Issued and outstanding - none; none .................... -- --
Common stock, $0.01 par value
Authorized - 750,000 shares
Issued and outstanding - 196,350 and 201,093 shares,
respectively ........................................ 1,073 2,012
Additional paid-in capital ............................... 1,266,004 1,433,323
Acquisition related deferred compensation ................ -- (30,063)
Accumulated other comprehensive income ................... 77,680 448,207
Accumulated retained earnings ............................ 216,631 208,062
---------- -----------
Total stockholders' equity ....................... 1,561,388 2,061,541
---------- -----------
Total liabilities and stockholders' equity ................. $2,489,075 $ 3,200,809
========== ===========
</TABLE>
(1) Includes $0.1 million and $2.3 million due from Checkfree at July 31, 1999
and January 31, 2000, respectively (see Note 11).
(2) Includes $6.7 million and $10.6 million note receivable from Venture
Finance Software Corp. at July 31, 1999 and January 31, 2000 respectively
(see Note 11).
See accompanying notes to condensed consolidated financial statements.
-3-
INTUIT INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JANUARY 31, JANUARY 31,
1999 2000 1999 2000
-------- --------- -------- ---------
<S> <C> <C> <C> <C>
(In thousands, except per share amounts; unaudited)
Net revenue(1) .............................................. $373,733 $ 425,499 $510,614 $ 602,427
Costs and expenses:
Cost of goods sold:
Products and services ................................... 70,234 93,066 109,231 149,506
Amortization of purchased software and other ............ 1,897 2,489 3,701 4,921
Customer service & technical support ....................... 41,144 47,657 72,004 81,958
Selling & marketing ........................................ 71,203 86,110 124,282 156,015
Research & development ..................................... 36,353 44,038 70,021 85,750
General & administrative ................................... 19,625 23,327 38,934 44,819
Charge for purchased research and development .............. -- -- -- 1,312
Amortization of goodwill and purchased intangibles ......... 20,962 45,211 41,932 81,562
Amortization of acquisition related deferred compensation .. -- 1,005 -- 1,744
Reorganization costs ....................................... 2,000 -- 2,000 3,500
-------- --------- -------- ---------
Total costs & expenses ............................ 263,418 342,903 462,105 611,087
Income (loss) from operations ..................... 110,315 82,596 48,509 (8,660)
Interest and other income and expense, net .................. 3,950 6,988 7,298 15,465
Gain (loss) from marketable securities ...................... 10,088 (2,800) 10,088 (20,110)
-------- --------- -------- ---------
Income (loss) before income taxes ........................... 124,353 86,784 65,895 (13,305)
Income tax provision (benefit) .............................. 31,228 29,582 17,665 (4,587)
Minority interest ........................................... -- (90) -- (149)
-------- --------- -------- ---------
Net income (loss) ........................................... $ 93,125 $ 57,292 $ 48,230 $ (8,569)
======== ========= ======== =========
Basic net income (loss) per share ........................... $ 0.49 $ 0.29 $ 0.26 $ (0.04)
======== ========= ======== =========
Shares used in per share amounts ............................ 188,813 195,935 187,600 192,285
======== ========= ======== =========
Diluted net income (loss) per share ......................... $ 0.47 $ 0.27 $ 0.25 $ (0.04)
======== ========= ======== =========
Shares used in per share amounts ............................ 198,413 209,566 195,561 192,285
======== ========= ======== =========
</TABLE>
(1) Includes $1.3 million and $2.4 million from Checkfree for the three and six
months ended January 31, 1999 and $1.8 million and $3.6 million from
Checkfree for the three and six months ended January 31, 2000 respectively
(see Note 11).
See accompanying notes to condensed consolidated financial statements.