Intuit Announces Second-Quarter 2002 Results; Revenue Up 20 Percent Over Prior-Year Period.Busines Editors/High-Tech Writers MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Feb. 13, 2002 Intuit in·tu·it tr.v. in·tu·it·ed, in·tu·it·ing, in·tu·its Usage Problem To know intuitively. [Back-formation from intuition. Inc. (Nasdaq:INTU INTU Intuit, Inc. (stock abbreviation, AMEX) ) today announced the financial results for its second quarter of fiscal 2002 ended Jan. 31, 2002. "Intuit delivered an outstanding quarter," said Steve Bennett The name Steve Bennett refers to more than one person:
The phrase pro forma operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $192.7 million, a year-over-year increase of 36 percent, exceeding pro forma consensus earnings per share estimates by 4 cents. As a result of the solid quarter and our confidence in the fundamentals driving our growth, we're we're Contraction of we are. we're we are raising our guidance for pro forma operating income for fiscal 2002 by $20 million to the $300 million to $310 million range. This is on top of the $5 million annual guidance increase we announced last quarter." On a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis (see Table A), Intuit reported net income of $119.9 million, or $0.55 per share. This was up 351 percent from net income of $26.6 million, or $0.12 per share, in the year-ago quarter, reflecting a 29 percent increase in operating income. This year's quarter also reflected a $19 million increase in acquisition-related charges compared to last year's quarter. Included in this quarter's acquisition-related charges was an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge of $17 million related to Intuit's Internet-based advertising revenue business. Last year's second-quarter results included a net pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta loss on marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has and other investments of $71.9 million, compared to a $1.6 million gain this quarter. On the same pro forma basis Intuit has consistently followed for a number of years (explained below), the company reported second-quarter net income of $134.8 million, or $0.61 per share, $0.04 per share better than consensus estimates. Intuit reported pro forma net income of $104.2 million, or $0.48 per share, for the second quarter of fiscal 2001. (See Table B1.) The improvement in pro forma profitability was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the company's professional tax and Quicken Loans Quicken Loans Corporation is a retail home mortgage lending firm in the US. Quicken Loans Inc. is comprised of the Quicken Loans and Rock Financial, and Title Source, a settlement service provider. Quicken Loans closed $18 billion in residential mortgage loans in 2006. businesses, with each contributing about 40 percent of the pro forma profit growth. Solid Start to Tax Season Intuit is off to a solid start in its tax season. Revenue from Intuit's professional tax business increased 28 percent over last year's second quarter. About half of the quarter's growth in pro tax resulted from the company's acquisition of TAASC TAASC Training Aids Support Center in April 2001. "As expected, consumer tax revenue is only slightly above last year's level," said Bennett. "This is because we continue to see an increasing portion of our tax growth coming in our third quarter. More customers are using our Web-based tax solutions, which historically have revenue peaks later in the season." Positive early indicators include: -- TurboTax for the Web revenue was up 158 percent in the second quarter over the prior-year quarter. TurboTax for the Web revenue is expected to represent about 10-15 percent of total consumer tax revenue for the full fiscal year 2002. -- Electronic filing units for federal tax returns were up more than 35 percent over last year through Feb. 8. Although Intuit is encouraged by these early indicators, it is too early to predict results for the full tax season. Executing "Right for my Business" Strategy Intuit is executing on its strategy to provide small business owners with "Right for My Business" solutions. As the company expected, small business revenue was slightly above year-ago levels, with total QuickBooks A small business accounting system for Windows and the Macintosh from Intuit, Inc., Mountain View, CA (www.intuit.com). It works like Intuit's popular Quicken program but is designed to track a whole business. revenue flat year-over-year. There were two key reasons for the flat comparison: -- Continued weakness in end-of-life end-of-life Cardiac pacing noun The point at which a pacemaker signals need for replacement, as its battery is nearing depletion Medtalk adjective sales for QuickBooks 2001. -- Lower channel inventory -- In a tougher economic environment, retailers are carrying less inventory. As a result, 80,000 fewer QuickBooks 2002 units were shipped in the second quarter, resulting in approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $7 million less revenue. However, the company has seen several early positive indicators related to its new QuickBooks 2002 products: -- End-user (job) end-user - The person who uses a computer application, as opposed to those who developed or support it. The end-user may or may not know anything about computers, how they work, or what to do if something goes wrong. purchases of QuickBooks 2002 products were up more than 20 percent in units and more than 45 percent in dollars when compared to QuickBooks 2001 products for the equivalent launch-to-date period ended Jan. 31. -- End-user purchases of the higher-end QuickBooks Premier and QuickBooks Accountants editions represented nearly 7 percent of the unit mix and nearly 15 percent of the dollar mix for QuickBooks 2002. Service Businesses Continue to Grow in the Second Quarter -- Quicken Loans revenue of $57 million was up 181 percent. Intuit expects year-over-year revenue growth for Quicken Loans to be lower in the third and fourth quarters, though it continues to expect 45 percent to 55 percent revenue growth for the full fiscal year. -- Revenue from Intuit's total payroll payroll a list of employees, their salary rates, tax deductions, amounts paid, payroll tax, long service leave entitlements. business increased 32 percent to $40 million. On a full-year basis, Intuit expects total payroll revenue growth between 25 percent and 30 percent. However, QuickBooks-branded Basic and Deluxe de·luxe also de luxe adj. Particularly elegant and luxurious; sumptuous: deluxe accommodations; a de luxe automobile. adv. offerings are each expected to grow between 30 percent and 40 percent. Pro Forma Operating Income Guidance Increasing for Fiscal 2002 Intuit is raising its guidance for pro forma operating income for fiscal 2002, which ends July July: see month. 31, 2002, by $20 million to the $300 million to $310 million range. The strong second-quarter revenue performance also raises the low end of Intuit's revenue growth guidance from 15 percent to 17 percent, resulting in a range of 17 percent to 20 percent growth for the fiscal year, or $1.476 billion to $1.510 billion. The company's policy is to not confirm, update or otherwise comment on its financial projections except in compliance with Regulation FD. The accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. fact sheet has more details on Intuit's historical performance and financial projections. The projections in the guidance given above are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. and are subject to a number of risks and uncertainties as described below under the heading "Cautions about Forward-Looking Statements." Information About Intuit's Seasonality and Financial Reporting Intuit's financial results reflect the highly seasonal nature of its businesses, particularly its tax preparation and small business products and services. Intuit typically produces more than 100 percent of its annual profits in its second and third quarters combined. Intuit typically reports a loss in its first and fourth quarters when revenue from seasonal businesses is relatively lower, but operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. to develop new products and services continue at relatively consistent levels. Because of this seasonality, annual results may provide a more meaningful way to compare Intuit's operating performance than quarter-over-quarter comparisons. In addition, the timing of product launches and customer buying patterns can vary from one year to the next, shifting revenue to different quarters within a year. The GAAP financial results are prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting and are shown in Table A. Pro forma information, shown in Table B1, is presented using the same consistent standards from quarter to quarter and year to year. Table B2 describes the specific items excluded from pro forma results and the impact of those exclusions exclusions, n.pl the dental services not covered under a dental benefits program. . PowerPoint A presentation graphics program from Microsoft for Macintosh and Windows. It was the first desktop presentation program for the Mac and provides the ability to create output for overheads, handouts, speaker notes and film recorders. Presentation and Conference Call A PowerPoint presentation accompanying the Intuit earnings conference call and a live audio Web-cast of the call is available at www.intuit.com/company/investors and will remain available for one week. The conference call begins at 1:30 p.m. Pacific time today and the phone number is 800-615-5585 (706-679-0331 from international locations). No reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. or access code is needed. Those planning to listen to the conference call should download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. the PowerPoint file before the call begins. A replay of the audio call will be available for one week by calling 800-642-1687 (706-645-9291 from international locations). The reservation number is 3122228. Cautions about Forward Looking Statements This press release includes forward-looking statements about future financial results and other events that have not yet occurred, including predictions about Intuit's expected results for fiscal 2002. Statements with words like "expect," "anticipate" or "believe," and statements in the future tense future tense n. A verb tense expressing future time. Noun 1. future tense - a verb tense that expresses actions or states in the future future , are forward-looking statements. Actual results may differ materially from the company's expressed expectations because of risks and uncertainties about the future. The company will not update the information in the press release if any forward-looking statement later turns out to be inaccurate. Certain risks affecting the company's business are described below. More details about these and other risks are included in the company's fiscal 2001 Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other SEC filings, and at www.intuit.com/company/investors/considerations.html. Risks and uncertainties that may affect future results and performance include, but are not limited to, the following: -- The company's revenue and earnings are highly seasonal, which causes significant quarterly fluctuations in its revenue and net income. -- Acquisition-related charges can cause significant fluctuation Fluctuation A price or interest rate change. in the company's net income. Recent changes to Financial Accounting Standards Board The role of the Accounting Standards Board (ASB) is to issue accounting standards in the United Kingdom. It is recognised for that purpose under the Companies Act 1985. It took over the task of setting accounting standards from the Accounting Standards Committee (ASC) in 1990. guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc accounting for goodwill could make its acquisition-related charges less predictable in any given reporting period once the company adopts the standard in fiscal 2003. -- If the company is unable to generate significant growth from new sources of revenue in the small business accounting and management area, its QuickBooks business, and its small business division generally, will not be able to achieve sustained growth. -- The company faces competitive pressures in all of its businesses, and particularly in its consumer tax preparation software and services business. This can have a negative impact on the company's revenue, profitability and market position. In particular, if federal and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. state government agencies are ultimately successful in their efforts to provide tax preparation and filing services to consumers, it could have a significant negative impact on the company's financial results in future years. -- If the company fails to maintain reliable and responsive service levels for its electronic tax offerings, it could lose revenue and customers. -- The company does not expect that the revenue and profit growth rates experienced by its Quicken Loans and payroll businesses during fiscal 2001 and the first half of fiscal 2002 will be sustainable long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , either on a year-over-year basis or on a sequential One after the other in some consecutive order such as by name or number. quarter basis. -- Despite the company's efforts to adequately staff and equip e·quip tr.v. e·quipped, e·quip·ping, e·quips 1. a. To supply with necessities such as tools or provisions. b. its customer service and technical support operations, it cannot always respond promptly prompt adj. prompt·er, prompt·est 1. Being on time; punctual. 2. Carried out or performed without delay: a prompt reply. tr.v. to customer requests for assistance. -- Actual product returns may exceed our product return reserves, particularly for the company's tax preparation software. -- The company faces risks relating to customer privacy and security and increasing regulation, which could hinder hin·der 1 v. hin·dered, hin·der·ing, hin·ders v.tr. 1. To be or get in the way of. 2. To obstruct or delay the progress of. v.intr. the growth of its businesses. -- A continuation continuation - continuation passing style of the recent general decline in economic conditions could lead to significantly reduced demand for the company's products and services. Note to Editors: Intuit, the Intuit logo, Quicken A popular financial management program for PCs and Macs from Intuit, Inc., Mountain View, CA (www.intuit.com). It is used to write checks, organize investments and produce a variety of reports for personal finance and small business. , QuickBooks, Quicken Loans, QuickBooks Pro, QuickBase, TurboTax, ProSeries and Lacerte, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and other countries. Quicken.com and Intuit Master Builder Master Builder can refer to:
Table A
INTUIT INC.
GAAP CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
January 31, January 31,
2001 2002 2001 2002
--------- --------- --------- ---------
Net revenue:
Products $ 372,252 $ 422,827 $ 492,075 $ 537,410
Services 64,453 106,623 111,993 183,417
Other 20,855 17,795 41,014 35,184
--------- --------- --------- ---------
Total net
revenue 457,560 547,245 645,082 756,011
Costs and
expenses:
Cost of revenue:
Products,
services
and other 103,819 121,064 170,713 193,416
Amortization
of purchased
software and
other 3,858 7,171 6,845 8,877
Customer service
and technical
support 46,134 53,139 78,530 92,092
Selling
and marketing 85,567 94,931 146,667 166,826
Research and
development 54,599 53,263 102,477 103,203
General and
administrative 25,914 32,123 53,697 60,716
Acquisition-
related charges 43,074 62,099 82,753 103,186
Loss on
impairment of
long-lived asset -- -- -- 27,000
--------- --------- --------- ---------
Total costs and
expenses 362,965 423,790 641,682 755,316
--------- --------- --------- ---------
Income from
operations 94,595 123,455 3,400 695
Interest and
other income and
expense, net 16,548 8,526 32,666 20,323
Gains (losses) on
marketable
securities
and other
investments, net (71,935) 1,632 (75,803) (10,622)
Gain on
divestiture 1,639 -- 1,639 --
--------- --------- --------- ---------
Income (loss)
before income
taxes, minority
interest and
cumulative
effect of
accounting
change 40,847 133,613 (38,098) 10,396
Provision
(benefit) for
income taxes(i) 14,188 13,745 (16,728) (17,045)
Minority interest 97 -- 147 --
--------- --------- --------- ---------
Income (loss)
before
cumulative
effect of
accounting
change 26,562 119,868 (21,517) 27,441
Cumulative effect
of accounting
change, net of
taxes of $9,543 -- -- 14,314 --
--------- --------- --------- ---------
Net income (loss) $ 26,562 $ 119,868 $ (7,203) $ 27,441
========= ========= ========= =========
Basic net income
(loss) per share
before
cumulative
effect of
accounting
change $ 0.13 $ 0.56 $ (0.10) $ 0.13
Cumulative effect
of accounting
change -- -- 0.07 --
--------- --------- --------- ---------
Basic net income
(loss) per share $ 0.13 $ 0.56 $ (0.03) $ 0.13
========= ========= ========= =========
Shares used in
per share
amounts 207,594 212,520 206,661 211,780
========= ========= ========= =========
Diluted net
income (loss)
per share before
cumulative
effect of
accounting
change $ 0.12 $ 0.55 $ (0.10) $ 0.13
Cumulative effect
of accounting
change -- -- 0.07 --
--------- --------- --------- ---------
Diluted net
income (loss)
per share $ 0.12 $ 0.55 $ (0.03) $ 0.13
========= ========= ========= =========
Shares used in
per share
amounts 215,927 219,355 206,661 217,914
========= ========= ========= =========
(i) The difference in the effective tax rate for each of these periods
was primarily due to the tax benefit related to divestitures that
became available in the second quarter of fiscal 2002. The company
also reported pre-tax income for the six months ended January 31,
2002 as opposed to a pre-tax loss for the six months ended January
31, 2001, which also contributed to the difference in the
effective tax rate for these periods.
Table B1
INTUIT INC.
PRO FORMA CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS (ii)
(In thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
January 31, January 31,
2001 2002 2001 2002
-------- -------- -------- --------
Net revenue $457,560 $547,245 $645,082 $756,011
Costs and expenses:
Cost of revenue:
Products,
services and
other 103,819 121,064 170,713 193,416
Customer service
and technical
support 46,134 53,139 78,530 92,092
Selling and
marketing 85,567 94,931 146,667 166,826
Research and
development 54,599 53,263 102,477 103,203
General and
administrative 25,914 32,123 53,697 60,716
-------- -------- -------- --------
Total costs
and expenses 316,033 354,520 552,084 616,253
-------- -------- -------- --------
Income from
operations 141,527 192,725 92,998 139,758
Interest and
other income
and expense, net 16,548 8,526 32,666 20,323
-------- -------- -------- --------
Income before
income tax
expense and
minority interest 158,075 201,251 125,664 160,081
Provision for
income taxes 53,746 66,413 42,726 52,827
Minority interest 97 -- 147 --
-------- -------- -------- --------
Net income $104,232 $134,838 $ 82,791 $107,254
======== ======== ======== ========
Basic net income
per share $ 0.50 $ 0.63 $ 0.40 $ 0.51
======== ======== ======== ========
Shares used in
per share
amounts 207,594 212,520 206,661 211,780
======== ======== ======== ========
Diluted net
income per share $ 0.48 $ 0.61 $ 0.38 $ 0.49
======== ======== ======== ========
Shares used in
per share
amounts 215,927 219,355 215,706 217,914
======== ======== ======== ========
(ii) This statement of operations information for the three and six
months ended January 31, 2001 and 2002 is not prepared in
accordance with generally accepted accounting principles. It is
provided as a supplement to GAAP results in order to give
investors an alternative method of assessing the results of the
company's core operating businesses. The information is presented
using the same consistent standards from quarter to quarter and
year to year. Table B2 shows more detail about the specific items
excluded from Table B1.
Table B2
INTUIT INC.
RECONCILIATION TO PRO FORMA CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS (iii)
(In thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
January 31, January 31,
2001 2002 2001 2002
--------- --------- --------- ---------
Reconciliation of
operating income
GAAP income from
operations $ 94,595 $ 123,455 $ 3,400 $ 695
Pro forma
adjustments:
Add:
Amortization of
purchased
software
and other 3,858 7,171 6,845 8,877
Acquisition-
related
charges(iv) 43,074 62,099 82,753 103,186
Loss on
impairment of
long-lived
asset(v) -- -- -- 27,000
--------- --------- --------- ---------
Pro forma
operating income $ 141,527 $ 192,725 $ 92,998 $ 139,758
========= ========= ========= =========
Reconciliation of
net income
GAAP net income
(loss) $ 26,562 $ 119,868 $ (7,203) $ 27,441
Pro forma
adjustments:
Add:
Amortization of
purchased
software
and other 3,858 7,171 6,845 8,877
Acquisition-
related
charges(iv) 43,074 62,099 82,753 103,186
Loss on
impairment of
long-lived
asset(v) -- -- -- 27,000
Losses on
marketable
securities and
other
investments,
net(vi) 71,935 -- 75,803 10,622
Less:
Gains on
marketable
securities
and other
investments,
net(vi) -- (1,632) -- --
Gain on
divestiture (1,639) -- (1,639) --
Difference in
provision for
income taxes (39,558) (52,668) (59,454) (69,872)
Cumulative
effect of
accounting
change, net of
taxes of $9,543 -- -- (14,314) --
--------- --------- --------- ---------
Pro forma net
income $ 104,232 $ 134,838 $ 82,791 $ 107,254
========= ========= ========= =========
(iii) Table B2 lists the differences between the GAAP statement of
operations in Table A and the pro forma statement of operations
in Table B1. Pro forma results exclude certain costs and
expenses, as well as certain non-operating gains and losses, in
order to give investors an alternative method of assessing the
results of the company's core operating businesses. Pro forma
operating income excludes certain cost and expense line items
that are in the GAAP statement of operations. Therefore, for
example, the amount of the GAAP line item "acquisition-related
charges," which is an expense, was added back to GAAP operating
income in calculating pro forma operating income. Eliminating
cost or expense items increases pro forma results compared to
GAAP results. Pro forma net income excludes the cost and expense
line items that are excluded from pro forma operating income,
plus certain non-operating gains and losses in the GAAP
statement of operations. Again, for example, the non-operating
loss on marketable securities and other investments in the three
months ended January 31, 2001 was added back in, and the
non-operating gain on marketable securities and other
investments in the three months ended January 31, 2002 was
subtracted, in calculating pro forma net income. Eliminating
loss line items increases pro forma net income compared to GAAP
net income. Eliminating gain line items decreases pro forma net
income compared to GAAP net income.
(iv) Acquisition-related charges include amortization of goodwill and
intangibles as well as impairment charges. For the three and six
months ended January 31, 2002, goodwill and intangibles
amortization were $40.1 million and $81.2 million. The company
also recorded impairment charges of $17.4 million for its
Internet-based advertising revenue business and $4.6 million for
its acquisition of Boston Light for the three and six months
ended January 31, 2002. For the three and six months ended
January 31, 2001, amortization was $43.1 million and $82.8
million. Amortization relating to the Lacerte Software
Corporation and Computing Resources, Inc. acquisitions
constituted approximately 40% and 20% of amortization costs for
all periods presented.
(v) Loss on impairment of long-lived asset reflects the write off of
an asset the company received when it sold the Quicken Bill
Manager business.
(vi) Gains and losses on marketable securities and other investments
include realized and unrealized gains and losses, as well as
losses recognized for other-than-temporary declines in the value
of these assets. For the six months ended January 31, 2002, the
company recorded losses of $3.3 million for other-than-temporary
declines in the value of other investments. For the three and six
months ended January 31, 2001 the company recorded losses for
other-than-temporary declines of $15.0 million for other
investments and $40.0 million for its S-1 securities.
Table C
INTUIT INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
(unaudited)
July 31, January 31,
2001 2002
-------------- ---------------
ASSETS
Current assets:
Cash and cash equivalents $ 450,104 $ 488,555
Short-term investments 1,119,305 1,004,829
Marketable securities 85,307 42,729
Customer deposits 230,410 256,313
Accounts receivable, net 27,990 262,513
Mortgage loans 123,241 268,025
Deferred income taxes 77,948 90,247
Prepaid expenses and other
current assets 33,617 32,652
--------- ---------
Total current assets 2,147,922 2,445,863
Property and equipment, net 185,969 183,389
Goodwill and intangibles, net 415,334 348,600
Long-term deferred income taxes 145,905 146,205
Investments 24,107 13,170
Other assets 42,499 13,651
---------- ----------
Total assets $2,961,736 $3,150,878
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 66,400 $ 100,440
Payroll tax obligations 205,067 217,724
Escrow liabilities 23,373 37,906
Drafts Payable 63,518 70,962
Deferred revenue 137,305 156,337
Income tax payable 82,661 42,091
Short-term note payable 38,672 36,753
Other current liabilities 170,966 263,286
---------- ----------
Total current liabilities 787,962 925,499
Long-term obligations 12,413 12,249
Minority interest 35 35
Stockholders' equity 2,161,326 2,213,095
---------- ----------
Total liabilities
and stockholders' equity $2,961,736 $3,150,878
========== ==========
Intuit Facts ... Intuit Inc.
Investor Relations 650/944-5436 NASDAQ: INTU
Financial Performance
(millions excl. EPS) 31-Jan-02 31-Jan-02
QTR FYTD
----------- -----------
Continuing Operations (Pro Forma) (a)
Net Revenue $ 547.2 $ 756.0
After COS $ 426.2 $ 562.6
Income from Operations $ 192.7 $ 139.8
% of Revenue 35% 18%
Net Income 134.8 $ 107.3
Earnings Per Share (sum) $ 0.61 $ 0.48
Earnings Per Share (calc) $ 0.61 $ 0.49
First Call Consensus $ 0.57 $ 0.42
Reported According To GAAP
Net Revenue $ 547.2 $ 756.0
Earnings Per Share $ 0.55 $ 0.13
Cash and Short-term Investments $ 1,493.4 $ 1,493.4
Capital Expenditures $ 15.1 $ 31.6
Depreciation $ 15.9 $ 32.0
Common Stock Outstanding 212.7 212.7
Revenue Metrics
31-Jan-02 31-Jan-02
(millions) QTR FYTD
--------- ---------
Company Revenue
Products $422.8 $537.4
Services $106.6 $183.4
Other $ 17.8 $ 35.2
--------- ---------
Total Company Revenue $547.2 $756.0
Internet Revenue By Type
Advertising $ 7.4 $ 15.0
Transactions $ 56.2 $ 95.2
Electronic Distribution $ 81.5 $110.6
--------- ---------
Total Internet Revenue $145.1 $220.8
Highlights -- Q2 and FY02
-- Revenue up 20% over last year
-- Pro forma operating income increased 36%; raising FY02 pro forma
operating income guidance by $20M
-- Beat the pro forma per share consensus by 4 cents
Business Operations (Revenue Mix)
Seasonality can create large quarter-to-quarter variations
(millions)
Q1 Q2 Q3 Q4 FY02 FY01 FY01
FY02 FY02 FY02 FY02 TD TD
---- ---- ---- ---- ---- ---- ----
Japan $10.4 $14.8 $25.2 $28.1 $52.3
Canada $3.9 $21.5 $25.4 $24.9 $34.6
Int'l Other $1.9 $5.4 $7.4 $3.7 $11.0
QuickBooks/Bus. Mgt $37.4 $98.2 $135.6 $136.0 $216.6
Financial Supplies $30.3 $35.6 $65.9 $63.6 $119.5
Employer Services $34.1 $40.0 $74.1 $54.1 $118.2
Construction Bus Serv $2.7 $2.7
Tax - Consumer $4.2 $86.1 $90.3 $90.6 $272.2
Tax - Professional $6.7 $139.2 $146.0 $114.1 $181.0
Quicken Loans $40.0 $56.5 $96.5 $37.1 $113.1
Personal Finance $39.8 $47.1 $86.9 $93.0 $143.0
Financial Outlook (b) (+ pro forma)
Seasonality can create large quarter-to-quarter variations
(millions)
Q1 FY02 Q2 FY02 Q3 FY02 Q4 FY02 FY02 FY01
(act) (act) (est) (est) (est)
------ ------ --------- --------- ----------- --------
Revenue $208.8 $547.2 $520-$544 $200-$210 $1476-$1510 $1,261.5
Operating
Income(+) ($53.0) $192.7 $210-$217 ($50)-($47) $300-$310 $219.8
Interest
Income $11.8 $8.5 $7-$8 $6-$7 $33-$35 $60.4
Shares
Used For
EPS(+) 211.0 219.4 221-223 216-218 219-221 215.3
Key Metrics Q2 and FY02
Tax Stats FY02
TurboTax units: Fed 2.9M
TurboTax web units: Fed 325K
TurboTax retail unit share: 70%
TurboTax retail dollar share: 80%
Pro products customers: 86,723
Efile returns: 568K
Small Business Stats FY02
-------------------------
QuickBooks retail unit share: 80%
QuickBooks retail dollar share: 85%
Payroll Stats Q2 FY01 FY02
---------------- ---- ----
Basic customers: 543K 619K
Deluxe customers: 18K 20K
Premiere customers: 25K 26K
Quicken Stats FY02
------------------
Quicken retail unit share: 70%
Quicken retail dollar share: 74%
Quicken Loans Stats Q2
----------------------
Closed loans unit growth: 147%
Loans generated $1.5B
Other Facts & Info
----------------------
Intuit Named as one of America's Best Companies
to Work For by Fortune
Employees (includes temps):
---------------------------
Current Qtr. 7,296 FYE 01 6,018
(a) Excludes acquisition related costs, pre-tax gains and losses
related to marketable securities and other investments, and
other similar items. See Table B2 of accompanying press
release.
(b) This contains forward looking information that is subject to
risks and uncertainties. Actual results may differ materially
due to the factors included in Intuit's February 13, 2002
earnings press release, its fiscal 2001 Form 10-K and other
SEC filings, and at
www.intuit.com/company/investors/considerations.html.
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