8-KOther Events

INTUIT INC. 8-K Report (Feb 18, 2004)

Filed February 18, 2004For Securities:INTU

Summary

Intuit Inc. (INTU) filed an 8-K on February 18, 2004, to report its financial results for the quarter ended January 31, 2004. The filing primarily directs investors to a press release (Exhibit 99.01) for the detailed results. A key aspect of this report is Intuit's use of "pro forma" financial measures, which management believes offer meaningful supplemental information about the company's core operations by excluding certain non-recurring or acquisition-related items. Investors should note that these pro forma measures are non-GAAP and may differ from those presented by other companies. Intuit's management uses these metrics for internal performance assessment and forecasting. The press release, attached as an exhibit, provides reconciliations between these pro forma figures and their most directly comparable GAAP measures, offering transparency for investors analyzing the company's performance.

Key Highlights

  • 1Intuit Inc. announced financial results for the quarter ended January 31, 2004, via an 8-K filing.
  • 2The primary disclosure of financial results is through an attached press release (Exhibit 99.01).
  • 3The company utilizes "pro forma" financial measures, which are non-GAAP, to present core operating results.
  • 4Pro forma measures exclude items such as acquisition-related charges (goodwill amortization, impairment), purchased software amortization, and purchased R&D.
  • 5Pro forma net income and EPS also exclude discontinued operations, gains/losses on marketable securities and investments, and their tax effects.
  • 6Management believes pro forma measures provide supplemental insights into ongoing operational performance.
  • 7Reconciliations to GAAP measures are provided in the attached press release.

Frequently Asked Questions

The primary purpose of this 8-K filing by Intuit Inc. is to announce its financial results for the quarter ended January 31, 2004, and to provide access to the detailed press release containing these results.

Intuit uses "pro forma" financial measures to present what management considers to be its core operating results. These are non-GAAP measures that exclude certain items like acquisition-related charges (e.g., amortization of goodwill and intangibles), discontinued operations, and gains/losses on investments. Management believes these measures provide a clearer view of ongoing business performance and facilitate internal comparisons and forecasting.

No, the pro forma financial measures presented by Intuit are not prepared in accordance with Generally Accepted Accounting Principles (GAAP). They are non-GAAP measures and may differ from similar measures used by other companies. The filing emphasizes that these pro forma measures should not be considered a substitute for GAAP measures.

The detailed financial results, including the pro forma measures and their reconciliations to the most directly comparable GAAP financial measures, are provided in the press release attached as Exhibit 99.01 to this 8-K filing.