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.
The following table shows Autodesk's non-GAAP results reconciled to GAAP results included in this release.
|
Three Months Ended
October 31, |
Nine Months Ended
October 31, |
|||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| GAAP cost of license and other revenue | $ | 49.6 | $ | 50.5 | $ | 145.8 | $ | 138.8 | ||||||||
| Stock-based compensation expense | (1.3 | ) | (0.9 | ) | (3.8 | ) | (2.8 | ) | ||||||||
| Amortization of developed technology | (9.9 | ) | (11.1 | ) | (29.3 | ) | (27.7 | ) | ||||||||
| Non-GAAP cost of license and other revenue | $ | 38.4 | $ | 38.5 | $ | 112.7 | $ | 108.3 | ||||||||
| GAAP gross profit | $ | 490.0 | $ | 489.0 | $ | 1,528.7 | $ | 1,451.6 | ||||||||
| Stock-based compensation expense | 1.3 | 0.9 | 3.8 | 2.8 | ||||||||||||
| Amortization of developed technology | 9.9 | 11.1 | 29.3 | 27.7 | ||||||||||||
| Non-GAAP gross profit | $ | 501.2 | $ | 501.0 | $ | 1,561.8 | $ | 1,482.1 | ||||||||
| GAAP marketing and sales | $ | 204.6 | $ | 206.2 | $ | 640.2 | $ | 609.1 | ||||||||
| Stock-based compensation expense | (16.6 | ) | (11.7 | ) | (47.3 | ) | (34.8 | ) | ||||||||
| Non-GAAP marketing and sales | $ | 188.0 | $ | 194.5 | $ | 592.9 | $ | 574.3 | ||||||||
| GAAP research and development | $ | 153.6 | $ | 141.2 | $ | 451.2 | $ | 417.0 | ||||||||
| Stock-based compensation expense | (28.1 | ) | (8.9 | ) | (49.6 | ) | (27.6 | ) | ||||||||
| Non-GAAP research and development | $ | 125.5 | $ | 132.3 | $ | 401.6 | $ | 389.4 | ||||||||
| GAAP general and administrative | $ | 62.3 | $ | 51.4 | $ | 180.9 | $ | 163.0 | ||||||||
| Stock-based compensation expense | (5.8 | ) | (4.1 | ) | (18.0 | ) | (13.6 | ) | ||||||||
| Amortization of customer relationships and trade names | (13.8 | ) | (8.2 | ) | (29.5 | ) | (24.0 | ) | ||||||||
| Non-GAAP general and administrative | $ | 42.7 | $ | 39.1 | $ | 133.4 | $ | 125.4 | ||||||||
| GAAP restructuring charges (benefits), net | $ | 35.2 | $ | — | $ | 35.2 | $ | (1.3 | ) | |||||||
| Restructuring charges (benefits) | (35.2 | ) | — | (35.2 | ) | 1.3 | ||||||||||
| Non-GAAP restructuring charges (benefits), net | $ | — | $ | — | $ | — | $ | — | ||||||||
| GAAP operating expenses | $ | 455.7 | $ | 398.8 | $ | 1,307.5 | $ | 1,187.8 | ||||||||
| Stock-based compensation expense | (50.5 | ) | (24.7 | ) | (114.9 | ) | (76.0 | ) | ||||||||
| Amortization of customer relationships and trade names | (13.8 | ) | (8.2 | ) | (29.5 | ) | (24.0 | ) | ||||||||
| Restructuring (charges) benefits | (35.2 | ) | — | (35.2 | ) | 1.3 | ||||||||||
| Non-GAAP operating expenses | $ | 356.2 | $ | 365.9 | $ | 1,127.9 | $ | 1,089.1 | ||||||||
| GAAP income from operations | $ | 34.3 | $ | 90.2 | $ | 221.2 | $ | 263.8 | ||||||||
| Stock-based compensation expense | 51.8 | 25.6 | 118.7 | 78.8 | ||||||||||||
| Amortization of developed technology | 9.9 | 11.1 | 29.3 | 27.7 | ||||||||||||
| Amortization of customer relationships and trade names | 13.8 | 8.2 | 29.5 | 24.0 | ||||||||||||
| Restructuring charges (benefits) | 35.2 | — | 35.2 | (1.3 | ) | |||||||||||
| Non-GAAP income from operations | $ | 145.0 | $ | 135.1 | $ | 433.9 | $ | 393.0 | ||||||||
| GAAP interest and other income (expense), net | $ | (0.1 | ) | $ | 1.1 | $ | 2.6 | $ | 6.2 | |||||||
| (Gain) loss on strategic investments (1) | (0.1 | ) | — | 3.8 | — | |||||||||||
| Non-GAAP interest and other income (expense), net | $ | (0.2 | ) | $ | 1.1 | $ | 6.4 | $ | 6.2 | |||||||
| GAAP provision for income taxes | $ | (4.9 | ) | $ | (18.5 | ) | $ | (51.0 | ) | $ | (56.7 | ) | ||||
| Discrete GAAP tax provision items | (15.4 | ) | (4.2 | ) | (19.0 | ) | (7.4 | ) | ||||||||
| Income tax effect of non-GAAP adjustments | (16.7 | ) | (11.4 | ) | (42.3 | ) | (35.8 | ) | ||||||||
| Non-GAAP provision for income tax | $ | (37.0 | ) | $ | (34.1 | ) | $ | (112.3 | ) | $ | (99.9 | ) | ||||
| GAAP net income | $ | 29.3 | $ | 72.8 | $ | 172.8 | $ | 213.3 | ||||||||
| Stock-based compensation expense | 51.8 | 25.6 | 118.7 | 78.8 | ||||||||||||
| Amortization of developed technology | 9.9 | 11.1 | 29.3 | 27.7 | ||||||||||||
| Amortization of customer relationships and trade names | 13.8 | 8.2 | 29.5 | 24.0 | ||||||||||||
| Restructuring charges (benefits) | 35.2 | — | 35.2 | (1.3 | ) | |||||||||||
| (Gain) loss on strategic investments (1) | (0.1 | ) | — | 3.8 | — | |||||||||||
| Discrete GAAP tax provision items | (15.4 | ) | (4.2 | ) | (19.0 | ) | (7.4 | ) | ||||||||
| Income tax effect of non-GAAP adjustments | (16.7 | ) | (11.4 | ) | (42.3 | ) | (35.8 | ) | ||||||||
| Non-GAAP net income | $ | 107.8 | $ | 102.1 | $ | 328.0 | $ | 299.3 | ||||||||
| GAAP diluted net income per share | $ | 0.13 | 0.32 | 0.74 | 0.91 | |||||||||||
| Stock-based compensation expense | 0.23 | 0.11 | 0.51 | 0.34 | ||||||||||||
| Amortization of developed technology | 0.04 | 0.05 | 0.13 | 0.12 | ||||||||||||
| Amortization of customer relationships and trade names | 0.06 | 0.03 | 0.13 | 0.10 | ||||||||||||
| Restructuring charges (benefits) | 0.15 | — | 0.15 | (0.01 | ) | |||||||||||
| (Gain) loss on strategic investments (1) | — | — | 0.01 | — | ||||||||||||
| Discrete GAAP tax provision items | (0.07 | ) | (0.02 | ) | (0.08 | ) | (0.03 | ) | ||||||||
| Income tax effect of non-GAAP adjustments | (0.07 | ) | (0.05 | ) | (0.18 | ) | (0.15 | ) | ||||||||
| Non-GAAP diluted net income per share | $ | 0.47 | 0.44 | 1.41 | 1.28 | |||||||||||
