| To: Larry S. who wrote (1507) | 8/17/2000 12:30:57 PM | | From: Michael L. Busser | | | | | I decided to rewrite some covered calls yesterday. I increased the price to 55 for Jan of 2001. I do not believe that intu will make another run until their earnings for tax season come back around. However, if the tech market in general makes a run in the latter half of 2000, certainly intu will run with the pack. The calls were selling for between 6-7.25 yesterday. A pretty hefty premium considering I have already bought back my last set of options for a 4 point gain. Good luck with your strategies. |
| | Intuit -- What's Its Future? | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: Michael L. Busser who wrote (1508) | 8/17/2000 1:02:50 PM | | From: Larry S. | | | | | Sounds like a win-win strategy, if one executes it correctly, as it sounds like you are. I personally believe INTU is in the beginning of a very large run. I have followed this stock for about 4 years and have learned that it moves in big chunks, both ways. good luck to you too. larry |
| | Intuit -- What's Its Future? | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: Larry S. who wrote (1509) | 8/22/2000 4:44:59 PM | | From: AugustWest | | | | Intuit Reports Fiscal 2000 Year-End and Fourth-Quarter Results
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Aug. 22, 2000--
Company Tops Billion-Dollar Revenue Mark in Fiscal 2000;
Fiscal Year Pro Forma Net Income Grows 35 Percent;
Three Internet Businesses Post Profits;
Financial Targets Raised for Fiscal 2001
Intuit Inc. (NASDAQ:INTU - news) today announced fiscal year 2000 revenues of $1.1 billion, surpassing the billion-dollar mark for the first time.
``Intuit had a great year, breaking exciting new ground in innovative customer solutions. We are winning on the Web, hitting key milestones in both Internet revenues and profitability,'' said Steve Bennett, president and chief executive officer. ``Equally important, we've entered fiscal 2001 with a solid game plan for delivering even stronger results this year.''
Fiscal 2000 Results
Intuit reported fiscal 2000 revenue of $1.1 billion, an increase of 16 percent over fiscal 1999 revenue of $940.4 million. This revenue growth resulted primarily from:
108 percent increase in Internet revenue; and
15 percent increase in non-Internet product and service revenue;
Revenue growth was partially offset by a 45 percent decline in Rock Financial's revenue.
On a GAAP basis, the company reported annual net income of $305.7 million, or $1.45 per share on a diluted basis, which included net pre-tax gains on marketable securities and other investments of $481.1 million. The results for the prior year reflected net income of $386.6 million, or $ 1.93 per share, which included $579.2 million in net pre-tax gains on marketable securities and other investments. (See Table A.)
On a pro forma basis (explained below), the company reported a 35% increase in net income for the year. Pro forma net income was $134.2 million, or $0.64 per share on a diluted basis. Pro forma net income for the prior fiscal year was $99.6 million, or $0.50 per share. (See Table B)
Contributing to the strong results was the overall growth of Intuit's business combined with a significant increase in interest income resulting from the company's strong cash position.
Intuit ended fiscal 2000 with $1.5 billion, or approximately $7.00 per share, in cash and short-term investments. ``Intuit's strong cash position, which results from the solid performance of our businesses as well as recent sales of marketable securities, is a valuable asset, providing us with the financial flexibility to be strategic as we look for ways to grow our business,'' said Greg Santora, Intuit's chief financial officer.
The GAAP financial results are prepared in accordance with generally accepted accounting principles and are shown in Table A. Pro forma financial information shown in Table B excludes acquisition-related charges, reorganization costs, and net pre-tax gains and losses related to marketable securities and other investments.
Fourth Quarter Results
Intuit's financial results reflect the highly seasonal nature of its businesses, particularly its tax preparation products. Typically, Intuit reports a loss in its July and October quarters. Historically, revenue and profitability are higher in Intuit's January and April quarters, which reflects the short and intense season for tax product sales. The company experiences significantly lower revenue in the July and October quarters, while operating expenses to develop new products and services continue at relatively consistent levels during these periods. As a result, Intuit typically produces more than 100 percent of its annual profits in the January and April quarters combined.
Annual results may provide a more meaningful comparison of operating results than quarter-over-quarter comparisons. The timing of product launches and promotions can vary from one year to the next, shifting revenue within the year.
For the fourth fiscal quarter ended July 31, 2000, Intuit reported revenue of $162.3 million, compared with revenues of $168.3 million for the fourth quarter of 1999. The decline, which the company had anticipated, resulted from closing 22 physical branches as part of its acquisition of Rock Financial, lower international revenue because of the timing on European product launches, and Y2K sales skewing revenue for Quicken and QuickBooks into the early part of Intuit's fiscal year.
On a GAAP basis, the company reported net income for the quarter of $17.1 million, or $0.08 per share on a diluted basis, which included net pre-tax gains on marketable securities and other investments totaling $79.0 million. The results for the same fiscal quarter last year reflected net income of $263.0 million, or $1.29 per share on a diluted basis, which also included net pre-tax gains on marketable securities and other investments of $510.5 million. (See Table A)
On a pro forma basis, the company reported a net loss for the quarter of $8.2 million, or $0.04 per share. Pro forma net loss for the same fiscal quarter last year was $16.6 million, or $0.08 per share on a diluted basis. (See Table B)
Fourth-quarter comparisons were impacted by differences in sales of marketable securities. As a result of these sales, the company had higher cash balances and generated significant interest income, which reduced the pro forma loss in the fourth quarter of fiscal 2000 when compared to the same quarter in fiscal 1999.
The GAAP financial results are prepared in accordance with generally accepted accounting principles and are shown in Table A. Pro forma financial information shown in Table B excludes acquisition-related charges, reorganization costs, and net pre-tax gains and losses related to marketable securities and other investments.
Business Highlights
``Intuit had a great year, delivering outstanding results in four key areas: winning on the Web; innovating to advance our product and market leadership; expanding our already large customer base; and putting renewed emphasis on operational rigor,'' said Bennett.
Winning on the Web
Intuit had an outstanding year on the Web in terms of both revenue growth and profitability. Internet revenue grew 108 percent in fiscal year 2000, to $294 million. Internet growth came from all areas of the company, with e-tax being the largest contributor, up 154 percent from last year.
E-tax - Intuit is the clear leader in electronic tax, which is the fastest growing part of the tax industry. Quicken TurboTax for the Web units grew a dramatic 470 percent and e-filing units grew 76 percent. A significant positive is that Intuit's share in the Web tax channel is even higher than it is in the desktop retail channel. In addition, the Web is expanding the overall market. Almost 80 percent of the Web tax prep customers had not previously used TurboTax desktop products.
Online payroll - The customer base for Intuit's online payroll business more than tripled during the fiscal year to almost 13,700 users. Online payroll revenues increased 245 percent from the prior year. The customer base and revenues from the online payroll business are modest and the company is continuing to target this business for process improvements. However, Intuit believes online payroll represents an excellent growth opportunity.
Online mortgage - Intuit had solid growth in online mortgage revenues during fiscal 2000, up 25 percent over the year earlier despite a difficult interest rate environment. While online mortgage revenue represents less than half its total mortgage business, Intuit continues to focus its efforts on the online business and is working to streamline the process. Intuit expects to grow revenue and be profitable in both its online and total mortgage business in fiscal 2001.
Intuit hit another critical milestone on the Internet during the fiscal year, reporting profits in three of its eight Internet businesses. Both of Intuit's electronic tax businesses -- its Quicken TurboTax for the Web product and its electronic tax filing business -- were profitable in fiscal 2000. In addition, its QuickBooks Internet Gateway, introduced in January 2000, was profitable during its first full fiscal year.
Continued Innovation for Sustained Leadership
The second factor that contributed to Intuit's success in fiscal 2000 was continuous innovation and the introduction of new products and services. Intuit is expanding its focus from point products to providing broader customers solutions.
QuickBooks Internet Gateway -Intuit expanded the scope of QuickBooks from accounting solution to create a much stronger small business management solution. One example is the QuickBooks Internet Gateway, which provides e-service offerings from within the core accounting product. Results to date show that customers are responding and that the company is delivering results to e-service vendors. Approximately 10 percent of customers who click onto the services actually purchase and use them - and some services have an even higher conversion rate. One vendor, E-Stamp Corporation, has announced that it has acquired 10,000 new customers through the Gateway.
Site Builder - Another innovative breakthrough is Intuit's QuickBooks Site Builder software, a Web site creation and management tool, launched with QuickBooks 2000, that helps small businesses set up a professional site in just five simple steps - in about ten minutes. More than 70,000 small businesses have established Web sites during the six-month free trial period. Last week, Intuit began providing the site building solution on a stand-alone basis to reach an even broader user base.
Web Tax - Intuit has continued to innovate to remain the leader in e-tax. This past tax season, Intuit introduced a completely new and simple Web 1040EZ product. The product is seven times faster and is much more accurate than using a pencil and paper to complete the form. At the same time, Intuit successfully scaled its e-tax infrastructure to meet phenomenal increase in usage - including intensive peak demands - with virtually 100 percent uptime.
Online Bill Management - On the personal finance side, Intuit is setting the standard for online bill management. Intuit offers the only service that lets customers view and direct payment for all their bills online. The company expects to complete its acquisition of the company that created this innovative software, Venture Finance Software Corp., later this quarter.
Intuit believes there is significant opportunity in online bill management, but the timing for widespread consumer and biller adoption may still be years away.
Customer Base Expands
The third factor that drove Intuit's success in fiscal 2000 was the expansion of its already large customer base. This growth is critical to driving Intuit's current and future profitability.
Intuit's Tax Division had its best year ever:
The Quicken TurboTax desktop customer base grew by 18 percent to nearly 5 million users.
The Quicken TurboTax for the Web user base grew to 1.4 million people, up 470 percent.
Almost one out of every four individual federal tax returns was prepared on Intuit software this past tax year, up a couple points from last year.
QuickBooks also had strong customer growth:
QuickBooks added nearly 500,000 new users in fiscal 2000 to reach 2.9 million registered users. This represents almost 1,400 new customers a day.
QuickBooks' share of unit sales in the retail channel has grown into the high 80s.
Quicken had its best year in history:
Quicken added two million new users, bringing active Quicken households to an all-time high of 14 million.
Quicken had record unit sales, up 21 percent. Unit share in the retail channel increased to the high 70s.
Quicken's large and loyal customer base is a tremendous asset as Intuit redefines personal finance with the introduction of Quicken 2001. The latest version will offer a range of new features, from synchronizing Quicken and Quicken.com data to more detailed and flexible portfolio views and reminders for missed bills.
Renewed Operational Rigor
Intuit has renewed its focus on operational rigor and performance, which contributed to the company's success in 2000 and will help the company deliver better results in 2001.
``Intuit has started to gain some traction in accelerating our performance,'' said Bennett. ``We've raised the bar and set higher internal performance expectations - and we've increased management accountability and are challenging the status quo throughout the company.''
Targets for Fiscal 2001
The company has raised its targets for fiscal 2001 to:
Revenue growth of 22 percent, up from 16 percent in fiscal 2000.
Pro forma operating income growth in the low 30s, up from 13 percent growth in fiscal 2000.
A pro forma operating margin of more than 15 percent, up from 14 percent in fiscal 2000.
A 100 percent increase in investments in emerging Internet products and service businesses.
The company's plan also includes delivering $65 million in interest income, based on current cash balances.
Additional Information
All periods presented include the results of Rock Financial and Title Source, which were acquired in December 1999 and accounted for as a pooling of interests. In addition, results from CRI, the payroll processing company acquired in the fourth quarter of fiscal 1999, were included in the fourth quarter of fiscal 1999 and the full year of fiscal 2000 results.
All per share figures reflect Intuit's 3-for-1 stock split effective Sept. 30, 1999.
Power Point Presentation and Conference Call
A PowerPoint presentation accompanying the Intuit earnings conference call is available at www.intuit.com/corporate/investor_relations and will remain available for one week. The conference call number is 888-732-8129. Those planning to listen to the conference call should download the PowerPoint file before the call begins.
Cautions about Forward Looking Statements
This press release includes ``forward-looking'' statements about future financial results, future products and other events and circumstances that have not yet occurred. For example, statements with words like ``expect,'' ``anticipate'' or ``believe,'' and statements in the future tense, 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 this press release if any forward-looking statement later turns out to be inaccurate. Risks and uncertainties that may affect future results and performance include, but are not limited to, the following: Intuit's revenue and earnings are highly seasonal and our quarterly and annual financial results fluctuate significantly. Intuit faces intense competition from many companies in all of our business areas. Competition in the consumer tax preparation software business is particularly intense. Although Microsoft ultimately withdrew from the desktop consumer tax market this season, they could re-enter the market in the future. There are also other formidable current and potential competitors in the private sector, and Intuit also faces potential competition from the Internal Revenue Service and state tax agencies. Intuit's Internet businesses face risks relating to customer privacy and security and increasing regulation. These risks could adversely affect the company's ability to offer online services and derive advertising and other revenue from its Internet operations. Intuit must maintain high reliability for our server-based Web services in order to attract and retain customers. In order to succeed in the online payroll services business, Intuit must continue to improve the efficiency and effectiveness of our payroll processing operations and streamline customer activations. The technology and services of certain alliances for our QuickBooks Internet Gateway initiative still need to be completed and integrated with QuickBooks, and are subject to risks and uncertainties involved in the product development process, including technological difficulties, possible delays, and possible unavailability of financial resources. Significant delays in implementing key services, or failure to implement, could delay or eliminate our ability to recognize contractually committed revenues. The future benefits of certain proposed small business services to Intuit (including Site Builder and QuickBooks Internet Gateway services) will depend on a number of variables, including the rate at which customers purchase QuickBooks 2000 and future versions of the product, customer acceptance of new and proposed services, and the level of satisfaction of participating third-party vendors. Customer upgrade rates for QuickBooks 2000, which was released in January 2000, have been negatively impacted by heavier upgrade activity during the latter part of calendar 1999, driven by customers' Year 2000 concerns. The future success of our QuickBooks Internet Gateway small business alliances will depend on establishing and maintaining a number of important business relationships, and there can be no assurance that key relationships will be established and, if established, will continue. Intuit's Internet businesses require significant research and development expenditures and we expect that these expenses will increase significantly in fiscal 2001. The success of Intuit's electronic bill payment and bill presentment service will depend on a number of factors, including timely and cost-effective completion of ongoing development efforts, and adoption and participation rates by customers and financial institutions, including billers. The timing of widespread adoption is very unpredictable and may be years away. Intuit's Quicken product line faces may challenges in the personal finance software market. Personal finance software functionality is increasingly becoming available on the Internet at no cost, which can be expected to have a negative impact on desktop software product sales. The integration of acquired companies poses ongoing operational challenges and risks. In addition, our recent acquisitions have resulted in significant acquisition-related expenses. Intuit's mortgage business is subject to interest rate fluctuations, and the impact of interest rates on Intuit's operating results has become more significant since we completed our acquisition of Rock Financial. The market price of our common stock has been volatile. Intuit holds investments that have been very volatile, and some of the volatility directly impacts our net income. More details about these issues are included in Intuit's fiscal 1999 Form 10K/A, its fiscal 2000 Form 10-Qs, and its other recent SEC filings.
Intuit, Quicken, QuickBooks, QuickBooks Pro, TurboTax, ProSeries and Lacerte, among others, are registered trademarks and/or registered service marks of Intuit Inc. or one of its subsidiaries. Quicken.com, QuickenInsurance, Quicken Loans and Quicken Store, among others, are trademarks and/or service marks of Intuit Inc. or one of its subsidiaries. |
| | Intuit -- What's Its Future? | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: AugustWest who wrote (1510) | 8/22/2000 4:45:32 PM | | From: AugustWest | | | |
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) |
| | Intuit -- What's Its Future? | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| |
