August 26, 1999 1 FY 1999: The Year in Review August 26, 1999 This slide presentation, including any...

August 26, 1999 1

FY 1999: The Year in ReviewAugust 26, 1999

This slide presentation, including any oral presentation that may accompany it, includes “forward-looking” statements about future financial results, future products and other events that have not yet occurred. For example, statements with words like “expect”,”anticipate” or “believe” and statements about fiscal 2000 are forward-looking statements. Investors should be aware that actual results may differ materially from our expressed expectations because of risks and uncertainties about the future. We will not update the information in the presentation if any forward-looking statement later turns out to be inaccurate. Details about risks and uncertainties affecting various aspects of our business are discussed throughout this presentation. Investors should consider all of these risks carefully, and should pay particular attention to risks described on slides 15 and 16.

August 26, 1999 2

Review of FY 1999

� OverviewOverview� FY 1999 Financial Performance� Investments & Balance Sheet� Core Businesses� New (Internet) Businesses� Employee Metrics� Electronic Finance

August 26, 1999 3

Fiscal 1999 Highlights

Strong Financial Performance

Fiscal 1999 GAAP Pro Forma GAAP Pro Forma

Revenue 149.9 149.9 847.6 847.6

EPS $4.04 ($0.26) $5.91 $1.39

Fourth Quarter Full Year

See slide 13 for more details on Pro Forma adjustments and slides 15-16 for risks and uncertainties relating to future results.

NOTE: Pro Forma financial information excludes acquisition-related costs, discontinued operations, restructuring charges, material non-recurring marketing charges, and income/loss for sales of investments and marketable securities.

NOTE: GAAP comparisons are favorably impacted by realized gain on the sales and revaluation of marketable securities and unfavorably impacted by acquisition-related charges for Lacerte and CRI. Without these items, EPS would have been a negative $0.39 for Q499, and a positive $1.26 for the full year.

August 26, 1999 4

Core Businesses

Quicken Continued growth: active users to over 11 million

QuickBooks Revenue up 57% and profits doubled

Supplies Consistent growth & profitability

International Changing business model in Europe

Pro Tax High renewal rates and high profitability Personal Tax Revenue up 36% and profits up 39%

Please see slides 15-16 for risks and uncertainties relating to future results.

Businesses Has Never Been StrongerBusinesses Has Never Been StrongerThe Total Earning Power of Our CoreThe Total Earning Power of Our Core

August 26, 1999 5

0

25

50

75

100

FY 97 FY 98 FY 99

New (Internet) Businesses

$48.7

$125.3

Internet Revenue ($ Millions)

$21.0

157%Growth In

FY99

157%Growth In

FY99


August 26, 1999 6

Electronic Finance

ConnectivityConnectivity(The Internet)

ComputersComputers(The PC) RevolutionizeRevolutionize

How People DoHow People DoFinancial WorkFinancial Work

Intuit is the Intuit is the leaderleader in eFinance in eFinance … … on the PC and on the Webon the PC and on the Web

August 26, 1999 7

Total Pro Forma Revenue

300

400

500

600

700

800

FY 97 FY 98 FY 99

$593

$848

$ Millions

$526

Incl. CRI& Lacerte

Please see slide 13 for a description of Pro Forma adjustments and slides 15-16 for risks and uncertainties relating to future results.

August 26, 1999 8

Internal Revenue Growth Rate

0

5

10

15

20

25

30

35

40

FY 97 FY 98 FY 99

13.7% 12.5%

27.1%Excl. CRI& Lacerte

Pro Forma Revenue, Excluding Revenue from Acquisitions (Lacerte & CRI)

Internal GrowthRate DoubledIn One Year



August 26, 1999 9

Total Revenue Growth Rate

0

5

10

15

20

25

30

35

40

FY 97 FY 98 FY 99

13.7% 12.5%

27.1%Excl. CRI& Lacerte

Pro Forma Revenue, Including Revenue from Acquisitions (Lacerte & CRI)



43.0%Incl. CRI

& Lacerte


August 26, 1999

10

Pro Forma Op Income Percent

4

6

8

10

12

14

FY 97 FY 98 FY 99

8.2%

10.2%

14.2%

As a Percent of Pro Forma Revenue

Incl. CRI& Lacerte


August 26, 1999

11

Pro Forma Operating Income

0

20

40

60

80

100

FY 97 FY 98 FY 99

$43.2

$60.5

$120.6Op IncomeDoubled

In One Year

Op IncomeDoubled

In One Year

$ millions

Incl. CRI& Lacerte


August 26, 1999

12

Review of FY 1999

� Overview� FY 1999 Financial PerformanceFY 1999 Financial Performance� Investments & Balance Sheet� Core Businesses� New (Internet) Businesses� Employee Metrics� Electronic Finance

August 26, 1999

13

Notes Forward-Looking Statements This slide presentation, including any oral presentation that may accompany it, includes

“forward-looking” statements about future financial results, future products and other events that have not yet occurred. For example, statements with words like “expect”, “anticipate” or “believe” and statements about fiscal 2000 are forward-looking statements. Investors should be aware that actual results may differ materially from our expressed expectations because of risks and uncertainties about the future. We will not update the information in the presentation if any forward-looking statement later turns out to be inaccurate. Details about risks affecting various aspects of our business are discussed throughout this presentation. Investors should consider all of these risks carefully, and should pay particular attention to risks described on slides 15 and 16.

Pro Forma Accounting Intuit looks at its financial performance in two ways: GAAP, and Company Pro Forma.

Pro Forma financial information excludes acquisition-related costs, discontinued operations, restructuring charges, material non-recurring marketing charges, and income/loss for sales of investments and marketable securities. Please note that there are significant differences between our GAAP and Pro Forma results. See our August 26, 1999 press release for details.

August 26, 1999

14

Notes Cyclical Business Cycle The seasonal nature of our desktop software products, especially our tax products,

typically causes the Company to experience higher revenue in the January and April fiscal quarters. Costs to develop, market and support these products are incurred at relatively consistent levels throughout the year. Consequently, the Company generally reports a loss, or lower profits, in the October and July fiscal quarters.

Period-to-Period Comparisons In performing year over year comparisons, please note the following: FY98 includes

only six weeks of results for our Lacerte professional tax software subsidiary, which we acquired in June 1998. FY99 includes a full year of Lacerte results. FY98 does not reflect any results for CRI, our payroll processing subsidiary, which we acquired in May 1999. FY99 includes three months of CRI results. Year over year comparisons are also impacted by the timing of major product launches. Specifically, we had QuickBooks launches in June 1998 and January 1999, which had a positive impact on FY99 results. Prior to these QuickBooks releases, we had not launched a new version of QuickBooks since December 1996.

August 26, 1999

15

Risks & UncertaintiesRisks and Uncertainties Relating to Future Performance and

ResultsAnyone who may be considering an investment in Intuit Common Stock should carefully consider the following risksand uncertainties that may affect Intuit’s future performance and financial results. More details about these issuesare included in Intuit’s fiscal 1998 for Form 10k, its fiscal 1999 Form 10Qs and its other recent SEC filings. Our revenue and earnings are highly seasonal. Our quarterly and annual financial results fluctuate significantly. We face intense competition from many companies in all of our business areas, both domestically and

internationally. We expect Microsoft to enter the personal tax preparation market in the 1999 tax year, and we may also face

competition from the Internal Revenue Service and state tax agencies. Our Internet-based products and services require us to successfully adopt, refine and operationally support a

new business model. We must continue to maintain important distribution and other contractual relationships for our Internet-based

products and services and successfully market and promote these products and services. Our Internet businesses face risks relating to customer privacy and security and increasing regulation. Our Internet businesses require significant research and development and marketing expenditures. The expansion of our Internet-based products and services has had a significant impact on our development

process. Expansion of our desktop product Internet connectivity initiatives depends to some extent on industry adoption

of OFX as a connectivity standard. In order to succeed in the payroll business, we must continue to improve the integration of the operations of

our payroll processing service provider and expand availability for our online payroll processing service. Our tax products must follow a demanding and rigid annual development and release cycle. Our web-based tax preparation and electronic filing services must handle extremely heavy customer demand

during the peak tax season.

August 26, 1999

16

Risks & Uncertainties, cont. Product bugs can be expensive to fix and can cause Intuit to lose customers. Product returns might exceed reserves. We face increasing competition for access to retail distribution channels. Businesses that we acquire must be integrated into our business. Our recent acquisitions have resulted in significant acquisition-related expenses. Our recent acquisitions of Lacerte and CRI pose a number of risks that could affect our ability to achieve the

anticipated benefits of those acquisitions. We must provide responsive customer service and technical support. Business conditions in international markets can negatively impact our financial performance. We depend on a single source supplier of checks. We face intense competition for qualified employees. Our ability to protect our proprietary technology is limited. We rely on third party licenses for some of our products and services. Some of our products and services are regulated businesses under federal or state laws that do not apply to

most software companies. Regulation of encryption technology could adversely affect our international sales and services. Problems related to the Year 2000 could have a significant adverse effect on our operations. We hold significant investments that have been very volatile. The market price of our common stock has been volatile. We have implemented a number of anti-takeover provisions that may adversely affect the market price of our

common stock.

August 26, 1999

17

Business Divisions

Internat’l 10%

Internat’l 10%

Consumer16%

Consumer16%

Small Business34%

Small Business34%Tax

40%Tax40%

$ Millions Revenue Income

Tax 337.7 155.2Small Business 292.7 96.7Consumer 137.8 (7.2)International 79.4 4.9

847.6 249.6

Common Exp* (129.0)847.6 120.6

* General & Administrative, and other common costs not allocated to specific business divisions.

August 26, 1999

18

4Q 4Q Quarter Ended 7/31 1998 1999

Revenue 117.3 149.9Net Income (39.0) 263.3

Earnings Per Share ($0.70) $4.04

GAAP - Fourth Quarter $ Millions, except EPS

NOTE: Q499 comparison is favorably impacted by realized gain from the sale of Excite stock and revaluation of remaining holdings in Excite@Home, and unfavorably impacted by additional amortization of acquisition-related items. Without the impact of these items, Net Loss would have been $26 million and a negative EPS of $0.39.


August 26, 1999

19

4Q 4Q Quarter Ended 7/31 1998 1999

Revenue 117.3 149.9Operating Income (2.6) (31.1)

Op Income / Revenue -2.2% -20.7%

Earnings Per Share $0.03 ($0.26)

Pro Forma - Fourth Quarter $ Millions, except EPS


NOTE: Q498 includes benefit from QuickBooks 6.0 launch in June 1998.

August 26, 1999

20

Fourth Quarter Comments

28% Revenue Growth vs Prior Year• Stronger-than-expected QuickBooks sales in U.S.• Strong Quicken & QuickBooks launches in Europe• Higher growth in Internet-based businesses

One-Time European Expense • Transition of German operations to licensing model

CRI Results Included in 4Q99• Neutral impact on Pro Forma operating income


August 26, 1999

21

Fiscal Fiscal Year Ended 7/31 1998 1999

Revenue 592.7 847.6Net Income (12.2) 376.5

Earnings Per Share ($0.24) $5.91

GAAP - Full Year $ Millions, except EPS

NOTE: FY99 comparison is favorably impacted by realized gain on sales and revaluation of marketable securities, offset somewhat by higher amortization of acquisition related costs from Lacerte & CRI. Without the impact of these items, FY99 Net Income would have been $80 million and EPS $1.26.


August 26, 1999

22

Fiscal Fiscal Year Ended 7/31 1998 1999

Revenue 592.7 847.6Operating Income 60.5 120.6

Op Income / Revenue 10.2% 14.2%

Earnings Per Share $0.90 $1.39

Pro Forma - Full Year $ Millions, except EPS


August 26, 1999

23

Full Year FY99 Comments 27% Internal Growth Rate (excl. Lacerte & CRI)

• Strong season for personal tax -- PC, Web and e-filing• QuickBooks and related revenue up 57% (two launches)• Internet-based revenues up 157% vs prior year• 43.0% total growth rate (including Lacerte and CRI)

Pro Forma Operating Income Doubled• QuickBooks and related profit contribution doubled• Personal tax profit contribution increased nearly 40%• Includes strong profitability from Lacerte (not included in FY98)

FY99 Challenges• Quicken: profit / Europe: business model / Insurance: slow ramp


August 26, 1999

24

Review of FY 1999

� Overview� FY 1999 Financial Performance� Investments & Balance SheetInvestments & Balance Sheet� Core Businesses� New (Internet) Businesses� Employee Metrics� Electronic Finance

August 26, 1999

25

Strategic InvestmentsExcluding Investments Without a Public or Third-Party Valuation ($ Millions)


Original Investments 295.1 Excite, CheckFree, Verisign, Concentric, Security First, Mortgage.com, Home Store, Quotesmith and two non-public companies with third-party valuations

Cash Proceeds (Pre-Tax) 569.9Remaining Market Value* 495.8Total Value 1,065.7

Increase in Value 261%* as of 7/31/99

All but oneup at least 70%

All but oneup at least 70%

August 26, 1999

26

Balance Sheet

0

200

400

600

800

1000

1200

FY 97 FY 98 FY 99

$431

$882

$1,255*

Value of Cash and Marketable Securities at Fiscal Year-End ($ millions)

* Does NOT include $131 million of cash held as “float” in payroll business


August 26, 1999

27

Review of FY 1999

� Overview� FY 1999 Financial Performance� Investments & Balance Sheet� Core BusinessesCore Businesses� New (Internet) Businesses� Employee Metrics� Electronic Finance

August 26, 1999

28

QuickenCustomer Base Continues to Grow ...

0

2

4

6

8

10

FY 97 FY 98 FY 99

Millions of Active Users*

9.4

10.411.2

2.52.9 3.0

Quicken

Money

* Based on survey of PC-owning US households done by Genesis Research in January and August of 1999, 1998 and 1997.

Moderate Growth• Units: 7% vs prior year• Revenue: 5% vs prior year• Retail share down slightly

Connectivity• Over 150 FI connections• Over 700 including QIF import• Access to 50% of U.S.accounts

Profitability• Declined in FY99, but still one of Quicken’s most profitable years

Strategic Role• Customer acquisition• Less than 10% of total revenue

Please see slide 15-16 for risks and uncertainties relating to future results.

August 26, 1999

29

Quicken 2000 Six weeks early Back on the Mac ! And connected ...

Palm Pilot

The Web

“very powerful Internet-enabled

version”

-Jupiter Communication

August 26, 1999

30

QuickBooks

Robust Growth … and Doubling Profits

1½ Launches Benefit of 6-month release cycle (Will not get this benefit in FY00)

Retail Unit Share From 75% to 81% to 85%

(PC Data)

Revenue Up 57%

Profits Doubled

70

75

80

85

FY 97 FY 98 FY 9970

75

80

85

FY 97 FY 98 FY 99

0

1

2

FY 97 FY 98 FY 99

2.7Unique Registered Users*(Millions at year-end)

2.1

1.6

* Based on cumulative number of product registrations.


August 26, 1999

31

Financial Supplies Group

Revenue ($ Millions)

60

65

70

75

80

85

90

95

FY 97 FY 98 FY 99

$97.6

$87.0

$79.6

Consistent GrowthFY 99:FY 99:

SystemsSystems Direct-To-

Plate: 50% to 90%

Turn-around time cut in half

ProcessesProcesses Status Calls:

25% to 8% Web Ordering:

5% to 19%

… … ProfitsProfits


August 26, 1999

32

Small but leadingretail salesin its category

International

Focusing Efforts on Small Business Revenue up 12% in FY99

• Swung from small loss to small profit

Canada• Strong Across the Board: Quicken, QuickBooks & QuickTax

Japan• Revenue flat: traditional businesses mature• QuickBooks-J launched

Europe• Uneconomic business models: transitioning to partnerships• Established relationship with Haufe in Germany

August 26, 1999

33

Tax Division

0

20

40

60

80

100

120

140

FY 97 FY 98 FY 99

$81.0

$155.2

$61.1


Pro Forma Contribution ($ Millions)

Pers.53%Pers.53%

Pro47%Pro47%

FY99 Pro FormaContribution Mix

by Personal and Professional Groups

August 26, 1999

34

TurboTax

0

1

2

3

4

FY94 FY95 FY96 FY97 FY98 FY99

TurboTax & MacInTax Federal Units (Millions)

4.1million

Record Sales Volumes

NOTE: Microsoft EnteringPersonal Tax Market in FY 2000

NOTE: Microsoft EnteringPersonal Tax Market in FY 2000


August 26, 1999

35

93%Lacerte

80

82

84

86

88

90

FY96 FY97 FY98 FY99

Pro TaxRenewal Rate (excluding pay-per-return customers)

92%

89%

85%

82%

Reliable Recurring Revenues

Reliable Recurring Revenues

PROTAX

ProSeries

ProSeries

ProSeries

ProSeries


August 26, 1999

36

America’s Choice

income tax returnsin the United States

is prepared onIntuit software*

* Based on company estimates: Unit sales times number of returns filed per unit sold, as reported by users on survey questionnaires.

11

55

OUT OUT OF OF

EVERYEVERY

August 26, 1999

37

Review of FY 1999

� Overview� FY 1999 Financial Performance� Investments & Balance Sheet� Core Businesses� New (Internet) BusinessesNew (Internet) Businesses� Employee Metrics� Electronic Finance

August 26, 1999

38

New (Internet) Businesses

Online Tax Filing Online Tax Prep Online Payroll Online Business Services Online Investments Online Mortgage Online Insurance Online Billing & Payment Online Orders & Downloads

TOTOTHETHEWEBWEB

Multiple New Internet-Based Businesses Are Ramping

15% of Intuit’s Revenue from the Internet in FY9915% of Intuit’s Revenue from the Internet in FY99“Internet Revenue” is the sum of “Internet Product and Service” revenue (products and services performed and delivered using the Internet) and “Internet Commerce” revenue (software or other products sold and/or downloaded via the Internet).

August 26, 1999

39

0

5

10

15

1H98 2H98 1H99 2H99

Internet Revenue as a Percent of Total RevenueInternet Revenue

20%

11%12%

6%


August 26, 1999

40

Internet Revenue

0

10

20

30

40

50

Advertising Transactions Distribution

2923

47

14

50

12

FY98 FY99 Growth

48.7 125.3 157%

$ Millions

0

10

20

30

40

50

Business Tax Consumer

21

11

46

33

59

4

FY99FY98

Internet businesses span all business divisions, and are not a separate division or segment.


August 26, 1999

41

Electronic FilingPersonal Federal Returns (000s)

Plus, Another Million+Plus, Another Million+ProPro Federal Returns Federal Returns

0

200

400

600

800

1000

1200

1400

1600

FY 95 FY 96 FY 97 FY 98 FY 99

2.4x

1.7x

2.9x

2.3x

DOUBLINGDOUBLINGEVERYEVERYYEARYEAR


August 26, 1999

42

WebTurboTax UsageWebTurboTax UsageUp Ten-Fold from FY98Up Ten-Fold from FY98

WebTurboTax

Full Desktop Capability …

On the Web!On the Web!

August 26, 1999

43

400,000subscribers

Payroll ServicesPayroll Tax Table Service Subscribers (000s)

0

100

200

300

400

FY95 FY96 FY97 FY98 FY99

STEP ONESTEP ONESTEP ONESTEP ONE Payroll Tax TablePayroll Tax Table ServiceService(NOT predominantly Internet-delivered)


August 26, 1999

44

$267 million

0

50

100

150

200

250

Q1 99 Q2 99 Q3 99 Q4 99

More customers in first yearthan Paychex got in first six years

Payroll ServicesGross Payroll Dollars Processed Through Online Payroll Service, Excl. CRI

STEP TWOSTEP TWOSTEP TWOSTEP TWO Online Payroll ServiceOnline Payroll Service

NOTE: Early-Stage Effort Fast Growth, But Small Base NOTE: Early-Stage Effort Fast Growth, But Small Base

$ Millions


August 26, 1999

45

Millions of Page Views Per MonthAlmost 4 Million UniqueAlmost 4 Million Unique

Visitors Per MonthVisitors Per Month

40

60

80

100

120

140

160

May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June

Quicken.com

Page Views Up 78% Ad Revenue Doubled


Page Views and Reach Soft in Late Spring

Page Views and Reach Soft in Late Spring

August 26, 1999

46

Insuremarket

0

200

400

600

800

1,000

1,200

Policy Applications

Life Insurance: 100% U.S. Coverage Rapid Application Growth

Small RevenueSmall Revenue


August 26, 1999

47

Insuremarket

0

10

20

30

40

50

60

JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL

Auto Insurance: 70% U.S. Coverage Rapid Quote Growth

Thousands of Quotes

0

200

400

600

800

1,000

1,200

Policy Applications

Life Insurance: 100% U.S. Coverage Rapid Application Growth

Small RevenueSmall Revenue Minimal RevenueMinimal Revenue


August 26, 1999

48

0.1%in 19980.1%in 1998

Online Mortgages

10%in 200310%in 2003

Forrester Research

Percentage of Total Mortgage Market Originated Online

Rapid Growth Projected for Online Mortgages


• Small Revenue But Fast Growth

• Over $1.2 Billion Loans Originated in FY 1999

August 26, 1999

49

40

60

80

100

120

2Q98 3Q98 4Q98 1Q99 2Q99

Number of Loans Closed*, as an Index versus E-Loan

Quicken Mortgage

CalendarQuarters

100100Index vs E-LoanIndex vs E-Loan

* Partially based on Intuit estimates


August 26, 1999

50

21% More21% MoreThan E-LoanThan E-Loan

40

60

80

100

120

2Q98 3Q98 4Q98 1Q99 2Q99

Number of Loans Closed*, as an Index versus E-Loan

Quicken Mortgage

CalendarQuarters

100100Index vs E-LoanIndex vs E-Loan

NOTE: • $ Loans & Revenues Lower than E-Loan• Interest Rate Increases Reduce Volumes

NOTE: • $ Loans & Revenues Lower than E-Loan• Interest Rate Increases Reduce Volumes

* Partially based on Intuit estimates


August 26, 1999

51

Review of FY 1999

� Overview� FY 1999 Financial Performance� Investments & Balance Sheet� Core Businesses� New (Internet) Businesses� Employee MetricsEmployee Metrics� Electronic Finance

August 26, 1999

52

Employee Survey Results

63

64

65

66

67

68

69

FY 97 FY 98 FY 99

Average of 46 “Quality of Work Environment” Questions - Top-Two-Box Scores

65%

67%

69%Employee Satisfaction:FY99 is Highest MeasuredEmployee Satisfaction:FY99 is Highest Measured

Average of All46 Questions


August 26, 1999

53

Total company turnover downfrom 22% to 19% to 18%(excluding recent acquisitions)

Turnover Rate

10

12

14

16

18

20

FY 97 FY 98 FY 99

Intuit’s Personnel in the Silicon Valley

22%

18%

13%

Radford reports average turnover for comparable Northern California

companies to be 27% for calendar year 1998.

Intuit’sSilicon Valleyturnover cut

by 60%

Intuit’sSilicon Valleyturnover cut

by 60%


August 26, 1999

54

Employee Productivity

100

120

140

160

180

200

FY 97 FY 98 FY 99

$154

$172

$209

Pro Forma Revenue per Employee ($ Thousands)


August 26, 1999

55

Summary of FY 1999

Internal revenue growth rate has doubled Pro Forma operating income up four points Cash & securities increased to $1.2 billion Core businesses are flourishing Multiple new Internet businesses ramping Employee satisfaction highest measured Retention rates & employee productivity up


August 26, 1999

56

Ongoing Challenges

Execution• Peak season capacity and customer service quality• Reliability and security in transactional businesses• Overseas business models

Competition• Loss-laden Internet start-ups, fueled by VCs and IPOs• Increasing pressure in personal tax business

Transition to the Internet• Human resources: hiring and retention• Financial balance: profitability versus Internet investment• Culture: speed and agility


August 26, 1999

57

Thoughts on FY 2000

Enter The Year in Strong Position• Products, customers, employees, financial resources

Revenue Growth Rate Likely to Slow• Europe moving to royalty-based business model• Microsoft entry into the personal tax market• No benefit from one-and-a-half QuickBooks launches• Internet businesses face intensifying competition

Financial Goals• Target: 15% revenue growth and 20% op income

growth*• Target: reinvest any upside in the Internet

* Pro Forma. See slide 13 for a description of Pro Forma adjustments.

August 26, 1999

58

Review of FY 1999

� Overview� FY 1999 Financial Performance� Investments & Balance Sheet� Core Businesses� New (Internet) Businesses� Employee Metrics� Electronic FinanceElectronic Finance

August 26, 1999

59

Small Business eFinance

GovernmentsGovernments AccountantsAccountants

SuppliersSuppliers

Web StoresWeb Stores

CustomersCustomers

BanksBanks

EmployeesEmployees

Data Store

Connecting Small Business Finances to the Net

QuickBooksQuickBooks

August 26, 1999

60

Electronic Finance is...

Immense in Size Sticky Recurring Revenue Competitive Advantage High Return on Investment

(With Scale)

Multiplicative

Please see slide 15 for a description of Pro Forma adjustments and slides 17-18 for risks and uncertainties relating to future financial results.

August 26, 1999

61

Intuit is Electronic Finance

Intu

it

Mic

roso

ft

H&

R B

lock

Peach

Tree

Yahoo!

Mark

etW

atc

h

E-L

oan

InsW

eb

Personal Finance SoftwareOnline BankingOnline Billing & PaymentOnline InvestingOnline MortgageOnline InsuranceAccounting SoftwarePayroll Tax TablesOnline PayrollBusiness Tax PrepOnline Business ServicesPersonal Tax Prep - DesktopPersonal Tax Prep - WebElectronic FilingPro Tax Prep SoftwarePro Fixed Asset Software

Examples of Companies Offering Electronic Finance Capabilities

August 26, 1999

62

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