Form 8-K
 
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
 
November 16, 2001
(Date of report)
 
November 15, 2001
(Date of earliest event reported)
 
 
INTUIT INC.
(Exact Name of Registrant as Specified in its Charter)
 
Delaware
    
000-21180
    
77-0034661
(State or other
Jurisdiction of
Incorporation)
    
(Commission File Number)


    
(I.R.S. Employer
Identification
No.)
 
2535 Garcia Avenue
Mountain View, CA 94043
(Address of Principal Executive Offices)
(Zip Code)
 
Registrant’s telephone number, including area code: (650) 944-6000
 
ITEM 5.     OTHER EVENTS.
 
Announcement of First Quarter Results
 
On November 15, 2001, Intuit announced its financial results for the fiscal quarter ended October 31, 2001. Intuit reported revenue of $208.8 million for the first quarter, an increase of 11 percent over the year-earlier quarter. Intuit reported a net loss for the quarter of $92.4 million, or a loss of $0.44 per share. Intuit typically reports a loss in its first fiscal quarter each year, when revenue from tax preparation businesses is minimal, but operating expenses to develop new products and services continue at relatively consistent levels. In the year-ago quarter, Intuit reported a net loss of $33.8 million, or a loss of $0.16 per share. Compared with the year-ago period, per share results for the current quarter reflected an additional $35.4 million, pre-tax, in combined charges and net losses related to write-downs of marketable securities and other investments, and impairment charges relating to assets received in connection with the prior sale of the company’s online bill management business.
 
 
 
 
(Financial statements follow)

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INTUIT INC.
 
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(unaudited)  
  
Quarter Ended
October 31,
  
2000
  
2001
Net revenue:
  
 
  
 
          Products
  
$119,823
  
$114,583
          Services
  
47,540
  
76,794
          Other
  
20,159
  
17,389
  
  
                             Total net revenue
  
187,522
  
208,766
Costs and expenses:
  
 
  
 
          Cost of revenue:
  
 
  
 
                   Products, services and other
  
66,894
  
72,352
                   Amortization of purchased software and other
  
2,987
  
1,706
Customer service and technical support
  
32,396
  
38,953
Selling and marketing
  
61,100
  
71,895
Research and development
  
47,878
  
49,940
General and administrative
  
27,783
  
28,593
Acquisition-related charges
  
39,679
  
41,087
Loss on impairment of long-lived asset
  
—  
  
27,000
  
  
                             Total costs and expenses
  
278,717
  
331,526
  
  
                             Loss from operations
  
(91,195
)
  
(122,760
)
Interest and other income and expense, net
  
16,118
  
11,797
Loss on marketable securities and other investments, net
  
(3,868
)
  
(12,254
)
  
  
Loss before income tax benefit, minority interest and cumulative effect of accounting
     change
  
(78,945
)
  
(123,217
)
Income tax benefit
  
(30,916
)
  
(30,790
)
Minority interest
  
50
  
—  
  
  
Loss before cumulative effect of accounting change
  
(48,079
)
  
(92,427
)
Cumulative effect of accounting change, net of taxes of $9,543
  
14,314
  
—  
  
  
Net loss
  
$  (33,765
)
  
$   (92,427
)
  
  
Basic and diluted net loss per share before cumulative effect of accounting change
  
$        (0.23
)
  
$        (0.44
)
Cumulative effect of accounting change
  
0.07
  
—  
  
  
Basic and diluted net loss per share
  
$        (0.16
)
  
$        (0.44
)
  
  
Shares used in per share amounts
  
205,727
  
211,039
  
  

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INTUIT INC.
 
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
(unaudited)
 
  
July 31,
2001
  
October 31,
2001
ASSETS
     
Current assets:
     
          Cash and cash equivalents
  
$   450,104
  
$   415,044
          Short-term investments
  
1,119,305
  
1,049,281
          Marketable securities
  
85,307
  
41,484
          Customer deposits
  
230,410
  
225,004
          Accounts receivable, net
  
27,990
  
43,024
          Mortgage loans
  
123,241
  
216,844
          Deferred income taxes
  
77,948
  
92,300
          Prepaid expenses and other current assets
  
33,617
  
37,353
  
  
                   Total current assets
  
2,147,922
  
2,120,334
Property and equipment, net
  
185,969
  
184,973
Goodwill and intangibles, net
  
415,334
  
374,770
Long-term deferred income taxes
  
145,905
  
145,815
Investments
  
24,107
  
14,108
Other assets
  
42,499
  
14,000
  
  
Total assets
  
$2,961,736
  
$2,854,000
  
  
LIABILITIES AND STOCKHOLDERS’ EQUITY
     
Current liabilities:
     
          Accounts payable
  
$     66,400
  
$     83,540
          Payroll tax obligations
  
205,067
  
199,529
          Escrow liabilities
  
23,373
  
25,408
          Deferred revenue
  
137,305
  
139,510
          Income tax payable
  
82,661
  
44,514
          Short-term note payable
  
38,672
  
39,532
          Other current liabilities
  
234,484
  
254,804
  
  
                   Total current liabilities
  
787,962
  
786,837
Long-term obligations
  
12,413
  
12,153
Minority interest
  
35
  
35
Stockholders’ equity
  
2,161,326
  
2,054,975
  
  
Total liabilities and stockholders’ equity
  
$2,961,736
  
$2,854,000
  
  

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SIGNATURES
 
          Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date:  November 15, 2001
 
INTUIT INC.

 
By:


 
/s/    GREG J. SANTORA
Senior Vice President and
Chief Financial Officer
 

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