8-KOther Events

INTUIT INC. 8-K Report (Nov 19, 2003)

Filed November 19, 2003For Securities:INTU

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.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce Intuit Inc.'s financial results for the quarter ended October 31, 2003, by furnishing a press release that contains these results and related financial information.

Intuit's 'pro forma' financial measures are non-GAAP metrics that exclude items such as acquisition-related charges (including amortization of goodwill and intangibles), impairment charges, amortization of purchased software, charges for purchased research and development, discontinued operations, and gains/losses on marketable securities and other investments.

Intuit's management believes these pro forma measures offer meaningful supplemental information about the company's core operating results by excluding items not directly related to ongoing operations. They are used for assessing performance, planning, forecasting, and internal comparisons.

No, the 'pro forma' financial measures are not prepared in accordance with Generally Accepted Accounting Principles (GAAP). Intuit states they should not be considered a substitute for or superior to GAAP measures, and that reconciliations to the most directly comparable GAAP measures are included in the press release.