SAN RAFAEL, Calif.–(BUSINESS WIRE)–
Autodesk,
Inc. (NASDAQ:ADSK – News) today reported financial results for the first
quarter of fiscal year 2013.
First Quarter Fiscal 2013
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Revenue was $589 million, an increase of 11 percent compared to the
first quarter of fiscal 2012.
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GAAP operating margin was 16 percent, compared to 15 percent in the
first quarter of fiscal 2012.
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Non-GAAP operating margin was 25 percent, compared to 23 percent in
the first quarter of fiscal 2012. A reconciliation of GAAP to non-GAAP
results is provided in the accompanying tables.
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GAAP diluted earnings per share were $0.34, compared to $0.29 in the
first quarter of fiscal 2012.
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Non-GAAP diluted earnings per share were $0.47, compared to $0.40 in
the first quarter of fiscal 2012.
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Cash flow from operating activities was $139 million, compared to $128
million in the first quarter of fiscal 2012.
“We had a solid start to the year as our overall business continued to
deliver double-digit year-over-year revenue growth,” said Carl
Bass, Autodesk president and CEO. “We were pleased with the
performance of suites as customers are embracing the substantially
greater functionality and value that our design and creation suites
deliver. Our year-over-year revenue growth was also fueled by strength
in Asia Pacific and the Americas, while economic conditions contributed
to uneven results in EMEA and emerging countries. Our manufacturing and
Architecture, Engineering and Construction (AEC) businesses achieved
strong year-over-year results as more and more customers turned to
Autodesk to solve their most complex design and engineering challenges.”
First Quarter Operational Overview
EMEA revenue was $224 million, an increase of 4 percent compared to the
first quarter last year as reported and 2 percent on a constant currency
basis. Revenue in the Americas was $208 million, an increase of 14
percent compared to the first quarter last year. Revenue in Asia Pacific
was a record $157 million, an increase of 19 percent compared to the
first quarter last year as reported and 13 percent on a constant
currency basis. Revenue from emerging economies was $82 million, an
increase of 6 percent compared to the first quarter last year as
reported and 6 percent on a constant currency basis. Revenue from
emerging economies represented 14 percent of total revenue in the first
quarter.
Revenue from the Platform Solutions and Emerging Business segment was
$229 million, an increase of 9 percent compared to the first quarter
last year. Revenue from the AEC business segment was $163 million, an
increase of 16 percent compared to the first quarter last year. Revenue
from the Manufacturing business segment was $146 million, an increase of
18 percent compared to the first quarter last year. Revenue from the
Media and Entertainment business segment was $51 million, a decrease of
5 percent compared to the first quarter last year.
Revenue from Flagship products was $336 million, an increase of 4
percent compared to the first quarter last year. Revenue from Suites was
$166 million, an increase of 34 percent compared to the first quarter
last year. Revenue from New and Adjacent products was $87 million, an
increase of 9 percent compared to the first quarter last year.
As our customers migrate from our stand-alone products to Suites, we
anticipate that our revenue from Suites will increase as a percentage of
total revenue and that our revenue from our Flagship products will
similarly decline as a percentage of total revenue.
Deferred revenue at the end of the first quarter was a record high of
$727 million, an increase of 17 percent compared to the first quarter
last year and 1 percent sequentially. Shippable backlog was $6 million,
a decrease of $19 million compared to the first quarter last year and
$21 million sequentially. At the end of the first quarter, channel
inventory weeks was at a record low of approximately one week. A
decrease in channel inventory and shippable backlog was expected as a
result of our transition to increased use of electronic software
delivery.
“Our revenue growth and continued focus on cost controls drove strong
improvement in our non-GAAP operating margin,” said Mark
Hawkins, Autodesk executive vice president, chief financial officer.
“Revenue growth and operating margin expansion remain key focus areas as
we continue towards our long-term goal of growing revenue by a
compounded annual growth rate of 12-14 percent (capturing fiscal 2011
through fiscal 2015) and expanding our non-GAAP operating margin to at
least 30 percent. During the quarter we accomplished significant changes
including a new channel partner framework and a move to an industry
focused organizational alignment, among other things, that we believe
will better position the company for future growth. These changes,
combined with our outstanding products and market position, give us
confidence to achieve our long-term goals.”
Business Outlook
The following statements are forward-looking statements that are based
on current expectations and assumptions, and involve risks and
uncertainties some of which are set forth below. Autodesk’s business
outlook for the second quarter and full year fiscal 2013 assumes a
continuation of the current economic environment and foreign exchange
currency rate environment.
Second Quarter Fiscal 2013
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2Q FY13 Guidance Metrics
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Revenue (in millions)
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$580 to $600
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EPS – GAAP
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EPS – Non-GAAP
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$0.46 to $0.51
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Non-GAAP earnings per diluted share exclude $0.12 related to stock-based
compensation expense and $0.05 for the amortization of acquisition
related intangibles, net of tax.
Full Year Fiscal 2013
Net revenue for fiscal 2013 is expected to increase by at least 10
percent compared to fiscal 2012. Autodesk anticipates fiscal 2013 GAAP
operating margin to increase by approximately 120 basis points and
non-GAAP operating margin to increase by approximately 200 basis points
compared to fiscal 2012. A reconciliation between the GAAP and non-GAAP
estimates for fiscal 2013 is provided in the tables following this press
release.
Both second quarter fiscal 2013 and full year fiscal 2013 outlooks
assume an annual effective tax rate of approximately 26 percent for both
GAAP and non-GAAP results. This rate does not include the federal R&D
tax credit benefit, which expired on December 31, 2011, or one-time
discrete items. The assumed effective tax rate will be adjusted if or
when there is a renewal of the tax credit.
Earnings Conference Call and Webcast
Autodesk will host its first quarter conference call today at 5:00 p.m.
ET. The live broadcast can be accessed at http://www.autodesk.com/investors.
Supplemental financial information and prepared remarks for the
conference call will be posted to the investor relations section of
Autodesk’s website simultaneously with this press release.
NOTE: The prepared remarks will not be read on the conference
call. The conference call will include only brief remarks followed by
questions and answers.
A replay of the broadcast will be available at 7:00 pm ET at http://www.autodesk.com/investors.
This replay will be maintained on Autodesk’s website for at least 12
months.
Safe Harbor Statement
This press release contains forward-looking statements that involve
risks and uncertainties, including statements regarding our long term
revenue and non-GAAP operating margin targets, statements in the
paragraphs under “Business Outlook” above, and other statements
regarding our expected strategies, market and products positions,
performance, and results. There are a significant number of factors that
could cause actual results to differ materially from statements made in
this press release, including: general market, political, economic and
business conditions, failure to maintain our revenue growth and
profitability, our performance in particular geographies, including
emerging economies, failure to successfully incorporate sales of
licenses of products suites into our overall sales strategy, failure to
successfully expand adoption of our products, failure to maintain cost
reductions and productivity increases or otherwise control our expenses,
slowing momentum in maintenance billings or revenues, difficulties
encountered in integrating new or acquired businesses and technologies,
the inability to identify and realize the anticipated benefits of
acquisitions, the financial and business condition of our reseller and
distribution channels, fluctuation in foreign currency exchange rates,
the success of our foreign currency hedging program, failure to achieve
sufficient sell-through in our channels for new or existing products,
pricing pressure, unexpected fluctuations in our tax rate, the timing
and degree of expected investments in growth and efficiency
opportunities, changes in the timing of product releases and
retirements, failure of key new applications to achieve anticipated
levels of customer acceptance, failure to achieve continued success in
technology advancements, interruptions or terminations in the business
of Autodesk consultants, the expense and impact of legal or regulatory
proceedings, and any unanticipated accounting charges.
Further information on potential factors that could affect the financial
results of Autodesk are included in Autodesk’s report on Form 10-K for
the year ended January 31, 2012, which is on file with the U.S.
Securities and Exchange Commission. Autodesk does not assume any
obligation to update the forward-looking statements provided to reflect
events that occur or circumstances that exist after the date on which
they were made.
About Autodesk
Autodesk, Inc., is a leader in 3D
design, engineering and entertainment software. Customers across the
manufacturing, architecture, building, construction, and media and
entertainment industries – including the last 17 Academy Award winners
for Best Visual Effects – use Autodesk software to design, visualize,
and simulate their ideas. Since its introduction of AutoCAD software in
1982, Autodesk continues to develop the broadest portfolio of
state-of-the-art software for global markets. For additional information
about Autodesk, visit www.autodesk.com.
Autodesk and AutoCAD are registered trademarks or trademarks of
Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA
and/or other countries. Academy Award is a registered trademark of the
Academy of Motion Picture Arts and Sciences. All other brand names,
product names, or trademarks belong to their respective holders.
Autodesk reserves the right to alter product and service offerings, and
specifications and pricing at any time without notice, and is not
responsible for typographical or graphical errors that may appear in
this document.
© 2012 Autodesk, Inc. All rights reserved.
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Three Months Ended
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April 30,
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2012
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2011
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(Unaudited)
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Net revenue:
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License and other
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$
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361.0
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$
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323.0
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Maintenance
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227.6
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205.3
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Total net revenue
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588.6
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528.3
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Cost of revenue:
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Cost of license and other revenue
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47.1
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42.6
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Cost of maintenance revenue
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11.7
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12.0
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Total cost of revenue
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58.8
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54.6
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Gross profit
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529.8
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473.7
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Operating expenses:
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Marketing and sales
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223.2
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201.9
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Research and development
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152.7
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136.6
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General and administrative
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59.9
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56.6
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Total operating expenses
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435.8
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395.1
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Income from operations
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94.0
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78.6
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Interest and other income, net
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3.5
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5.9
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Income before income taxes
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97.5
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84.5
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Provision for income taxes
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(18.6
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(15.2
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)
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Net income
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$
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78.9
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$
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69.3
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Basic net income per share
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$
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0.35
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$
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0.30
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Diluted net income per share
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$
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0.34
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$
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0.29
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228.1
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228.2
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234.1
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237.1
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April 30,
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January 31,
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2012
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2012
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(Unaudited)
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ASSETS:
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Current assets:
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Cash and cash equivalents
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$
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1,074.5
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$
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1,156.9
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Marketable securities
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437.5
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254.4
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Accounts receivable, net
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300.6
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395.1
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Deferred income taxes
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38.7
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30.1
|
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Prepaid expenses and other current assets
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60.8
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59.4
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Total current assets
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1,912.1
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1,895.9
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Marketable securities
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284.1
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192.8
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Computer equipment, software, furniture and leasehold improvements,
net
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104.0
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104.5
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Purchased technologies, net
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74.8
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84.6
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Goodwill
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682.9
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682.4
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Deferred income taxes, net
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|
129.3
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|
135.8
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Other assets
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129.8
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131.8
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$
|
3,317.0
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$
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3,227.8
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LIABILITIES AND STOCKHOLDERS’ EQUITY:
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Current liabilities:
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Accounts payable
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$
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88.9
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$
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89.3
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Accrued compensation
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127.8
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183.9
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Accrued income taxes
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17.4
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14.4
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Deferred revenue
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584.7
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582.3
|
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Other accrued liabilities
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56.7
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84.2
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Total current liabilities
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875.5
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954.1
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Deferred revenue
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142.2
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136.9
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Long term income taxes payable
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171.7
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174.8
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Other liabilities
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82.3
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79.1
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Commitments and contingencies
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Stockholders’ equity:
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Preferred stock
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-
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-
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Common stock and additional paid-in capital
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1,496.2
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1,365.4
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Accumulated other comprehensive income (loss)
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3.7
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5.9
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Retained earnings
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545.4
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511.6
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Total stockholders’ equity
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2,045.3
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1,882.9
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$
|
3,317.0
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$
|
3,227.8
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Fiscal Quarters Ended
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April 30,
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2012
|
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2011
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(Unaudited)
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|
|
|
|
|
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Operating activities:
|
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|
|
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Net income
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|
$
|
78.9
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|
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$
|
69.3
|
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Adjustments to reconcile net income to net cash provided by
operating activities:
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|
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Depreciation and amortization
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29.2
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24.5
|
|
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Stock-based compensation expense
|
|
|
33.4
|
|
|
|
25.9
|
|
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Excess tax benefits from stock-based compensation
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|
(9.9
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)
|
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|
-
|
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Changes in operating assets and liabilities, net of business
combinations
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7.7
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|
|
|
8.7
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|
|
Net cash provided by operating activities
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|
|
139.3
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|
|
|
128.4
|
|
|
|
|
|
|
|
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Investing activities:
|
|
|
|
|
|
Purchases of marketable securities
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|
|
(447.8
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)
|
|
|
(169.7
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)
|
|
Sales of marketable securities
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|
|
48.8
|
|
|
|
34.6
|
|
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Maturities of marketable securities
|
|
|
128.5
|
|
|
|
96.5
|
|
|
Capital Expenditures
|
|
|
(11.5
|
)
|
|
|
(23.2
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)
|
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Acquisitions, net of cash acquired
|
|
|
-
|
|
|
|
(76.4
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)
|
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Other investing activities
|
|
|
(5.0
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)
|
|
|
(14.5
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)
|
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Net cash used in investing activities
|
|
|
(287.0
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)
|
|
|
(152.7
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)
|
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|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
Proceeds from issuance of common stock, net of issuance costs
|
|
|
153.0
|
|
|
|
111.3
|
|
|
Repurchases of common stock
|
|
|
(99.2
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)
|
|
|
(68.6
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)
|
|
Excess tax benefits from stock-based compensation
|
|
|
9.9
|
|
|
|
-
|
|
|
|
|
|
63.7
|
|
|
|
42.7
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
1.6
|
|
|
|
(2.1
|
)
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
(82.4
|
)
|
|
|
16.3
|
|
|
Cash and cash equivalents at beginning of fiscal year
|
|
|
1,156.9
|
|
|
|
1,075.1
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
1,074.5
|
|
|
$
|
1,091.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To supplement our consolidated financial statements presented on a
GAAP basis, Autodesk provides investors with certain non-GAAP
measures including non-GAAP net income, non-GAAP net income per
share, non-GAAP cost of license and other revenue, non-GAAP gross
profit, non-GAAP operating expenses, non-GAAP income from
operations and non-GAAP provision for income taxes. These non-GAAP
financial measures are adjusted to exclude certain costs,
expenses, gains and losses, including stock-based compensation
expense, amortization of purchased intangibles, discrete tax
provision items and related income tax expenses. See our
reconciliation of GAAP financial measures to non-GAAP financial
measures herein. We believe these exclusions are appropriate to
enhance an overall understanding of our past financial performance
and also our prospects for the future, as well as to facilitate
comparisons with our historical operating results. These
adjustments to our GAAP results are made with the intent of
providing both management and investors a more complete
understanding of Autodesk’s underlying operational results and
trends and our marketplace performance. For example, the non-GAAP
results are an indication of our baseline performance before
gains, losses or other charges that are considered by management
to be outside our core operating results. In addition, these
non-GAAP financial measures are among the primary indicators
management uses as a basis for our planning and forecasting of
future periods.
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There are limitations in using non-GAAP financial measures because
the non-GAAP financial measures are not prepared in accordance with
generally accepted accounting principles and may be different from
non-GAAP financial measures used by other companies. The non-GAAP
financial measures are limited in value because they exclude certain
items that may have a material impact upon our reported financial
results. The presentation of this additional information is not
meant to be considered in isolation or as a substitute for the
directly comparable financial measures prepared in accordance with
generally accepted accounting principles in the United States.
Investors should review the reconciliation of the non-GAAP financial
measures to their most directly comparable GAAP financial measures
as provided in the tables accompanying this press release.
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The following table shows Autodesk’s non-GAAP results reconciled to
GAAP results included in this release.
|
|
|
|
|
|
Three Months Ended
|
|
|
|
April 30,
|
|
|
|
2012
|
|
2011
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
GAAP cost of license and other revenue
|
|
$
|
47.1
|
|
|
$
|
42.6
|
|
|
Stock-based compensation expense
|
|
|
(1.3
|
)
|
|
|
(0.9
|
)
|
|
Amortization of developed technology
|
|
|
(9.8
|
)
|
|
|
(8.1
|
)
|
|
Non-GAAP cost of license and other revenue
|
|
$
|
36.0
|
|
|
$
|
33.6
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
529.8
|
|
|
$
|
473.7
|
|
|
Stock-based compensation expense
|
|
|
1.3
|
|
|
|
0.9
|
|
|
Amortization of developed technology
|
|
|
9.8
|
|
|
|
8.1
|
|
|
Non-GAAP gross profit
|
|
$
|
540.9
|
|
|
$
|
482.7
|
|
|
|
|
|
|
|
|
GAAP marketing and sales
|
|
$
|
223.2
|
|
|
$
|
201.9
|
|
|
Stock-based compensation expense
|
|
|
(14.6
|
)
|
|
|
(11.8
|
)
|
|
Non-GAAP marketing and sales
|
|
$
|
208.6
|
|
|
$
|
190.1
|
|
|
|
|
|
|
|
|
GAAP research and development
|
|
$
|
152.7
|
|
|
$
|
136.6
|
|
|
Stock-based compensation expense
|
|
|
(11.1
|
)
|
|
|
(8.9
|
)
|
|
Non-GAAP research and development
|
|
$
|
141.6
|
|
|
$
|
127.7
|
|
|
|
|
|
|
|
|
GAAP general and administrative
|
|
$
|
59.9
|
|
|
$
|
56.6
|
|
|
Stock-based compensation expense
|
|
|
(6.4
|
)
|
|
|
(4.3
|
)
|
|
Amortization of customer relationships and trade names
|
|
|
(7.8
|
)
|
|
|
(6.5
|
)
|
|
Non-GAAP general and administrative
|
|
$
|
45.7
|
|
|
$
|
45.8
|
|
|
|
|
|
|
|
|
GAAP operating expenses
|
|
$
|
435.8
|
|
|
$
|
395.1
|
|
|
Stock-based compensation expense
|
|
|
(32.1
|
)
|
|
|
(25.0
|
)
|
|
Amortization of customer relationships and trade names
|
|
|
(7.8
|
)
|
|
|
(6.5
|
)
|
|
Non-GAAP operating expenses
|
|
$
|
395.9
|
|
|
$
|
363.6
|
|
|
|
|
|
|
|
|
GAAP income from operations
|
|
$
|
94.0
|
|
|
$
|
78.6
|
|
|
Stock-based compensation expense
|
|
|
33.4
|
|
|
|
25.9
|
|
|
Amortization of developed technology
|
|
|
9.8
|
|
|
|
8.1
|
|
|
Amortization of customer relationships and trade names
|
|
|
7.8
|
|
|
|
6.5
|
|
|
Non-GAAP income from operations
|
|
$
|
145.0
|
|
|
$
|
119.1
|
|
|
|
|
|
|
|
|
GAAP provision for income taxes
|
|
$
|
(18.6
|
)
|
|
$
|
(15.2
|
)
|
|
Discrete GAAP tax provision items
|
|
|
(6.3
|
)
|
|
|
(4.1
|
)
|
|
Income tax effect of non-GAAP adjustments
|
|
|
(13.7
|
)
|
|
|
(12.0
|
)
|
|
Non-GAAP provision for income tax
|
|
$
|
(38.6
|
)
|
|
$
|
(31.3
|
)
|
|
|
|
|
|
|
|
GAAP net income
|
|
$
|
78.9
|
|
|
$
|
69.3
|
|
|
Stock-based compensation expense
|
|
|
33.4
|
|
|
|
25.9
|
|
|
Amortization of developed technology
|
|
|
9.8
|
|
|
|
8.1
|
|
|
Amortization of customer relationships and trade names
|
|
|
7.8
|
|
|
|
6.5
|
|
|
Discrete GAAP tax provision items
|
|
|
(6.3
|
)
|
|
|
(4.1
|
)
|
|
Income tax effect of non-GAAP adjustments
|
|
|
(13.7
|
)
|
|
|
(12.0
|
)
|
|
Non-GAAP net income
|
|
$
|
109.9
|
|
|
$
|
93.7
|
|
|
|
|
|
|
|
|
GAAP diluted net income per share
|
|
$
|
0.34
|
|
|
$
|
0.29
|
|
|
Stock-based compensation expense
|
|
|
0.14
|
|
|
|
0.11
|
|
|
Amortization of developed technology
|
|
|
0.04
|
|
|
|
0.03
|
|
|
Amortization of customer relationships and trade names
|
|
|
0.03
|
|
|
|
0.03
|
|
|
Discrete GAAP tax provision items
|
|
|
(0.03
|
)
|
|
|
(0.02
|
)
|
|
Income tax effect of non-GAAP adjustments
|
|
|
(0.05
|
)
|
|
|
(0.04
|
)
|
|
Non-GAAP diluted net income per share
|
|
$
|
0.47
|
|
|
$
|
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Supplemental Financial Information (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year 2013
|
|
QTR 1
|
|
QTR 2
|
|
QTR 3
|
|
QTR 4
|
|
YTD 2013
|
|
Financial Statistics ($ in millions, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Revenue
|
|
$
|
589
|
|
|
|
|
|
|
|
|
$
|
589
|
|
|
License and Other Revenue
|
|
$
|
361
|
|
|
|
|
|
|
|
|
$
|
361
|
|
|
Maintenance Revenue
|
|
$
|
228
|
|
|
|
|
|
|
|
|
$
|
228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross Margin
|
|
|
90
|
%
|
|
|
|
|
|
|
|
|
90
|
%
|
|
Non-GAAP Gross Margin (1)(2)
|
|
|
92
|
%
|
|
|
|
|
|
|
|
|
92
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Expenses
|
|
$
|
436
|
|
|
|
|
|
|
|
|
$
|
436
|
|
|
GAAP Operating Margin
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
16
|
%
|
|
GAAP Net Income
|
|
$
|
79
|
|
|
|
|
|
|
|
|
$
|
79
|
|
|
GAAP Diluted Net Income Per Share (b)
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating Expenses (1)(3)
|
|
$
|
396
|
|
|
|
|
|
|
|
|
$
|
396
|
|
|
Non-GAAP Operating Margin (1)(4)
|
|
|
25
|
%
|
|
|
|
|
|
|
|
|
25
|
%
|
|
Non-GAAP Net Income (1)(5)
|
|
$
|
110
|
|
|
|
|
|
|
|
|
$
|
110
|
|
|
Non-GAAP Diluted Net Income Per Share (1)(6)(b)
|
|
$
|
0.47
|
|
|
|
|
|
|
|
|
$
|
0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cash and Marketable Securities
|
|
$
|
1,796
|
|
|
|
|
|
|
|
|
$
|
1,796
|
|
|
Days Sales Outstanding
|
|
|
46
|
|
|
|
|
|
|
|
|
|
46
|
|
|
Capital Expenditures
|
|
$
|
(12
|
)
|
|
|
|
|
|
|
|
$
|
(12
|
)
|
|
Cash Flow from Operating Activities
|
|
$
|
139
|
|
|
|
|
|
|
|
|
$
|
139
|
|
|
GAAP Depreciation and Amortization
|
|
$
|
29
|
|
|
|
|
|
|
|
|
$
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Maintenance Revenue Balance
|
|
$
|
648
|
|
|
|
|
|
|
|
|
$
|
648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Geography (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$
|
208
|
|
|
|
|
|
|
|
|
$
|
208
|
|
|
Europe, Middle East and Africa
|
|
$
|
224
|
|
|
|
|
|
|
|
|
$
|
224
|
|
|
Asia Pacific
|
|
$
|
157
|
|
|
|
|
|
|
|
|
$
|
157
|
|
|
% of Total Rev from Emerging Economies
|
|
|
14
|
%
|
|
|
|
|
|
|
|
|
14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Segment (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
Platform Solutions and Emerging Business
|
|
$
|
229
|
|
|
|
|
|
|
|
|
$
|
229
|
|
|
Architecture, Engineering and Construction
|
|
$
|
163
|
|
|
|
|
|
|
|
|
$
|
163
|
|
|
Manufacturing
|
|
$
|
146
|
|
|
|
|
|
|
|
|
$
|
146
|
|
|
Media and Entertainment
|
|
$
|
51
|
|
|
|
|
|
|
|
|
$
|
51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
% of Total Rev from Flagship
|
|
|
57
|
%
|
|
|
|
|
|
|
|
|
57
|
%
|
|
% of Total Rev Suites
|
|
|
28
|
%
|
|
|
|
|
|
|
|
|
28
|
%
|
|
% of Total Rev New and Adjacent
|
|
|
15
|
%
|
|
|
|
|
|
|
|
|
15
|
%
|
|
% of Total Rev from AutoCAD and AutoCAD LT
|
|
|
35
|
%
|
|
|
|
|
|
|
|
|
35
|
%
|
|
Upgrade and Crossgrade Revenue (in millions)
|
|
$
|
47
|
|
|
|
|
|
|
|
|
$
|
47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX Impact on Total Net Revenue
|
|
$
|
14
|
|
|
|
|
|
|
|
|
$
|
14
|
|
|
FX Impact on Cost of Revenue and Total Operating Expenses
|
|
$
|
(2
|
)
|
|
|
|
|
|
|
|
$
|
(2
|
)
|
|
FX Impact on Operating Income
|
|
$
|
12
|
|
|
|
|
|
|
|
|
$
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin by Segment (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
Platform Solutions and Emerging Business
|
|
$
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
Architecture, Engineering and Construction
|
|
$
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
Manufacturing
|
|
$
|
134
|
|
|
|
|
|
|
|
|
$
|
134
|
|
|
Media and Entertainment
|
|
$
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
Unallocated amounts
|
|
$
|
(11
|
)
|
|
|
|
|
|
|
|
$
|
(11
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Statistics (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding
|
|
|
229.7
|
|
|
|
|
|
|
|
|
|
229.7
|
|
|
Fully Diluted Weighted Average Shares Outstanding
|
|
|
234.1
|
|
|
|
|
|
|
|
|
|
234.1
|
|
|
Shares Repurchased
|
|
|
2.5
|
|
|
|
|
|
|
|
|
|
2.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Totals may not agree with the sum of the components due to
rounding.
|
(b) Earnings per share were computed independently for each of the
periods presented; therefore the sum of the earnings per share
amounts for the quarters may not equal the total for the year.
|
|
|
|
(1) To supplement our consolidated financial statements presented
on a GAAP basis, Autodesk provides investors with certain non-GAAP
measures including non-GAAP net income, non-GAAP net income per
share, non-GAAP gross margin, non-GAAP operating expenses, and
non-GAAP operating margins. These non-GAAP financial measures are
adjusted to exclude certain costs, expenses, gains and losses,
including stock-based compensation expense, amortization of
purchased intangibles, discrete tax provision items and related
income tax expenses. See our reconciliation of GAAP financial
measures to non-GAAP financial measures herein. We believe these
exclusions are appropriate to enhance an overall understanding of
our past financial performance and also our prospects for the
future, as well as to facilitate comparisons with our historical
operating results. These adjustments to our GAAP results are made
with the intent of providing both management and investors a more
complete understanding of Autodesk’s underlying operational
results and trends and our marketplace performance. For example,
the non-GAAP results are an indication of our baseline performance
before gains, losses or other charges that are considered by
management to be outside our core operating results. In addition,
these non-GAAP financial measures are among the primary indicators
management uses as a basis for our planning and forecasting of
future periods. There are limitations in using non-GAAP financial
measures because the non-GAAP financial measures are not prepared
in accordance with generally accepted accounting principles and
may be different from non-GAAP financial measures used by other
companies. The non-GAAP financial measures are limited in value
because they exclude certain items that may have a material impact
upon our reported financial results. The presentation of this
additional information is not meant to be considered in isolation
or as a substitute for the directly comparable financial measures
prepared in accordance with generally accepted accounting
principles in the United States. Investors should review the
reconciliation of the non-GAAP financial measures to their most
directly comparable GAAP financial measures as provided in the
tables accompanying Autodesk’s press release.
|
|
|
|
|
|
QTR 1
|
|
QTR 2
|
|
QTR 3
|
|
QTR 4
|
|
YTD 2013
|
|
(2) GAAP Gross Margin
|
|
|
90
|
%
|
|
|
|
|
|
|
|
|
90
|
%
|
|
Stock-based compensation expense
|
|
|
-
|
%
|
|
|
|
|
|
|
|
|
-
|
%
|
|
Amortization of developed technology
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
2
|
%
|
|
Non-GAAP Gross Margin
|
|
|
92
|
%
|
|
|
|
|
|
|
|
|
92
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) GAAP Operating Expenses
|
|
$
|
436
|
|
|
|
|
|
|
|
|
$
|
436
|
|
|
Stock-based compensation expense
|
|
|
(32
|
)
|
|
|
|
|
|
|
|
|
(32
|
)
|
|
Amortization of customer relationships and trade names
|
|
|
(8
|
)
|
|
|
|
|
|
|
|
|
(8
|
)
|
|
Non-GAAP Operating Expenses
|
|
$
|
396
|
|
|
|
|
|
|
|
|
$
|
396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) GAAP Operating Margin
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
16
|
%
|
|
Stock-based compensation expense
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
6
|
%
|
|
Amortization of developed technology
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
2
|
%
|
|
Amortization of customer relationships and trade names
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
1
|
%
|
|
Non-GAAP Operating Margin
|
|
|
25
|
%
|
|
|
|
|
|
|
|
|
25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) GAAP Net Income
|
|
$
|
79
|
|
|
|
|
|
|
|
|
$
|
79
|
|
|
Stock-based compensation expense
|
|
|
33
|
|
|
|
|
|
|
|
|
|
33
|
|
|
Amortization of developed technology
|
|
|
10
|
|
|
|
|
|
|
|
|
|
10
|
|
|
Amortization of customer relationships and trade names
|
|
|
8
|
|
|
|
|
|
|
|
|
|
8
|
|
|
Discrete GAAP tax provision items
|
|
|
(6
|
)
|
|
|
|
|
|
|
|
|
(6
|
)
|
|
Income tax effect of non-GAAP adjustments
|
|
|
(14
|
)
|
|
|
|
|
|
|
|
|
(14
|
)
|
|
Non-GAAP Net Income
|
|
$
|
110
|
|
|
|
|
|
|
|
|
$
|
110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) GAAP Diluted Net Income Per Share
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
$
|
0.34
|
|
|
Stock-based compensation expense
|
|
|
0.14
|
|
|
|
|
|
|
|
|
|
0.14
|
|
|
Amortization of developed technology
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
0.04
|
|
|
Amortization of customer relationships and trade names
|
|
|
0.03
|
|
|
|
|
|
|
|
|
|
0.03
|
|
|
Discrete GAAP tax provision items
|
|
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
(0.03
|
)
|
|
Income tax effect of non-GAAP adjustments
|
|
|
(0.05
|
)
|
|
|
|
|
|
|
|
|
(0.05
|
)
|
|
Non-GAAP Diluted Net Income Per Share
|
|
$
|
0.47
|
|
|
|
|
|
|
|
|
$
|
0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation for Fiscal 2013:
|
|
|
|
|
|
|
|
|
|
|
|
The following is a reconciliation of anticipated fiscal 2013 GAAP
and non-GAAP operating margins:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FISCAL 2013
|
|
|
|
|
|
|
|
|
|
GAAP operating margin basis point improvement over prior year
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating margin basis point improvement over prior year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
