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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
NOVEMBER 22, 2000
(Date of Report)
Date of earliest event reported: November 21, 2000
INTUIT INC.
(Exact name of Registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
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<S> <C>
0-21180 77-0034661
(Commission File Number) (I.R.S. Employer Identification No.)
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2535 GARCIA AVENUE
MOUNTAIN VIEW, CALIFORNIA 94043
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (650) 944-6000
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ITEM 5. OTHER EVENTS.
PRESS RELEASE ANNOUNCING FIRST QUARTER RESULTS
On November 21, 2000, Intuit Inc. (the "Company" or "Intuit") announced
its financial results for the fiscal quarter ended October 31, 2000.
Intuit reported revenue of $187.5 million for its first quarter of
fiscal 2001, an increase of 6% compared to $176.9 million in the same quarter a
year ago. The Company reported a net loss for the quarter of $33.8 million, or
$0.16 per share, which included net pre-tax losses on marketable securities and
other investments of $3.9 million. It also included the cumulative effects of
changes in accounting for derivatives, net of taxes, of approximately $14.3
million. These results are consistent with Intuit's seasonal pattern that
produces lower revenue and typically losses outside of the tax season. In the
year ago quarter Intuit reported a net loss of $65.9 million, or $0.33 per
share, which included $17.3 million in net pre-tax losses on marketable
securities and other investments.
(Financial statements follow)
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INTUIT INC.
GAAP CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
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<CAPTION>
Three Months Ended
October 31,
-------------------------
1999 2000
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Net revenue $ 176,928 $ 187,522
Costs and expenses:
Cost of goods sold:
Product and service 56,439 66,894
Amortization of purchased software and other 2,432 2,987
Customer service & technical support 34,301 32,396
Selling & marketing 69,905 61,100
Research & development 41,713 47,878
General & administrative 21,492 27,783
Charge for purchased research and development 1,312 --
Acquisition related costs-amortization of intangibles 36,351 38,542
Acquisition related deferred compensation 740 1,137
Reorganization costs 3,500 --
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Total costs & expenses 268,185 278,717
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Loss from operations (91,257) (91,195)
Interest and other income and expense, net 8,476 16,118
Losses on marketable securities and other investments, net (17,309) (3,868)
--------- ---------
Loss before income tax benefit, minority interest and cumulative
effect of accounting change (100,090) (78,945)
Income tax benefit (34,170) (30,916)
Minority interest (59) 50
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Loss before cumulative effect of accounting change (65,861) (48,079)
Cumulative effect of change in accounting for derivatives, net of
income taxes of $9,543 -- 14,314
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Net loss $ (65,861) $ (33,765)
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Basic and diluted net loss per share before cumulative effect of
accounting change $ (0.33) $ (0.23)
Cumulative effect of accounting change -- 0.07
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Basic and diluted net loss per share $ (0.33) $ (0.16)
========= =========
Shares used in per share amounts 197,362 205,727
========= =========
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INTUIT INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS(i)
(In thousands, except per share data)
(Unaudited)
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<CAPTION>
Three Months Ended
October 31,
------------------------
1999 2000
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<S> <C> <C>
Net revenue $ 176,928 $ 187,522
Costs and expenses:
Cost of goods sold:
Product and service 56,439 66,894
Customer service & technical support 34,301 32,396
Selling & marketing 69,905 61,100
Research & development 41,713 47,878
General & administrative 21,492 27,783
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Total costs & expenses, excluding acquisition related charges and
reorganization costs 223,850 236,051
Loss from operations (46,922) (48,529)
Interest and other income and expense, net 8,476 16,118
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Loss excluding acquisition related charges, reorganization costs,
losses on marketable securities and other investments, net
and cumulative effect of accounting change (38,446) (32,411)
Income tax benefit (13,072) (11,020)
Minority interest (59) 50
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Net loss excluding acquisition related charges, reorganization costs,
losses on marketable securities and other investments, net
and cumulative effect of accounting change $ (25,315) $ (21,441)
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Basic and diluted net loss per share excluding acquisition related
charges, reorganization costs, losses on marketable securities and other
investments, net and cumulative effect of accounting change $ (0.13) $ (0.10)
========= =========
Shares used in per share amounts 197,362 205,727
========= =========
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(i) This statement of operations information for the three month periods ended
October 31, 1999 and 2000 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 $40.8 million and $42.7 million for the three month periods
ended October 31, 1999 and 2000, respectively. The three month period ended
October 31, 1999 excludes reorganization costs of $3.5 million. The three
month periods ended October 31, 1999 and 2000 excludes losses on marketable
securities and other investments, net, of $17.3 million and $3.9 million,
respectively. The three month period ended October 31, 2000 excludes
cumulative gains from the effect of an accounting change, net of taxes, of
$14.3 million. 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 $178.7 million, $176.4
million, $152.3 million and $73.0 million for the years ending July 31,
2001 through 2004, respectively.
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INTUIT INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
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<CAPTION>
July 31, October 31,
2000 2000
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ASSETS:
Current assets:
Cash, cash equivalents and short-term investments $1,467,173 $1,371,384
Marketable securities 225,878 154,647
Customer deposits 181,678 197,407
Accounts receivable, net 67,420 67,938
Mortgage loans 60,330 67,269
Deferred income taxes 95,777 95,883
Prepaid expenses and other current assets 30,538 35,805
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Total current assets 2,128,794 1,990,333
Property and equipment, net 167,707 183,243
Goodwill, net 358,890 425,441
Purchased intangibles, net 79,988 103,877
Long-term deferred income taxes 92,985 79,080
Investments 31,160 43,279
Loans due from affiliates 6,464 7,097
Other assets 12,914 26,073
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Total assets $2,878,902 $2,858,423
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LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Line of credit $ 2,580 $ 3,137
Accounts payable 79,145 81,877
Accrued compensation and related liabilities 49,303 52,129
Payroll tax obligations 177,002 190,922
Escrow liabilities 5,899 7,169
Drafts payable 23,598 26,265
Deferred revenue 107,578 121,169
Income taxes payable 110,743 50,401
Short-term note payable 34,286 34,376
Deferred income taxes 53,934 31,552
Other accrued liabilities 162,769 169,066
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Total current liabilities 806,837 768,063
Long-term obligations 538 18,505
Minority interest 238 288
Stockholders' equity 2,071,289 2,071,567
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Total liabilities and stockholders' equity $2,878,902 $2,858,423
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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: November 21, 2000 INTUIT INC.
By: /s/ Greg Santora
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Greg Santora
Senior Vice President and
Chief Financial Officer
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