Summary
Intuit Inc. (INTU) filed an 8-K on November 19, 2003, to announce its financial results for the quarter ended October 31, 2003. The primary purpose of this filing was to furnish a press release containing these results, which included both GAAP and "pro forma" financial measures. The company's management utilizes these pro forma measures to provide supplemental insights into core operating performance by excluding items such as acquisition-related charges, amortization of goodwill and intangibles, and gains/losses on investments. Investors should note that while these pro forma figures are consistently applied by Intuit, they are not prepared in accordance with GAAP and may differ from similar non-GAAP measures used by other companies. The press release itself contains detailed reconciliations to GAAP figures.
Key Highlights
- 1Intuit Inc. announced its financial results for the fiscal quarter ended October 31, 2003.
- 2The 8-K filing includes a press release (Exhibit 99.01) detailing these financial results.
- 3Intuit presented both GAAP and 'pro forma' financial results in its announcement.
- 4Pro forma measures exclude acquisition-related charges, amortization of goodwill/intangibles, and gains/losses on investments.
- 5Management uses pro forma results to assess core operating performance and for internal comparisons.
- 6The company emphasizes that pro forma measures are supplemental and not a substitute for GAAP measures.
- 7Reconciliations between pro forma and GAAP measures are provided within the attached press release.