuit Inc.
            (650) 944-5436                 (650) 944-3501
                                           or
                                           Holly Anderson
                                           Sandhill Communications
                                           (615) 377-6902

FOR IMMEDIATE RELEASE

                      INTUIT UPDATES FISCAL 2003 GUIDANCE

        Company Lowers Growth Projections in Second Half of Fiscal 2003
       Annual Revenue Now Expected to Grow 25-29 Percent over Fiscal 2002

        MOUNTAIN VIEW, CALIF. -- MARCH 20, 2003 -- Intuit Inc. (NASDAQ: INTU)
today announced that it has revised its fiscal 2003 guidance to reflect the
impact of the nation's economic slowdown on its business. Intuit now expects
revenue of $1.65 billion to $1.69 billion for the fiscal year ending in July
2003, which represents growth of approximately 25-29 percent over fiscal 2002.
The company has taken appropriate action to realign costs with revenue and
expects pro forma earnings per share of $1.30 to $1.35, or growth of 41-47
percent over the prior year.

        "Intuit continues to grow revenue and earnings at a faster pace than
last year and each of our growth engines is still growing within its expected
range," said Steve Bennett, Intuit's president and chief executive officer. "Our
share of retail sales for QuickBooks and TurboTax has remained steady and
strong, but the categories are simply growing more slowly.

        "We're disappointed to see a sluggish economy worsening in the past few
weeks with a further decrease in customer spending in all our categories. This
is not an issue with just one of our businesses -- all our businesses have been
affected. Consequently, we won't grow as fast as we'd originally projected."

        Intuit had expected that additional strength in its businesses would
have offset the more than $20 million in second-half revenue that the company
will not receive due to the recent sale of its Japanese subsidiary. This
additional strength has not materialized.




        Consumer tax is Intuit's largest revenue driver in its third quarter,
which ends April 30. Intuit, along with others in the industry, has experienced
a slower start to its consumer tax season this year. The company believes this
has caused slower growth in the consumer tax category while TurboTax's share of
retail season-to-date sales has remained steady at approximately 68 percent of
units and nearly 77 percent of dollars(1).

        However, with three of the busiest weeks of the tax season still to come
and with products and promotions that make it easy for consumers to do their
taxes at the last minute, the company could benefit from stronger-than-expected
season-end sales. Given the slower start and the impact of the economy on its
other businesses, however, the company believes it's prudent to re-set
expectations.

COMPANY MAINTAINS GROWTH RANGES IN ALL FIVE GROWTH ENGINES

        Intuit has not changed the fiscal 2003 growth rate ranges for any of its
five growth engines, but now expects to come in at the lower ends of the ranges.
Those growth rate ranges are:

        -      QuickBooks 20-30 percent revenue growth

        -      Small Business Services 30+ percent revenue growth

        -      TurboTax 20-30 percent revenue growth

        -      Professional Accounting Solutions 10-15 percent revenue growth

        -      Business Verticals 10-30 percent revenue growth

UPDATED GUIDANCE



Dollars in millions except per share data                 Q3 03                     Q4 03                    FY 03
- -----------------------------------------                 -----                     -----                    -----
                                                                                            
REVENUE                                               $630 to $660              $245 to $255         $1,646 to $1,686
   YOY Growth                                           28% to 34%                31% to 36%               25% to 29%
PRO FORMA OPERATING INCOME                            $320 to $330            ($35) to ($30)             $394 to $409
   YOY Growth                                           47% to 52%                        NA               44% to 50%
PRO FORMA EARNINGS PER SHARE                        $1.00 to $1.03          ($.10) to ($.08)           $1.30 to $1.35
    YOY Growth                                          44% to 49%                        NA               41% to 47%


        "Despite the economy and overall business conditions, we still expect
another strong year at Intuit, with revenue growth of at least 25 percent and
pro forma operating income growth of at least 44 percent," said Bennett.




ADDITIONAL INFORMATION

Intuit's prior guidance for fiscal 2003 revenue was $1.71 billion to $1.77
billion, or growth of 30 percent to 35 percent. Because of the seasonal nature
of its business, most of the slower revenue growth should occur in the third
quarter. Prior guidance for fiscal 2003 pro forma operating income was $419
million to $434 million, or growth of 53-59 percent. Prior guidance for fiscal
2003 pro forma EPS was $1.38 to $1.42, or growth of 50-54 percent.

The company's policy is to not confirm, update or otherwise comment on its
financial projections except in compliance with Regulation FD. See Cautions
about Forward-Looking Statements below.

Intuit always reports pro forma performance to provide investors with an
alternative method for assessing ongoing core operating results. Intuit's pro
forma results are presented for information purposes only and use the same
consistent methods from quarter to quarter and year to year. Pro forma operating
income always excludes acquisition-related charges, such as amortization of
goodwill and intangibles and impairment charges, as well as amortization of
purchased software and charges for purchased research and development. Pro forma
net income and earnings per share exclude discontinued operations, gains and
losses on marketable securities and other investments, as well as the tax
effects of these transactions. Pro forma results are not computed according to
GAAP. Because there are no generally accepted industry standards for presenting
pro forma results, the method Intuit uses may differ from the methods used by
other companies.

CAUTIONS ABOUT FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements about future financial
results and other events that have not yet occurred, including guidance about
Intuit's expected results for the remainder of fiscal 2003. Statements with
words like "expects," "anticipates" or "believes," and statements in the future
tense, are forward-looking statements. Actual results may differ materially from
Intuit's expressed expectations because of risks and uncertainties about the
future. Some of the important factors that could cause Intuit's results to
differ are listed below. More details about these and other risks are included
in Intuit's fiscal 2002 Form 10-K and other SEC filings and at
www.intuit.com/company/investors/considerations.html. The company does not
intend to update the information in this press release if any forward-looking
statement later turns out to be inaccurate.

        -       Seasonality causes significant quarterly fluctuations in
                Intuit's revenue and net income.

        -       The increased use of Intuit's web-based consumer tax products
                and the shift in customer purchases through Intuit's direct
                marketing channel affect the timing of its consumer tax revenue
                during the tax season. These factors, among others, have
                increased the uncertainty for the full tax season.

        -       Actual product returns may exceed product return reserves,
                particularly for Intuit's tax preparation software.

        -       If Intuit fails to maintain reliable and responsive service
                levels for its electronic tax offerings or customer support
                function, it could lose revenue and customers.

        -       Integrating acquired businesses creates challenges for Intuit's
                operational, financial and management information systems. If
                Intuit is unable to adequately address these and other issues
                presented by acquisitions, Intuit may not fully realize the
                intended benefits of its acquisitions.

        -       Expansion of Intuit's product and service offerings requires
                Intuit to develop and enhance more and increasingly complex
                products, market and sell higher priced products and




                services and distribute and support an expanding portfolio of
                products and services. It also increases the number and
                complexity of Intuit's revenue models. If Intuit is unable to
                support its expanded businesses, they may not achieve
                sustainable financial viability or broad customer acceptance.

        -       Intuit faces competitive pressures in all of its businesses,
                which can have a negative impact on its revenue, profitability
                and market position.

        -       Risks related to Intuit's distribution channels include
                challenges in negotiating favorable terms with retailers and the
                negative affect of the current economic environment on retail
                sales. In addition, expansion of Intuit's product and service
                offerings requires Intuit to develop and manage a direct sales
                organization, which is a new distribution method for Intuit.

        -       A continuation of the recent general decline in economic
                conditions and the softness in retail sales could lead to
                significantly reduce demand for Intuit's products and services.

        -       Revenue growth for Intuit's vertical business management
                solutions is subject to risks such as the negative impact of the
                current economic environment and the potential disruption to the
                businesses during the acquisition integration process.

        -       Risks relating to customer privacy and security and increasing
                governmental regulation could hinder the growth of Intuit's
                businesses.

ABOUT INTUIT INC.

Intuit Inc. (NASDAQ: INTU) is a leading provider of business and financial
management solutions for small businesses, consumers and accounting
professionals. Its flagship products and services, including QuickBooks(R),
Quicken(R) and TurboTax(R) software, simplify small business management and
payroll processing, personal finance, and tax preparation and filing.
ProSeries(R) and Lacerte(R) are Intuit's leading tax preparation software suites
for professional accountants.

Founded in 1983, Intuit has annual revenue of more than $1 billion. The company
has nearly 7,000 employees with major offices in 13 states across the U.S. and
offices in Canada and the United Kingdom. More information can be found at
www.intuit.com.

                                       ###

Intuit, the Intuit logo, Quicken, QuickBooks, Quicken Loans and TurboTax, among
others, are registered trademarks and/or registered service marks of Intuit Inc.
in the United States and other countries. Quicken.com, among others, is a
trademark and/or service mark of Intuit Inc. or one of its subsidiaries, in the
United States and other countries. Other parties' trademarks or service marks
are the property of their respective owners and should be treated as such.

(1) NPD Techworld March 8, 2003.

EX-99.2

                                                                    EXHIBIT 99.2

CONTACTS:     INVESTORS                         MEDIA

              Linda Fellows, VP, Treasurer      Heather McLellan
              Intuit Inc.                       Intuit Inc.
              (650) 944-5436                    (650) 944-3501
                                                or
                                                Holly Anderson
                                                Sandhill Communications
                                                (615) 377-6902

FOR IMMEDIATE RELEASE

                  INTUIT ANNOUNCES NEW STOCK REPURCHASE PROGRAM
                  $500 MILLION AUTHORIZED OVER NEXT THREE YEARS

        MOUNTAIN VIEW, Calif. -- March 24, 2003 -- Intuit Inc. (NASDAQ: INTU)
today announced that its board of directors has authorized a three-year stock
repurchase program for up to $500 million.

        "Intuit is continually working to enhance shareholder value," said Steve
Bennett, Intuit's president and chief executive officer. "We have multiple
growth engines that are driving revenue growth of at least 25 percent and pro
forma earnings per share of at least 41 percent. We are acquiring new companies
to provide platforms for future growth. And at the same time, we're using our
strong cash position to continue to repurchase our stock."

        This is Intuit's second repurchase program. The first, a three-year $500
million program, was authorized by the board in May 2001 and was subsequently
increased to $750 million. That program was completed in December 2002.

CAUTIONS ABOUT FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements about future financial
results and other events that have not yet occurred, including guidance about
Intuit's expected results for the remainder of fiscal 2003. Statements with
words like "expects," "anticipates" or "believes," and statements in the future
tense, are forward-looking statements. Actual results may differ materially from
Intuit's expressed expectations because of risks and uncertainties about the
future. Some of the important factors that could cause Intuit's results to
differ are listed below. More details about these and other




risks are included in Intuit's fiscal 2002 Form 10-K and other SEC filings and
at www.intuit.com/company/investors/considerations.html. The company does not
intend to update the information in this press release if any forward-looking
statement later turns out to be inaccurate.

        -       Seasonality causes significant quarterly fluctuations in
                Intuit's revenue and net income.

        -       The increased use of Intuit's web-based consumer tax products
                and the shift in customer purchases through Intuit's direct
                marketing channel affect the timing of its consumer tax revenue
                during the tax season. These factors, among others, have
                increased the uncertainty for the full tax season.

        -       Actual product returns may exceed product return reserves,
                particularly for Intuit's tax preparation software.

        -       If Intuit fails to maintain reliable and responsive service
                levels for its electronic tax offerings or customer support
                function, it could lose revenue and customers.

        -       Integrating acquired businesses creates challenges for Intuit's
                operational, financial and management information systems. If
                Intuit is unable to adequately address these and other issues
                presented by acquisitions, Intuit may not fully realize the
                intended benefits of its acquisitions.

        -       Expansion of Intuit's product and service offerings requires
                Intuit to develop and enhance more and increasingly complex
                products, market and sell higher priced products and services
                and distribute and support an expanding portfolio of products
                and services. It also increases the number and complexity of
                Intuit's revenue models. If Intuit is unable to support its
                expanded businesses, they may not achieve sustainable financial
                viability or broad customer acceptance.

        -       Intuit faces competitive pressures in all of its businesses,
                which can have a negative impact on its revenue, profitability
                and market position.

        -       Risks related to Intuit's distribution channels include
                challenges in negotiating favorable terms with retailers and the
                negative affect of the current economic environment on retail
                sales. In addition, expansion of Intuit's product and service
                offerings requires Intuit to develop and manage a direct sales
                organization, which is a new distribution method for Intuit.

        -       A continuation of the recent general decline in economic
                conditions and the softness in retail sales could lead to
                significantly reduce demand for Intuit's products and services.

        -       Revenue growth for Intuit's vertical business management
                solutions is subject to risks such as the negative impact of the
                current economic environment and the potential disruption to the
                businesses during the acquisition integration process.

        -       Risks relating to customer privacy and security and increasing
                governmental regulation could hinder the growth of Intuit's
                businesses.

ABOUT INTUIT INC.

Intuit Inc. (NASDAQ: INTU) is a leading provider of business and financial
management solutions for small businesses, consumers and accounting
professionals. Its flagship products and services, including QuickBooks(R),
Quicken(R) and TurboTax(R) software, simplify small business management and
payroll processing, personal finance, and tax preparation and filing.
ProSeries(R) and Lacerte(R) are Intuit's leading tax preparation software suites
for professional accountants.

Founded in 1983, Intuit has annual revenue of more than $1 billion. The company
has nearly 7,000 employees with major offices in 13 states across the U.S. and
offices in Canada and the United Kingdom. More information can be found at
www.intuit.com.




                                      ###

Intuit, the Intuit logo, Quicken, QuickBooks, Quicken Loans and TurboTax, among
others, are registered trademarks and/or registered service marks of Intuit Inc.
in the United States and other countries. Quicken.com, among others, is a
trademark and/or service mark of Intuit Inc. or one of its subsidiaries, in the
United States and other countries. Other parties' trademarks or service marks
are the property of their respective owners and should be treated as such.