Summary
Intuit Inc. (INTU) filed an 8-K on May 14, 2003, primarily to disclose financial results for the fiscal quarter ended April 30, 2003, and to attach the related press release as an exhibit. The filing highlights the company's use of "pro forma" financial measures, which exclude certain items like acquisition-related charges, amortization, and discontinued operations, to provide a view of core operating results. Management believes these pro forma figures offer meaningful supplemental information for assessing ongoing performance and for internal comparisons, though they are not prepared under GAAP.
Key Highlights
- 1Intuit Inc. announced financial results for the fiscal quarter ended April 30, 2003.
- 2The filing includes a press release detailing these financial results as Exhibit 99.01.
- 3The company utilizes 'pro forma' financial measures, distinct from GAAP, to report its results.
- 4Pro forma measures exclude acquisition-related charges, amortization of goodwill/intangibles, and impairment charges.
- 5Further exclusions in pro forma net income and EPS include discontinued operations and gains/losses on marketable securities.
- 6Intuit's management uses these pro forma measures to assess core operating performance and for planning.
- 7The company emphasizes that pro forma measures are supplemental and not a substitute for GAAP measures.
Frequently Asked Questions
The primary purpose of this 8-K filing is to announce Intuit's financial results for the fiscal quarter ended April 30, 2003, and to provide the press release containing these results as an exhibit.
Intuit uses 'pro forma' financial measures to present its financial performance, which exclude certain items like acquisition-related charges, amortization of goodwill and intangibles, and discontinued operations. Management believes these measures provide a clearer view of the company's core operating results and are useful for internal assessments and comparisons.
No, the 'pro forma' financial measures are not prepared in accordance with Generally Accepted Accounting Principles (GAAP). Intuit explicitly states that these measures should not be considered a substitute for, or superior to, GAAP measures, and reconciliations to GAAP are provided in the attached press release.
The detailed financial results and reconciliations of the pro forma measures to their most directly comparable GAAP financial measures are located within the press release (Exhibit 99.01) attached to this 8-K filing.