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.