CHECKFREE CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Operations
(Unaudited)
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
June 30, June 30,
2000 2001 2000 2001
-------- -------- -------- --------
Revenues:
Processing and
servicing $ 72,191 $ 100,727 $ 261,621 $ 362,051
License fees 6,523 10,340 16,818 30,180
Maintenance fees 5,181 5,793 18,752 21,332
Other 4,605 4,912 13,004 19,757
-------- -------- -------- --------
Total Revenues 88,500 121,772 310,195 433,320
Expenses:
Cost of processing,
servicing and support 48,856 67,581 182,540 255,528
Research and
development 11,355 14,403 35,631 55,621
Sales, marketing and
royalties 15,260 18,440 44,782 90,283
General and
administrative 12,094 13,341 40,931 50,474
Depreciation and
amortization 19,041 122,500 42,830 427,495
In process research
and development 6,900 - 6,900 18,600
-------- -------- -------- --------
Total Expenses 113,506 236,265 353,614 898,001
-------- -------- -------- --------
Loss from operations (25,006) (114,493) (43,419) (464,681)
Interest, net (255) (141) (338) 2,261
Loss on investments - (1,933) - (16,077)
-------- -------- -------- --------
Loss before income
taxes (25,261) (116,567) (43,757) (478,497)
Income tax benefit (4,719) (28,876) (11,437) (115,362)
-------- -------- -------- --------
Net loss $ (20,542) $ (87,691) $ (32,320) $(363,135)
======== ======== ======== ========
Basic and diluted
loss per share:
Net loss per common
share $ (0.36) $ (1.01) $ (0.61) $ (4.49)
======== ======== ======== ========
Equivalent number of
shares 56,721 86,774 53,364 80,863
======== ======== ======== ========
CHECKFREE CORPORATION AND SUBSIDIARIES
Supplemental Pro Forma Consolidated Condensed Statements of Operations
(Unaudited)
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
June 30, June 30,
2000 2001 2000 2001
-------- -------- -------- --------
Revenues:
Processing and
servicing $ 72,191 $ 100,727 $ 261,621 $ 362,051
License fees 6,523 10,340 16,818 30,180
Maintenance fees 5,181 5,793 18,752 21,332
Other 4,605 4,912 13,004 19,757
-------- -------- -------- --------
Total Revenues 88,500 121,772 310,195 433,320
Expenses:
Cost of processing,
servicing and support 48,856 67,581 182,540 255,528
Research and
development 11,355 14,403 35,631 55,621
Sales, marketing and
royalties 15,260 18,440 44,782 65,283
General and
administrative 12,094 13,341 40,931 50,474
Depreciation and
amortization 6,698 9,092 24,313 34,059
-------- -------- -------- --------
Total Expenses 94,263 122,857 328,197 460,965
-------- -------- -------- --------
Loss from operations (5,763) (1,085) (18,002) (27,645)
Interest, net (255) (141) (338) 2,261
-------- -------- -------- --------
Loss before income taxes (6,018) (1,226) (18,340) (25,384)
Income tax benefit (2,704) (447) (8,003) (10,593)
-------- -------- -------- --------
Net loss $ (3,314) $ (779) $ (10,337) $ (14,791)
======== ======== ======== ========
Basic and diluted loss
per share:
Net loss per common
share $ (0.06) $ (0.01) $ (0.19) $ (0.18)
======== ======== ======== ========
Equivalent number of
shares 56,721 86,774 53,364 80,863
======== ======== ======== ========
These supplemental pro forma statements of operations for the
three and twelve month periods ended June 30, 2000 and 2001 are for
illustrative purposes only and are not prepared in accordance with
generally accepted accounting principles. They present the operating
results of the Company, excluding acquisition related charges of $19.2
million for the three months ended June 30, 2000, which represents
$12.3 million of intangible amortization and $6.9 million of
in-process research and development charges; of $115.3 million for the
three months ended June 30, 2001, which represents $113.4 million of
intangible amortization and an investment impairment charge of $1.9
million; of $25.4 million for the twelve months ended June 30, 2000
which represents $18.5 million of intangible amortization and $6.9
million of in-process research and development charges; and of $453.1
million for the twelve months ended June 30, 2001, which represents
$393.4 million of intangible amortization, $18.6 million of in-process
research and development charges, a one time marketing related charge
of $25.0 million and $16.1 million of investment impairment charges.
The tax benefit in all periods has been adjusted for the impact of
deductible intangible asset amortization and other deductible charges
at a rate of 40%.
CHECKFREE CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
(Unaudited)
(In thousands)
June 30, June 30,
2000 2001
------------- -------------
Current assets:
Cash, cash equivalents,
and investments $ 184,622 $ 160,052
Accounts receivable, net 58,308 88,818
Other current assets 22,546 22,406
------------- -------------
Total current assets 265,476 271,276
Property and equipment, net 93,214 109,226
Capitalized software and
intangible assets, net 288,469 1,697,520
Deferred income taxes 29,248 -
Investments 23,003 96,042
Other 13,704 9,889
------------- -------------
Total assets $ 713,114 $ 2,183,953
============= =============
Current liabilities:
Accounts payable, accrued
liabilities and other $ 60,071 $ 83,702
Deferred revenues 26,644 44,913
------------- --------------
Total current liabilites 86,715 128,615
Accrued rent and other 7,269 4,758
Deferred income taxes - 141,853
Long-term obligations - less
current portion 736 4,041
Convertible subordinated notes 172,500 172,500
Net stockholders' equity 445,894 1,732,186
------------- --------------
Total liabilities and
stockholders' equity $ 713,114 $ 2,183,953
============= ==============
--------------------------------------------------------------------------------
Contact:
CheckFree Corporation
Media Relations
David Fontaine, 678/375-1682
dfontaine@checkfree.com
or
Investor Relations
Tina Moore, 678/375-1278
tmoore@checkfree.com
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