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Brad Smith President & CEO Annual Shareholder Meeting January 2013

Intuit CEO Shareholder Meeting

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Intuit President and CEO, Brad Smith, met with stockholders on Thursday at the company’s Annual Shareholder meeting. During the meeting, Smith offered reflections on Intuit’s FY12 performance.

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Page 1: Intuit CEO Shareholder Meeting

Brad Smith

President & CEO

Annual Shareholder Meeting January 2013

Page 2: Intuit CEO Shareholder Meeting

Intuit - Confidential

Forward Looking Statements These presentation materials include forward-looking statements. There are a number of factors that could cause our results to differ materially from our expectations. Please see the section entitled “Cautions About Forward-Looking Statements” in the enclosed Appendix for information regarding forward-looking statements and related risks and uncertainties. You can also learn more about these risks in our Form 10-K for fiscal 2012 and our other SEC filings, which are available on the Investor Relations page of Intuit's website at www.intuit.com. We assume no obligation to update any forward-looking statement.

Non-GAAP Financial Measures These presentations include certain non-GAAP financial measures. Please see the section entitled “About Non-GAAP Financial Measures” in the enclosed Appendix for an explanation of management’s use of these measures and a reconciliation to the most directly comparable GAAP financial measures.

Page 3: Intuit CEO Shareholder Meeting

Intuit - Confidential

External Market Trends

Our Company Strategy

Reflections On Our Performance

Page 4: Intuit CEO Shareholder Meeting

Intuit - Confidential

External Market Trends

Our Company Strategy

Reflections On Our Performance

Page 5: Intuit CEO Shareholder Meeting

Intuit - Confidential

Revenue $4,151M 10%

Operating Income*

$1,404M 10%

EPS* $2.97 16%

FY’12 Financial Results

Actual Growth

*non-GAAP financial measure

My Reflections on FY’12 Performance

Page 6: Intuit CEO Shareholder Meeting

Intuit - Confidential

A solid year … we can do better

Grow organic revenue double digits #1

Grow revenue faster than expenses #2

Maintain a strong balance sheet

#3 Deploy cash to highest yield opportunities

#4

My Reflections on FY’12 Performance

Page 7: Intuit CEO Shareholder Meeting

Intuit - Confidential

• “We & Others”–Network Effects

• Product & Design Thinking

• Mobile First/Mobile Only

• Acquire & Delight New Users

Needs more work. . .

• Portfolio & Expense Mgt.

• Technical Debt Focus

• Mobile Momentum

• Rapid Experimentation

Making Progress. . .

• Talent Dev. & Engagement

My Reflections on FY’12 Performance

Page 8: Intuit CEO Shareholder Meeting

Intuit - Confidential

External Market Trends

Our Company Strategy

Reflections On Our Performance

Page 9: Intuit CEO Shareholder Meeting

Intuit - Confidential

1.9%

3.1% 3.6% 4.4% 3.5% 2.9% 4.1%

2.3%

1.2%

80

90

100

External Market Trends: Short Term

Small Business Indicators Small Business Indicators

Small Business Confidence Small Business Confidence

Small Business Confidence Small Business Revenue Index

Small Business Employment Index Savings Rate

5.0% 7.3%

9.9% 9.8% 8.1%

2008 2009 2010 2011 2012

U.S. Unemployment

Charge Volume: YoY Growth

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1

FY’11 FY’12

Consumer Indicators

7.1% 8.2%

5.6% 4.4% 3.8%

2008 2009 2010 2011 2012

2008 2009 2010 2011 2012

92

84 87.5

95

86.8

Q4

FY’13

Page 10: Intuit CEO Shareholder Meeting

Intuit - Confidential

2012 thru August

2008 2009 2010 2011 2012 thru August

-1.50%

0.00%

1.00%

Small Business Employment Index

2008 2009 2010 2011

-3.09% -2.90%

-0.18% 1.60% 0.09%

-4%

-2%

0%

2%

External Market Trends: Short Term

10

Small Business Indicators Small Business Indicators

80

90

100

2008 2009 2010 2011 2012

92

84

91 95

Small Business Confidence Small Business Confidence

Small Business Confidence Small Business Revenue Index

Savings Rate

7.1% 8.2%

5.6% 4.4% 4.0%

2008 2009 2010 2011 2012

1.9%

3.1% 3.6% 4.4% 3.5% 2.9%

4.1% 3.2%

5.0% 7.3%

9.9% 9.8% 8.1%

2008 2009 2010 2011 2012

U.S. Unemployment

Charge Volume: YoY Growth

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY’11 FY’12

Consumer Indicators

OUTLOOK: Sluggish Recovery

OPPORTUNITY: Our products are needed most in difficult times

Page 11: Intuit CEO Shareholder Meeting

Intuit - Confidential

Key takeaway: not immune, but resilient

FY'08 FY'09 FY'10 FY'11 FY'12

GDP Growth

$2,978 $3,073 $3,403

$3,772 $4,151

0%

-3%

2% 2% 2%

+10%

Intuit Revenue

Page 12: Intuit CEO Shareholder Meeting

Intuit - Confidential

Value Creation Shifts

Technology Shifts

Geographic Shifts

Implications

Demographic Shifts

Trends

Connected Services Economy

People and businesses increasingly turning to “connected services”

in a social, mobile, and global world

Traditional paper-based, human-produced, brick-

and-mortar bound services are the past

External Market Trends: longer term

Page 13: Intuit CEO Shareholder Meeting

Intuit - Confidential

FY’10-12 Operational Priorities

Intuit’s Strategy: how we accelerated results In

novati

on

Fo

r G

ro

wth

• SaaS & PaaS (cloud computing, services, 3rd party/social contrib., data)

• Mobile Computing (platforms/devices, applications, business models)

• “Always On” Delivery (high availability, scalability, security)

• Mobile 1st/Mobile Only (design, capabilities, new mkts & biz models)

• Network Effect Platforms (“we & those we enable” – virtuous circle)

• Data For Delight (NED, new/improved user outcomes, stewardship)

g

Accelerate Our Transition To Connected Services

Drive Growth In Our Core Businesses

Build Adjacent Businesses & Enter New Geographies

Intuit’s Growth Strategies

• Acquire New Users (expand our categories, delightful 1st use, social)

• Retain Users (deliver the customer benefit, active use, E2E delight)

• Increase Revenue/User (up-sell, cross-sell, beyond-user paid)

• Extend The Core (find and solve important new problems)

• Advantaged Payments Network (transform SMB remote payments)

• Accelerate Global (small business platform, localized by others)

Page 14: Intuit CEO Shareholder Meeting

Intuit - Confidential

What has resulted: strong, growing businesses

Customer Behavior by Market # of prospects/customers (units)

Manual/ Non-Cons.

Category Competitors

Non-Category Competitors

Mobile

Intuit NP vs. Closest Comp. (+/-)

Category Size, Growth & Position

Payroll 6M SMBs

Fin. Mgmt 29M SMBs

Payments 29M SMBs

ProTax 400K Accts

Cons. Tax 146M returns

Digital Bank 250M txn accts

Category Definitions

Online Desktop

+15 +19

Online

+24 +30

Desktop

+1

Online

+1

+17

Desktop

+6

End Customers

+18

Financial Institutions

• $2.5B • 7% CAGR • #1

• $4.4B • 2% CAGR • #1

• $12B • 5% CAGR • #6

• $1.9B • 4% CAGR • #1

• $1.8B • 5% CAGR • #1

• $9B • 5% CAGR • #2

+11

QBMAS

-13

Desktop

Page 15: Intuit CEO Shareholder Meeting

Intuit - Confidential

60

M C

usto

mers

45

M H

oste

d

What has resulted: improved portfolio & lives

improvement from FY10

64% of revenue from Connected Svcs.

55 mobile apps averaging 4.3 stars

FY08 FY12

50% 64%

$1.5B

$2.7B

# Active Users (M’s) Revenue ($M’s)

FY08 FY12

0.1 7M

FY08 FY12

0

$70M

Strong Innovation Pipeline

Connected Services Reshaping Revenue

Focusing On Mobile Devices

Help families put up to $1,000 back in their pockets… $2.4B+ in consumer savings identified to date

Help people get the maximum tax refund… $58B in tax refunds, 1 out of every 3 tax returns e-filed

Help small businesses be more profitable… Customers revenues ~25% of U.S. GDP, pay 1 in 12 American workers

Help accountants be more productive… Serve half of all accounting firms

Improve FI profit per customer by 20%… Internet Banking customers equal to the 5th largest U.S. bank

Improving

Lives 60M

Improving

Lives 30M

45M Hosted

15M Hosted

$100M 10X in FY’12 from products that

didn’t exist 3 years ago

Page 16: Intuit CEO Shareholder Meeting

Intuit - Confidential

Stock Price Performance (%)

ROIC = 23.9% +3 pts/year over year

102% of Free Cash Flow

$0.60/share $0.68/share

Return to Shareholders in FY’12

Cash Returned to Shareholders

Implementation of Dividend

$1.1B Buybacks

& Dividends

Return on Invested Capital in FY’12

NASDAQ 15%

Intuit 105%

-100%

0%

100%

200%

July 2012

Aug 2007

What has resulted: strong return on investment

GDP Growth

5 Year Revenue CAGR

5 Year Operating Income CAGR

5 Year EPS CAGR

FY'08 FY'09 FY'10 FY'11 FY'12

$2,978 $3,073 $3,403 $3,772 $4,151 +10%

0%

-3%

2% 2% 2%

FY'08 FY'09 FY'10 FY'11 FY'12

+13%

$858 $941 $1,130 $1,275 $1,404

FY'08 FY'09 FY'10 FY'11 FY'12

+16%

$1.60 $1.85 $2.18 $2.56 $2.97

Intuit Revenue

Page 17: Intuit CEO Shareholder Meeting

Intuit - Confidential

“Prediction is very difficult, especially about the future” – Yogi Berra The World of 2020 Implications for Intuit

The market is shifting: view of the horizon

Solutions for the “Free Agent” Market

Global Citizens & “Free Agents”

• Participation-driven innovation • Increase in user/developer value creation

• Expectation of open & frictionless

• Ecosystem and network effects win

Winning Products & Network Effect Platforms

Page 18: Intuit CEO Shareholder Meeting

Intuit - Confidential

“Prediction is very difficult, especially about the future” – Yogi Berra The World of 2020 Implications for Intuit

The market is shifting: view of the horizon

Solutions for the “Free Agent” Market

Global Citizens & “Free Agents”

• Participation-driven innovation • Increase in user/developer value creation

• Expectation of open & frictionless

• Ecosystem and network effects win

Winning Products & Network Effect Platforms

• A world without borders • The cloud has no “borders”… empowering all

• 1B new middle class in emerging markets

• 30+% of workers are “contingent”

Global Innovative Growth Company

Page 19: Intuit CEO Shareholder Meeting

Intuit - Confidential

“Prediction is very difficult, especially about the future” – Yogi Berra The World of 2020 Implications for Intuit

The market is shifting: view of the horizon

Solutions for the “Free Agent” Market

Global Citizens & “Free Agents”

• Participation-driven innovation • Increase in user/developer value creation

• Expectation of open & frictionless

• Ecosystem and network effects win

Winning Products & Network Effect Platforms

Global Innovative Growth Company

• The mobile experience prevails • Connected devices that work seamlessly

• More intuitive interfaces – voice & gesture

• Weaving a web of apps – “mini-tasks”

“Mobile Defined” Connected Experiences

• A world without borders • The cloud has no “borders”… empowering all

• 1B new middle class in emerging markets

• 30+% of workers are “contingent”

Page 20: Intuit CEO Shareholder Meeting

Intuit - Confidential

“Prediction is very difficult, especially about the future” – Yogi Berra The World of 2020 Implications for Intuit

The market is shifting: view of the horizon

Solutions for the “Free Agent” Market

Global Citizens & “Free Agents”

• Participation-driven innovation • Increase in user/developer value creation

• Expectation of open & frictionless

• Ecosystem and network effects win

Winning Products & Network Effect Platforms

Global Innovative Growth Company

• The mobile experience prevails • Connected devices that work seamlessly

• More intuitive interfaces – voice & gesture

• Weaving a web of apps – “mini-tasks”

“Mobile Defined” Connected Experiences

• Humanizing the data • Life & business through the lens of data

• Personal informatics/“Moneyball” for SMB

• Beyond compliance – stewards of trust

Big Data for the Little Guy

• A world without borders • The cloud has no “borders”… empowering all

• 1B new middle class in emerging markets

• 30+% of workers are “contingent”

Page 21: Intuit CEO Shareholder Meeting

Intuit - Confidential

“Prediction is very difficult, especially about the future” – Yogi Berra The World of 2020 Implications for Intuit

The market is shifting: view of the horizon

Solutions for the “Free Agent” Market

Global Citizens & “Free Agents”

• Participation-driven innovation • Increase in user/developer value creation

• Expectation of open & frictionless

• Ecosystem and network effects win

Winning Products & Network Effect Platforms

Global Innovative Growth Company

• The mobile experience prevails • Connected devices that work seamlessly

• More intuitive interfaces – voice & gesture

• Weaving a web of apps – “mini-tasks”

“Mobile Defined” Connected Experiences

• Humanizing the data • Life & business through the lens of data

• Personal informatics/“Moneyball” for SMB

• Beyond compliance – stewards of trust

Big Data for the Little Guy

• A world without borders • The cloud has no “borders”… empowering all

• 1B new middle class in emerging markets

• 30+% of workers are “contingent”

Page 22: Intuit CEO Shareholder Meeting

Intuit - Confidential

External Market Trends

Our Company Strategy

Reflections On Our Performance

Page 23: Intuit CEO Shareholder Meeting

Intuit - Confidential

Our Mission: why we exist as a company

…and those who serve them

We serve these end customers

Consumers Small Businesses

Accountants Financial

Institutions Healthcare

Players

3rd Party Contributors

Financial… making & saving money,

grow & profit

Productivity… turning drudgery into time

for what matters most

Compliance… without even having to

think about it

Confidence… from the wisdom &

experience of others

“Better Money Outcomes”

To improve our customers’ financial lives so profoundly… they can’t imagine going back to the old way

Page 24: Intuit CEO Shareholder Meeting

Intuit - Confidential

Our Values: what we stand for

Integrity Without Compromise 1

Delight Customers

It’s the People

Innovate and Improve

Own the Outcome

We Care and Give Back

2

3

4

5

6

Page 25: Intuit CEO Shareholder Meeting

Intuit - Confidential

• Deliver the customer benefit • They actively use • They proactively recommend

Love Metrics

Customer Driven Innovation

Design for Delight Customer Driven Innovation

Core capabilities: how we differentiate We strive to create an entrepreneurial environment where small teams

innovate to delight customers…

Page 26: Intuit CEO Shareholder Meeting

Intuit - Confidential

• Deliver the customer benefit • They actively use • They proactively recommend

Love Metrics

Customer Driven Innovation

Design for Delight Customer Driven Innovation

We strive to create an entrepreneurial environment where small teams innovate to delight customers…

Core capabilities: how we differentiate

Page 27: Intuit CEO Shareholder Meeting

Intuit - Confidential

• Deliver the customer benefit • They actively use • They proactively recommend

Love Metrics

Customer Driven Innovation

Design for Delight Customer Driven Innovation

We strive to create an entrepreneurial environment where small teams innovate to delight customers…

Lean Experiment Loop

Core capabilities: how we differentiate

Page 28: Intuit CEO Shareholder Meeting

Intuit - Confidential

High Performing Organization

Employee

Lots of Delighted Customers Higher Stock Price

• Contribute to a better world • Live Intuit’s Operating Values • Leader in Corporate Social Resp.

• Talented & engaged workforce • We have the talent & skills to

delight our customers and accelerate growth

• Employee Engagement >85%... no work group <80%

• Pride in our performance • “Most Admired” recognition • “Most Innovative” recognition • “Best Places To Work” recognition

• Grow user & contributor bases • New user & contributor growth • Existing user & contributor retention

• Offerings that delight customers • Performance against delivering

the customer benefit (# or %) • Net Promoter scores >10 pts

better than best alternatives

• Solve more customer problems • # offerings used per customer • # of customers using offerings

launched in last 3 years

• Confidence in long term growth potential & our ability to deliver on commitments

• Grow organic revenue double digits, supplemented by acquisitions

• Grow revenue faster than expenses • Generate op. income leverage • Generate strong cash flow in line with

operating income

• Deploy cash to high yield oppty… risk adjusted returns of 15+% • Organic & inorganic oppty’s • Repurchase Intuit securities • Dividend

• Maintain a strong, conservative balance sheet

True North: how we measure success

Deliver Best We Can Be Results in the Current Period for Employees, Customers, & Shareholders, While Building the Foundation for a Stronger Future

Customer Shareholder

Page 29: Intuit CEO Shareholder Meeting

Intuit - Confidential

Intuit’s Strategy: how we accelerate results In

no

vati

on

Fo

r G

ro

wth

29

g

Accelerate Our Transition To Connected Services

Build Adjacent Businesses & Enter New Geographies

Intuit’s Growth Strategies

Drive Growth In Our Core Businesses

Drive Growth In Our Core Businesses

Delivering Awesome Product Experiences

Page 30: Intuit CEO Shareholder Meeting

Intuit - Confidential

Intuit’s Strategy: how we accelerate results In

no

vati

on

Fo

r G

ro

wth

30

g

Accelerate Our Transition To Connected Services

Build Adjacent Businesses & Enter New Geographies

Intuit’s Growth Strategies

Delivering Awesome Product Experiences

Drive Growth In Our Core Businesses

Delivering Awesome Product Experiences

Page 31: Intuit CEO Shareholder Meeting

Intuit - Confidential

Intuit’s Strategy: how we accelerate results In

no

vati

on

Fo

r G

ro

wth

31

g

Accelerate Our Transition To Connected Services

Intuit’s Growth Strategies

Delivering Awesome Product Experiences

Build Adjacent Businesses & Enter New Geographies

Enabling the Contributions of Others-

“Network Effect Platforms”

Build Adjacent Businesses & Enter New Geographies

Page 32: Intuit CEO Shareholder Meeting

Intuit - Confidential

Intuit’s Strategy: how we accelerate results In

no

vati

on

Fo

r G

ro

wth

32

g

Accelerate Our Transition To Connected Services

Intuit’s Growth Strategies

Delivering Awesome Product Experiences

Enabling the Contributions of Others-

“Network Effect Platforms”

Build Adjacent Businesses & Enter New Geographies

Enabling the Contributions of Others-

“Network Effect Platforms”

Page 33: Intuit CEO Shareholder Meeting

Intuit - Confidential

Intuit’s Strategy: how we accelerate results In

no

vati

on

Fo

r G

ro

wth

33

g

Intuit’s Growth Strategies

Delivering Awesome Product Experiences

Enabling the Contributions of Others-

“Network Effect Platforms”

Accelerate Our Transition To Connected Services

Using Data to Create Delight

Accelerate Our Transition To Connected Services

Page 34: Intuit CEO Shareholder Meeting

Intuit - Confidential

Intuit’s Strategy: how we accelerate results In

no

vati

on

Fo

r G

ro

wth

34

g

Intuit’s Growth Strategies

Delivering Awesome Product Experiences

Enabling the Contributions of Others-

“Network Effect Platforms”

Using Data to Create Delight

Accelerate Our Transition To Connected Services

Using Data to Create Delight

Page 35: Intuit CEO Shareholder Meeting

Intuit - Confidential

FY’13-15 Operational Priorities

g

Using Data to Create Delight

Delivering Awesome Product Experiences

Enabling the Contributions of Others-

“Network Effect Platforms”

Intuit’s Growth Strategies

Intuit’s Strategy: how we accelerate results

• Amazing 1st Use Experiences: delivering the customer benefit

• Reimagining Mobile 1st/ Mobile Only: design and capabilities

• Solving Multi-Sided Problems Well: creating a virtuous circle

• Expanding Globally: platforms localized by users and developers

• Enabling Customer Data: better products & break-through benefits

To be a premier innovative growth company…

Accele

rati

ng

to

Co

nn

ecte

d S

ervic

es

Page 36: Intuit CEO Shareholder Meeting

Intuit - Confidential

Improving Our Customers’ Financial Lives So Profoundly…

Suppliers Gov’t

Developers

Consumers FIs

Accountants Employees

Small Businesses

Delivering awesome product experiences

Page 37: Intuit CEO Shareholder Meeting

Intuit - Confidential

Suppliers Gov’t

Developers

Consumers FIs

Accountants Employees

Small Businesses

Delivering awesome product experiences

Enabling the contributions of others

Improving Our Customers’ Financial Lives So Profoundly…

Page 38: Intuit CEO Shareholder Meeting

Intuit - Confidential

Suppliers Gov’t

Developers

Consumers FIs

Accountants Employees

Small Businesses

More than $2.4B in savings identified

Delivering awesome product experiences

Enabling the contributions of others

Using data to create delight

Improving Our Customers’ Financial Lives So Profoundly…

Page 39: Intuit CEO Shareholder Meeting

Intuit - Confidential

Suppliers Gov’t

Developers

Consumers FIs

Accountants Employees

Small Businesses

Delivering awesome product experiences

Enabling the contributions of others

Using data to create delight

Improving Our Customers’ Financial Lives So Profoundly…

Page 40: Intuit CEO Shareholder Meeting

Intuit - Confidential

Summary

We have strong assets & clear strategy to win

Our value proposition resonates… in the current period & longer term

Execution in FY12 was solid… but we can do better

“Prediction is very difficult, especially about the future” – Yogi Berra The World of 2020 Implications for Intuit

The market is shifting: view of the horizon

Solutions for the “Free Agent” Market

Global Citizens & “Free Agents”

33

• Participation-driven innovation • Increase in user/developer value creation

• Expectation of open & frictionless

• Ecosystem and network effects win

Winning Products & Network Effect Platforms

Global Innovative Growth Company

• The mobile experience prevails • Connected devices that work seamlessly

• More intuitive interfaces – voice & gesture

• Weaving a web of apps – “mini-tasks”

“Mobile Defined” Connected Experiences

• Humanizing the data • Life & business through the lens of data

• Personal informatics/“Moneyball” for SMB

• Beyond compliance – stewards of trust

Big Data for the Little Guy

• A world without borders • The cloud has no “borders”… empowering all

• 1B new middle class in emerging markets

• 30+% of workers are “contingent”

Page 41: Intuit CEO Shareholder Meeting

Appendix

Page 42: Intuit CEO Shareholder Meeting

Intuit - Confidential

TABLE 1: RECONCILIATIONS OF HISTORICAL NON-GAAP FINANCIAL MEASURES TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES

Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal

2012 2011 2010 2009 2008 2007

GAAP operating income from continuing operations $1,177 $1,037 $904 $703 $662 $630

Amortization of acquired technology 14 12 43 54 51 29

Amortization of other acquired intangible assets 39 43 42 41 34 20

Charge for historical use of technology licensing rights - - - 13 - -

Goodwill and intangible asset impairment charge - 30 - - - -

Professional fees for business combinations 5 - 7 - - -

Share-based compensation expense 169 153 134 130 111 76

Non-GAAP operating income $1,404 $1,275 $1,130 $941 $858 $755

GAAP net income $792 $634 $574 $447 $477 $440

Amortization of acquired technology 14 12 43 54 51 29

Amortization of other acquired intangible assets 39 43 42 41 34 20

Charge for historical use of technology licensing rights - - - 13 - -

Goodwill and intangible asset impairment charge - 30 - - - -

Professional fees for business combinations 5 - 7 - - -

Share-based compensation expense 169 153 134 130 111 76

Pre-tax (gain) loss on disposal of assets and businesses - - - - (52) (32)

Net gains on debt securities and other investments (16) (2) (1) (1) (1) (2)

Income tax effects of non-GAAP adjustments (72) (75) (81) (86) (56) (28)

Discontinued operations (25) 18 (10) 12 (20) (1)

Non-GAAP net income $906 $813 $708 $610 $544 $502

GAAP diluted net income per share $2.60 $2.00 $1.77 $1.35 $1.41 $1.24

Non-GAAP diluted net income per share $2.97 $2.56 $2.18 $1.85 $1.60 $1.41

Shares used in diluted per share amounts 305 317 325 330 339 356

Non-GAAP tax rate 34% 34% 35% 33% 36% 36%

See "About Non-GAAP Financial Measures" immediately following Table 1 for information on these measures, the items excluded from the most directly

comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts

in arriving at each non-GAAP financial measure.

(Dollars in millions, except per share amounts)

Page 43: Intuit CEO Shareholder Meeting

Intuit - Confidential

INTUIT INC. ABOUT NON-GAAP FINANCIAL MEASURES

The accompanying presentation dated January 17, 2013 contains non-GAAP financial measures. Table 1 reconciles the non-GAAP financial measures in that presentation to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. We exclude the following items from all of our non-GAAP financial measures: • Share-based compensation expense • Amortization of acquired technology • Amortization of other acquired intangible assets • Goodwill and intangible asset impairment charges • Charges for historical use of technology licensing rights • Professional fees for business combinations We also exclude the following items from non-GAAP net income (loss) and diluted net income (loss) per share: • Gains and losses on debt securities and other investments • Income tax effects of excluded items and certain discrete tax items • Discontinued operations

About Non-GAAP Financial Measures

Page 44: Intuit CEO Shareholder Meeting

Intuit - Confidential

We believe that these non-GAAP financial measures provide meaningful supplemental information regarding Intuit’s operating results primarily because they exclude amounts that we do not consider part of ongoing operating results when planning and forecasting and when assessing the performance of the organization, our individual operating segments, or our senior management. Segment managers are not held accountable for share-based compensation expense, amortization, or the other excluded items and, accordingly, we exclude these amounts from our measures of segment performance. We believe that our non-GAAP financial measures also facilitate the comparison by management and investors of results for current periods and guidance for future periods with results for past periods. The following are descriptions of the items we exclude from our non-GAAP financial measures. Share-based compensation expenses. These consist of non-cash expenses for stock options, restricted stock units and our Employee Stock Purchase Plan. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards. Amortization of acquired technology and amortization of other acquired intangible assets. When we acquire an entity, we are required by GAAP to record the fair values of the intangible assets of the entity and amortize them over their useful lives. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired entities. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer lists, covenants not to compete and trade names. Goodwill and intangible asset impairment charges. We exclude from our non-GAAP financial measures non-cash charges to adjust the carrying values of goodwill and other acquired intangible assets to their estimated fair values. Charges for historical use of technology licensing rights. We exclude from our non-GAAP financial measures the portion of technology licensing fees that relates to historical use of that technology. Professional fees for business combinations. We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. These include investment banking, legal and accounting fees. Gains and losses on debt securities and other investments. We exclude from our non-GAAP financial measures gains and losses that we record when we sell or impair available-for-sale debt securities and other investments. Income tax effects of excluded items and certain discrete tax items. We exclude from our non-GAAP financial measures the income tax effects of the items described above, as well as income tax effects related to business combinations. In addition, the effects of one-time income tax adjustments recorded in a specific quarter for GAAP purposes are reflected on a forecasted basis in our non-GAAP financial measures. This is consistent with how we plan, forecast and evaluate our operating results. Operating results and gains and losses on the sale of discontinued operations. From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. In accordance with GAAP, we segregate the operating results of discontinued operations as well as gains and losses on the sale of these discontinued operations from continuing operations on our GAAP statements of operations but continue to include them in GAAP net income or loss and net income or loss per share. We exclude these amounts from our non-GAAP financial measures. .

About Non-GAAP Financial Measures (cont)

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Intuit - Confidential

This presentation includes "forward-looking statements" which are subject to safe harbors created under the U.S. federal securities laws. All statements included in

this presentation that address activities, events or developments that Intuit expects, believes or anticipates will or may occur in the future are forward looking

statements, including: our expected market, customer and share growth; our opportunities and strategies to grow our business; our expected revenue, operating

income and earnings per share results and growth; our expectations regarding future dividends and ROIC improvements; our expectations for our product and service

offerings and cross-sell opportunities; and future market trends. 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: inherent difficulty in predicting consumer behavior; difficulties in receiving, processing, or filing customer tax submissions; consumers may

not respond as we expected to our advertising and promotional activities; 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 innovate and

introduce new offerings and business models 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; business interruption or

failure of our information technology and communication systems may impair the availability of our products and services, which may damage our reputation and

harm our future financial results; as we upgrade and consolidate our customer facing applications and supporting information technology infrastructure, any problems

with these implementations could interfere with our ability to deliver our offerings; any failure to properly use and protect personal customer information and data

could harm our revenue, earnings and reputation; if we are unable to develop, manage and maintain critical third party business relationships, our business may be

adversely affected; increased government regulation of our businesses may harm our operating results; if we fail to process transactions effectively or fail to

adequately protect against potential fraudulent activities, our revenue and earnings may be harmed; any significant offering quality problems or delays in our

offerings 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; the continuing global economic downturn may continue to impact consumer and small business spending, financial institutions and tax

filings, which could negatively affect our revenue and profitability; our businesses 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; our financial position may not make repurchasing shares or declaring dividends

advisable; our inability to adequately protect our intellectual property rights may weaken our competitive position and reduce our revenue and earnings; our

acquisition and divestiture activities may disrupt our ongoing business, may involve increased expenses and may present risks not contemplated at the time of the

transactions; our use of significant amounts of debt to finance acquisitions or other activities could harm our financial condition and results of operation; 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 2012 and in our other SEC filings, available through our website at www.intuit.com. Fiscal 2013 guidance speaks

only as of the date it was publicly issued by Intuit. Other forward-looking statements represent the judgment of the management of Intuit as of the date of this

presentation. We do not undertake any duty to update any forward-looking statement or other information in this presentation.

Cautions About Forward-Looking Statements