Form: 8-K

Current report filing

May 17, 2002

Table of Contents

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

May 17, 2002
(Date of report)

May 15, 2002
(Date of earliest event reported)

INTUIT INC.
(Exact Name of Registrant as Specified in its Charter)

         
Delaware
(State or other Jurisdiction of Incorporation)		   000-21180
(Commission File Number) 		  77-0034661
(I.R.S. Employer Identification No.)

2535 Garcia Avenue
Mountain View, CA 94043
(Address of Principal Executive Offices)
(Zip Code)

Registrant’s telephone number, including area code: (650) 944-6000

 

TABLE OF CONTENTS

ITEM 5. OTHER EVENTS.
SIGNATURES

Table of Contents

ITEM 5. OTHER EVENTS.

Announcement of Fiscal 2002 Third Quarter Results

On May 15, 2002, Intuit Inc. announced the results for its third quarter of fiscal 2002, which ended April 30, 2002. Revenue of $545.2 million was up 28 percent over the same period last year. Intuit reported net income of $144.5 million, or $0.67 per share, up from a loss of $14.3 million or a $0.07 loss per share in the third quarter of fiscal 2001. Last year’s results included approximately $85 million more in acquisition-related charges than this year’s third quarter.

 

Table of Contents

INTUIT INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(unaudited)

                                     
        Three Months Ended   Nine Months Ended
        April 30,   April 30,
       
 
        2001   2002   2001   2002
       
 
 
 
Net revenue:
                                
 
Products
   $ 244,709     $ 332,497     $ 736,784     $ 869,907  
 
Services
     161,846       198,355       273,839       381,772  
 
Other
     18,655       14,374       59,669       49,558  
 
    
     
     
     
 
Total net revenue
     425,210       545,226       1,070,292       1,301,237  
Costs and expenses:
                                
 
Cost of revenue:
                                
   
Products, services and other
     77,513       80,513       248,226       273,929  
   
Amortization of purchased software and other
     4,375       1,565       11,220       10,442  
Customer service and technical support
     37,538       45,807       116,068       137,899  
Selling and marketing
     68,479       89,830       215,146       256,656  
Research and development
     52,697       52,908       155,174       156,111  
General and administrative
     23,917       29,339       77,614       90,055  
Charge for purchased research and development
     238       —       238       —  
Charge for vacant facilities
     —       13,237       —       13,237  
Acquisition-related charges
     122,575       37,562       205,328       140,748  
Loss on impairment of long-lived asset
     —       —       —       27,000  
 
    
     
     
     
 
   
Total costs and expenses
     387,332       350,761       1,029,014       1,106,077  
 
    
     
     
     
 
   
Income from operations
     37,878       194,465       41,278       195,160  
Interest and other income and expense, net
     15,070       8,308       47,736       28,631  
Gains (losses) on marketable securities and other investments, net
     (11,504 )     1,356       (87,307 )     (9,266 )
Gain on divestiture
     —       8,308       1,639       8,308  
 
    
     
     
     
 
Income before income taxes, minority interest and cumulative effect of accounting change
     41,444       212,437       3,346       222,833  
Provision for income taxes (i)
     55,294       67,938       38,566       50,893  
Minority interest
     451       18       598       18  
 
    
     
     
     
 
Income (loss) before cumulative effect of accounting change
     (14,301 )     144,481       (35,818 )     171,922  
Cumulative effect of accounting change, net of taxes of $9,543
     —       —       14,314       —  
 
    
     
     
     
 
Net income (loss)
   $ (14,301 )   $ 144,481     $ (21,504 )   $ 171,922  
 
    
     
     
     
 
Basic net income (loss) per share before cumulative effect of accounting change
   $ (0.07 )   $ 0.68     $ (0.17 )   $ 0.81  
Cumulative effect of accounting change
     —       —       0.07       —  
 
    
     
     
     
 
Basic net income (loss) per share
   $ (0.07 )   $ 0.68     $ (0.10 )   $ 0.81  
 
    
     
     
     
 
Shares used in per share amounts
     208,715       211,614       207,345       211,724  
 
    
     
     
     
 
Diluted net income (loss) per share before cumulative effect of accounting change
   $ (0.07 )   $ 0.67     $ (0.17 )   $ 0.79  
Cumulative effect of accounting change
     —       —       0.07       —  
 
    
     
     
     
 
Diluted net income (loss) per share
   $ (0.07 )   $ 0.67     $ (0.10 )   $ 0.79  
 
    
     
     
     
 
Shares used in per share amounts
     208,715       217,173       207,345       217,667  
 
    
     
     
     
 

(i)   There is a difference in the effective tax rate for each of these periods, primarily due to the tax benefit related to divestitures that became available in the second quarter ending January 31, 2002.

 

Table of Contents

INTUIT INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
(unaudited)

                     
        July 31,   April 30,
        2001   2002
       
 
ASSETS
Current assets:
                
 
Cash and cash equivalents
   $ 450,104     $ 454,791  
 
Short-term investments
     1,119,305       1,297,133  
 
Marketable securities
     85,307       48,469  
 
Customer deposits
     230,410       283,748  
 
Accounts receivable, net
     27,990       69,216  
 
Mortgage loans
     123,241       279,506  
 
Deferred income taxes
     77,948       87,816  
 
Prepaid expenses and other current assets
     33,617       35,091  
 
    
     
 
   
Total current assets
     2,147,922       2,555,770  
Property and equipment, net
     185,969       181,442  
Goodwill and intangibles, net
     415,334       310,949  
Long-term deferred income taxes
     145,905       146,020  
Investments
     24,107       13,149  
Other assets
     42,499       16,168  
 
    
     
 
Total assets
   $ 2,961,736     $ 3,223,498  
 
    
     
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
                
 
Accounts payable
   $ 66,400     $ 77,310  
 
Payroll service obligations
     205,067       256,369  
 
Escrow liabilities
     23,373       27,335  
 
Drafts payable
     63,518       67,005  
 
Deferred revenue
     137,305       97,509  
 
Income tax payable
     82,661       104,293  
 
Short-term note payable
     38,672       17,451  
 
Other current liabilities
     170,966       255,001  
 
    
     
 
   
Total current liabilities
     787,962       902,273  
Long-term obligations
     12,413       11,209  
Minority interest
     35       —  
Stockholders’ equity
     2,161,326       2,310,016  
 
    
     
 
Total liabilities and stockholders’ equity
   $ 2,961,736     $ 3,223,498  
 
    
     
 

 

Table of Contents

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     
Date: May 15, 2002. INTUIT INC.
 
 
  By:    /s/   GREG J. SANTORA
 
  Greg J. Santora
Senior Vice President and Chief Financial Officer