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Annual shareholder meeting 2008

Annual

Shareholder

Meeting2008


Required disclosures

Forward Looking StatementsThese presentation materials include forward-looking statements. There are a number of factors that could cause our results to differ materially from our expectations. Please see the section entitled “Cautions About Forward-Looking Statements” in the enclosed Appendix for information regarding forward-looking statements and related risks and uncertainties. You can also learn more about these risks in our Form 10-K for fiscal 2008 and our other SEC filings, which are available on the Investor Relations page of Intuit's website at www.intuit.com. We assume no obligation to update any forward-looking statement.

Non-GAAP Financial MeasuresThese presentations include certain non-GAAP financial measures. Please see the section entitled “About Non-GAAP Financial Measures” in the enclosed Appendix for an explanation of management’s use of these measures and a reconciliation to the most directly comparable GAAP financial measures.

Required Disclosures


Strong fy08 results

Strong FY08 Results

FY08 Actual

% Growth

Revenue$3,071M+15%

Non-GAAP Operating Income*$856M+12%

Non-GAAP Diluted EPS*$1.60 +12%

*These are non-GAAP financial measures. GAAP operating income from continuing operations $638M (+13%).

GAAP EPS $1.24 (+7%). See attached reconciliation of non-GAAP measures to GAAP.


Simple recipe for success

Simple Recipe for Success

Be in good businesses with strategies to win

Then:

  • Talented and Engaged Employees

  • Delivering for Customers

So:

  • We Grow Revenues and Profits


Intuit s markets and opportunities

Intuit’s Markets and Opportunities

Health

Care

Small

Business

QuickBooks, Payroll & Payments

Tax

Global

Financial Institutions


Our main growth businesses have large market opportunities

Our main growth businesses have large market opportunities…

Financial Management

Large opportunity to disrupt higher-pricedalternatives

High Share within category

Large opportunity to convert non-consumption

…and we win by converting non-consumption and disrupting higher priced alternatives

Source: Intuit estimates


Annual shareholder meeting 2008

Our main growth businesses have large market opportunities…

Tax Prep Methods

Large opportunity to disrupt higher-priced alternatives(Tax Stores)

High Share within category

Large opportunity to convert non-consumption

…and we win by converting non-consumption and disrupting higher priced alternatives

Source: IRS data and Intuit estimates


Our main growth businesses have large market opportunities1

Our main growth businesses have large market opportunities…

Online Banking Households

Online Banking Households

All Households

Large opportunity to convert non-consumption

Online Households

Online Banking Households

(Forecast)

…and we win by converting non-consumption and disrupting higher priced alternatives


Strong assets for future growth

Strong Assets for Future Growth

  • 7M QB & Quicken small business users

  • 17M TurboTax users… 22M returns

  • 8M on-line banking customers… 38M potential

  • 12M Quicken consumer users

  • 275K accountants

An Ecosystemwith Millions of End Users

  • TurboTax

  • QuickBooks

  • Quicken

  • Intuit

  • Digital Insight

Trusted Brands

  • 40,000 Accountant Pro Advisors

  • 5,000 Educational institutions

  • 1,800 financial institutions

  • 75,000 certified IDN developers

Significant 3rd Party Scale & relationships


Intuit s focus

Intuit’s Focus

We serve these end customers

Financial… making & saving money, grow & profit

Consumers

Small Businesses

…and those who serve them

Accountants

Financial Institutions

Health Care Players

To be a premierinnovativegrowth companythat empowers individuals and businesses to achieve their dreams

Productivity… turning drudgery into time for what matters most

Compliance… without even having to think about it

Confidence… from the wisdom & experience of others


Four major market trends

Four Major Market Trends

User Demographic Shifts

Value Creation Shifts

Emerging companies highlight importance of user contribution and social connectedness

Level of User Contribution

Gen Years

Boomers

Mompreneurs

Careerpreneurs

Immigrants

Technology Shifts

Geographic Shifts

Software Spend by Delivery Channel

Software Spend by Geographic Region

Growth

~5%

~5%

~15%

~10%

~20%

Growth

~5%

~25%

~30%

US

Desktop Software

Western Europe

Asia Pacific

Software Spend

Software Spend

Software as a Service

Other Americas

Mobile

ROW

~2000

Today

~2000

Today

Source: Intuit estimates


Intuit s game plan to win

Intuit’s Game Plan To Win

Intuit’s focus is…

To be a premierinnovativegrowth companythat empowers individuals and businesses to achieve their dreams

By creating and acquiring…

Easy-to-use “Connected Services” that create delight by solving important unsolved customer problems & build durable advantage

And capitalizing on three significant market trends…

  • Social… capitalize on our large and growing customer bases to unleash the collective power of user contributions, user behaviors and user data

  • Mobile… deliver “in the pocket” when that is the preferred solution

  • Global…employ the world’s talents to find & solve important problems around the globe


Annual shareholder meeting 2008

Intuit “Connected Services” Revenue Growth

27%

FY08 connected services YOY revenue growth was28%,While desktop software sales across Intuit grew 3%

($M)

7%

Intuit “SaaS” Revenue Growth

50% CAGR

($M)

Not a standing start…

CAGR

CAGR

  • We have many market-leading “Connected Services” today

  • ~50% of our revenue is derived from these “Connected Services”

  • “Connected Services” are driving the company’s growth at accelerating rates

“Connected Services” includes SaaS offerings described below plus elements of Payroll, Payments, QB services, Tax e-filing

“SaaS” includes TurboTax Online, Online Banking, QuickBooks Online, QuickBase, Homestead, IRES Netsource


Annual shareholder meeting 2008

Get Customers

Manage Finances

Run My Business

Small Business

Pay Employees

Accept Payments

Intuit’s Small Business Ecosystem


Small business landscape

Small Business Landscape

Key Facts

Key Facts

Key Facts

Key Facts

27 Million US Businesses

0.6M businesses

$6B total SW spend

Delegation: departments

QB 29% firms… 2% spend

Mid Market

3.3M businesses

$3B total SW spend

Owner begins to delegate

45% QB/Qkn share

Main Street

Personal Business

23M businesses

$2B total SW spend

25% QB/Qkn share

42% Manual/Spreadsheet

Global Opportunity

  • ~375M small businesses outside US

  • 60% of SMBs in SE Asia and India

  • Many US small businesses doing business abroad

Source: Intuit estimates


Annual shareholder meeting 2008

How We Win: A Simple, Proven Recipe

+

Acquire New Users

Maximize LTV


Quickbooks 09 highlights

QuickBooks ’09 Highlights

Get Productive

Get Insights & Info

Get Customers

Go Global


Annual shareholder meeting 2008

Double Down on Demand Generation

Investing 50% more in demand generation,

including off-line and online channels


Winning with free

Winning With FREE

FREE Works

  • 75% had not considered QuickBooks

  • 1 in 5 upgrade to paid immediately

  • Many upgrade later or buy additional services

Driving Demand

  • Part of overall marketing campaign

  • Front and center on web properties

Monetize through In-product Discovery

  • More services … payroll, payments, web sites…

  • More up-sell … as they “outgrow”


Payroll lots of growth potential

Payroll: Lots of Growth Potential

Addressable Small Businesses

1M QB PayrollCustomers

100% = ~9.6M

Our Position Today

18%

Outsourcers

  • ~ 50% penetrated in addressable QB base

  • 11% penetrated in total addressable market

2.3MAddressableQB Employers

23%

Accountants

Software

26%

7.3M Non-QBSmall BusinessEmployers

Manual

33%

* # of firms with <50 ee’s


In a strong position to disrupt market

In a Strong Position to Disrupt Market

Category NPS

Annual Fee

$3000

45

$300

47

35

$0

-14

Outsourcers/Accountants

3.9M employers

Software2.5M employers

1M employersenter

online

1M employersexit

desktop

Manual3.2M employers

Source: Intuit estimates


In a strong position to disrupt market1

In a Strong Position to Disrupt Market

Category NPS

Annual Fee

$3000

45

Intuit Assisted Payroll

62

$1000

$300

47

35

$0

-14

Outsourcers/Accountants

3.9M employers

Software2.5M employers

1M employersenter

online

1M employersexit

desktop

Manual3.2M employers

Source: Intuit estimates


Payments what we do

Payments: What We Do

Help businesses accept electronic payments…

Credit/Gift Cards

PIN Debit

E-Check

Check/Check21

The way that is right for them…

Face to Face

Back Office

Mobile

Web

…In ways our competitors can’t

Human Touch

Integrates with Business Solutions

Single Experience, Multiple Solutions

Leverage & Create Network Effects


Payments market is large and growing

Payments market is large and growing

Payments Market CAGR (2005-2010F)

Payments Market is $225B

Cash

3%

-36%

Check

Credit Card

11%

Where IMS Competes Today

14%

Debit Card

16%

Gift Card

20%

ACH / Bank Transfer

100%

Imaged Check

8%

Total

Source: Intuit estimates and Nilson report (Dec.2006).


Payments market is large and growing1

Payments market is large and growing

What ECHO Brought

Payments Market CAGR (2005-2010F)

Payments Market is $225B

Cash

3%

-36%

Check

Credit Card

11%

Where IMS Competes Today

14%

Debit Card

16%

Gift Card

20%

ACH / Bank Transfer

100%

Imaged Check

8%

Total

Source: Intuit estimates and Nilson report (Dec.2006).


Consistently strong results

Consistently Strong Results

$

1

,

2

0

0

M

1

,

0

0

0

8

6

1

8

0

0

7

5

1

6

4

3

6

0

0

5

2

1

4

5

4

3

9

4

4

0

0

2

9

5

2

0

8

2

0

0

0

F

Y

9

8

F

Y

9

9

F

Y

0

0

F

Y

0

1

F

Y

0

2

F

Y

0

3

F

Y

0

4

F

Y

0

5

Total Small Business Revenue ($Millions)

CAGR

19%

1

,

1

8

3

1

,

1

0

3

s

t

n

e

9

8

8

m

y

42%

a

P

&

l

l

o

r

y

a

P

s

k

o

13%

o

B

k

c

i

u

Q

F

Y

0

6

F

Y

0

7

F

Y

0

8


Lots of room to grow

Lots of Room to Grow

139M Returns

$20B Revenue

Estimated TY07 Individual Federal Returns

TurboTax just 17% of Returns, 5% of Revenue

Source: Intuit estimates


Consumer tax prep trends we re in the sweet spot

Consumer Tax Prep Trends… We’re in the Sweet Spot

Pro / CPA

Franchise/

Tax Store

Software

5M filers enter

3.5M filers exit

Manual

Source: Intuit estimates, IRS reports and public filings from tax stores.


Ease faster return completion

Ease…Faster Return Completion


Ease entire customer experience

Ease…Entire Customer Experience

Product

Support

TV

Print

Retail

PR

Website


Ease leveraging intuit s ecosystem

Ease…LeveragingIntuit’s Ecosystem

Intuit Payroll – W2 Wages

Welcome to Intuit, makers of TurboTax & QuickBooks Payroll.

We’ll help you file your taxes in no time.

Please enter your company EIN

First Name

Last Name

Social Security Number

$0

$0


Ease innovation

Ease…Innovation

Dynamic Planning

Mobile Tracking

Easy Navigation

More Graphics


Ctg revenue growth

CTG Revenue Growth

FY09 Revenue Guidance $1-1.04 Billion

Projected Growth 8%-12%

CAGR

19%


Sources of growth

+

Acquire additional Financial Institutions

+

Expand services…grow the category's spend

Drives

Revenue Growth

Sources Of Growth

Convert more customers of existing FI’s to online banking… non-consumption


Annual shareholder meeting 2008

Assuming Performance Matches DI’s Leading FIs

60% IB

55% BP

22.8M IB Users

10.3M BP Users

Opportunity #1: Convert More Customers Of Existing FI’s To Online Banking

38m

Total existing FI customers

19.2M

Without Checking Accounts

Current Penetration:

23% IB

13% BP

Users Millions

18.8M

With Checking Accounts

With Checking Account

8.7M IB Users

2.5M BP Users

  • If overall penetration reached the level of DI’s leading FI’s, revenue opportunity ~ $700M


Annual shareholder meeting 2008

Opportunity #2: Acquire More FI’s

# of FIs

Assets

7

$200B

50

$20B

DI Penetration

13%

200

$3B

8%

16,000

  • Opportunity For Deeper Penetration

  • Increasing sales headcount with focus on “up-market”

  • Potential expansion of core processor relationships

  • Expanding our services


Annual shareholder meeting 2008

Opportunity #3: Expand Services

  • Expansion of services expected to drive faster growth

  • This is where Personal and Small Business FinanceWorks are focused

80

Small Business Online Banking Penetration

60

PFW and SBFW Focus

Small Business Finance MgmtPenetration

Consumer Online BankingPenetration

Percent of US Households / Small Businesses

40

Consumer Personal Finance MgmtPenetration

20

Consumer Online Bill PayPenetration

0

2002

2004

2006

2007

2008F

2010F

Base: US online households (111M in 2007); US business (26.5M in 2007)

Source: Forrester, March 2007; The Online Banking Report, 2008; Aite Group’s “Mistakes Banks Make when serving SBs,” May 2008; Internal Analysis based on date from Intuit OLB study 2007

Source: Forrester US Online Banking Forecast, 03/07


Lots of room for growth

Lots Of Room For Growth

Grow penetration of existing end users

Potential End-Users

38M

~ 9M

Grow number of Financial Institutions

Total Financial Institutions

16K

~ 1800

Expand services

FinanceWorks, Payroll Payments…

???

  • FY09 Revenue Guidance $313M - $325M

  • Expect to exit FY09 with double digit growth run rate


Annual shareholder meeting 2008

Free to consumer web based tool

Helps consumers understand & manage their medical expenses

Consolidates critical health care financial info in one place

Enables electronic payment to their doctors

Our Healthcare Efforts…

The Front End Application


Annual shareholder meeting 2008

Quicken HealthExpense Tracker

Our Healthcare Efforts…

  • Big 5 Health Plans:

  • WellPoint

  • United

  • Aetna

  • HCSC

  • CIGNA

  • .

  • 28. Medical Mutual of Ohio

.

.

.

.

All Plans in Beta by Jan

Each Launching Broadly in 2009


Annual shareholder meeting 2008

Multi-Currency

Our Global Efforts…

  • Our Goal: To be a premier global provider of connected services to SMBs

    • Focusing on 10 countries with 60% of world’s 400M SMBs (India + SE Asia)

    • Developing globally-relevant SMB offerings

    • Building world-class innovation capabilities in India

    • Introducing first beta offerings into the Emerging Markets in late FY’09


Intuit financial principles

Intuit Financial Principles

Double digit annual organic revenue growth supplemented by acquisitions

Revenue growth greater than expenses

Generate operating income leverage…expanded OM%

Generate strong cash flow…in line with op income

While investing for future growth in:

Longer term business opportunities and infrastructure

And returning excess cash to shareholders

Normally in the form of share repurchase

44


Consistently delivering results

Consistently Delivering Results

EPS ($)**

(CAGR 21%)

Revenue ($B)

(CAGR 15%)

Fiscal Years Ending July

Fiscal Years Ending July

** EPS shown is non-GAAP; reconciliation to comparable GAAP figures later in this presentation


And operating cash flow growth

…And Operating Cash Flow Growth

Cash Flow ($B)

(CAGR 23%)

Cash Flow*

CAGR = 31%

Fiscal Years Ending July

*Cash Flow from Continuing Operations


And 4 7b of excess cash returned to shareholders since fy02

…and $4.7B of Excess Cash Returned to Shareholders since FY02

  • Authorization as of 8/1/08: $600M

Note: Stock repurchase program began in FY02.


Summary

Summary

  • Focused on accelerating organic growth & op leverage

  • Great businesses with lots of headroom for continued growth… and a pipeline of new ideas in process

  • A clear game plan to win - delighting customers with easy-to-use connected services that solve important customer problems & help them achieve their dreams

  • Key areas of focus in the coming year:

    • Ease of Use… in a connected services world

    • Win new users... “new front doors”, “Free”, etc… and monetize over time

    • Allocate resources against highest value opportunities


Cautions about forward looking statements

Cautions About Forward-Looking Statements

This presentation includes "forward-looking statements" which are subject to safe harbors created under the U.S. federal securities laws. All statements included in this presentation that address activities, events or developments that Intuit expects, believes or anticipates will or may occur in the future are forward looking statements, including: our expected market and growth opportunities and strategies to grow our business; our expected revenue growth, operating income leverage and cash flow; and future market trends. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These factors include, without limitation, the following: product introductions and price competition from our competitors can have unpredictable negative effects on our revenue, profitability and market position; governmental encroachment in our tax businesses or other governmental activities or public policy affecting the preparation and filing of tax returns could negatively affect our operating results and market position; if economic and market conditions in the U.S. and worldwide continue to decline, our customers may delay or reduce technology purchases which may harm our business, results of operations and financial condition; we may not be able to successfully introduce new products and services to meet our growth and profitability objectives, and current and future products and services may not adequately address customer needs and may not achieve broad market acceptance, which could harm our operating results and financial condition; any failure to maintain reliable and responsive service levels for our offerings could cause us to lose customers and negatively impact our revenues and profitability; any significant product quality problems or delays in our products could harm our revenue, earnings and reputation; our participation in the Free File Alliance may result in lost revenue opportunities and cannibalization of our traditional paid franchise; any failure to properly use and protect personal customer information could harm our revenue, earnings and reputation; our acquisition activities may be disruptive to Intuit and may not result in expected benefits; our use of significant amounts of debt to finance acquisitions or other activities could harm our financial condition and results of operations; our revenue and earnings are highly seasonal and the timing of our revenue between quarters is difficult to predict, which may cause significant quarterly fluctuations in our financial results; predicting tax-related revenues is challenging due to the heavy concentration of activity in a short time period; we have implemented, and are continuing to upgrade, new information systems and any problems with these new systems could interfere with our ability to deliver products and services and gather information to effectively manage our business; our financial position may not make repurchasing shares advisable or we may issue additional shares in an acquisition causing our number of outstanding shares to grow; and litigation involving intellectual property, antitrust, shareholder and other matters may increase our costs. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2008 and in our other SEC filings, available through our website at www.intuit.com. Fiscal 2009 guidance speaks only as of the date it was publicly issued by Intuit. Other forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. We do not undertake any duty to update any forward-looking statement or other information in this presentation.


About non gaap financial measures

About Non-GAAP Financial Measures

The accompanying presentation dated September 24, 2008 contains non-GAAP financial measures. The following slide reconciles the non-GAAP financial measures in that presentation to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP net income (loss) per share.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.

We believe that these non-GAAP financial measures provide meaningful supplemental information regarding Intuit’s operating results primarily because they exclude amounts that we do not consider part of ongoing operating results when assessing the performance of the organization, our operating segments or our senior management. Segment managers are not held accountable for share-based compensation expenses, acquisition-related costs, or the other excluded items that may impact their business units’ operating income (loss) and, accordingly, we exclude these amounts from our measures of segment performance. We also exclude these amounts from our budget and planning process. We believe that our non-GAAP financial measures also facilitate the comparison of results for current periods and guidance for future periods with results for past periods. We exclude the following items from our non-GAAP financial measures:

• Share-based compensation expenses. Our non-GAAP financial measures exclude share-based compensation expenses, which consist of expenses for stock options, restricted stock, restricted stock units and purchases of common stock under our Employee Stock Purchase Plan. Segment managers are not held accountable for share-based compensation expenses impacting their business units’ operating income (loss) and, accordingly, we exclude share-based compensation expenses from our measures of segment performance. While share-based compensation is a significant expense affecting our results of operations, management excludes share-based compensation from our budget and planning process. We exclude share-based compensation expenses from our non-GAAP financial measures for these reasons and the other reasons stated above. We compute weighted average dilutive shares using the method required by SFAS 123(R) for both GAAP and non-GAAP diluted net income per share.

• Amortization of purchased intangible assets and acquisition-related charges. In accordance with GAAP, amortization of purchased intangible assets in cost of revenue includes amortization of software and other technology assets related to acquisitions. Acquisition-related charges in operating expenses include amortization of other purchased intangible assets such as customer lists, covenants not to compete and trade names. Acquisition activities are managed on a corporate-wide basis and segment managers are not held accountable for the acquisition-related costs impacting their business units’ operating income (loss). We exclude these amounts from our measures of segment performance and from our budget and planning process. We exclude these items from our non-GAAP financial measures for these reasons, the other reasons stated above and because we believe that excluding these items facilitates comparisons to the results of other companies in our industry, which have their own unique acquisition histories.

• Gains and losses on disposals of businesses and assets. We exclude these amounts from our non-GAAP financial measures for the reasons stated above and because they are unrelated to our ongoing business operating results.

• Gains and losses on marketable equity securities and other investments. We exclude these amounts from our non-GAAP financial measures for the reasons stated above and because they are unrelated to our ongoing business operating results.

• Income tax effects of excluded items. Our non-GAAP financial measures exclude the income tax effects of the adjustments described above that relate to the current period as well as adjustments for similar items that relate to prior periods. We exclude the impact of these tax items for the reasons stated above and because management believes that they are not indicative of our ongoing business operations.

• Operating results and gains and losses on the sale of discontinued operations. From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. In accordance with GAAP, we segregate the operating results of discontinued operations as well as gains and losses on the sale of these discontinued operations from continuing operations on our GAAP statements of operations but continue to include them in GAAP net income or loss and net income or loss per share. We exclude these amounts from our non-GAAP financial measures for the reasons stated above and because they are unrelated to our ongoing business operations.


About non gaap financial measures1

About Non-GAAP Financial Measures

The following describes each non-GAAP financial measure, the items excluded from the most directly comparable GAAP measure in arriving at each non-GAAP financial measure, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.

(A) Operating income (loss). We exclude share-based compensation expenses, amortization of purchased intangible assets and acquisition-related charges from our GAAP operating income (loss) from continuing operations in arriving at our non-GAAP operating income (loss) primarily because we do not consider them part of ongoing operating results when assessing the performance of the organization, our operating segments and senior management or when undertaking our budget and planning process. We believe that the exclusion of these expenses from our non-GAAP financial measures also facilitates the comparison of results for current periods and guidance for future periods with results for prior periods. In addition, we exclude amortization of purchased intangible assets and acquisition-related charges from non-GAAP operating income (loss) because we believe that excluding these items facilitates comparisons to the results of other companies in our industry, which have their own unique acquisition histories.

(B) Net income (loss) and net income (loss) per share (or earnings per share). We exclude share-based compensation expenses, amortization of purchased intangible assets, acquisition-related charges, net gains on marketable equity securities and other investments, gains and losses on disposals of businesses, certain tax items as described above, and amounts related to discontinued operations from our GAAP net income (loss) and net income (loss) per share in arriving at our non-GAAP net income (loss) and net income (loss) per share. We exclude all of these items from our non-GAAP net income (loss) and net income (loss) per share primarily because we do not consider them part of ongoing operating results when assessing the performance of the organization, our operating segments and senior management or when undertaking our budget and planning process. We believe that the exclusion of these items from our non-GAAP financial measures also facilitates the comparison of results for current periods and guidance for future periods with results for prior periods.

In addition, we exclude amortization of purchased intangible assets and acquisition-related charges from our non-GAAP net income (loss) and net income (loss) per share because we believe that excluding these items facilitates comparisons to the results of other companies in our industry, which have their own unique acquisition histories. We exclude gains on marketable equity securities and other investments, net from our non-GAAP net income (loss) and net income (loss) per share because they are unrelated to our ongoing business operating results. Our non-GAAP financial measures exclude the income tax effects of the adjustments described above that relate to the current period as well as adjustments for similar items that relate to prior periods. We exclude the impact of these tax items because management believes that they are not indicative of our ongoing business operations. The effective tax rates used to calculate non-GAAP net income (loss) and net income (loss) per share were as follows: 36% for fiscal 1999; 34% for fiscal 2000 and 2001; 33% for fiscal 2002 and 2003; 34% for fiscal 2004; 35% for fiscal 2005; 37% for fiscal 2006; and 36% for fiscal 2007, 2008 and 2009. Finally, we exclude amounts related to discontinued operations from our non-GAAP net income (loss) and net income (loss) per share because they are unrelated to our ongoing business operations.

We refer to these non-GAAP financial measures in assessing the performance of Intuit’s ongoing operations and for planning and forecasting in future periods. These non-GAAP financial measures also facilitate our internal comparisons to Intuit’s historical operating results. We have historically reported similar non-GAAP financial measures and believe that the inclusion of comparative numbers provides consistency in our financial reporting. We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year.

The reconciliations of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in Table 2 include all information reasonably available to Intuit at the date of this presentation. These tables include adjustments that we can reasonably predict. Events that could cause the reconciliation to change include acquisitions and divestitures of businesses, goodwill and other asset impairments and sales of marketable equity securities and other investments.


Non gaap reconciliation fy98 fy08

Non-GAAP Reconciliation: FY98-FY08

INTUIT INC. TABLE 1

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES

(In thousands, except per share amounts)

(Unaudited)

See “About Non-GAAP Financial Measures” immediately preceding this slide for more information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.

See “About Non-GAAP Financial Measures” immediately preceding Table 1 for more information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.


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