Exhibit 99.01

Contacts:	Investors	Media
	Linda Fellows	Holly Anderson
	Intuit Inc.	Intuit Inc.
	(650) 944-5436	(650) 944-3992
		or
		Heather McLellan
		Intuit Inc.
		(650) 944-3501

FOR IMMEDIATE RELEASE

INTUIT’S SECOND-QUARTER 2004 REVENUE GROWS 14 PERCENT

Raises Pro Forma EPS Guidance for FY 04

MOUNTAIN VIEW, Calif. – Feb. 18, 2004 — Intuit Inc. (Nasdaq: INTU) today announced results for the second quarter of fiscal 2004, which ended Jan. 31, 2004.

     “Intuit delivered good results for the second quarter,” said Steve Bennett, Intuit’s president and chief executive officer. “Five of our six business segments delivered within or above their revenue guidance for the quarter and we’re on track to meet Intuit’s growth targets for the year.”

Second-Quarter 2004 Highlights

• Revenue of $636.3 million increased 14 percent from the year-ago quarter.

• Intuit had pro forma net income of $155.7 million, up 21 percent from $128.8 million in the year-ago quarter. Pro forma diluted earnings per share (EPS) of $0.77 increased 26 percent from $0.61 in the second quarter of fiscal 2003.

• Intuit had GAAP net income (Generally Accepted Accounting Principles) of $149.1 million, up 16 percent from $128.4 million in the year-ago quarter. This represents GAAP EPS of $0.73 per diluted share, up 22 percent from $0.60 per diluted share in the second quarter of fiscal 2003.

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Second-Quarter Business Segment Revenue Growth

• TurboTax revenue of $130.0 million was up 36 percent from second-quarter 2003. Intuit reaffirmed guidance for annual TurboTax revenue growth of 10 percent to 20 percent in fiscal 2004.

• Revenue from Intuit’s Professional Accounting Solutions (PAS) segment increased 4 percent over the year-ago quarter to $156.8 million. Intuit reaffirmed guidance for annual PAS revenue growth of 7 percent to 12 percent.

• QuickBooks revenue grew 8 percent year-over-year to $101.3 million, below expectations. This was due to a larger-than-expected drop in lower-priced QuickBooks Basic and Pro units that was not offset by upgrades to higher-priced, higher-end offerings. Intuit is lowering its targets for fiscal 2004 QuickBooks revenue growth to 0 percent to 10 percent.

• Intuit’s Small Business Products and Services revenue increased 20 percent over the year-ago quarter to $145.3 million. This segment includes Intuit’s payroll businesses as well as other non-accounting products and services. Intuit reaffirmed guidance for annual Small Business Products and Services revenue growth of 15 percent to 25 percent in fiscal 2004.

• Intuit’s Vertical Business Management Solutions segment had organic year-over-year revenue growth of 9 percent to $26.1 million. Verticals have had 22 percent revenue growth fiscal year to date. Intuit reaffirmed guidance for annual Verticals revenue growth of 15 percent to 25 percent in fiscal 2004.

• Revenue from Other Businesses, which includes Quicken and Canada, was $76.8 million, up 4 percent from the year-ago quarter. Intuit is raising its fiscal 2004 revenue growth guidance for Other Businesses to 5 percent to 15 percent.

Forward-Looking Guidance for Third-Quarter 2004

Intuit provided its guidance for the third quarter of fiscal 2004, which will end April 30, 2004. Although financial analysts have developed their own estimates for Intuit’s third-quarter performance, Intuit had not previously issued guidance for the quarter. Third-quarter 2004 guidance is:

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• Revenue of $685 million to $725 million, or year-over-year growth of 8 percent to 14 percent.

• Pro forma operating income of $335 million to $355 million, or year-over-year growth of 4 percent to 11 percent, and GAAP operating income of $325 million to $345 million.

• Pro forma diluted earnings per share of $1.12 to $1.16, or year-over-year growth of 7 percent to 10 percent, and GAAP diluted earnings per share of $1.09 to $1.13.

FY 04 Revenue Guidance Reaffirmed; FY 04 Pro Forma EPS Guidance Raised

Intuit reaffirmed the revenue and pro forma operating income guidance for fiscal 2004 (which ends July 31, 2004) that it provided in May 2003:

• Revenue of $1.85 billion to $1.95 billion, or year-over-year growth of approximately 12 percent to 18 percent.

• Pro forma operating income of $480 million to $510 million, or growth of approximately 20 percent to 28 percent over fiscal 2003. On a GAAP basis, operating income is expected to be $443 million to $473 million, or growth of approximately 29 percent to 38 percent over fiscal 2003.

Intuit has raised its pro forma EPS guidance for fiscal 2004 by three cents per share:

• New guidance is for pro forma diluted earnings per share of $1.60 to $1.70, or growth of approximately 15 percent to 22 percent over fiscal 2003. On a GAAP basis, diluted EPS is expected to be $1.48 to $1.58, down approximately 3 percent to 9 percent from fiscal 2003. Fiscal 2003 GAAP diluted EPS included net income and gains from discontinued operations of nearly $80 million, or $0.38 per diluted share, which is not anticipated to recur in fiscal 2004.

Conference Call Scripts, Webcast and Conference Call Information

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

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information required to be posted, including pro forma reconciliation, will be posted to that site.

The conference call number is (800) 615-5585 and (706) 679-0331 from international locations. No reservation or access code is needed. A replay of the call will be available for one week by calling (800) 642-1687, and (706) 645-9291 for international locations. The reservation number is 5231499.

About pro forma, or non-GAAP, financial measures

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

Cautions About Forward-Looking Statements

This press release contains forward-looking statements, including forecasts of our expected financial results. Statements about Intuit’s “guidance,” statements including words such as “expect,” “anticipate” or “believe,” and statements in the future tense, are forward-looking statements. Actual results may differ materially from our expressed expectations. Some of the important factors that could cause our results to differ include the following:

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

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

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

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

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

• We may not be able to generate substantial and sustained revenue growth from new products and services in our QuickBooks, Small Business Products and Services and Vertical Business Management solutions segments.

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

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

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

			Three Months Ended				Six Months Ended
			January 31,				January 31,
			2003		2004		2003		2004
Net revenue:
	Product		$	465,130	$	510,253	$	607,033	$	670,438
	Service			75,348		107,636		130,952		173,903
	Other			17,598		18,400		32,963		34,476
Total net revenue				558,076		636,289		770,948		878,817
Costs and expenses:
	Cost of revenue:
		Cost of product revenue		71,062		65,895		99,774		97,913
		Cost of service revenue		39,557		42,472		76,169		78,308
		Cost of other revenue		5,164		6,889		9,754		13,673
		Amortization of purchased software [B]		3,518		3,324		6,495		6,613
	Customer service and technical support			55,591		63,215		95,221		104,206
	Selling and marketing			97,796		107,640		172,617		199,589
	Research and development			66,080		73,333		130,207		144,664
	General and administrative			38,405		48,131		78,021		91,826
	Charge for purchased research and development [C]			1,070		—		8,859		—
	Acquisition-related charges [D]			9,154		6,780		18,609		12,829
		Total costs and expenses		387,397		417,679		695,726		749,621
Income from continuing operations				170,679		218,610		75,222		129,196
Interest and other income				7,770		7,170		16,556		14,660
Gains on marketable securities and other investments, net				2,827		90		3,080		237
Income from continuing operations before income taxes				181,276		225,870		94,858		144,093
Income tax provision [E]				55,905		76,804		29,936		48,992
Net income from continuing operations				125,371		149,066		64,922		95,101
Discontinued operations, net of income taxes:
	Gain on disposal of Quicken Loans discontinued operations [F]			—		—		5,556		—
	Net income from Intuit KK discontinued operations [G]			3,059		—		3,267		—
Net income from discontinued operations				3,059		—		8,823		—
Net income			$	128,430	$	149,066	$	73,745	$	95,101
Basic net income per share from continuing operations			$	0.61	$	0.75	$	0.32	$	0.48
Basic net income per share from discontinued operations				0.01		—		0.04		—
Basic net income per share			$	0.62	$	0.75	$	0.36	$	0.48
Shares used in basic per share amounts				205,682		197,665		206,823		198,206
Diluted net income per share from continuing operations			$	0.59	$	0.73	$	0.31	$	0.47
Diluted net income per share from discontinued operations				0.01		—		0.04		—
Diluted net income per share			$	0.60	$	0.73	$	0.35	$	0.47
Shares used in diluted per share amounts				212,455		203,430		213,445		203,796

See accompanying Notes.

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

			Three Months Ended				Six Months Ended
			January 31,				January 31,
			2003		2004		2003		2004
Net revenue:
	Product		$	465,130	$	510,253	$	607,033	$	670,438
	Service			75,348		107,636		130,952		173,903
	Other			17,598		18,400		32,963		34,476
Total net revenue				558,076		636,289		770,948		878,817
Costs and expenses:
	Cost of revenue:
		Cost of product revenue		71,062		65,895		99,774		97,913
		Cost of service revenue		39,557		42,472		76,169		78,308
		Cost of other revenue		5,164		6,889		9,754		13,673
	Customer service and technical support			55,591		63,215		95,221		104,206
	Selling and marketing			97,796		107,640		172,617		199,589
	Research and development			66,080		73,333		130,207		144,664
	General and administrative			38,405		48,131		78,021		91,826
		Total costs and expenses		373,655		407,575		661,763		730,179
Income from operations				184,421		228,714		109,185		148,638
Interest and other income				7,770		7,170		16,556		14,660
Income before income taxes				192,191		235,884		125,741		163,298
Income tax provision				63,423		80,201		41,495		55,521
Net income			$	128,768	$	155,683	$	84,246	$	107,777
Basic net income per share			$	0.63	$	0.79	$	0.41	$	0.54
Shares used in basic per share amounts				205,682		197,665		206,823		198,206
Diluted net income per share			$	0.61	$	0.77	$	0.39	$	0.53
Shares used in diluted per share amounts				212,455		203,430		213,445		203,796

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

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

			Three Months Ended									Three Months Ended
			January 31, 2003									January 31, 2004
			Pro									Pro
			Forma		Adjmts			[A]		GAAP		Forma		Adjmts			[A]		GAAP
Net revenue:
	Product		$	465,130	$	—				$	465,130	$	510,253	$	—				$	510,253
	Service			75,348		—					75,348		107,636		—					107,636
	Other			17,598		—					17,598		18,400		—					18,400
Total net revenue				558,076		—					558,076		636,289		—					636,289
Costs and expenses:
	Cost of revenue:
		Cost of product revenue		71,062		—					71,062		65,895		—					65,895
		Cost of service revenue		39,557		—					39,557		42,472		—					42,472
		Cost of other revenue		5,164		—					5,164		6,889		—					6,889
		Amortization of purchased software		—		3,518			[B]		3,518		—		3,324			[B]		3,324
	Customer service and technical support			55,591		—					55,591		63,215		—					63,215
	Selling and marketing			97,796		—					97,796		107,640		—					107,640
	Research and development			66,080		—					66,080		73,333		—					73,333
	General and administrative			38,405		—					38,405		48,131		—					48,131
	Charge for purchased research and development			—		1,070			[C]		1,070		—		—					—
	Acquisition-related charges			—		9,154			[D]		9,154		—		6,780			[D]		6,780
		Total costs and expenses		373,655		13,742					387,397		407,575		10,104					417,679
Income from continuing operations				184,421		(13,742	)				170,679		228,714		(10,104	)				218,610
Interest and other income				7,770		—					7,770		7,170		—					7,170
Gains on marketable securities and other investments, net				—		2,827					2,827		—		90					90
Income from continuing operations before income taxes				192,191		(10,915	)				181,276		235,884		(10,014	)				225,870
Income tax provision				63,423		(7,518	)				55,905		80,201		(3,397	)				76,804
Net income from continuing operations				128,768		(3,397	)				125,371		155,683		(6,617	)				149,066
Discontinued operations, net of income taxes:
	Gain on disposal of Quicken Loans discontinued operations			—		—					—		—		—					—
	Net income from Intuit KK discontinued operations			—		3,059			[G]		3,059		—		—					—
Net income from discontinued operations				—		3,059					3,059		—		—					—
Net income			$	128,768	$	(338	)			$	128,430	$	155,683	$	(6,617	)			$	149,066
Basic net income per share from continuing operations			$	0.63						$	0.61	$	0.79						$	0.75
Basic net income per share from discontinued operations				—							0.01		—							—
Basic net income per share			$	0.63						$	0.62	$	0.79						$	0.75
Shares used in basic per share amounts				205,682							205,682		197,665							197,665
Diluted net income per share from continuing operations			$	0.61						$	0.59	$	0.77						$	0.73
Diluted net income per share from discontinued operations				—							0.01		—							—
Diluted net income per share			$	0.61						$	0.60	$	0.77						$	0.73
Shares used in diluted per share amounts				212,455							212,455		203,430							203,430

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

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

			Six Months Ended									Six Months Ended
			January 31, 2003									January 31, 2004
			Pro									Pro
			Forma		Adjmts			[A]		GAAP		Forma		Adjmts			[A]		GAAP
Net revenue:
	Product		$	607,033	$	—				$	607,033	$	670,438	$	—				$	670,438
	Service			130,952		—					130,952		173,903		—					173,903
	Other			32,963		—					32,963		34,476		—					34,476
Total net revenue				770,948		—					770,948		878,817		—					878,817
Costs and expenses:
	Cost of revenue:
		Cost of product revenue		99,774		—					99,774		97,913		—					97,913
		Cost of service revenue		76,169		—					76,169		78,308		—					78,308
		Cost of other revenue		9,754		—					9,754		13,673		—					13,673
		Amortization of purchased software		—		6,495			[B]		6,495		—		6,613			[B]		6,613
	Customer service and technical support			95,221		—					95,221		104,206		—					104,206
	Selling and marketing			172,617		—					172,617		199,589		—					199,589
	Research and development			130,207		—					130,207		144,664		—					144,664
	General and administrative			78,021		—					78,021		91,826		—					91,826
	Charge for purchased research and development			—		8,859			[C]		8,859		—		—					—
	Acquisition-related charges			—		18,609			[D]		18,609		—		12,829			[D]		12,829
		Total costs and expenses		661,763		33,963					695,726		730,179		19,442					749,621
Income from continuing operations				109,185		(33,963	)				75,222		148,638		(19,442	)				129,196
Interest and other income				16,556		—					16,556		14,660		—					14,660
Gains on marketable securities and other investments, net				—		3,080					3,080		—		237					237
Income from continuing operations before income taxes				125,741		(30,883	)				94,858		163,298		(19,205	)				144,093
Income tax provision				41,495		(11,559	)				29,936		55,521		(6,529	)				48,992
Net income from continuing operations				84,246		(19,324	)				64,922		107,777		(12,676	)				95,101
Discontinued operations, net of income taxes:
	Gain on disposal of Quicken Loans discontinued operations			—		5,556			[F]		5,556		—		—					—
	Net income from Intuit KK discontinued operations			—		3,267			[G]		3,267		—		—					—
Net income from discontinued operations				—		8,823					8,823		—		—					—
Net income			$	84,246	$	(10,501	)			$	73,745	$	107,777	$	(12,676	)			$	95,101
Basic net income per share from continuing operations			$	0.41						$	0.32	$	0.54						$	0.48
Basic net income per share from discontinued operations				—							0.04		—							—
Basic net income per share			$	0.41						$	0.36	$	0.54						$	0.48
Shares used in basic per share amounts				206,823							206,823		198,206							198,206
Diluted net income per share from continuing operations			$	0.39						$	0.31	$	0.53						$	0.47
Diluted net income per share from discontinued operations				—							0.04		—							—
Diluted net income per share			$	0.39						$	0.35	$	0.53						$	0.47
Shares used in diluted per share amounts				213,445							213,445		203,796							203,796

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

Notes to Tables A1, B1 and B2:

[A]	Tables B1 and B2 reconcile the differences between the pro forma or non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles (“GAAP”), and the GAAP condensed consolidated statements of operations for the three and six months ended January 31, 2003 and 2004. Pro forma operating income (loss) excludes certain cost and expense line items that are in the GAAP statement of operations. For example, for the line item “acquisition-related charges,” the number in the GAAP column is subtracted out of the pro forma column in calculating pro forma operating income or loss. Eliminating cost or expense items improves pro forma results compared to GAAP results. Pro forma net income (loss) starts with pro forma operating income or loss and then excludes certain non-operating gains and losses that are in the GAAP statement of operations. For example, for the line item “gains on marketable securities and other investments, net” the number in the GAAP column is taken out of the pro forma column in calculating pro forma net income or loss. Eliminating loss line items improves pro forma results compared to GAAP results. Eliminating gain line items decreases pro forma results compared to GAAP results.
[B]	We amortize the value of software and other technology assets that we receive in connection with certain acquisitions over their estimated useful lives.
[C]	In connection with certain acquisitions we determine the value of in-process projects under development for which technological feasibility has not been established. The value of each project is recorded as a charge for purchased research and development at the time of the acquisition. In the six months ended January 31, 2003, we recorded charges for purchased research and development totaling $8.9 million, primarily in connection with our acquisition of Blue Ocean Software, Inc. (now Intuit Information Technology Solutions).
[D]	Acquisition-related charges include amortization of purchased intangible assets and deferred compensation related to acquisitions as well as impairment charges. For the three and six months ended January 31, 2003, amortization of purchased intangible assets and deferred compensation was $9.2 million and $18.6 million and there were no impairment charges. For the three and six months ended January 31, 2004, amortization of purchased intangible assets and deferred compensation was $6.8 million and $12.8 million and there were no impairment charges.
[E]	Our effective tax rate for the three months ended January 31, 2003 differed from the federal statutory rate primarily due to the net effect of the benefit received from tax exempt interest income and various tax credits offset by state taxes. Our effective tax rate for the six months ended January 31, 2003 differed from the federal statutory rate primarily due to the net effect of the benefit received from tax exempt interest income and various tax credits offset by state taxes and acquisition-related charges recorded in the first quarter of fiscal 2003. Our effective tax rate for the three and six months ended January 31, 2004 differed from the federal statutory rate primarily due to the net effect of the benefit received from tax-exempt interest income and various tax credits offset by state taxes.
[F]	On July 31, 2002, we sold our Quicken Loans mortgage business to Rock Acquisition Corporation and accounted for the sale as discontinued operations. In the first quarter of fiscal 2003, we sold our residual minority equity interest in Rock and recorded a gain of $5.6 million.
[G]	On February 7, 2003, we sold our wholly owned Japanese subsidiary, Intuit KK, and accounted for the sale as discontinued operations. Accordingly, we have segregated the operating results of Intuit KK from continuing operations on our statement of operations for all periods prior to the sale. Revenue for Intuit KK for the three and six months ended January 31, 2003 was $16.2 million and $26.6 million. Net income before income taxes for Intuit KK for the three and six months ended January 31, 2003 was $5.3 million and $5.6 million.

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

		July 31,		January 31,
		2003		2004
ASSETS
Current assets:
Cash and cash equivalents		$	170,043	$	87,831
Short-term investments			1,036,758		891,081
Marketable securities			865		1,113
Customer deposits			306,007		281,448
Accounts receivable, net			88,156		283,959
Deferred income taxes			34,824		34,824
Prepaid expenses and other current assets			32,217		60,441
	Total current assets		1,668,870		1,640,697
Property and equipment, net			188,253		196,913
Goodwill, net			591,091		690,766
Purchased intangible assets, net			125,445		124,865
Long-term deferred income taxes			183,061		183,061
Loans to executive officers and other employees			19,690		18,206
Other assets			13,857		18,630
Total assets		$	2,790,267	$	2,873,138
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	56,786	$	104,448
Accrued compensation and related liabilities			118,678		105,401
Payroll service obligations			306,007		281,448
Deferred revenue			178,840		203,686
Income taxes payable			76,725		103,523
Other current liabilities			59,129		145,653
	Total current liabilities		796,165		944,159
Long-term obligations			29,265		18,864
Stockholders’ equity			1,964,837		1,910,115
Total liabilities and stockholders’ equity		$	2,790,267	$	2,873,138

Note: Cash and short-term investments declined during the first six months of fiscal 2004 due primarily to our use of cash for our stock repurchase programs and for the acquisition of Innovative Merchant Solutions, partially offset by cash generated by operations.

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

	Three Months Ending April 30, 2004
	Pro Forma								GAAP
	Range of Estimate								Range of Estimate
	From		To		Adjustments				From		To
Revenue	$	685,000	$	725,000	$	—			$	685,000	$	725,000
Operating income		335,000		355,000		(9,700	)	[a]		325,300		345,300
Interest and other income		3,000		5,000		—				3,000		5,000
Diluted earnings per share	$	1.12	$	1.16	$	(0.03	)	[b]	$	1.09	$	1.13
Shares		200,000		205,000		—				200,000		205,000

	Twelve Months Ending July 31, 2004
	Pro Forma								GAAP
	Range of Estimate								Range of Estimate
	From		To		Adjustments				From		To
Revenue	$	1,850,000	$	1,950,000	$	—			$	1,850,000	$	1,950,000
Operating income		480,000		510,000		(37,000	)	[c]		443,000		473,000
Interest and other income		20,000		25,000		—				20,000		25,000
Diluted earnings per share	$	1.60	$	1.70	$	(0.12	)	[d]	$	1.48	$	1.58
Shares		202,000		207,000		—				202,000		207,000

[a]	Reflects estimated adjustments for amortization of purchased software of approximately $3.4 million and amortization of purchased intangible assets of approximately $6.3 million for the three months ending April 30, 2004.
[b]	Net of related income tax expense, the pro forma adjustments in item [a] result in a $0.03 per diluted share adjustment for the three months ending April 30, 2004.
[c]	Reflects estimated adjustments for amortization of purchased software of approximately $13.0 million and amortization of purchased intangible assets of approximately $24.0 million for the twelve months ending July 31, 2004.
[d]	Net of related income tax expense, the pro forma adjustments in item [c] result in a $0.12 per diluted share adjustment for the twelve months ending July 31, 2004.

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

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

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

	Three Months Ended April 30, 2003
	Pro
	Forma		Adjustments				GAAP
Revenue	$	634,698	$	—			$	634,698
Operating income		320,595		(12,068	)	[a]		308,527
Diluted earnings per share	$	1.05	$	0.35		[b]	$	1.40

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

[a]	Reflects adjustments for amortization of purchased software of $3.7 million and amortization of purchased intangible assets of $8.4 million for the three months ended April 30, 2003.
[b]	Reflects the adjustments in item [a] and adjustments for net gains on marketable securities of $7.0 million and net income from discontinued operations of $71.0 million. Net of related income tax expense, these pro forma adjustments resulted in a $0.35 per diluted share adjustment for the three months ended April 30, 2003.
[c]	Reflects adjustments for amortization of purchased software of $13.8 million, charges for purchased research and development of $8.9 million and amortization of purchased intangible assets of $33.9 million for the twelve months ended July 31, 2003.
[d]	Reflects the adjustments in item [c] and adjustments for net gains on marketable securities of $10.9 million and net income from discontinued operations of $79.8 million. Net of related income tax expense, these pro forma adjustments resulted in a $0.24 per diluted share adjustment for the twelve months ended July 31, 2003.

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

Intuit Facts ...	Intuit Inc.
Q2/FY04	Investor Relations (650) 944-5436
	NASDAQ: INTU
Financial Outlook[A]

	ACTUAL			ACTUAL			GUIDANCE			(in future)	GUIDANCE			ACTUAL
(millions)	Q1 FY04			Q2 FY04			Q3 FY04			Q4 FY04	FY04			FY03
QuickBooks	$	42.8		$	101.3		$	55-$65						$	242.8
% of change YOY		11	%		8	%		(1%)-17	%			0-%-10	%		24	%
Small Business Products & Services	$	123.1		$	145.3		$	125-$140						$	454.9
% of change YOY		22	%		20	%		9%-22	%			15%-25	%		35	%
TurboTax	$	5.2		$	130.0		$	320-$350						$	422.9
% of change YOY		(15	%)		36	%		2%-12	%			10%-20	%		20	%
Vertical Businesses	$	26.3		$	26.1		$	26-$30						$	94.8
% of change YOY		40	%		9	%		1%-17	%			15%-25	%	New
Prof. Accounting Solutions	$	6.9		$	156.8		$	85-$95						$	243.4
% of change YOY		7	%		4	%		6%-18	%			7%-12	%		8	%
All Other	$	38.2		$	76.8		$	50-$60						$	191.9
% of change YOY		(9	%)		4	%		12%-34	%			5%-15	%		2	%
Total Revenue	$	242.5		$	636.3		$	685-$725			$	1850-$1950		$	1,650.7
% of change YOY		14	%		14	%		8%-14	%			12%-18	%		26	%
Operating Income[B]		($80.1	)	$	228.7		$	335-$355			$	480-$510		$	399.8
% of change YOY	NA				24	%		4%-11	%			20%-28	%		46	%
Interest & Other Income	$	7.5		$	7.2		$	3-$5			$	20-$25		$	38.7
% of change YOY	NA				-8	%		(63%)-(39	%)			(48%)-(35	%)		42	%
EPS[B] not in millions		($0.24	)	$	0.77		$	1.12-$1.16			$	1.60-$1.70		$	1.39
% of change YOY	NA				26	%		7%-10	%			15%-22	%		51	%
Weighted Shares		198.7			203.4			200-205				202-207			211
Tax Rate		34	%		34	%		34	%			34	%		33	%

[A]	As of February 18, 2004, this contains forward looking information that is subject to risks and uncertainties. Actual results may differ materially due to the factors included in Intuit’s February 18, 2004 earnings press release and SEC filings and at www.intuit.com/company/investors/considerations.html.
[B]	These are pro forma, or non-GAAP, financial measures. They exclude acquisition related costs, pre-tax gains and losses related to marketable securities and other investments, and other similar items. See Tables D1 and D2 of accompanying press release.

Corporate Metrics

	FYE/03		Q2/03		Q2/04
Capital expenditure	$	84.7M	$	27.2M	$	28.1M
Depreciation	$	73.8M	$	17.7M	$	19.4M
Common Stock Outst.		199.5M		205.7M		197.2M
Full Time Employees		6,624		7,195		7,499

Segment Composition

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

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

TurboTax
Basic, Deluxe, Premier

Professional Accounting Solutions
ProSeries, Lacerte
EasyACCT
PAP
Client Manager

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

Intuit Facts ...	Intuit Inc.
Investor Relations (650) 944-5436	NASDAQ: INTU
Business Metrics

		Q2/FY02			Q3/FY02			Q4/FY02			Q1/FY03			Q2/FY03			Q3/FY03			Q4/FY03			Q1/FY04			Q2/FY04
QuickBooks
	Basic & Pro units (thousands)		302			325			217			195			308			285			217			163			262
	Premier units		16			23			17			15			37			35			35			26			62
	Enterprise units		0			0			1			1			1			1			1			1			1
Total QuickBooks units sold[D]			318			348			235			211			346			321			253			190			325
Average Sales Price		$	207		$	203		$	223		$	217		$	238		$	241		$	255		$	253		$	249
Sell Thru Channel Mix[E]
	% of units at retail		65	%		60	%		64	%		65	%		56	%		56	%		49	%		64	%		54	%
	% of dollars at retail		61	%		63	%		64	%		63	%		54	%		55	%		47	%		59	%		49	%
QuickBooks Retail Share[C]
	Unit share FYTD		82	%		83	%		84	%		76	%		80	%		82	%		82	%		78	%		82	%
	Dollar share FYTD		87	%		89	%		89	%		83	%		87	%		89	%		89	%		85	%		89	%
Small Business Products & Services (selected)
Payroll Customers (thousands)
	DIY (Basic)		619			661			675			665			681			711			739			753			776
	Outsourced		47			48			60			63			66			66			67			69			71
Consumer Tax
Federal TurboTax (millions)
	Desktop units retail		1.7			2.4		NM			NM				2.1			2.1		NM			NM				2.4
	Desktop units direct		1.2			0.2		NM			NM				1.0			0.9		NM			NM				1.2
	Web units paid		0.2			2.0		NM			NM				0.3			2.1			0.1		NM				0.4
	Web units unpaid		0.1			0.9		NM			NM				0.1			1.2		NM			NM				0.1
Total TurboTax units[D]			3.2			5.5		NM			NM				3.5			6.3			0.1		NM				4.1
TurboTax Efile returns (millions)			0.6			11.0		NM			NM				1.1			11.0			0.2		NM				1.3
Sell Thru Channel Mix[E]
	% of dollars at retail		54	%		37	%	NM			NM				50	%		32	%	NM			NM				51	%
Federal TurboTax Retail Share[C]
	Unit share FYTD		72	%		71	%		71	%	NM				72	%		71	%		71	%	NM				70	%
	Dollar share FYTD		81	%		81	%		81	%	NM				80	%		79	%		79	%	NM				79	%
Professional Accounting Solutions
	Professional Accounting Tax units (thousands)		86			9		NM			NM				89			7		NM			NM				90
	Efile returns (millions)		0.3			6.0		NM			NM				0.5			7.8		NM			NM				0.7

[C]	Source: NPD Group NPD Techworld Monthly Retail Software Report through July 2003 for FY02 and FY03. NPD Group Monthly Retail Software Report through December plus the NPD Group NPD Techworld weekly Retail Software Report for the month of January through 1/24/04 for FY04
[D]	End-user purchases — or products customers have acquired and/or paid for at both retail and direct.
[E]	Estimate based on subset of retailers reporting

NM: Not Meaningful