"Intuit continued to execute on its recipe to drive sustained, profitable growth," said Steve Bennett, Intuit's president and chief executive officer. "That recipe involves being in the right businesses, executing effectively, expanding customer-driven innovation and acquiring new growth platforms. These powerful ingredients produced strong results for the quarter and year."

Fiscal 2003 Financial Highlights

• Revenue of $1.65 billion increased 26 percent from fiscal 2002. Growth was driven by strong performance in Intuit's QuickBooks, Small Business Services, TurboTax and Professional Accounting Solutions growth engines, as well as acquisitions.
• Intuit's pro forma net income of $293.8 million increased 46 percent from fiscal 2002. Pro forma diluted earnings per share of $1.39 grew 51 percent over the year-ago period. (See Tables B1 and B2 for a reconciliation of pro forma financial measures to the most directly comparable GAAP financial measures.)
• On a GAAP basis, Intuit had net income of $343.0 million, up 145 percent from $140.2 million in fiscal 2002. This represents $1.63 per diluted share, up 155 percent from $0.64 per share in fiscal 2002. Last year's GAAP results included acquisition-related charges of $181.4 million. Under new accounting rules adopted at the beginning of fiscal 2003, Intuit no longer amortizes goodwill. This year's GAAP results benefited from a $71.0 million after-tax gain on the sale of its Japanese subsidiary.

Fiscal 2003 Business Segment Revenue Growth

• QuickBooks revenue grew 24 percent over fiscal 2002 to $242.8 million.
• Intuit's Small Business Services revenue increased 35 percent over fiscal 2002 to $454.9 million. This unit includes payroll, supplies, technical support and information technology solutions.
• TurboTax revenue of $422.9 million was up 20 percent from fiscal 2002.
• Revenue from Intuit's Professional Accounting Solutions business increased 8 percent over fiscal 2002 to $243.4 million.
• Intuit's Vertical Business Management Solutions unit contributed $94.8 million in revenue, a 5 percent increase over the revenue those companies generated before they were acquired by Intuit in fiscal 2002.
• Revenue from Other Businesses, which includes Quicken and Canada, was $191.9 million, up 2 percent over fiscal 2002.

Fourth-Quarter 2003 Highlights

• Revenue of $245.1 million increased 31 percent from the year-ago quarter. Growth was driven by strong performance in Intuit's QuickBooks and Small Business Services growth engines as well as the acquisitions.
• Intuit's pro forma net loss of $10.7 million was better than a loss of $25.8 million in the year-ago quarter. The fourth-quarter pro forma diluted per share results were a loss of $0.05, better than a loss of $0.12 in the fourth quarter of fiscal 2002.
• On a GAAP basis, Intuit had a net loss of $24.7 million, better than a loss of $31.8 million in the year-ago quarter. This represents a loss of $0.12 per diluted share, better than a loss of $0.15 in the fourth quarter of fiscal 2002.

Board Authorizes Intuit's New Stock Repurchase Program
Intuit's board of directors has authorized the company's third stock repurchase program for up to $500 million in addition to the approximately $110 million that remained in Intuit's existing program at the end of fiscal 2003. In fiscal 2003, Intuit repurchased nearly 18 million shares for more than $800 million. The company has repurchased more than 25.5 million shares for a total of approximately $1.1 billion since its first program became effective in May 2001.

Forward-Looking Guidance for Fiscal 2004
Intuit reaffirmed its guidance for fiscal 2004, which ends July 31, 2004:

• Revenue of $1.85 billion-$1.95 billion, or year-over-year organic growth of approximately 12-18 percent.
• Pro forma operating income of $480 million-$510 million, or growth of approximately 20-28 percent over fiscal 2003. On a GAAP basis, operating income is expected to be $449 million-$479 million, or growth of approximately 31-40 percent over fiscal 2003.
• Pro forma diluted earnings per share of $1.57-$1.67, or growth of approximately 13-20 percent over fiscal 2003. On a GAAP basis, diluted EPS is expected to be $1.47-$1.57, down approximately 4-10 percent from fiscal 2003. Fiscal 2003 GAAP EPS includes net income and gains from discontinued operations of nearly $80 million, which is not anticipated to recur in fiscal 2004.

Forward-Looking Guidance for First-Quarter 2004
Intuit's guidance for the first quarter of fiscal 2004 is:

• Revenue of $225 million-$235 million, or year-over-year growth of 6-10 percent.
• A pro forma operating loss of $95 million-$85 million and a GAAP operating loss of $104 million-$94 million.
• A pro forma net loss per diluted share of $0.30-$0.26 and a GAAP net loss per diluted share of $0.33-$0.29.

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 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 diluted earnings per share exclude the same items excluded from pro forma operating income and also 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 reconciliations of pro forma financial measures to GAAP.

Conference Call Scripts and Dial-In Information
The script that accompanies the Intuit earnings conference call and a live audio Web-cast of the call is available at www.intuit.com/company/investors. This press release, including the tables, is available at that site and any other supplemental financial and statistical information required to be posted, including pro forma reconciliations, will be posted to that site.

The conference call number is 800-615-5585 (706-679-0331 from international locations). The call begins today at 1:30 p.m. Pacific time. No reservation or access code is needed. Those planning to listen to the conference call should download the script before the call begins. A replay of the call will be available for one week by calling 800-642-1687 (706-645-9291 for international locations). The reservation number is 1917544.