 |
 |
 |
 |
CONSOLIDATED FINANCIAL STATEMENTS |
|
 |
CONSOLIDATED STATEMENTS OF OPERATIONS |
FISCAL |
 |
 |
(In thousands, except per share amounts) |
2002 |
2003 |
2004 |
 |
Net revenue: Product |
$ |
973,795 |
|
$ |
1,124,283 |
|
$ |
1,212,362 |
|
 |
Service |
|
269,936 |
|
|
457,208 |
|
|
583,681 |
|
 |
Other |
|
68,497 |
|
|
69,252 |
|
|
71,620 |
|
 |
Total net revenue |
|
1,312,228 |
|
|
1,650,743 |
|
|
1,867,663 |
|
 |
Costs and expenses: Cost of revenue: Cost of product revenue |
|
157,373 |
|
|
173,800 |
|
|
172,059 |
|
 |
Cost of service revenue |
|
107,634 |
|
|
149,538 |
|
|
162,176 |
|
 |
Cost of other revenue |
|
24,366 |
|
|
20,626 |
|
|
27,362 |
|
 |
Amortization of purchased software |
|
7,159 |
|
|
13,796 |
|
|
13,456 |
|
 |
Customer service and technical support |
|
164,875 |
|
|
178,949 |
|
|
195,073 |
|
 |
Selling and marketing |
|
263,721 |
|
|
324,389 |
|
|
369,136 |
|
 |
Research and development |
|
198,471 |
|
|
255,821 |
|
|
281,129 |
|
 |
General and administrative |
|
109,076 |
|
|
148,855 |
|
|
183,080 |
|
 |
Charge for purchased research and development |
|
2,151 |
|
|
8,859 |
|
|
- |
|
 |
Charge (credit) for vacant facilities |
|
13,237 |
|
|
(1,069 |
) |
|
729 |
|
 |
Acquisition-related charges |
|
159,395 |
|
|
33,947 |
|
|
24,472 |
|
 |
Loss on impairment of goodwill and purchased intangible assets |
|
27,270 |
|
|
- |
|
|
18,664 |
|
 |
Loss on impairment of long-lived asset |
|
27,000 |
|
|
- |
|
|
- |
|
 |
Total costs and expenses |
|
1,261,728 |
|
|
1,307,511 |
|
|
1,447,336 |
|
 |
Income from continuing operations |
|
50,500 |
|
|
343,232 |
|
|
420,327 |
|
 |
Interest and other income |
|
27,276 |
|
|
38,694 |
|
|
30,844 |
|
 |
Gains (losses) on marketable securities and other investments, net |
|
(15,535 |
) |
|
10,912 |
|
|
1,729 |
|
 |
Gain on divestiture of business |
|
8,308 |
|
|
- |
|
|
- |
|
 |
Income from continuing operations before income taxes |
|
70,549 |
|
|
392,838 |
|
|
452,900 |
|
 |
Income tax provision |
|
16,934 |
|
|
129,636 |
|
|
135,870 |
|
 |
Net income from continuing operations |
|
53,615 |
|
|
263,202 |
|
|
317,030 |
|
 |
Discontinued operations, net of income taxes (Note 9): Net income from Quicken Loans discontinued operations |
|
47,100 |
|
|
- |
|
|
- |
|
 |
Gain on disposal of Quicken Loans discontinued operations |
|
23,300 |
|
|
5,556 |
|
|
- |
|
 |
Net income from Intuit KK discontinued operations |
|
16,145 |
|
|
3,267 |
|
|
- |
|
 |
Gain on disposal of Intuit KK discontinued operations |
|
- |
|
|
71,009 |
|
|
- |
|
 |
Net income from discontinued operations |
|
86,545 |
|
|
79,832 |
|
|
- |
|
 |
Net income |
$ |
140,160 |
|
$ |
343,034 |
|
$ |
317,030 |
|
 |
 |
 |
Basic net income per share from continuing operations |
$ |
0.25 |
|
$ |
1.28 |
|
$ |
1.62 |
|
 |
Basic net income per share from discontinued operations |
|
0.41 |
|
|
0.39 |
|
|
- |
|
 |
Basic net income per share |
$ |
0.66 |
|
$ |
1.67 |
|
$ |
1.62 |
|
 |
 |
 |
Shares used in basic per share amounts |
|
211,794 |
|
|
205,294 |
|
|
195,455 |
|
 |
 |
 |
Diluted net income per share from continuing operations |
$ |
0.24 |
|
$ |
1.25 |
|
$ |
1.58 |
|
 |
Diluted net income per share from discontinued operations |
|
0.40 |
|
|
0.38 |
|
|
- |
|
 |
Diluted net income per share |
$ |
0.64 |
|
$ |
1.63 |
|
$ |
1.58 |
|
 |
 |
 |
Shares used in diluted per share amounts |
|
217,897 |
|
|
210,955 |
|
|
200,081 |
|
 |
 |
 |
See accompanying notes.
|
|
|