Summary
Intuit Inc. (INTU) filed an 8-K on May 19, 2004, to announce its financial results for the quarter ended April 30, 2004. The report primarily directs investors to an attached press release (Exhibit 99.01) for the detailed financial results. A key aspect of this filing is Intuit's use of "pro forma" financial measures, which exclude certain items like acquisition-related charges, amortization, and gains/losses on investments. The company asserts that these pro forma metrics offer a meaningful supplemental view of its core operating performance and are used for internal assessment and planning. While Intuit believes these pro forma figures provide valuable insights into ongoing operations, it clearly states that these are non-GAAP measures and should not be considered a substitute for or superior to GAAP-compliant financial statements. Investors are advised to review the reconciliations provided in the press release to understand how these pro forma results relate to the standard GAAP figures. The filing also notes that the information furnished will not be deemed "filed" for regulatory purposes unless explicitly incorporated by reference into a future filing.
Key Highlights
- 1Intuit Inc. (INTU) reported financial results for the quarter ended April 30, 2004, via an 8-K filing on May 19, 2004.
- 2The primary content of the report is an attached press release (Exhibit 99.01) containing the financial results.
- 3The company disclosed its use of "pro forma" financial measures to present results, excluding certain non-operational or acquisition-related items.
- 4Pro forma adjustments include excluding acquisition-related charges (goodwill/intangible amortization, impairment), purchased software amortization, and purchased R&D.
- 5Pro forma net income and EPS also exclude discontinued operations and gains/losses on marketable securities and investments.
- 6Intuit's management believes pro forma measures offer supplemental insights into core operating performance and aid internal comparisons.
- 7The company explicitly states that pro forma measures are non-GAAP and not a substitute for GAAP financial statements, with reconciliations provided in the press release.