EXHIBIT 99.01
SELECTED FINANCIAL DATA
The following table shows selected consolidated financial information for Intuit for the past five fiscal years. The comparability of the information is affected by a variety of factors, including acquisitions and dispositions of businesses and gains and losses related to marketable securities and other investments. In fiscal 2002, we sold our Quicken Loans mortgage business and accounted for the sale as discontinued operations. In the third quarter of fiscal 2003, we sold our wholly-owned Japanese subsidiary, Intuit KK, and accounted for the sale as discontinued operations. To better understand the information in the table, investors should read “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Exhibit 99.02, and the Consolidated Financial Statements and related Notes in Exhibit 99.03.
FIVE-YEAR SUMMARY
| Fiscal | ||||||||||||||||||||||
| Consolidated Statement of Operations Data | 1998 | 1999 | 2000 | 2001 | 2002 | |||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||
| Net revenue: | ||||||||||||||||||||||
| Products | $ | 493,059 | $ | 711,138 | $ | 775,316 | $ | 805,684 | $ | 977,528 | ||||||||||||
| Services | 28,357 | 46,925 | 114,991 | 216,544 | 273,575 | |||||||||||||||||
| Other | 32,152 | 42,877 | 91,411 | 73,834 | 61,125 | |||||||||||||||||
| Total net revenue | 553,568 | 800,940 | 981,718 | 1,096,062 | 1,312,228 | |||||||||||||||||
| Income (loss) from continuing operations before cumulative effect of accounting change | 2,606 | 388,788 | 325,691 | (124,656 | ) | 53,615 | ||||||||||||||||
| Net income (loss) from discontinued operations | 3,576 | (2,224 | ) | (20,030 | ) | 27,549 | 86,545 | |||||||||||||||
| Cumulative effect of accounting change, net of taxes | — | — | — | 14,314 | — | |||||||||||||||||
| Net income (loss) | $ | 6,182 | $ | 386,564 | $ | 305,661 | $ | (82,793 | ) | $ | 140,160 | |||||||||||
Net income (loss) per common share: | ||||||||||||||||||||||
| Basic income (loss) per share from continuing operations before cumulative effect of accounting change | $ | 0.02 | $ | 2.03 | $ | 1.62 | $ | (0.60 | ) | $ | 0.25 | |||||||||||
| Net income (loss) from discontinued operations | 0.02 | (0.01 | ) | (0.10 | ) | 0.13 | 0.41 | |||||||||||||||
| Cumulative effect of accounting change | — | — | — | 0.07 | — | |||||||||||||||||
| Basic net income (loss) per share | $ | 0.04 | $ | 2.02 | $ | 1.52 | $ | (0.40 | ) | $ | 0.66 | |||||||||||
| Diluted income (loss) per share from continuing operations before cumulative effect of accounting change | $ | 0.02 | $ | 1.94 | $ | 1.54 | $ | (0.60 | ) | $ | 0.24 | |||||||||||
| Net income (loss) from discontinued operations | 0.02 | (0.01 | ) | (0.09 | ) | 0.13 | 0.40 | |||||||||||||||
| Cumulative effect of accounting change | — | — | — | 0.07 | — | |||||||||||||||||
| Diluted net income (loss) per share | $ | 0.04 | $ | 1.93 | $ | 1.45 | $ | (0.40 | ) | $ | 0.64 | |||||||||||
Pro Forma Data for Fiscal 2001 Change in Accounting Principle(Unaudited)(a) | ||||||||||||||||||||||
| Pro forma net income | (a | ) | $ | 382,438 | $ | 299,100 | (a | ) | (a | ) | ||||||||||||
| Pro forma diluted net income per share | (a | ) | $ | 1.91 | $ | 1.42 | (a | ) | (a | ) | ||||||||||||
| (a) | This pro forma data relates to accounting for derivative instruments. We adopted Statement of Financial Standards (“SFAS”) No. 133, “Accounting for Derivative Instruments and Hedging Activities” in fiscal 2001 and recognized the cumulative effect of the change in how we accounted for options to purchase shares of S1 Corporation as of August 1, 2000. Pro forma data presents our net income and diluted net income per share for fiscal 1999 and 2000 as if we had adopted SFAS 133 at the beginning of fiscal 1999. In accordance with SFAS 133, we included unrealized gains and |
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| losses on the S1 options in our fiscal 2001 and 2002 reported results until we sold them in the first quarter of fiscal 2002. Intuit did not have any derivative instruments or engage in hedging activities prior to fiscal 1999. See Note 1 of the financial statements,“Change in Accounting Principle.” |
| July 31, | ||||||||||||||||||||
| Consolidated Balance Sheet Data | 1998 | 1999 | 2000 | 2001 | 2002 | |||||||||||||||
(In thousands) | ||||||||||||||||||||
| Cash, cash equivalents and short-term investments | $ | 372,038 | $ | 805,220 | $ | 1,399,351 | $ | 1,186,215 | $ | 1,230,090 | ||||||||||
| Marketable securities | 499,285 | 431,176 | 225,878 | 85,307 | 16,791 | |||||||||||||||
| Working capital | 632,713 | 842,213 | 1,321,957 | 1,359,960 | 1,262,716 | |||||||||||||||
| Total assets | 1,491,658 | 2,318,455 | 2,726,295 | 2,803,479 | 2,928,005 | |||||||||||||||
| Long-term obligations | 9,642 | 3,555 | 538 | 12,150 | 14,610 | |||||||||||||||
| Total stockholders’ equity | 1,127,943 | 1,561,388 | 2,071,289 | 2,161,326 | 2,215,639 | |||||||||||||||
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