LETTER FROM THE Ceo - Intuit
LETTER FROM THEceoINTUITP.O. BOX 7850MOUNTAIN VIEW, CA94039-7850650.944.6000www.intuit.com04ANNUAL REPORTTO OURSTOCKHOLDERSIntuit delivered solid results in fiscal , setting new records for revenue and pro forma* earnings per share. Equallyimportant, we’re excited about our future prospects as we expand our offerings beyond the very successful one-size-fits-allapproach we’ve had in the past. In fiscal and beyond, we’re taking a broader view of our markets and opportunities— executing Right for Me strategies across most of our businesses to deliver new offerings for customers and new growthfor Intuit.FISCAL 2004 FINANCIAL HIGHLIGHTS Revenue of . billion increased percent from fiscal , driven by strong growth in Intuit’s QuickBooks-Relatedand Consumer Tax segments. Pro forma operating income of million increased percent from fiscal , driven by unit growth, miximprovements and to a lesser extent price. Pro forma EPS of . per diluted share was up percent year-over-year. GAAP net income of million was down percent, and GAAP EPS of . per diluted share decreased percentyear-over-year. Last year’s GAAP results included a one-time benefit from the sale of Intuit’s Japan subsidiary, whichcontributed million, or . per share, to results. Intuit continued to improve profit margins substantially in . The company’s pro forma operating margin of . percent was up basis points from fiscal . Intuit spent nearly million in fiscal to repurchase approximately . million shares of common stockunder its stock repurchase programs. Since we introduced our first repurchase program in May , we’ve spentapproximately . billion to repurchase approximately million shares. Intuit’s board has authorized a fourthrepurchase program for another million as we remain committed to returning value to shareholders throughstock buybacks. Intuit had approximately . billion in cash and short-term investments, or approximately . per share, at theend of fiscal .BUSINESS SEGMENT HIGHLIGHTSIntuit is rigorous about managing its business portfolio, concentrating on products and services that meet the needs ofsmall- and mid-size businesses, taxpayers and accountants. Within those three areas, we focus on businesses where wehave a durable competitive advantage, where there are large, under-served opportunities and where we are —or are on apath to be—profitable. In any given year, some of Intuit’s individual businesses do better than projected and some may doless. The strength of our total portfolio of businesses enables us to more consistently deliver on our overall expectationsfor the year.
LETTER FROM THEceoINTUITP.O. BOX 7850MOUNTAIN VIEW, CA94039-7850650.944.6000www.intuit.com04ANNUAL REPORTTO OURSTOCKHOLDERSIntuit delivered solid results in fiscal , setting new records for revenue and pro forma* earnings per share. Equallyimportant, we’re excited about our future prospects as we expand our offerings beyond the very successful one-size-fits-allapproach we’ve had in the past. In fiscal and beyond, we’re taking a broader view of our markets and opportunities— executing Right for Me strategies across most of our businesses to deliver new offerings for customers and new growthfor Intuit.FISCAL 2004 FINANCIAL HIGHLIGHTS Revenue of . billion increased percent from fiscal , driven by strong growth in Intuit’s QuickBooks-Relatedand Consumer Tax segments. Pro forma operating income of million increased percent from fiscal , driven by unit growth, miximprovements and to a lesser extent price. Pro forma EPS of . per diluted share was up percent year-over-year. GAAP net income of million was down percent, and GAAP EPS of . per diluted share decreased percentyear-over-year. Last year’s GAAP results included a one-time benefit from the sale of Intuit’s Japan subsidiary, whichcontributed million, or . per share, to results. Intuit continued to improve profit margins substantially in . The company’s pro forma operating margin of . percent was up basis points from fiscal . Intuit spent nearly million in fiscal to repurchase approximately . million shares of common stockunder its stock repurchase programs. Since we introduced our first repurchase program in May , we’ve spentapproximately . billion to repurchase approximately million shares. Intuit’s board has authorized a fourthrepurchase program for another million as we remain committed to returning value to shareholders throughstock buybacks. Intuit had approximately . billion in cash and short-term investments, or approximately . per share, at theend of fiscal .BUSINESS SEGMENT HIGHLIGHTSIntuit is rigorous about managing its business portfolio, concentrating on products and services that meet the needs ofsmall- and mid-size businesses, taxpayers and accountants. Within those three areas, we focus on businesses where wehave a durable competitive advantage, where there are large, under-served opportunities and where we are —or are on apath to be—profitable. In any given year, some of Intuit’s individual businesses do better than projected and some may doless. The strength of our total portfolio of businesses enables us to more consistently deliver on our overall expectationsfor the year.
LETTER FROM THE CEOFor example, in fiscal , the QuickBooks-Related and Consumer Tax segments—our two largest business segments—had very solid performance. Intuit-Branded Small Business also had good growth, while Professional Tax grew, but notas strongly as we originally anticipated. Other Businesses performed within its growth guidance range. With that mix, wedelivered within the range of total company revenue guidance for the year. Results from our business segments were: QuickBooks-Related revenue grew percent over fiscal to . million. Intuit-Branded Small Business revenue increased percent over fiscal to . million. Consumer Tax revenue grew percent over the prior-year period to . million.We’re targeting new offerings for these unserved segments, some of which you’ll begin to see in fiscal . One newproduct we’re particularly excited about is QuickBooks Simple Start, which is designed as an affordable tool that radicallysimplifies life for small business owners who are just getting started and would ordinarily keep their books manually.At the same time, we’re innovating upward—adding new functions to meet more demanding customer needs and thenpricing accordingly for those solutions.This new mind-set and strategy is vastly different than the one-size-fits-all approach we’ve used in the past in QuickBooksand TurboTax and the two-sizes-fit-all product strategy we had in Pro Tax. Revenue from Other Businesses, which includes Quicken and Canada, was up percent year-over-year to . million.Applying Operational Rigor The third element of our strategy is to apply operational rigor and process excellenceto drive both better customer experiences as well as operating margin leverage. This is a critical element in running ahigh-performance organization and has enabled Intuit to improve its pro forma operating margin to . percent infiscal .A PROVEN GROWTH RECIPEEXECUTING RIGHT FOR ME STRATEGIES TO DRIVE FUTURE GROWTHIntuit has accomplished a lot in recent years, producing an enviable track record of revenue and profit growth. Infiscal , Intuit had revenue of million. In fiscal , we had revenue of . billion—an average annualrevenue growth rate of percent. Pro forma diluted EPS was cents a share in fiscal . In fiscal , it was . ,up an average of percent per year. Intuit’s stock price is up percent during that five-year period, a sharp contrast todeclines in the NASDAQ, Dow Jones Industrial Average and S&P .I’m confident in Intuit’s future because the Right for Me approach we’re taking to all our businesses has already deliveredstrong results. Four years ago, many people thought our small business portfolio had reached a dead end. But we sawopportunity. We challenged ourselves to think beyond a one-size-fits-all accounting product, and as a result, we’veuncovered a lot of additional customer needs that we could meet. Professional Tax revenue increased percent over fiscal to . million.The secret to Intuit’s success—both over recent years and, I believe, in the future—is consistently executing thefollowing three-point growth recipe.Choosing the Right Businesses As mentioned earlier, a key element of our growth recipe is to carefully choose ourbusinesses. As Intuit solves for revenue and profit growth, we continually review and, when necessary, adjust ourbusiness portfolio. We’ve made a number of acquisitions and dispositions in recent years to position us for strongerperformance. We’ve announced two changes during the past months: In October , we acquired Innovative Merchant Solutions, which provides credit and debit card processing servicesfor small businesses, for million. The acquisition enabled us to expand the capabilities of our existing QuickBooksMerchant Account Service. We had strong performance from the combined merchant account business in fiscal ,with revenue up percent over fiscal . In August , we announced our decision to sell Intuit Public Sector Solutions (IPSS), which provides softwarefor the government and nonprofit sector. IPSS had approximately million in revenue in fiscal , about flatyear-over-year and its third year of relatively flat growth.Broadening Our Mind-set and Offerings Over the past years, Intuit has done an outstanding job of penetrating themarkets we’ve defined and served. To continue our growth and leadership, a key element of our strategy is to broaden ourdefinition of the markets we serve. This will enable us to uncover additional customer problems we can solve. We’ll thensolve those problems as we’ve always done—creating solutions so profound that people won’t want to go back to the oldway of doing things.To do this, we must take a fresh look at what we’re really competing against. Many might think our QuickBooks andTurboTax offerings are competing primarily against other software providers. While that’s partly true, the reality is thatwe’re competing against something much larger that offers much more opportunity for growth—non-consumption andalternative ways of doing things. For example, in small business, some of our biggest opportunities are to meet the needsof people who use basic spreadsheets or even paper and pencil to keep their books instead of QuickBooks. In tax, we seesimilar opportunities to serve people who manually prepare their returns or go to a franchise tax preparer rather thanusing TurboTax.Board of DirectorsWilliam V. Campbell (1)Chairman of the Board of Directors,Intuit Inc.CORPORATE INFORMATIONSince we launched our QuickBooks Right for Me strategy in December , we’ve generated million in cumulativerevenue from new higher-end QuickBooks offerings and new offerings that attach to QuickBooks. A number of thesebusinesses, like Merchant Account Services and QuickBooks Point of Sale, have had great early success. They’re growingnicely and we’re excited about their potential to have a longer-term impact on our growth rate as they become largerin scale.I’m proud of the strong growth Intuit has delivered over the past five years. And while we expect revenue growth tobe in the percent to percent range for fiscal , I believe we’re on our way back to double-digit revenue growth inthe future.In my mind, the question isn’t whether Intuit is headed toward stronger growth, but when it will occur. We have greatassets. We have lots of opportunities for new growth across our small business and tax businesses. And we have a proventrack record of executing our growth recipe.Thanks to the talent and hard work of all Intuit employees, we’ve accomplished a lot in recent years. We’re pleased withthe progress we’ve made, but there’s a lot more we can do. We continue to believe in a great future for Intuit. And webelieve the best is yet to come.TRANSFER AGENTAmerican Stock Transfer & Trust Company59 Maiden LaneNew York, New York 10038(800) 937-5449 (Shareholder Relations)Stephen M. Bennett (1)President and Chief Executive Officer,Intuit Inc.Christopher W. Brody (2,3)Chairman,Vantage Partners LLCFORM 10-KAdditional copies of the Company’s fiscal 2004 Form 10-Kmay be obtained without charge by contacting:Investor RelationsIntuit Inc.P.O. Box 7850 Mountain View, California 94039-7850(650) 944-6000Scott D. Cook (1)Chairman of the Executive Committeeof the Board of Directors,Intuit Inc.INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRML. John Doerr (4)General Partner,Kleiner Perkins Caufield & ByersErnst & Young LLP555 California StreetSuite 1700San Francisco, California 94104Donna L. Dubinsky (2)Former President and Chief Executive Officer,Handspring, Inc.CORPORATE COUNSELFenwick & West LLPSilicon Valley Center801 California StreetMountain View, CA 94041Michael R. Hallman (2,3)President,The Hallman GroupANNUAL MEETINGThe annual meeting of stockholders will be held on Thursday, December 9, 2004 at8:30 a.m., at Intuit Inc., 2550 Garcia Avenue, Building 5, Mountain View, California.MARKET INFORMATION FOR COMMON STOCKIntuit’s common stock is quoted on The Nasdaq Stock Market under the symbol“INTU.” The following table shows the range of high and low sale prices reported onThe NASDAQ Stock Market for the periods indicated. On August 31, 2004, the closingprice of Intuit’s common stock was 42.29.HIGHLOW 53.48 38.86Second quarter55.0443.29Third quarter51.5033.30Fourth quarter49.1838.10 51.24 41.67Second quarter53.8945.68Third quarter50.4440.89Fourth quarter43.8835.84Fiscal year ended July 31, 2003First quarterFiscal year ended July 31, 2004First quarterSTOCKHOLDERSAs of September 1, 2004, we had about 1,100 record holders and approximately108,000 beneficial holders of our common stock.Steve BennettPresident and Chief Executive OfficerThis letter contains certain forward-looking statements, including statements of our expectations about our future growth and financial results. Actual resultscould differ materially from what we anticipate, as a result of many risks and uncertainties. For information about some of the factors that could affectIntuit’s results, please see Risks That Could Affect Future Results on page 30 of our enclosed Annual Report to Stockholders.*Please see page 67 of our enclosed Annual Report to Stockholders for a reconciliation of pro forma financial measures to GAAP.DIVIDENDSIntuit has never paid any cash dividends on its common stock. From time to time weconsider the advisability of paying a cash dividend. We currently anticipate that we willretain all future earnings for use in our business and for repurchases of stock underour stock repurchase programs. We do not anticipate paying any cash dividends in theforeseeable future.Intuit, the Intuit logo, Quicken, Quicken.com, QuickBooks, TurboTax, ProSeries, Lacerte, Track-It! and FundWare, amongothers, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.Intuit Eclipse, Intuit Master Builder and MRI, among others, are trademarks and/or service marks of Intuit Inc. in theUnited States and other countries. Other parties’ trademarks or service marks are the property of their respective ownersand should be treated as such. Intuit, 2004Dennis D. Powell (2)(5)Senior Vice President and Chief Financial Officer,Cisco Systems, Inc.Stratton D. Sclavos (4)President and Chief Executive Officer,VeriSign, Inc.1 Member of the Executive Committee2 Member of the Audit Committee3 Member of the Compensation and OrganizationalDevelopment Committee4 Member of the Nomination and Governance Committee5 Chairman of the Audit CommitteeExecutive OfficersLorrie M. NorringtonExecutive Vice President, Office of the Chief Executive OfficerRobert B. HenskeSenior Vice President and Chief Financial OfficerRichard William IhrieSenior Vice President and Chief Technology OfficerBrad D. SmithSenior Vice President, Consumer Tax GroupRaymond G. SternSenior Vice President, Strategy andChief Marketing OfficerCaroline F. DonahueVice President, SalesLaura A. FennellVice President, General Counsel and Corporate SecretaryKarl K. GrassVice President and General Manager,Professional Tax Products GroupDorothy D. HayesVice President, Corporate ControllerDaniel J. LevinVice President, Product Management
LETTER FROM THE CEOFor example, in fiscal , the QuickBooks-Related and Consumer Tax segments—our two largest business segments—had very solid performance. Intuit-Branded Small Business also had good growth, while Professional Tax grew, but notas strongly as we originally anticipated. Other business performed within its growth guidance range. With that mix, wedelivered within the range of total company revenue guidance for the year. Results from our business segments were: QuickBooks-Related revenue grew percent over fiscal to . million. Intuit-Branded Small Business revenue increased percent over fiscal to . million. Consumer Tax revenue grew percent over the prior-year period to . million.We’re targeting new offerings for these unserved segments, some of which you’ll begin to see in fiscal . One newproduct we’re particularly excited about is QuickBooks Simple Start, which is designed as an affordable tool that radicallysimplifies life for small business owners who are just getting started and would ordinarily keep their books manually.At the same time, we’re innovating upward—adding new functions to meet more demanding customer needs and thenpricing accordingly for those solutions.This new mind-set and strategy is vastly different than the one-size-fits-all approach we’ve used in the past in QuickBooksand TurboTax and the two-sizes-fit-all product strategy we had in Pro Tax. Revenue from Other Businesses, which includes Quicken and Canada, was up percent year-over-year to . million.Applying Operational Rigor The third element of our strategy is to apply operational rigor and process excellenceto drive both better customer experiences as well as operating margin leverage. This is a critical element in running ahigh-performance organization and has enabled Intuit to improve its pro forma operating margin to . percent infiscal .A PROVEN GROWTH RECIPEEXECUTING RIGHT FOR ME STRATEGIES TO DRIVE FUTURE GROWTHIntuit has accomplished a lot in recent years, producing an enviable track record of revenue and profit growth. Infiscal , Intuit had revenue of million. In fiscal , we had revenue of . billion—an average annualrevenue growth rate of percent. Pro forma diluted EPS was cents a share in fiscal . In fiscal , it was . ,up an average of percent per year. Intuit’s stock price is up percent during that five-year period, a sharp contrast todeclines in the NASDAQ, Dow Jones Industrial Average and S&P .I’m confident in Intuit’s future because the Right for Me approach we’re taking to all our businesses has already deliveredstrong results. Four years ago, many people thought our small business portfolio had reached a dead end. But we sawopportunity. We challenged ourselves to think beyond a one-size-fits-all accounting product, and as a result, we’veuncovered a lot of additional customer needs that we could meet. Professional Tax revenue increased percent over fiscal to . million.The secret to Intuit’s success—both over recent years and, I believe, in the future—is consistently executing thefollowing three-point growth recipe.Choosing the Right Businesses As mentioned earlier, a key element of our growth recipe is to carefully choose ourbusinesses. As Intuit solves for revenue and profit growth, we continually review and, when necessary, adjust ourbusiness portfolio. We’ve made a number of acquisitions and dispositions in recent years to position us for strongerperformance. We’ve announced two changes during the past months: In October , we acquired Innovative Merchant Solutions, which provides credit and debit card processing servicesfor small businesses, for million. The acquisition enabled us to expand the capabilities of our existing QuickBooksMerchant Account Service. We had strong performance from the combined merchant account business in fiscal ,with revenue up percent over fiscal . In August , we announced our decision to sell Intuit Public Sector Solutions (IPSS), which provides softwarefor the government and nonprofit sector. IPSS had approximately million in revenue in fiscal , about flatyear-over-year and its third year of relatively flat growth.Broadening Our Mind-set and Offerings Over the past years, Intuit has done an outstanding job of penetrating themarkets we’ve defined and served. To continue our growth and leadership, a key element of our strategy is to broaden ourdefinition of the markets we serve. This will enable us to uncover additional customer problems we can solve. We’ll thensolve those problems as we’ve always done—creating solutions so profound that people won’t want to go back to the oldway of doing things.To do this, we must take a fresh look at what we’re really competing against. Many might think our QuickBooks andTurboTax offerings are competing primarily against other software providers. While that’s partly true, the reality is thatwe’re competing against something much larger that offers much more opportunity for growth—non-consumption andalternative ways of doing things. For example, in small business, some of our biggest opportunities are to meet the needsof people who use basic spreadsheets or even paper and pencil to keep their books instead of QuickBooks. In tax, we seesimilar opportunities to serve people who manually prepare their returns or go to a franchise tax preparer rather thanusing TurboTax.Board of DirectorsWilliam V. Campbell (1)Chairman of the Board of Directors,Intuit Inc.CORPORATE INFORMATIONSince we launched our QuickBooks Right for Me strategy in December , we’ve generated million in cumulativerevenue from new higher-end QuickBooks offerings and new offerings that attach to QuickBooks. A number of thesebusinesses, like Merchant Account Services and QuickBooks Point of Sale, have had great early success. They’re growingnicely and we’re excited about their potential to have a longer-term impact on our growth rate as they become largerin scale.I’m proud of the strong growth Intuit has delivered over the past five years. And while we expect revenue growth tobe in the percent to percent range for fiscal , I believe we’re on our way back to double-digit revenue growth inthe future.In my mind, the question isn’t whether Intuit is headed toward stronger growth, but when it will occur. We have greatassets. We have lots of opportunities for new growth across our small business and tax businesses. And we have a proventrack record of executing our growth recipe.Thanks to the talent and hard work of all Intuit employees, we’ve accomplished a lot in recent years. We’re pleased withthe progress we’ve made, but there’s a lot more we can do. We continue to believe in a great future for Intuit. And webelieve the best is yet to come.TRANSFER AGENTAmerican Stock Transfer & Trust Company59 Maiden LaneNew York, New York 10038(800) 937-5449 (Shareholder Relations)Stephen M. Bennett (1)President and Chief Executive Officer,Intuit Inc.Christopher W. Brody (2,3)Chairman,Vantage Partners LLCFORM 10-KAdditional copies of the Company’s fiscal 2004 Form 10-Kmay be obtained without charge by contacting:Investor RelationsIntuit Inc.P.O. Box 7850 Mountain View, California 94039-7850(650) 944-6000Scott D. Cook (1)Chairman of the Executive Committeeof the Board of Directors,Intuit Inc.INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRML. John Doerr (4)General Partner,Kleiner Perkins Caufield & ByersErnst & Young LLP555 California StreetSuite 1700San Francisco, California 94104Donna L. Dubinsky (2)Former President and Chief Executive Officer,Handspring, Inc.CORPORATE COUNSELFenwick & West LLPSilicon Valley Center801 California StreetMountain View, CA 94041Michael R. Hallman (2,3)President,The Hallman GroupANNUAL MEETINGThe annual meeting of stockholders will be held on Thursday, December 9, 2004 at8:30 a.m., at Intuit Inc., 2550 Garcia Avenue, Building 5, Mountain View, California.MARKET INFORMATION FOR COMMON STOCKIntuit’s common stock is quoted on The Nasdaq Stock Market under the symbol“INTU.” The following table shows the range of high and low sale prices reported onThe NASDAQ Stock Market for the periods indicated. On August 31, 2004, the closingprice of Intuit’s common stock was 42.29.HIGHLOWFiscal year ended July 31, 2003 53.48 38.86Second quarter55.0443.29Third quarter51.5033.30Fourth quarter49.1838.10 51.24 41.67Second quarter53.8945.68Third quarter50.4440.89Fourth quarter43.8835.84First quarterFiscal year ended July 31, 2004First quarterSTOCKHOLDERSAs of September 1, 2004, we had about 1,100 record holders and approximately108,000 beneficial holders of our common stock.Steve BennettPresident and Chief Executive OfficerThis letter contains certain forward-looking statements, including statements of our expectations about our future growth and financial results. Actual resultscould differ materially from what we anticipate, as a result of many risks and uncertainties. For information about some of the factors that could affectIntuit’s results, please see Risks That Could Affect Future Results on page 30 of our enclosed Annual Report to Stockholders.*Please see page 67 of our enclosed Annual Report to Stockholders for a reconciliation of pro forma financial measures to GAAP.DIVIDENDSIntuit has never paid any cash dividends on its common stock. From time to time weconsider the advisability of paying a cash dividend. We currently anticipate that we willretain all future earnings for use in our business and for repurchases of stock underour stock repurchase programs. We do not anticipate paying any cash dividends in theforeseeable future.Intuit, the Intuit logo, Quicken, Quicken.com, QuickBooks, TurboTax, ProSeries, Lacerte, Track-It! and FundWare, amongothers, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.Intuit Eclipse, Intuit Master Builder and MRI, among others, are trademarks and/or service marks of Intuit Inc. in theUnited States and other countries. Other parties’ trademarks or service marks are the property of their respective ownersand should be treated as such. Intuit, 2004Dennis D. Powell (2)(5)Senior Vice President and Chief Financial Officer,Cisco Systems, Inc.Stratton D. Sclavos (4)President and Chief Executive Officer,VeriSign, Inc.1 Member of the Executive Committee2 Member of the Audit Committee3 Member of the Compensation and OrganizationalDevelopment Committee4 Member of the Nomination and Governance Committee5 Chairman of the Audit CommitteeExecutive OfficersLorrie M. NorringtonExecutive Vice President, Office of the Chief Executive OfficerRobert B. HenskeSenior Vice President and Chief Financial OfficerRichard William IhrieSenior Vice President and Chief Technology OfficerBrad D. SmithSenior Vice President, Consumer Tax GroupRaymond G. SternSenior Vice President, Strategy andChief Marketing OfficerCaroline F. DonahueVice President, SalesLaura A. FennellVice President, General Counsel and Corporate SecretaryKarl K. GrassVice President and General Manager,Professional Tax Products GroupDorothy D. HayesVice President, Corporate ControllerDaniel J. LevinVice President, Product Management
RIGHT FOR MECUSTOMER-DRIVENINNOVATIONHIGH-PERFORMANCE ORGANIZATIONSOLID RESULTSSTRONG MANAGEMENTBRAND LEADERSHIPBALANCED BUSINESSPORTFOLIO
FINANCIALHIGHLIGHTSFISCALSELECTED FINANCIAL INFORMATION20002001200220032004 981,718 1,096,062 1,312,228 1,650,743 1,867,663Gains (Losses) on Marketable Securitiesand Other Investments, Net481,130(98,053)(15,535)10,9121,729Net Income (Loss) from ContinuingOperations, Net of Tax325,691(124,656)53,615263,202317,030Net Income (Loss) from DiscontinuedOperations, Net of Tax(20,030)27,54986,54579,832-Net Income (Loss)305,661(82,793)140,160343,034317,030(In thousands, except per share amounts)Net RevenueDiluted Net Income (Loss) perShare from Continuing Operations 1.54 (0.60) 0.24 1.25 1.58Diluted Net Income (Loss) perShare from Discontinued Operations(0.09)0.130.400.38-Diluted Net Income (Loss) per Share1.45(0.40)0.641.631.58 1,399,351 1,186,215 1,224,290 1,206,801 1,019,220Cash, Cash Equivalents andShort-term InvestmentsOur Quicken Loans mortgage business and our Japanese subsidiary have been accounted for as discontinued operations in all periods presented. Comparability ofinformation is affected by acquisitions, divestitures, amortization and impairment of goodwill and purchased intangible assets, gains and losses on marketable securitiesand other investments, repurchases under our stock repurchase programs, and other factors.PRO FORMA NET INCOME20002001200220032004Pro Forma Net Income* 144,958 157,890 201,503 293,814 335,124Diluted Pro Forma Net Income per Share* (In thousands, except per share amounts; unaudited)0.690.730.921.391.67* A quantitative reconciliation of this non-GAAP financial measure to the most directly comparable financial information prepared in accordance with GAAP can be found onpage 67 of the Annual Report to Stockholders.
TABLE OF CONTENTS4description of business6selected financial data8management’s discussion and analysis22risks that could affect future results313266quantitative and qualitative disclosuresabout market riskconsolidated financial statementsreport of independent registered publicaccounting firm67reconciliation of pro forma financial m
Intuit Eclipse, Intuit Master Builder and MRI, among others, are trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties’ trademarks or service marks are the property
May 02, 2018 · D. Program Evaluation ͟The organization has provided a description of the framework for how each program will be evaluated. The framework should include all the elements below: ͟The evaluation methods are cost-effective for the organization ͟Quantitative and qualitative data is being collected (at Basics tier, data collection must have begun)
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INTUIT SOFTWARE END USER LICENSE AGREEMENT (CANADA) Thank you for selecting the Software offered by Intuit Canada ULC and/or its subsidiaries and affiliates (referred to as "Intuit," "we," "our," or "us"). Review these license terms ("Agreement") thoroughly. This Agreement is a legal agreement between you and Intuit.
