Slide 1: Intuit Investor Day 2018
INTUIT. Investor Day 2018 September 27, 2018 GQiurbotax @quickbooks @p roconnec?
Slide 2: Investor Day Agenda
Investor Day Agenda Welcome Kim Watkins Reflections and strategies to win Brad Smith Awesome E2E customer experiences Speed as a habit Technology to accelerate growth Diego Rodriguez + Tayloe Stansbury Fuel small business success globally Provide peace-of-mind and prosperity for the self-employed gl
Slide 3: Forward-Looking Statements
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
Slide 4: Investor Day product demonstrations
Investor Day product demonstrations QuickBooks Online International QuickBooks Assistant Find an Accountant TurboTax Live ; : | PRESENTED BY PRESENTED BY PRESENTED BY PRESENTED BY Jeremy Sulzmann Ariege Misherghi Christopher Evans Varun Krishna & Stacie Herring TurboTax Self-Help . enabled by ML/AI
Slide 5: Brad Smith
Brad Smith
Slide 6: Why isn't Intuit dead?
Geoff Colvin WHY ISN'T INTUIT DEAD? " the reason is easy to state, hard to emulate...” “\..the company has continually disrupted itself...” FORTUNE Even as its stock hits new highs, nearly all analysts rate it a buy. This is the Tom Brady of its industry performing at the top of its game at an age w
Slide 7: History of self-disruption & reimagination
History of self-disruption & reimagination ERA OF DOS ERA OF WINDOWS ERA OF WEB ERA OF MOBILE AND QuickBooks iS Fo | g TurboTax Windows QuickBooks Online Comp. A TurboTax Online Comp. A SMBAcctg v2 Tax Prep TurboTax Live QuickBooks Windows Comp. D Payments Comp. G Payments Quicken Dos INTU SHARE PRI
Slide 8: Early decade reimagination - Project BOLD
Early decade reimagination - Project BOLD = \ GLOBAL \ CLOUD Pe MOBILE 1ST DATA Tax Services Achieved by... Delivering Awesome Contributions of Others- Using Data Product Experiences “Network Effect Platforms” to Create Delight 2010s - Present intuiz. 8
Slide 9: Early decade reimagination - Project BOLD
Early decade reimagination - Project BOLD glassdoor 20 BEST PLAGES "WORK sD, Forbes | 2018 EST GMPANY Tae TOP CEOs THE WORLD'S EMPLOYERS MOST INNOVATIVE ee ie scuewortos COMPANIES 2017 FORTUNE ri) = oe e THE 100BEST. COMPANIESTO WORK FOR 2010s - Present
Slide 10: Early decade reimagination - Project BOLD
Early decade reimagination - Project BOLD ~50M CUSTOMER GROWTH 2010s - Present intuiz. 10
Slide 11: Early decade reimagination - Project BOLD
Early decade reimagination - Project BOLD REVENUE 2010s - Present " intuiz.
Slide 12: Project BOLD - repositioned Intuit on the growth curve
Project BOLD - repositioned Intuit on the growth curve STOCK _ Se F PERFORMANCE i a) 250% : f 150% 2010s - Present Intuit 12
Slide 13: Most recent reinvention - One Intuit Ecosystem
Most recent reinvention - One Intuit Ecosystem 2 Gc D Al/Machine . Voice/Chatbots Learning ital Natives Freelance Disruptive Business Models —_ of Government Blockchain Mega-platforms CATALYSTS FOR GROWTH IF WE EXECUTE WELL intuiz. = ™ Be the Operating System Behind SMB Success Do the Nations’ Taxes
Slide 14: Most recent reinvention - One Intuit Ecosystem
Most recent reinvention - One Intuit Ecosystem POWERING PROSPERITY AROUND THE WORLD ONE INTUIT ECOSYSTEM 2 Gc D ital Natives Freelance Al/Machine Voice/Chatbots Learning gflF-EMPLOYE Blockchain Mega-platforms Disruptive Business Models —_ of Government CATALYSTS FOR GROWTH IF WE EXECUTE WELL Persona
Slide 15: One year into execution ... creating indispensable connections
One year into execution ... creating indispensable connections SMALL BUSINESSES ACCOUNTANTS 50% of small businesses fail in Marketing and acquiring clients are the first 5 years. 89% of small businesses among accountants’ biggest pain points... report they are more successful if they only acquire 4
Slide 16: One year into execution ... creating indispensable connections
One year into execution ... creating indispensable connections SMALL BUSINESSES 50% of small businesses fail in the first 5 years. 89% of small businesses report they are more successful if they work with an accountant. Intuit MATCHMAKING PLATFORM * 58% of our SMB’s have accts (+5 pts) * 3x #of acct
Slide 17: One year into execution ... creating indispensable connections
One year into execution ... creating indispensable connections CONSUMERS ACCOUNTANTS 60% of people seek an Seek new ways to grow assisted tax solution their income Intuit
Slide 18: One year into execution ... creating indispensable connections
One year into execution ... creating indispensable connections TURBOTAX LIVE CONSUMERS 60% of people seek an assisted tax solution Intuit * +19 pt increase in tax filer confidence, PRS of 63 * Generated additional income for ~2,000 Pros * Improved retention, converted assisted, 1° time filer mix TOO
Slide 19: One year into execution ... creating indispensable connections
One year into execution ... creating indispensable connections SELF-EMPLOYED DAY-TO-DAY SELF-EMPLOYED AT TAX TIME Daily habits co-mingle Struggle to separate personal and business personal from business expenses Intuit
Slide 20: One year into execution ... creating indispensable connections
One year into execution ... creating indispensable connections © SELF-EMPLOYED DAY-TO-DAY Daily habits co-mingle personal and business Intuit t+—— TURBOTAX SELF-EMPLOYED BUNDLE —— * Saved the average self-employed $4,628 in tax savings (~8% of annual income) + ~50% of OBSE subscribers come from Turb
Slide 21: One year into execution ... creating indispensable connections
One year into execution ... creating indispensable connections SMALL BUSINESSES LENDERS Young businesses need funding to grow, Lenders don’t have enough data to only one in four get the funding they need. underwrite early stage companies. Intuit Pa
Slide 22: One year into execution ... creating indispensable connections
One year into execution ... creating indispensable connections QUICKBOOKS CAPITAL SMALL BUSINESSES Young businesses need funding to grow, only one in four get the funding they need. Intuit * 60% of customers approved for loans “un-lendable” by Fls * Loss rates < half industry average * PRS of 83, 39
Slide 23: One year into execution ... creating indispensable connections
One year into execution ... creating indispensable connections CONSUMERS PARTNERS 62% of Americans can't come Seek qualified customers up with $1,000 in an emergency for their products Intuit
Slide 24: One year into execution ... creating indispensable connections
One year into execution ... creating indispensable connections WIN WIN co -——}—— TURBO & BEYOND USER PAID ——-+(__) CONSUMERS * 25M registered users consented to use their PARTNERS data for lower rates and better loans 62% of Americans * 9x lift in conversion for partners utilizing Seek qualified can
Slide 25: One year into execution ... creating indispensable connections
One year into execution ... creating indispensable connections CONSUMERS FINANCIAL INSTITUTIONS Tax refund the largest paycheck Seek to reach customers with of the year for most families the right products Intuit
Slide 26: One year into execution ... creating indispensable connections
One year into execution ... creating indispensable connections WIN WIN cy ——_}— CHASE + INTUIT PARTNERSHIP ———————* a CONSUMERS * Billions in tax refund $’s from TurboTax filers FINANCIAL go to Chase accounts INSTITUTIONS Seek to reach customers with the right products Tax refund the largest * 45% o
Slide 27: One year into execution ... creating indispensable connections
One year into execution ... creating indispensable connections SMALL BUSINESSES C CONSUMERS SELF-EMPLOYED DAY-TO-DAY SMALL BUSINESSES CONSUMERS CONSUMERS )_ @_ fll —te_ MATCHMAKING PLATFORM ACCOUNTANTS TURBOTAX LIVE ACCOUNTANTS ) —— TURBOTAX SELF-EMPLOYED BUNDLE — C) ATTAXTINE. LENDERS ) «— TURBO &
Slide 28: FY'18 financials results ... strongest year in more than a decade
FY'18 financials results ... strongest year in more than a decade GROWTH RATE ORIG ACTUAL PRIOR YEAR ACTUAL GUIDANCE Revenue $5,964 $5,177 15% 9-11% Operating Income $1,981 $1,735 14% 9-12% Diluted EPS $5.61 $4.41 27% 11-13% QBO Subscribers 3,412 2,383 43% 37-42% $ in millions except EPS and OBO sub
Slide 29: FY'18 reflection: solid foundation with more work needed
FY'18 reflection: solid foundation with more work needed PERFORMANCE DRIVERS Progress made... Progress needed... Strong culture, high engagement Employee Engagement Mgt. capability, employee recognition & growth Customer passion, focus on benefit Customer Delight 1st use experiences, reimagine custo
Slide 30: Intuit's Game Plan To Win
Intuit Intuit’s Game Plan To Win TRUE NORTH GOALS STRATEGY PRIORITIES METRICS 30
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Slide 32: Mission
MISSION TRUE NORTH GOALS STRATEGY PRIORITIES METRICS Intuit Deliver Awesome 32
Slide 33: Values
MISSION VALUES TRUE NORTH GOALS STRATEGY PRIORITIES METRICS Intuit Values Integrity Without Compromise __ We speak the truth and assume best intent. We value trust above all else. We hold ourselves and others accountable to the highest standards in all we say and do. Be Bold Solve BIG customer probl
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Slide 35: Strategy
Strategy POWERING PROSPERITY AROUND THE WORLD ONE INTUIT. ECOSYSTEM MISSION VALUES TRUE NORTH eonre Mofe Money No Work ‘Complete Confidence STRATEGY PRIORITIES METRICS Personalized Experiences Trusted Open Platform Indispensable Connections Intult
Slide 36: Priorities
MISSION STRATEGY PRIORITIES Intuit Priorities ACCELERATE VELOCITY IN DOING WHAT'S RIGHT FOR CUSTOMERS... Awesome E2E customer experiences: between customers, partners & products... building network effects... unrivaled customer benefit & NPS Speed as a habit: what's best for the customer breaks all
Slide 37: Priorities and metrics
MISSION VALUES STRATEGY PRIORITIES METRICS Intuit ACCELERATE VELOCITY IN DOING WHAT'S RIGHT FOR CUSTOMERS, VIA... AWESOME E2E CUSTOMER EXPERIENCES. SPEED AS AHABIT TECHNOLOGY TO ACCELERATE GROWTH DELIVER SIGNIFICANT IMPROVEMENT IN CUSTOMER BENEFITS, VIA... FUEL SMALL BUSINESS SUCCESS GLOBALLY PROVID
Slide 38: Intuit strategy overview
InTUIT POWERING PROSPERITY AROUND THE WORLD Integrity Without Compromise We Care & Give Back Be Bold Be Passionate Be Decisive Learn Fast Win Together Deliver Awesome Employees Customers Partners Shareholders The place where the world’s Delight customers more than Delight partners who add value Driv
Slide 39: New competitive moats
New competitive moats TOP STRENGTHS: HOW WE WIN TODAY TRUSTED REPUTATION * Trusted by customers & ecosystem partners (Fls, accts., govts.) * Trusted product brands (TurboTax, QuickBooks) & company brand (Intuit) * Trusted stewards of sensitive financial data & personal information STRONG RECOMMENDER
Slide 40: Building durable competitive advantage
Building durable competitive advantage STRENGTHENING SOURCES OF DURABLE ADVANTAGE Platform Customers become familiar with workflows and place retention a high bar on relearning tools; the more offerings they use on our platform, the stickier they are. PATHSTO DURABLE » Data & Deliver customer benefi
Slide 41: Our strategy puts us in pursuit of a massive TAM
Our strategy puts us in pursuit of a massive TAM THREE BIG OPPORTUNITIES SEGMENT CUSTOMERS CUST. UNIVERSE $ TAM @ GROW THE CORE SMALL BUSINESS 6M Our opportunity with QBO + attach, QBSE, and 215M DIY tax in U.S., Canada, U.K., Australia, France, SELF-EMPLOYED 0.7M Brazil, India (core markets) $33B +
Slide 42: Our strategy puts us in pursuit of a massive TAM
Our strategy puts us in pursuit of a massive TAM THREE BIG OPPORTUNITIES SEGMENT CUSTOMERS CUST. UNIVERSE $ TAM SMALL BUSINESS 6M 215M SELF-EMPLOYED 0.7M $103B CONSUMER 42M 300M $33B © CONNECT THE ECOSYSTEM TRAJECTORY CHANGE (I.E. REASONS TO BELIEVE) Our opportunity to connect customers, partners, a
Slide 43: Our strategy puts us in pursuit of a massive TAM
Our strategy puts us in pursuit of a massive TAM THREE BIG OPPORTUNITIES SEGMENT CUSTOMERS CUST. UNIVERSE $ TAM SMALL BUSINESS 6M 800M SELF-EMPLOYED 0.7M CONSUMER 42M 300M TRAJECTORY CHANGE (I.E. REASONS TO BELIEVE) GLOBAL PRODUCT EXPANDING TAM WORLDWIDE PROVEN PLAYBOOK MARKET FIT LTV/CAC + Product-
Slide 44: One Intuit Ecosystem
ONE INTUIT ECOSYSTEM a — — 3 a =~ Pom =. = B. = ~ faa rt Power ing Prosperity Around the World
Slide 45: Diego Rodriguez and Tayloe Stansbury
Diego Rodriguez and Tayloe Stansbury
Slide 46: Intuit strategy overview
InTUIT POWERING PROSPERITY AROUND THE WORLD Integrity Without Compromise We Care & Give Back Be Bold Be Passionate Be Decisive Learn Fast Win Together Deliver Awesome Employees Customers Partners Shareholders The place where the world’s Delight customers more than Delight partners who add value Driv
Slide 47: Accelerate Velocity in Doing What's Right for Customers
Accelerate Velocity in Doing What's Right for Customers Awesome E2E customer experiences Speed as a habit Technology to accelerate growth
Slide 48: Powering Prosperity Around the World
POWERING PROSPERITY AROUND THE WORLD ONE INTUIT ECOSYSTEM Personalized Experiences Trusted Open Platform Indispensable Connections
Slide 49: Our recipe to create awesome E2E customer experiences
Our recipe to create awesome E2E customer experiences CUSTOMER-DRIVEN INNOVATION (CDI) DESIGN FOR DELIGHT (D4D) WHAT TO SOLVE HOW TO SOLVE An important, ...that we, unsolved and those customer we enable, problem can solve well DEEP CUSTOMER. EMPATHY \ DELIGHT xe / G0 NARROW RAPID EXPERIMENTS WITH CU
Slide 50: Best practices for awesome E2E experiences
Best practices for awesome E2E Aan nerient Follow-Me-Homes . {2 Creating deep, first-hand empathy for our customers Getting out of the office to deeply understand what our customers do, say, think, and feel InTult.
Slide 51: Best practices for awesome E2E customer experiences
Fa Bed rattives for awesome E2E customer experiences ed - -_ Customer Obsession Tour y , Recommitting ourselves to Intuit’s core capabilities £ of CDI & D4D = “ me i E 8,300 employees participated across 16 Intuit sites, conducting 3,800 Follow-Me-Homes 51
Slide 52: Best practices for awesome E2E customer experiences
Best practices for awesome E2E cust CDI & D4D Investment r) Investing in skills that iz create better leaders : Lal Providing CDI & D4D training to all q employees — from new hires to our most experienced product creators
Slide 53: Our commitment to CDI & D4D is really adding up
Our commitment to CDI & D4D is really adding up MORE MONEY NO WORK COMPLETE CONFIDENCE small businesses get paid increase in auto- increase in tax faster using QuickBooks categorization accuracy filer confidence with payment platform for QBSE customers TurboTax Live IntuIT. 53
Slide 54: Our commitment to CDI & D4D is really adding up
Our commitment to CDI & D4D is really adding up INTUIT qb quickbooks. ¥ turbotax. +15 NPS vs. best global alternative +12 NPS vs. best alternative (In 3 of 4 established markets) (Paid TTO customers)
Slide 55: Still, we can do more to deliver truly awesome E2E experiences
Still, we can do more to deliver truly awesome E2E experiences CUSTOMER CONVERSION ONE INTUIT ECOSYSTEM TECHNOLOGY & DATA Great opportunity to improve first use experience @ quickbooks Traffic QBO Base intuit, @iurbotax. Traffic U.S. TTO Returns Filed Intult. By end of FY'19, seamlesd transitions an
Slide 56: One year into execution ... creating indispensable connections
One year into execution ... creating indispensable connections SMALL BUSINESSES MATCHMAKING PLATFORM ACCOUNTANTS CONSUMERS TURBOTAX LIVE ACCOUNTANTS SELF-EMPLOYED SELF-EMPLOYED Snr oNee (__) —— TURBOTAX SELF-EMPLOYED BUNDLE— (_) $etF,GMite SMALL BUSINESSES LENDERS Fl to _ @_ Fl Na CONSUMERS PARTNERS
Slide 57: Our ecosystem journey: product integrations
Our ecosystem journey: product integrations FROM - Product transactions - TO - Product integrations Vf TurboTax. & intuit intuit, 9b quickbooks. —. ¥ turbotax | | Intult.
Slide 58: Creating cohesive experiences across our products
Creating cohesive experiences across our products INTUIT CUSTOMERS Log in once and have a seamless experience across our products More security with less friction Complete confidence results in >150K reduction of care contacts Intult. ONE INTUIT ACCOUNT AUTHORIZATION EXAMPLE: INTUIT LOG-IN ® One Acc
Slide 59: Providing even more solutions to small businesses
Providing even more solutions to small businesses SMALL BUSINESSES QUICKBOOKS APP STORE THIRD-PARTY APPS EXAMPLE: FATHOM Need services Need a way to beyond what ti, provide solutions Intuit creates \, i for QuickBooks : j customers Financial analysis & management f _ Assess business reporting . A pe
Slide 60: Our ecosystem journey: people interactions
Our ecosystem journey: people interactions TO ——=[=——. Product People integrations interactions SMALL Businesses (_) — MATCHMAKING PLATFORM ———{_) accountants CONSUMERS @ -— TURBOTAX LIVE ——_—_{ ) ACCOUNTANTS SELF-EMPLOYED SELF-EMPLOYED pavropay (__)*— TT SELF-EMPLOYED BUNDLE ——{_) Sitax'mime SMALL
Slide 61: Exciting opportunities ahead!
Exciting opportunities ahead! POWERING PROSPERITY AROUND THE WORLD ONE INTUIT. ECOSYSTEM SMALL BUSINESSES © o—— Q ACCOUNTANTS CONSUMERS o—— QO ACCOUNTANTS SELF-EMPLOYED SELF-EMPLOYED DAY-TO-DAY 2.) @ AT TAX TIME Mofe Money No Work Complete Confidence SMALL BUSINESSES © o—— © LENDERS CONSUMERS —() PA
Slide 62: We deliver for customers at greater speed
We deliver for customers at greater speed TAX KNOWLEDGE ENGINE Flexible, modern Al-based platform that enables personalized experiences W intuit SPEED OF eeeee proconnect. INNOVATION IntulT ¥ turbotax months days Intuit.
Slide 63: We deliver for customers at greater speed
We deliver for customers at greater speed QUICKBOOKS REFACTORING inturt qb quickbooks Monthly non-monolith releases Independently releasable, continuous automation, modern deployment Jul'17 Oct'17 Jan'18 _
Slide 64: Delivering at greater speed
Delivering at greater speed SERVICES-ORIENTED ARCHITECTURE Number of services Number of adoptions FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 Intult.
Slide 65: Delivering at greater speed
Delivering at greater speed HOSTING Compute cores in AWS qb quickbooks intuit ® mint intuiy, ‘v turbotax FY'14 FY'15 FY'16 FY'17 FY'18 Intult.
Slide 66: Verified income, credit score, debt-to-income ratio
Verified income Returns Credit score W-2s W-2s Returns Transactions 1099s Debt-to-income ratio Paystubs
Slide 67: We stand for our customers' privacy
InTUIT. We stand for our customers’ privacy. Our customers place a deep trust in Intuit because we hold their most sensitive data ... therefore, we are a trusted steward of their data.
Slide 68: AI/ML/data science hiring continues to accelerate
Al/ML/data science hiring continues to accelerate CAGR since FY'11 FY‘11 FY'12 FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 Intult.
Slide 69: Machine learning models in production
70 machine learning models in production All our online products include Al/ML features FY'14 Intult.
Slide 70: AI/ML/data science patents filed
349 Al/ML/data science patents filed FY'14 FY'15 FY'16 FY'17 FY'18 Intult. 70
Slide 71: AI/ML automates financial tracking in multiple products
Al/ML automates financial tracking in multiple products 13.4 million QuickBooks and Mint e \ customers can automatically _— . . e categorize 250B transactions per pgs paaninak year with >90% accuracy. s = Mileage 2018 Transactions CUSTOMER BENEFIT AND DURABLE ADVANTAGE Bask 2018 Income $3,340.12 + E
Slide 72: AI/ML in QuickBooks Capital funds underserved small businesses
Al/ML in QuickBooks Capital funds underserved small businesses Determines credit worthiness Ma - using cash flow trends from >a | _— QuickBooks data. / Pa pinniin QuickBooks Capital ® Gickbooks ; Tips | @: MORE MONEY - Funds needed to grow and smooth cash flow bumps il ni li Success! We have an NO W
Slide 73: TurboTax is getting smarter through AI/ML
TurboTax is getting smarter through Al/ML Get To Know Me Financial Tiles Standard vs. Itemized Recommendation Self-Employed Industry-Specific Expenses Personalized Answers Al-Powered Refund Estimator Intult.
Slide 74: TurboTax is getting smarter through AI/ML
TurboTax is getting smarter through Al/ML Get To Know Me Financial Tiles Medical expenses Side jobs/eontracts Bought a rental Childcare 99-MIS Property expenses Predict the most applicable situation mm a inl © for a new customer =| based on age, zip ., Sold ck/ Owned a busir Gambli jirinit code, mar
Slide 75: TurboTax is getting smarter through AI/ML
TurboTax is getting smarter through Al/ML Standard Congrats! That confirms is... vs. Itemized The Standard Deduction is best for you, Recommendation Here's why... explainw ExplainWhy 6 + Used by 16M It gets you your biggest deduction Tunisotiens Gute Your earned income of $58,868 is above * 46% supp
Slide 76: TurboTax is getting smarter through AI/ML
TurboTax is getting smarter through Al/ML Self-Employed Industry-Specific Expenses * 85% coverage of industry categories * 80% coverage of personalized deductible expenses TY'16 What kind of expenses did you have for your self-employed work? 108 can qualify you for tx break! for home
Slide 77: TurboTax is getting smarter through AI/ML
TurboTax is getting smarter through Al/ML What is Schedule A? Schedule A lets you itemize deductible expenses, including medical costs, home mortgage interest and others. So far, it doesn't look like you need it. However, if itemizing will give you a bigger refund, we'll let you know after you enter
Slide 78: TurboTax is getting smarter through AI/ML
TurboTax is getting smarter through Al/ML Al-Powered Refund Estimator * Increased accuracy of refund estimator Intult. FEDERAL BALANCE a CA A aress} ° Aution es (in progress) $424 (in progress) $1 80 aaa ing * Built-in error detection TY'18 @ ° 78
Slide 79: Accelerating velocity in doing what's right for customers
Accelerating velocity in doing what's right fo One Intuit Ecosystem Product Integrations & People Interaction Rooted in speed, data, and Al/ML ~— By
Slide 80: Sasan Goodarzi
Sasan Goodarzi
Slide 81: Intuit strategy overview
InTUIT POWERING PROSPERITY AROUND THE WORLD Integrity Without Compromise We Care & Give Back Be Bold Be Passionate Be Decisive Learn Fast Win Together Deliver Awesome Employees Customers Partners Shareholders The place where the world’s Delight customers more than Delight partners who add value Driv
Slide 82: Deliver Significant Improvement in Customer Benefit
Deliver Significant Improvement in Customer Benefit Fuel small business success globally Provide peace-of-mind and prospenty for the self-employed global 82
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Slide 125: FY'17 FY'18 FY'19 FY'20 FY'21
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Slide 139: GAAP to non-GAAP reconciliation
Under ASC 605 (Dollars in millions, except per share amounts) Fiscal Fiscal 2018 2017 GAAP operating income from continuing operations $ 1,497 $ 1,395 Amortization of acquired technology 15 12 Amortization of other acquired intangible assets 6 2 Professional fees for business combinations 2 - Loss o
Slide 140: Forward-Looking Guidance
(In millions, except per share amounts) Forward-Looking Guidance GAAP Non-GAAP Range of Estimate Range of Estimate From To Adjustments From To Twelve Months Ending July 31, 2019 New Revenue Standard (ASC 606) Revenue 6,530 6,630 - 6,530 6,630 Operating income 1,725 1,775 440 [a] 2,165 2,215 Diluted
Slide 141: Free cash flow reconciliation
Under ASC 605 (Dollars in millions) Fiscal Fiscal Fiscal Fiscal Fiscal 2014 2015 2016 2017 2018 Net cash provided by operating activities $ 1,528 $ 1,589 $ 1,460 $ 1,599 $ 2,112 Less capital expenditures: Purchases of property and equipment (104) (142) (416) (102) (38) Capitalization of internal use
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