Table A (1 of 2)
INTUIT INC.
GAAP CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Mos. Ended Twelve Mos. Ended
July 31, July 31,
1999 2000 1999 2000
---- ---- ---- ----
Net revenue $168,329 $162,259 $940,435 $1,093,825
Costs and expenses:
Cost of goods sold:
Product 54,430 57,347 217,463 282,385
Amortization of
purchased software
and other 2,189 1,762 7,775 8,798
Customer service &
technical support 33,588 25,996 135,172 139,550
Selling & marketing 47,381 48,179 222,450 264,367
Research & development 39,091 42,554 143,437 169,083
General & administrative 25,537 18,899 84,655 83,745
Charge for purchased
research and development -- -- -- 1,312
Acquisition related costs,
including amortization
of goodwill and purchased
intangibles 30,095 35,101 92,917 153,929
Acquisition related costs
- amortization of deferred
compensation -- 1,137 -- 4,019
Reorganization costs -- -- 2,000 3,500
------- ------- ------- -------
Total costs & expenses 232,311 230,975 905,869 1,110,688
------- ------- -------- ---------
Income (loss)
from operations (63,982) (68,716) 34,566 (16,863)
Interest and other
income and expense, net 5,610 18,462 18,252 48,443
Gains from marketable
securities and other
investments, net 510,527 79,034 579,211 481,130
------- ------- ------- -------
Income before income taxes 452,155 28,780 632,029 512,710
Income tax provision 189,257 11,567 245,550 207,184
Minority interest (85) 68 (85) (135)
--------- -------- --------- ---------
Net income $ 262,983 $ 17,145 $ 386,564 $ 305,661
========= ======== ========= =========
Table A (2 of 2)
INTUIT INC.
GAAP CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Mos. Ended Twelve Mos. Ended
July 31, July 31,
1999 2000 1999 2000
---- ---- ---- ----
Basic net income per share $ 1.34 $ .08 $ 2.02 $ 1.52
====== ====== ====== ======
Shares used in per
share amounts 195,722 203,721 190,927 200,770
======= ======= ======= =======
Diluted net income per share $ 1.29 $ .08 $ 1.93 $ 1.45
======= ====== ====== ======
Shares used in per
share amounts 204,272 211,940 199,816 211,271
======= ======= ======= =======
Table B (1 of 2)
INTUIT INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (i)
(In thousands, except per share data)
(Unaudited)
Three Mos. Ended Twelve Mos. Ended
July 31, July 31,
1999 2000 1999 2000
---- ---- ---- ----
Net revenue $168,329 $162,259 $940,435 $1,093,825
Costs and expenses:
Cost of goods sold:
Product 54,430 57,347 217,463 282,385
Customer service &
technical support 33,588 25,996 135,172 139,550
Selling & marketing 47,381 48,179 222,450 264,367
Research & development 39,091 42,554 143,437 169,083
General & administrative 25,537 18,899 84,655 83,745
Total costs & expenses,
excluding acquisition
related charges and
reorganization costs 200,027 192,975 803,177 939,130
------- ------- ------- -------
Income (loss)
from operations (31,698) (30,716) 137,258 154,695
Interest and other
income and expense, net 5,610 18,462 18,252 48,443
----- ------ ------ ------
Income (loss) excluding
acquisition related charges,
reorganization costs and
gains from marketable
securities and other
investments, net (26,088) (12,254) 155,510 203,138
Income tax provision (benefit) (9,392) (4,166) 55,984 69,067
Minority interest (85) 68 (85) (135)
------ ------ ------- ------
Net income (loss) excluding
acquisition related charges,
reorganization costs and
gains from marketable
securities and other
investments, net $ (16,611) $ (8,156) $ 99,611 $ 134,206
========= ========= ======= ========
Table B (2 of 2)
INTUIT INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (i)
(In thousands, except per share data)
(Unaudited)
Three Mos. Ended Twelve Mos. Ended
July 31, July 31,
1999 2000 1999 2000
---- ---- ---- ----
Basic net income (loss)
per share, excluding
acquisition related
charges, reorganization
costs and gains from
marketable securities
and other investments, net $ (0.08) $ (0.04) $ 0.52 $ 0.67
======== ======== ======= =======
Shares used in per share
amounts 195,722 203,721 190,927 200,770
======= ======= ======= =======
Diluted net income (loss)
per share, excluding
acquisition related
charges, reorganization
costs and gains from
marketable securities
and other investments, net $ (0.08) $ (0.04) $ 0.50 $ 0.64
======== ======== ======= =======
Shares used in per share
amounts 195,722 203,721 199,816 211,271
======== ======== ======= =======
(i) This statement of operations information for the three and
twelve month periods ended July 31, 2000 and 1999 is for illustrative
purposes only and is not prepared in accordance with generally
accepted accounting principles. It shows the operating results of the
Company, excluding acquisition related charges of $38.0 million and
$168.1 million for the three and twelve month periods ended July 31,
2000, respectively, and $32.3 million and $100.7 million for the three
and twelve month periods ended July 31, 1999, respectively. The twelve
month period ended July 31, 2000 excludes reorganization costs of $3.5
million. The twelve month period ended July 31, 1999 excludes
reorganization costs of $2.0 million. The three and twelve month
periods ended July 31, 2000 exclude gains from marketable securities
and other investments, net, of $79.0 million and $481.1 million,
respectively, and the three and twelve month periods ended July 31,
1999 exclude gains from marketable securities and other investments,
net, of $510.5 million and $579.2 million, respectively. Assuming no
additional acquisitions and no impairment of value resulting in an
acceleration of amortization, pre-tax amortization of acquisition
related charges will be approximately $148.1 million, $142.8 million
and $118.7 million for the years ending July 31, 2001 through 2003,
respectively.
Table C
INTUIT INC.
STATEMENT OF DIFFERENCES BETWEEN GAAP AND PRO FORMA
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (ii)
(In thousands, except per share data)
(Unaudited)
Three Mos. Ended Twelve Mos. Ended
July 31, July 31,
1999 2000 1999 2000
---- ---- ---- ----
Income before income
taxes, and minority
interest as reported $452,155 $28,780 $632,029 $512,710
Reorganization costs -- -- 2,000 3,500
Gains from marketable
securities (510,527) (79,034) (579,211)(481,130)
Acquisition related
charges including
amortization of
purchased software,
goodwill, purchased
intangibles and
acquisition related
deferred compensation 32,284 38,000 100,692 168,058
------ ------ ------- -------
Income (loss) excluding
acquisition related
charges, reorganization
costs and gains from
marketable securities
and other investments, net (26,088) (12,254) 155,510 203,138
Income tax provision (9,392) (4,166) 55,984 69,067
Minority interest (85) 68 (85) (135)
------- ------ ------- -------
Net income excluding
acquisition related
charges, reorganization
costs and gains from
marketable securities
and other investments, net $ (16,611) $ (8,156) $ 99,611 $ 134,206
========= ======== ======= ========
Basic net income (loss)
per share, excluding
acquisition related
charges, reorganization
costs and gains from
marketable securities
and other investments, net $ (0.08) $ (0.04) $ 0.52 $ 0.67
======= ======= ====== ======
Shares used in per share
amounts 195,722 203,721 190,927 200,770
======= ======= ======= =======
Diluted net income (loss)
per share, excluding
acquisition related
charges, reorganization
costs and gains from
marketable securities
and other investments, net $ (0.08) $ (0.04) $ 0.50 $ 0.64
======= ======= ====== =====
Shares used in per share
amounts 195,722 203,721 199,816 211,271
======= ======= ======= =======
(ii) This statement illustrates the impact of acquisition related
charges, reorganization costs and the impact of gains from marketable
securities and other investments, net on reported net income. These
items are included in the GAAP results of operations (Table A) and are
excluded from pro forma results of operations (Table B).
Table D
INTUIT INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
July 31, July 31,
1999 2000
---- ----
ASSETS:
Current assets:
Cash, cash equivalents and
short-term investments $ 859,355 $1,467,173
Customer deposits 145,836 181,678
Marketable securities 431,462 225,878
Accounts receivable, net 63,677 67,420
Mortgage loans 84,983 60,330
Deferred income taxes 64,925 95,777
Inventories 4,931 1,935
Prepaid expenses and
other current assets 67,716 35,067
------- ------
Total current assets 1,722,885 2,135,258
Property and equipment, net 119,220 167,707
Intangibles, net 98,049 79,988
Goodwill, net 383,102 358,890
Other assets 7,897 12,914
Restricted investments 36,028 --
Investments 45,704 31,160
Long-term deferred income taxes 76,190 104,396
------ -------
Total assets $2,489,075 $2,890,313
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Line of credit $ 29,896 $ 2,580
Accounts payable 66,436 79,145
Accrued compensation and
related liabilities 39,996 49,303
Payroll tax obligations 131,148 177,002
Escrow liabilities 14,857 5,899
Drafts payable 49,169 23,598
Deferred revenue 65,994 107,578
Income taxes payable 143,181 110,743
Deferred income taxes 136,694 53,934
Short-term note payable -- 34,286
Other accrued liabilities 201,872 162,769
------- -------
Total current liabilities 879,243 806,837
Long-term obligations 36,614 538
Long-term deferred income taxes 11,615 11,411
Minority interest 215 238
Stockholders' equity 1,561,388 2,071,289
--------- ---------
Total liabilities and
stockholders' equity $2,489,075 $2,890,313
========== ==========
--------------------------------------------------------------------------------
Contact:
Intuit Inc.
Linda Fellows, 650/944-5436 (Investors)
Greg Santora, 650/ 944-3054 (Investors)
or
Ketchum for Intuit
Michele Cerza, 650/596-2700 (Media) |
