By Gary Truitt Previous articleFarm Bureau Convention Points to Future of AgricultureNext articleCrude oil Drops under $97 per Barrel Gary Truitt Exactly why the price of milk is such an emotional trigger for American consumers baffles me. When gasoline jumps 70 cents a gallon overnight for no apparent reason, we complain — but we fill up. A new brand of water or super energy drink will cost $20 a gallon, but no one marches on Washington. Yet, let the price of milk go up 50 cents a gallon, and there will be panic in the streets. Home Commentary Deja Vu: The Milk Cliff In mid-December of 2012, we were lamenting the lack of a new Farm Bill, just as we are today. In 2012 the Senate had passed a Farm Bill and was trash-talking the House who had not. This December the House has passed a Farm Bill extension and is thumbing their political noses at the Senate who is refusing to take up the extension measure. So we are in exactly the same spot with no Farm Bill in place, and no extension being passed. And, just like last December, the milk cliff is looming once again. By Gary Truitt – Dec 15, 2013 Facebook Twitter Facebook Twitter This December the House and Senate are playing a game of chicken. The Senate is refusing to take up an extension, betting that the USDA will not move quickly to implement the provisions of the old dairy price support program. They are betting that by mid-January the Farm Bill conference committee will have done its work and a new Farm Bill will be ready for passage. At this point this seems a safe bet, since Secretary Vilsack has indicated he is in no big hurry to jump off the milk cliff. However, should this process break down and no new Farm Bill be passed in January, USDA will be forced to take action. SHARE Will there be panic this time if we go off the milk cliff? That depends on if Congress will stop playing politics with farm policy and actually pass legislation which will provide the certainty and the opportunity for American agriculture to thrive, prosper, and produce. That is where we will start in 2014. Like the fiscal cliff that Congress jumped off earlier this year and the shutdown cliff that our government drove over, the milk cliff is a series of unfortunate events that may occur as the result of no new dairy program as part of a Farm Bill. In theory, with no new Farm Bill and no extension of the old Farm Bill, on January 1 the dairy price support program will revert to levels set in the 1940s. This (again in theory) would send the retail price of milk and other dairy products skyrocketing. While only a very few in Congress understand the dairy price support mechanism, everyone on Capitol Hill knows what would happen if American consumers woke up one morning to $10 a gallon milk. That fear is what forced a compromise last December which allowed for the passage of a 9 month, Farm Bill extension. That is not likely to happen this year. As I start to write my last column of 2013, my mind wanders back over all the issues we have covered together in the past year. Many are old friends that we have rehashed and trashed many times. But there were a few new oddities this year. There was the Dodge truck commercial in the Super Bowl that caused American agriculture to sit up and say “Wow!” Besides giving agriculture a big head, the commercial raised a lot of money for FFA and undoubtedly sold a lot of Dodge Ram Trucks. Another issue that came up for the first time this year was the phenomena of the fluffy cow. One photo of a cow went viral on social media and got a whole generation interested in livestock shows. But, as I compare my last column of 2013 with my last of 2012, I find some disturbing similarities. Deja Vu: The Milk Cliff SHARE
First Heatwave Expected Next Week EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Community News Business News Sports Rose Bowl Aquatics Center Water Polo Club Wins Double Gold at the 2016 Champions Cup in Hawaii 2nd time in history and first time in 15 years has a club swept the tournament. From STAFF REPORTS Published on Thursday, November 17, 2016 | 4:52 pm Herbeauty8 Easy Exotic Meals Anyone Can MakeHerbeautyHerbeautyHerbeautyGained Back All The Weight You Lost?HerbeautyHerbeautyHerbeauty9 Of The Best Family Friendly Dog BreedsHerbeautyHerbeautyHerbeautyNutritional Strategies To Ease AnxietyHerbeautyHerbeautyHerbeauty7 Most Startling Movie Moments We Didn’t Realize Were InsensitiveHerbeautyHerbeautyHerbeautyA Mental Health Chatbot Which Helps People With DepressionHerbeautyHerbeauty The Rose Bowl Aquatics Center Water Polo Club 14 and under teams played in the TYR Champions Cup in Honolulu, Hawaii from November 11th through November 13th, 2016. This tournament is the USA Water Polo 8th grade and under National Championship.The Rose Bowl Aquatics Center Water Polo Club swept the tournament! Both the girls and boys teams won the tournament and took home Gold! This is the first time either of the Rose Bowl Aquatics Center Water Polo Club teams have won this tournament. The girls team won their championship 12 – 10 in a game vs. Socal and the boys won their championship 8 – 6 vs. CC United. Both teams qualified by attending the zone qualifier in October.This win represents a major accomplishment for the athletes and the Club. Many of the athletes that participated have been competing with the Rose Bowl Aquatics Center Water Polo Club for years. Preparation for this tournament began in the spring with rosters formalized in September.“We are extremely proud of our athletes, coaches and club! What an incredible experience and accomplishment!” said Water Polo Head Coach, Adam Roth.About the Rose Bowl Aquatics CenterThe Rose Bowl Aquatics Center is dedicated to helping everyone – all ages, all abilities and all members of our diverse communities – achieve their personal best by providing the finest aquatic educational, competitive, therapeutic and recreational programs. Open 360 days a year, the RBAC includes two Olympic Pools, a Therapy Pool, weight room, conference rooms, locker rooms, café and aquatics merchandise shop. It is home to swim, dive and water polo teams and hosts a wide variety of programs including water aerobics, warm water exercise, lap swimming, synchronized swimming, learn-to-swim lessons, land-based fitness and exercise, yoga and CrossFit. http://www.rosebowlaquatics.org/ More Cool Stuff Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Make a comment Top of the News 4 recommended0 commentsShareShareTweetSharePin it Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Name (required) Mail (required) (not be published) Website Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Subscribe Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Your email address will not be published. Required fields are marked * Community News faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyCitizen Service CenterPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes
Intuit Reports Second Quarter Results and Reiterates Full Year Guidance; Small Business Online Ecosystem…
1 Intuit Reports Second Quarter Results and Reiterates Full Year Guidance; Small Business Online Ecosystem Revenue Grew 22 Percent (542 ) 1,990 January 31,2021 Reflects estimated adjustments in item [a], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate. — 57 GAAPRange of Estimate Q2FY21 Q2FY20 41 Q2FY21 (29 419 — 273 30 $ $1,576 $1,696 98 Shares used in non-GAAP diluted per share calculation $ 0.05 22 See “About Non-GAAP Financial Measures” immediately following Table E for 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. 7,525 1,952 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 5,106 By Digital AIM Web Support – February 23, 2021 5 ) — (41)% 105 Cash and cash equivalents Business Segment Results Small Business and Self-Employed GroupGrew QuickBooks Online Accounting revenue 22 percent in the quarter, driven primarily by customer growth and mix-shift.Increased Online Services revenue 20 percent, driven by QuickBooks Online payments and QuickBooks Online payroll.Grew total international online revenue 44 percent. Credit KarmaCombined income data from 26 million TurboTax returns with Credit Karma, with customer consent. The combination of verified income data with credit history will enable Credit Karma to better personalize offers for members.Integrated Credit Karma Money into the TurboTax filing experience. Consumer and ProConnect GroupsLaunched TurboTax Live Full-Service, offering customers the ability to have an expert prepare and file their tax return for them.Reported $207 million of professional tax revenue in the ProConnect Group for the second quarter, down 8 percent, reflecting delayed forms availability. Capital Allocation Summary In the second quarter the company:Recorded total cash and investments balance of approximately $2.7 billion as of Jan. 31.Repurchased $175 million of shares, with $2.2 billion remaining on the company’s authorization.Received Board approval for a quarterly dividend of $0.59 per share, payable April 19, 2021. This represents an 11 percent increase compared to the same period last year. Forward-looking Guidance Intuit announced guidance for the third quarter of fiscal year 2021, which ends April 30. The company expects: 77 $ 445 $ (Unaudited) 180 Net cash used in financing activities 1,413 — January 31,2020 0.03 0.07 Fiscal 2020 36 121 $235 Shares used in GAAP diluted per share calculation 129 Cost of revenue: 6 $ 159 (166 (0.18 $ Prepaid expenses and other current assets $0.91 $ January 31,2021 — 2,899 Current assets: 6 0.13 426 Cash flows from investing activities: (82 $ 0.42 $ $ (7 $ 577 $ [c] (25 25 INTUIT INC. Selling and marketing 266 $ Sales of corporate and customer fund investments Amortization of other acquired intangible assets ) ) 5.85 Acquired intangible assets, net 265 14 1.18 — $ 333 Share-based compensation expense 0.81 Purchases of property and equipment 38 1 63 $ Amortization of other acquired intangible assets 51 $ — 0.01 Total liabilities and stockholders’ equity 435 7.86 (49 Amortization of acquired technology GAAP operating income (loss) ) ) ) 14 Income tax effects and adjustments [B] Professional fees and transaction costs for business combinations $270 (178 Non-GAAP $ 334 (3,266 7,980 235 $ 232 Q3 13 593 Principal repayments of term loans from small businesses $ $ 14,598 Amortization of acquired technology Deferred revenue 14,598 (68 January 31, 265 $ 0.08 2 $ 0.07 264 January 31,2021 6 6.92 455 37 Non-cash operating lease cost $ Net (gain) loss on debt securities and other investments 1,081 — 0.90 $ $ $ Year to Date 1.16 Shares used in basic per share calculations (0.11 1.13 Supplemental schedule of non-cash investing activities: 331 1,963 $ 250 Operating income Net change in customer fund deposits 0.59 CONDENSED CONSOLIDATED BALANCE SHEETS Revenue 0.07 Prepaid expenses and other assets $ Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period (In millions) INTUIT INC. Amortization of other acquired intangible assets 7 $ $ (in millions) 4,655 8,995 Three Months Ended January 31,2021 107 $ GAAP 16 Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the condensed consolidated balance sheets to the total amounts reported on the condensed consolidated statements of cash flows 38 ) 31 Interest and other income, net — Selling and marketing Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period January 31,2021 76 22 Research and development 4.11 280 ) 0.66 ) 1.65 1,920 $(25) 103 $ $ 1,902 $ Share-based compensation expense $ Twelve Months Ending July 31, 2021 0.41 Six Months Ended Cost of service and other revenue January 31,2020 [B] 27 (Unaudited) ) 0.81 (0.46 (82 2 $ Fiscal 2021 $ — 261 Q4 (28 Basic net income per share 898 63 $ (25 ) $ — Revenue growth of approximately 53 to 55 percent.GAAP earnings per share of $5.85 to $5.95.Non-GAAP diluted earnings per share of $6.75 to $6.85. Intuit also reiterated guidance for full fiscal year 2021. The company expects:Revenue of $8.810 billion to $8.995 billion, growth of approximately 15 to 17 percent.GAAP operating income of $1.920 billion to $1.990 billion, a decline of approximately 9 to 12 percent.Non-GAAP operating income of $2.975 billion to $3.045 billion, growth of approximately 12 to 14 percent.GAAP diluted earnings per share of $5.30 to $5.50, a decline of approximately 21 to 23 percent.Non-GAAP diluted earnings per share of $8.20 to $8.40, growth of approximately 4 to 7 percent. Conference Call Details Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on Feb. 23. To hear the call, dial 866-417-5279 in the United States or 409-937-8904 from international locations. No reservation or access code is needed. The conference call can also be heard live at http://investors.intuit.com/Events/default.aspx. Prepared remarks for the call will be available on Intuit’s website after the call ends. Replay Information A replay of the conference call will be available for one week by calling 855-859-2056, or 404-537-3406 from international locations. The access code for this call is 9559195. The audio webcast will remain available on Intuit’s website for one week after the conference call. About Intuit Intuit is a global technology platform that helps our customers and communities overcome their most important financial challenges. Serving millions of customers worldwide with TurboTax, QuickBooks, Credit Karma and Mint, we believe that everyone should have the opportunity to prosper and work tirelessly to find new, innovative ways to deliver on this belief. Please visit us for the latest news and information about Intuit and its brands and find us on social. About Non-GAAP Financial Measures This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled “About Non-GAAP Financial Measures” as well as the related Table B1, Table B2, and Table E. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit’s website. Cautions About Forward-looking Statements This press release contain forward-looking statements, including the size of the market for tax preparation software and the timing of when individuals will file their tax returns, forecasts and timing of expected growth and future financial results of Intuit and its reporting segments, including Credit Karma; Intuit’s prospects for the business in fiscal 2021 and beyond; expectations regarding timing and growth of revenue from current or future products and services; expectations regarding customer growth; expectations regarding Intuit’s corporate tax rate; expectations regarding changes to our products and their impact on Intuit’s business; expectations regarding the amount and timing of any future dividends or share repurchases; expectations regarding availability of our offerings; expectations regarding the impact of our strategic decisions on Intuit’s business; and all of the statements under the heading “Forward-looking Guidance.” 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 risks and uncertainties may be amplified by the COVID-19 pandemic, which has caused significant global economic instability and uncertainty. These factors include, without limitation, the following: our ability to compete successfully; our participation in the Free File Alliance; potential governmental encroachment in our tax businesses; our ability to adapt to technological change; our ability to predict consumer behavior; our reliance on third-party intellectual property; our ability to protect our intellectual property rights; any harm to our reputation; risks associated with acquisition and divestiture activity, including the acquisition and integration of Credit Karma; the issuance of equity or incurrence of debt to fund an acquisition; our cybersecurity incidents (including those affecting the third parties we rely on); customer concerns about privacy and cybersecurity incidents; fraudulent activities by third parties using our offerings; our failure to process transactions effectively; interruption or failure of our information technology; our ability to maintain critical third-party business relationships; our ability to attract and retain talent; any deficiency in the quality or accuracy of our products (including the advice given by experts on our platform); any delays in product launches; difficulties in processing or filing customer tax submissions; risks associated with international operations; changes to public policy, laws or regulations affecting our businesses; litigation in which we are involved; the seasonal nature of our tax business; changes in tax rates and tax reform legislation; global economic changes; exposure to credit, counterparty and other risks in providing capital to businesses; amortization of acquired intangible assets and impairment charges; our ability to repay or otherwise comply with the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; and our ability to successfully market our offerings. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2020 and in our other SEC filings. You can locate these reports through our website at http://investors.intuit.com. Fiscal 2021 full-year and Q3 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. 2 1,426 306 Amortization of acquired technology [A] 14 1,151 Operating lease liabilities Accounts receivable $ 114 Amortization of acquired intangible assets $ — Other liabilities 0.02 $ 325 $ — INTUIT INC. ABOUT NON-GAAP FINANCIAL MEASURES The accompanying press release dated February 23, 2021 contains non-GAAP financial measures. Table B1, Table B2, and Table E reconcile the non-GAAP financial measures in that press release 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 compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. We exclude the following items from all of our non-GAAP financial measures:Share-based compensation expenseAmortization of acquired technologyAmortization of other acquired intangible assetsGoodwill and intangible asset impairment chargesGains and losses on disposals of businesses and long-lived assetsProfessional fees and transaction costs for business combinations We also exclude the following items from non-GAAP net income (loss) and diluted net income (loss) per share:Gains and losses on debt and equity securities and other investmentsIncome tax effects and adjustmentsDiscontinued operations We believe 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 planning and forecasting and when assessing the performance of the organization, our individual operating segments, or our senior management. Segment managers are not held accountable for share-based compensation expense, amortization, or the other excluded items and, accordingly, we exclude these amounts from our measures of segment performance. We believe our non-GAAP financial measures also facilitate the comparison by management and investors of results for current periods and guidance for future periods with results for past periods. The following are descriptions of the items we exclude from our non-GAAP financial measures. Share-based compensation expenses. These consist of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards. Amortization of acquired technology and amortization of other acquired intangible assets. When we acquire a business in a business combination, we are required by GAAP to record the fair values of the intangible assets of the business and amortize them over their useful lives. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired businesses. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer lists, covenants not to compete, and trade names. Goodwill and intangible asset impairment charges. We exclude from our non-GAAP financial measures non-cash charges to adjust the carrying values of goodwill and other acquired intangible assets to their estimated fair values. Gains and losses on disposals of businesses and long-lived assets. We exclude from our non-GAAP financial measures gains and losses on disposals of businesses and long-lived assets because they are unrelated to our ongoing business operating results. Professional fees and transaction costs for business combinations. We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. These include investment banking, legal, and accounting fees. Gains and losses on debt and equity securities and other investments. We exclude from our non-GAAP financial measures gains and losses that we record when we impair available-for-sale debt and equity securities and other investments. Income tax effects and adjustments. We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. This long-term non-GAAP tax rate excludes the income tax effects of the non-GAAP pre-tax adjustments described above, and eliminates the effects of non-recurring and period specific items which can vary in size and frequency. Based on our current long-term projections, we are using a long-term non-GAAP tax rate of 23% for fiscal 2020 and 24% for fiscal 2021. This long-term non-GAAP tax rate could be subject to change for various reasons including significant changes in our geographic earnings mix or fundamental tax law changes in major jurisdictions in which we operate. We will evaluate this long-term non-GAAP tax rate on an annual basis and whenever any significant events occur which may materially affect this rate. 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. View source version on businesswire.com:https://www.businesswire.com/news/home/20210223006005/en/ CONTACT: Investors Kim Watkins Intuit Inc. 650-944-3324 kim—[email protected] Kali Fry Intuit Inc. 650-944-3036 kali—[email protected] KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: CONSULTING DATA MANAGEMENT BANKING ACCOUNTING TECHNOLOGY PROFESSIONAL SERVICES OTHER TECHNOLOGY SOFTWARE OTHER PROFESSIONAL SERVICES INTERNET FINANCE SOURCE: Intuit Inc. Copyright Business Wire 2021. PUB: 02/23/2021 04:00 PM/DISC: 02/23/2021 04:00 PM http://www.businesswire.com/news/home/20210223006005/en Share-based compensation expense 486 (0.94 264 2,180 $ Non-GAAP operating income (loss) — Q2 $ — — — TAGS — 2,037 Non-GAAP net income (loss) 0.91 3,668 2020 Total current liabilities — $ — 8,810 10,931 $ 73 $ Share-based compensation expense Acquisitions of businesses, net of cash acquired — Q2FY20 495 Amortization of other acquired intangible assets Q1 TABLE D 264 Reflects estimated adjustments in item [c], income taxes related to these adjustments, a $30 million gain from the sale of a note receivable that was previously written off, and other income tax effects related to the use of the non-GAAP tax rate. 14 ) Net cash used in investing activities ) — — 35 (41 (Unaudited) Income tax provision [B] 1.62 $ — 59 310 0.06 1,826 752 38 477 General and administrative ) 12 Repayment of debt Long-term deferred income tax liabilities 305 ) As discussed in “About Non-GAAP Financial Measures – Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and the excess tax benefits on share-based compensation. $ $ [B] ) ) 2,178 $ (0.03 For the three and six months ended January 31, 2021, we recognized excess tax benefits on share-based compensation of $12 million and $64 million, respectively, in our provision for income taxes. For the three and six months ended January 31, 2020, we recognized excess tax benefits on share-based compensation of $23 million and $52 million, respectively, in our provision for income taxes. (123 (0.21 — 2021 See “About Non-GAAP Financial Measures” immediately following Table E for 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. 2 226 Q4 (0.11 Total net revenue — 1,654 ) GAAP net income (loss) $ ) Sale and principal payments of loans held for sale Net income Share-based compensation expense Q2 $ — 4,655 22 TABLE B1 INTUIT INC. $ Cash and cash equivalents 291 1,055 21 55 0.14 482 Adjustments to reconcile net income to net cash provided by operating activities: 0.14 155 15 0.11 $ — $ $ $ 0.75 21 5,825 Current liabilities: (13 (0.03 GAAP net income (loss) 2,178 Repayments on borrowings under unsecured revolving credit facility 42 Cash dividends declared per common share ) (20 0.02 1 ) Income taxes receivable Net (gain) loss on debt securities and other investments 149 ) 273 Other current liabilities (0.25 ) $ 218 — 21 — ) Non-GAAP diluted net income (loss) per share Diluted net income per share 2 2,715 [b] Costs and expenses: To (4,519 Six Months Ended $ Three Months Ended 65 580 ) 11 $ $ 1.81 5,598 (269 $ Income before income taxes 269 $ Cash paid for purchases of treasury stock 53 Deferred income taxes 264 0.05 — Maturities of corporate and customer fund investments 1 (In millions, except per share amounts) 29 $1.16 ) 264 Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents TABLE B2 87 — Non-GAAP operating income (loss) 10 565 $ 304 652 Adjmts 483 Deferred revenue Professional fees and transaction costs for business combinations Amortization of acquired technology Current assets before funds held for customers 6 282 (30 107 36 175 GAAP diluted net income (loss) per share 2 1 569 To (5 28 Non-GAAP net income (loss) (Unaudited) 29 $ 54 TABLE E 103 Cash flows from financing activities: (48 $384 Earnings Per Share From $ 226 — 261 6 616 (121 392 — 5 TABLE C $ $ $ 1,084 — 305 Q3 — — Proceeds from issuance of stock under employee stock plans 391 [A] Net (gain) loss on debt securities and other investments 10,931 0.22 — 291 [d] (In millions) 6 ) — (15 16 0.08 264 Amortization of acquired technology 545 3 GAAP operating income (loss) 8,810 $ ) 185 (29 0.02 ) 5 435 264 — Other 368 Accrued compensation and related liabilities Total changes in operating assets and liabilities Pinterest Share-based compensation expense Amortization of acquired technology [a] Amortization of acquired technology 1.06 $ 2,515 $ — 1,183 384 5.50 (92)% Income taxes receivable (66 1.14 1,902 $ ) $ 20 $ See “About Non-GAAP Financial Measures” immediately following Table E for 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. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 264 Total share-based compensation expense Gain from sale of note receivable [A] 942 $ (102 RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS Stockholders’ equity (In millions, except per share amounts) 264 0.01 269 $ 667 (96 — $ Shares used in diluted per share calculations 0.11 Interest expense Other $ $ (8 Operating income (In millions, except per share amounts) 4,605 — Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents ) (278 Income tax effects and adjustments [A] — 67 580 Net income 0.41 ) 250 $ [c] TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES $ $ 109 ) $ 5 4.49 General and administrative Dollars are in millions, except earnings per share. Q2 FY’21 GAAP results include a $30 million gain from the sale of a note receivable that was previously written off. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP). $ 5 10 Originations of loans held for sale Operating income (loss) — 295 LIABILITIES AND STOCKHOLDERS’ EQUITY Product NOTES TO TABLE A NM 264 2 — 862 Six Months Ended $ $ ) 1,952 Investments ) — Cost of revenue 29 ) $ $ Facebook ) Revenue The following table summarizes the total share-based compensation expense that we recorded in operating income (loss) for the periods shown. $ 48 Forward-Looking Guidance (71 ) (39)% ) 114 Non-GAAP diluted net income (loss) per share TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES 314 7 — 16 (57 Operating lease liabilities 6,442 Total current assets 24 ) $ $ 19 Property and equipment, net 792 297 Operating lease right-of-use assets Long-term investments 198 Goodwill 41 2,975 ) — July 31,2020 $ Other assets (164 2,251 See quarterly reports filed on Form 10-Q for reconciliation of funds held for customers by investment category. 0.02 3,384 297 NM = Not Meaningful $ 29 — 426 — $ (450 ) 1,338 Shares used in GAAP diluted per share calculation Service and other 2,176 $ 326 $ 218 ) 0.94 0.44 ) (30 — 0.01 Income tax effects and adjustments [B] Total assets Cost of product revenue Research and development 0.42 2,677 3,529 209 (Unaudited) 2,031 693 419 $ (7 — 221 269 49 Total adjustments Total liabilities $ [a] 608 291 (321 ) $1,696 — 22 362 ) 0.39 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Originations of term loans to small businesses Other long-term obligations 184 6.85 January 31, $ — Cash flows from operating activities: MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Feb 23, 2021– Intuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks, Credit Karma and Mint, announced financial results for the second quarter of fiscal 2021, which ended Jan. 31. “We continue to see strong momentum and accelerating innovation across the company with our A.I.-driven expert platform strategy,” said Sasan Goodarzi, Intuit’s chief executive officer. “Small Business and Self-Employed Group delivered double-digit revenue growth and Credit Karma performed very well since we completed the acquisition in December. We are encouraged by our early results this tax season, and we are confident in our game plan to win.” Financial Highlights For the second quarter, Intuit reported:Total revenue of $1.6 billion, down 7 percent.Small Business and Self-Employed Group revenue up 11 percent to $1.1 billion, while Online Ecosystem revenue grew 22 percent to $644 million.Credit Karma revenue of $144 million since the acquisition closed on Dec. 3.Consumer Group revenue declined 71 percent to $147 million, driven by the later IRS opening this year. The IRS began accepting and processing returns starting Feb. 12, compared to Jan. 27 last year. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics. Snapshot of Second-quarter Results Reflects estimated adjustments for share-based compensation expense of approximately $813 million; professional fees and transaction costs primarily related to the acquisition of Credit Karma of approximately $39 million; amortization of acquired technology of approximately $51 million; and amortization of other acquired intangibles of approximately $152 million. — ) — — $ [A] 44 $ 225 $ ) — $ 108 Payments for employee taxes withheld upon vesting of restricted stock units 218 — 3,798 4,094 287 $ 111 7 4 (280 Net (gain) loss on debt securities and other investments 338 (104 $ ) — 1,576 143 36 ) (0.11 Amortization of other acquired intangible assets Share-based compensation expense ) ) 53 1,641 240 180 5.30 264 — Our effective tax rates for the three and six months ended January 31, 2021 were approximately 8% and 6%, respectively. The acquisition of Credit Karma has resulted in an increase in the annual effective tax rate from 25% at October 31, 2020 to 26% at January 31, 2021 primarily due to non-deductible share-based compensation and transaction costs. Excluding the effect of the change in annual effective tax rate for the quarter and discrete tax items, primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for the three and six months ended January 31, 2021 was approximately 26%. The difference from the federal statutory rate of 21% was primarily due to state income taxes, non-deductible share-based compensation and non-deductible transaction costs related to the Credit Karma acquisition, which were partially offset by the tax benefit we received from the federal research and experimentation credit. Depreciation Accounts payable Facebook Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period $ — 270 Twitter ) ) Reflects estimated adjustments for share-based compensation expense of approximately $224 million; amortization of acquired technology of approximately $15 million; and amortization of other acquired intangible assets of approximately $56 million. 190 $0.68 (27 (7)% January 31,2020 180 270 During the three months ended January 31, 2021, we recorded a $30 million gain from the sale of a note receivable that was previously written off. (25 $ Short-term debt ) 153 435 2 324 Change 16 Purchases of corporate and customer fund investments 297 ) 273 Professional fees and transaction costs for business combinations (Unaudited) 89 Change ) 265 ) Local NewsBusiness Dividends and dividend rights paid ) Accrued compensation and related liabilities Restricted cash and restricted cash equivalents included in funds held for customers [A] (68 ) ) — 111 Net cash provided by operating activities 2,352 37 $ 35 (30 2,668 Income tax effects and adjustments [A] Long-term debt Professional fees and transaction costs for business combinations (2 INTUIT INC. Accounts payable ) Shares used in non-GAAP diluted per share calculation 5,730 $ (445 $ GAAP CONSOLIDATED STATEMENTS OF OPERATIONS 6,697 $ $ $ 184 Professional fees and transaction costs for business combinations Full Year INTUIT INC. $ 261 (168 As discussed in “About Non-GAAP Financial Measures – Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and the excess tax benefits on share-based compensation. 8,868 Customer fund deposits 5 ) — See accompanying Notes. $0.07 (15 3,045 ) 218 270 ASSETS 976 (70 75 1 Other — 20 2,581 INTUIT INC. ) $ Gain from sale of note receivable [A] — [d] (In millions, except per share amounts) 2 [b] January 31,2020 ) (1,587 — Amortization of other acquired intangible assets (248 734 ) $ INTUIT INC. — Operating Income (Loss) 6 $ $ 14 30 (0.26 (63 29 (516 $ 1.68 Funds held for customers — 3,074 (1 Professional fees and transaction costs for business combinations 107 5 312 5.95 [A] Current liabilities before customer fund deposits $ Changes in operating assets and liabilities: 2,861 Non-GAAPRange of Estimate ) 60 — $ 79 0.91 $ 28 1,696 Three Months Ending April 30, 2021 Revenue $ Long-term deferred income taxes 455 786 — TABLE A $1,576 $ (7)% $ (3,045 2,075 (3 0.02 2,220 0.02 — Accounts receivable, net 111 2,475 (357 Amortization of other acquired intangible assets Diluted earnings per share 32 218 (0.05 $ 2,033 $ 8.20 291 6.75 240 1,539 $ 0.53 13 (1,000 0.02 Q1 ) $ ) We compute our provision for or benefit from income taxes by applying the estimated annual effective tax rate to income or loss from recurring operations and adding the effects of any discrete income tax items specific to the period. $ 8,995 (535 291 27 1,601 $ (0.38 From (415 Our effective tax rates for the three and six months ended January 31, 2020 were approximately 15% and 2%, respectively. Excluding discrete tax items primarily related to share-based compensation tax benefits mentioned above, our effective tax rate for both periods was 24%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit. 111 4,605 ) Diluted earnings per share 42 1 Issuance of common stock in a business combination 0.68 1.08 Net revenue: 6 $ — 12 8.40 0.92 264 WhatsApp Total costs and expenses [A] WhatsApp 1 $ 13 2.90 GAAP diluted net income (loss) per share 465 Pinterest Twitter 0.82 90 Previous articleIndian Country gripped by Haaland hearing for top US postNext articleSquare, Inc. Announces Fourth Quarter and Full Year 2020 Results Digital AIM Web Support
Alex Wong/Getty ImagesBY: CONOR FINNEGAN, ABC NEWS(WASHINGTON) — The threat of racially or ethnically motivated terrorism, especially white supremacist terrorism, is “on the rise and spreading geographically,” according to a new report by the State Department, as the threat from ISIS and other radical Islamist terror groups evolves.The annual report, released Wednesday by Secretary of State Mike Pompeo, details by country and terror organization the threats emanating around the world.While 2019 saw some banner accomplishments in counter terrorism, according to Pompeo, like the killing of ISIS’s founding leader and the fall of its caliphate, the threat of terrorism has morphed and expanded to new regions, especially the Sahel in northern Africa.This year’s report put even greater focus on white supremacist terrorism, just weeks after the department designated a white supremacist group as a foreign terrorist organization for the first time. In 2019, there were several high-profile attacks motivated by the ideology, including the Christchurch, New Zealand, mosque shooting in March; the El Paso, Texas, shooting in August; and the Halle, Germany, synagogue shooting in October.That kind of “violence (is) both on the rise and spreading geographically, as white supremacist and nativist movements and individuals increasingly target immigrants; Jewish, Muslim, and other religious minorities; lesbian, gay, bisexual, transgender and/or intersex (LGBTI) individuals; governments; and other perceived enemies,” the report said.According to U.S. ambassador-at-large for counter terrorism Nathan Sales, that threat has expanded since 2015, but he praised the Trump administration for taking it on.“It took this administration coming into power to really prioritize stepping up efforts against this threat here in the case of the FBI and DHS, but also abroad where this department comes into play,” Sales said.In April, the State Department designated the Russian Imperial Movement, a white supremacist group, as a “foreign terrorist organization” for the first time, barring U.S. individuals from supporting the group.While that action was unprecedented, President Donald Trump has also downplayed the threat of white supremacist groups, telling reporters last year, “It’s a small group of people that have very, very serious problems, I guess.”The State Department also announced Wednesday that it was increasing its reward for information leading to ISIS’s new leader, Amir Muhammad Sa’id Abdal-Rahman al-Mawla, who is also known as Abu Muslim al-Turkmani. The U.S. government will now provide up to $10 million for details leading to his whereabouts, Pompeo announced, adding, “We’re undaunted in our pursuit of bringing terrorists to justice.”Although ISIS’s caliphate fell and its leader Abu Bakr al-Baghdadi was killed in 2019, the threat from the terror group has “evolved,” according to Sales — calling it now “a global network that reaches every inhabited continent” and continues to conduct and inspire attacks.That includes in Iraq and Syria, once home to ISIS’s caliphate, where Sales said, “We have to keep our eye on the ball … to prevent any ISIS remnants from reconstituting, to prevent them from continuing attacks.”Copyright © 2020, ABC Audio. All rights reserved.
iStock/Kuzma(ST. LOUIS) — BY: KARMA ALLENA St. Louis couple were charged with felony unlawful use of a weapon for displaying guns during civil rights demonstrations outside their mansion.St. Louis Circuit Attorney Kim Gardner announced charges against Mark and Patricia McCloskey on Monday, saying they could face an extra charge of fourth-degree assault. They will both be issued summons to appear in court at a later date, officials said.The couple’s attorney called the charges “disheartening” and maintained that no crime had been committed.“I, along with my clients, support the First Amendment right of every citizen to have their voice and opinion heard,” attorney Joel Schwartz said in a statement. “This right, however, must be balanced with the Second Amendment and Missouri law, which entitle each of us to protect our home and family from potential threats.”Copyright © 2020, ABC Audio. All rights reserved.
Courtesy of Jeff OliverBy KATIE KINDELAN, GMA(CHICAGO) — “Stop worrying about your weight, go live, be, do. Smile, people don’t get to feel them enough. Enjoy the moment, it might not come again. If you want to do it, give something a try, try it, taste it, go there. Take it from me, I’m dead. Eat the danish, go to the show, laugh out loud. Love one another and you’ll never know what you’ll find.”Those are the inspiring life lessons left behind by Stacy Lois Oliver, who wrote her own obituary before passing away on Oct. 4, 2020, at the age of 52.Oliver, a lifelong Chicagoan, was diagnosed two years ago with multiple system atrophy – cerebellar type, a progressive neurodegenerative disorder that would ultimately leave her without the ability to walk or talk or write, according to her husband of nearly 21 years, Jeff Oliver.When Stacy Oliver received the diagnosis and was told by doctors there was no cure and that her condition would quickly worsen, one of the first things she did was write her obituary.“She knew the disease was going to start taking more and more of her away,” said Jeff Oliver. “While she had it, she decided to get her thoughts out quickly.”Stacy Oliver had a journalism degree and worked at Northwestern University for 21 years, where she did some event planning.Using those two skills, she planned out the rest of her life, according to her husband.“She had a folder for me, she said, ‘Here it is. Here is what I want,’” Jeff Oliver recalled. “She had it all done within days.”Jeff Oliver said he can hear his wife’s voice and feel her exuberance for life when he reads her obituary.“When she says ‘eat the danish,’ it is to enjoy something, but it’s also live life. Do something,” he said. “She was always like that. If you want to try something, go try something. If you want to do something, do it.”“She was the kind of person where you thought she has the energy of three people, almost like a kid, but focused,” Jeff Oliver added. “Her mom raised her to have a lot of confidence in herself, not cockiness, just confidence, and she could do that for others, when others couldn’t see it in themselves.”In addition to her work at Northwestern, Stacy Oliver was also an actress, singer and improv comedy perform who loved to hula dance, belly dance, make jewelry, sew and bake, according to her obituary.When she was diagnosed with another neurological condition several years earlier, Jeff Oliver, who was in his 50s at the time, went to college for the first time and got his nursing degree so he could care for her.Even after she had lost the ability to talk, Stacy Oliver would use her computer to jokingly tell her husband that he was being fired, he recalled.“As she started slowing down, she said the sloth was her spirit animal,” said Jeff Oliver, remembering her humor. “We got sloth everything for her.”Jeff Oliver, who describes his wife as like rays of “sunshine warming you up,” said he’s finding comfort now that the words she left behind are inspiring others.“Even though now is a tough time, I still see how she is affecting people and it brings me comfort,” he said. “I was lucky to be in that sunshine for that long so I’m a pretty lucky guy.”Copyright © 2020, ABC Audio. All rights reserved.
West Virginia University School of Medicine’s Departments ofAnesthesiology and Behavioral Medicine & Psychiatry seek a PainPsychologist qualified for appointment at the Assistant Professor,Associate Professor, or Professor rank. The successful candidatewill practice in Morgantown, WV.Duties: The successful candidate will practice in the area of PainPsychology and will be located primarily within the WVU Center forIntegrative Pain Management. The position will include clinical,teaching/supervision, and research responsibilities. The candidatewill lead the behavioral unit of the CIPM and serve on the WVUMedicine Medical Staff Affairs Pain Committee. The candidate willprovide evaluations for candidacy for opioids or implantabledevices and evidence-based group or individual treatment within theintegrated pain center. In addition to providing excellent patientcare, the successful candidate will also be actively involved inteaching medical students, residents, and fellows. For appointmentat the Associate Professor or Professor rank, it is expected thatcandidates engage in research.Qualifications: Applicants must have a PhD or PsyD in clinicalpsychology from an APA/CPA-accredited graduate program with anAPA/CPA-approved internship and be immediately eligible forlicensure in West Virginia. For appointment at the AssociateProfessor rank, a demonstrated track record of leadership, clinicaland teaching excellence and scholarly activity are required. Forappointment at the Professor rank, Board Certification (ABPP) isrequired. All qualifications must be met by the time ofappointment.The WVU Medicine Center for Integrative Pain Management strives totreat the whole person, not just the physical symptoms of pain. ThePain Clinic offers a multi-disciplinary approach with the services:Behavioral Health, clinical group and individual therapy,chiropractic, massage, acupuncture, nutrition, along with physicalmovement services.Researchers at the WVU Rockefeller Neuroscience Institute havedeveloped innovative clinical trials toward new, non-opioidtreatments for a range of pain conditions aligned with the WVUMedicine Center for Integrative Pain Management’s mission to combatthe opioid crisis.WVU Anesthesiology has the largest anesthesia practice in thestate, and is the only anesthesiology residency-training program.The department has more than 150 credentialed clinicians.The Department of Behavioral Medicine and Psychiatry stronglyencourages professional development with support/mentoring fordevelopment of clinical services, improved teaching/training, andscholarship.WVU Medicine is West Virginia University’s affiliated healthsystem, West Virginia’s largest private employer, and a nationalleader in patient safety and quality. The WVU Health System iscomprised of thirteen member hospitals and five hospitals undermanagement agreements, anchored by its flagship hospital, J.W RubyMemorial Hospital in Morgantown, a 700+ bed academic medical centerthat offers tertiary and quaternary care.Morgantown, West Virginia is located just over an hour south ofPittsburgh, PA and three hours from Washington, D.C. and Baltimore,MD. Morgantown is consistently rated as one of the best smallmetropolitan areas in the country for both lifestyle and businessclimate. Highlights of the area are: cultural diversity,family-friendly environment, excellent school system, beautifulhomes and recreational activities.Build your legacy as you serve, teach, learn and make a differencefrom day one. To learn more, visithttps://wvumedicine.org/ruby-memorial-hospital/services/wvu-specialty-clinics/pain-management-center/and apply online at http://wvumedicine.org/careers/.For additional information, please contact Megan Core, SeniorPhysician Recruiter, at [email protected] Virginia University & University Health Associates are anAA/EO employer – Minority/Female/Disability/Veteran – and WVU isthe recipient of an NSF ADVANCE award for gender equity.Notes To Applicants Equal Opportunity Employer/Protected Veterans/Individuals withDisabilities.Please view Equal Employment Opportunity Posters provided byOFCCP here .The contractor will not discharge or in any other mannerdiscriminate against employees or applicants because they haveinquired about, discussed, or disclosed their own pay or the pay ofanother employee or applicant. However, employees who have accessto the compensation information of other employees or applicants asa part of their essential job functions cannot disclose the pay ofother employees or applicants to individuals who do not otherwisehave access to compensation information, unless the disclosure is(a) in response to a formal complaint or charge, (b) in furtheranceof an investigation, proceeding, hearing, or action, including aninvestigation conducted by the employer, or (c) consistent with thecontractor’s legal duty to furnish information. 41 CFR60-1.35(c)
Zoologists at Oxford University are using newly developed video devices to record crows in the wild.Scientists have developed miniaturised video cameras, each weighing about 14 grams, which can be attached to two tail feathers using adhesive tape. The device is allowing researchers to track 18 crows in their natural habitat, allowing them to make surprising and intimate observations about their undisturbed behaviour. This technique has been described as helping scientists to break “one of the final frontiers of ornithological field research.”Dr Christian Rutz from the Behavioural Ecology Research Group at the Zoology Department said “Whilst video footage has been taken before using tame, trained birds, it is only now that we have been able to design cameras that are small and light enough to travel with wild birds and let them behave naturally. “Potentially, this new video technology could help us to answer some long-standing questions about the ecology and behaviour of many other bird species that are otherwise difficult to study.”To learn more, visit http://www.newcaledoniancrow.com. Cherwell24 is not responsible for the content of external links.
FacebookTwitterCopy LinkEmail The United States Senator Mike Braun will be the City-County Observer keynote speaker for the “Annual Community Achievement Awards” luncheon on October 25, 2019. Lieutenant Governor Suzanne Crouch will introduce United Senator Mike Braun.Braun was born in Jasper, Indiana, on March 24, 1954. He graduated from Jasper High School. Braun was a three-sport star athlete; he married his high school sweetheart, Maureen, who was a cheerleader. He attended the all-male Wabash College, where he was a member of Phi Delta Theta Fraternity and graduated summa cum laude with a bachelor’s degree in economics, and Harvard Business School, where he earned a master’s degreeAfter graduating from Harvard, Braun moved back to Indiana and joined his father’s business manufacturing truck bodies for farmers. When the economy of the mid-1980s hit farmers hard and his father’s business nearly went under, Braun steered the business in the more lucrative direction of selling truck accessories. The business subsequently grew from 15 employees to more than 300. In 1986 Braun and Daryl Rauscher acquired Meyer Body Inc., a manufacturer of truck bodies and distributor of truck parts and equipment. In 1995 Braun fully acquired the company. Meyer Body was renamed Meyer Distributing in 1999. Braun is its president and CEO.These years City-County Observer “Annual Community Achievement Awards” honorees are Margaret Koch, the Honorable Vanderburgh County Superior Court Judge Margaret “Maggie” Lloyd, Christine Keck, Steve Hammer, EPD Sergeant-Jason Cullum and President of the Vanderburgh County Commission-Ben Shoulders.Former Vanderburgh County Sheriff, past United States Congressmen and Vectren Executive Brad Ellsworth, will be the Master Of Ceremonies for this event.This year’s awards luncheon will be held at Tropicana-Evansville Walnut rooms A and B. The registration begins at 11:30 am, the event officially starts at 12 noon on October 25, 2019.Reservations for this event may be obtained by calling JIM KNAUFF at 1-812) 457-1017 The deadline for registration is October 22, 2019. Last year’s event was a sellout.
The Food Standards Agency (FSA) has approved a six-tier Scores on the Doors hygiene rating scheme for England, Wales and Northern Ireland. Under the scheme, the hygiene standards of all food retailers and foodservice operators will be rated from fail to a top-score of five. Scores will be published on the internet and retail bakeries and foodservice operators encouraged to voluntarily display them on the premises. Scotland is to continue with a two-tier system of ‘pass’ or ‘improvement required’ – a scheme that many industry groups should have been rolled out nationally. Thomas Adams, MD of Northampton bakery chain Oliver Adams told British Baker, that he thought a six-tier scheme gave greater for inconsistencies in how businesses are scored. “Each EHO interprets the rules differently. If it were simply pass or fail, there would be less room for inconsistency.”