Form: 8-K

Current report filing

April 22, 2003

Documents

 

EXHIBIT 99.01

SELECTED FINANCIAL DATA

The following table shows selected consolidated financial information for Intuit for the past five fiscal years. The comparability of the information is affected by a variety of factors, including acquisitions and dispositions of businesses and gains and losses related to marketable securities and other investments. In fiscal 2002, we sold our Quicken Loans mortgage business and accounted for the sale as discontinued operations. In the third quarter of fiscal 2003, we sold our wholly-owned Japanese subsidiary, Intuit KK, and accounted for the sale as discontinued operations. To better understand the information in the table, investors should read “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Exhibit 99.02, and the Consolidated Financial Statements and related Notes in Exhibit 99.03.

FIVE-YEAR SUMMARY

                                             
        Fiscal
       
Consolidated Statement of Operations Data   1998   1999   2000   2001   2002
   
 
 
 
 
(In thousands, except per share data)
                                        
Net revenue:
                                        
 
Products
   $ 493,059     $ 711,138     $ 775,316     $ 805,684     $ 977,528  
 
Services
     28,357       46,925       114,991       216,544       273,575  
 
Other
     32,152       42,877       91,411       73,834       61,125  
 
    
     
     
     
     
 
   
Total net revenue
     553,568       800,940       981,718       1,096,062       1,312,228  
Income (loss) from continuing operations before cumulative effect of accounting change
     2,606       388,788       325,691       (124,656 )     53,615  
Net income (loss) from discontinued operations
     3,576       (2,224 )     (20,030 )     27,549       86,545  
Cumulative effect of accounting change, net of taxes
     —       —       —       14,314       —  
 
    
     
     
     
     
 
Net income (loss)
   $ 6,182     $ 386,564     $ 305,661     $ (82,793 )   $ 140,160  
 
    
     
     
     
     
 
Net income (loss) per common share:
                                        
Basic income (loss) per share from continuing operations before cumulative effect of accounting change
   $ 0.02     $ 2.03     $ 1.62     $ (0.60 )   $ 0.25  
Net income (loss) from discontinued operations
     0.02       (0.01 )     (0.10 )     0.13       0.41  
Cumulative effect of accounting change
     —       —       —       0.07       —  
 
    
     
     
     
     
 
Basic net income (loss) per share
   $ 0.04     $ 2.02     $ 1.52     $ (0.40 )   $ 0.66  
 
    
     
     
     
     
 
Diluted income (loss) per share from continuing operations before cumulative effect of accounting change
   $ 0.02     $ 1.94     $ 1.54     $ (0.60 )   $ 0.24  
Net income (loss) from discontinued operations
     0.02       (0.01 )     (0.09 )     0.13       0.40  
Cumulative effect of accounting change
     —       —       —       0.07       —  
 
    
     
     
     
     
 
Diluted net income (loss) per share
   $ 0.04     $ 1.93     $ 1.45     $ (0.40 )   $ 0.64  
 
    
     
     
     
     
 
Pro Forma Data for Fiscal 2001 Change in Accounting Principle (Unaudited) (a)
                                        
Pro forma net income
     (a )   $ 382,438     $ 299,100       (a )     (a )
Pro forma diluted net income per share
     (a )   $ 1.91     $ 1.42       (a )     (a )

  (a)   This pro forma data relates to accounting for derivative instruments. We adopted Statement of Financial Standards (“SFAS”) No. 133, “Accounting for Derivative Instruments and Hedging Activities” in fiscal 2001 and recognized the cumulative effect of the change in how we accounted for options to purchase shares of S1 Corporation as of August 1, 2000. Pro forma data presents our net income and diluted net income per share for fiscal 1999 and 2000 as if we had adopted SFAS 133 at the beginning of fiscal 1999. In accordance with SFAS 133, we included unrealized gains and

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      losses on the S1 options in our fiscal 2001 and 2002 reported results until we sold them in the first quarter of fiscal 2002. Intuit did not have any derivative instruments or engage in hedging activities prior to fiscal 1999. See Note 1 of the financial statements, “Change in Accounting Principle.”
                                         
    July 31,
   
Consolidated Balance Sheet Data   1998   1999   2000   2001   2002
   
 
 
 
 
(In thousands)
                                        
Cash, cash equivalents and short-term investments
   $ 372,038     $ 805,220     $ 1,399,351     $ 1,186,215     $ 1,230,090  
Marketable securities
     499,285       431,176       225,878       85,307       16,791  
Working capital
     632,713       842,213       1,321,957       1,359,960       1,262,716  
Total assets
     1,491,658       2,318,455       2,726,295       2,803,479       2,928,005  
Long-term obligations
     9,642       3,555       538       12,150       14,610  
Total stockholders’ equity
     1,127,943       1,561,388       2,071,289       2,161,326       2,215,639  

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