(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.
(c) Prior amounts have been conformed to align with the current period presentation.
(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 margin. These non-GAAP financial measures are adjusted to exclude certain costs, expenses, gains and losses, including stock-based compensation expense, restructuring charges, amortization of purchased intangibles, gain and loss on strategic investment, 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.
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QTR 1 |
QTR 2 |
QTR 3 |
YTD 2013 |
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| (2) GAAP Gross Margin | 90 | % | 89 | % | 89 | % | 90 | % | |||||||||
| Stock-based compensation expense | — | — | — | — | |||||||||||||
| Amortization of developed technology | 2 | % | 2 | % | 2 | % | 2 | % | |||||||||
| Non-GAAP Gross Margin | 92 | % | 91 | % | 91 | % | 92 | % | |||||||||
| (3) GAAP Operating Expenses | $ | 436 | $ | 416 | $ | 456 | $ | 1,308 | |||||||||
| Stock-based compensation expense | (32 | ) | (32 | ) | (51 | ) | (115 | ) | |||||||||
| Amortization of customer relationships and trade names | (8 | ) | (8 | ) | (14 | ) | (30 | ) | |||||||||
| Restructuring benefits (charges), net | — | — | (35 | ) | (35 | ) | |||||||||||
| Non-GAAP Operating Expenses | $ | 396 | $ | 376 | $ | 356 | $ | 1,128 | |||||||||
| (4) GAAP Operating Margin | 16 | % | 16 | % | 6 | % | 13 | % | |||||||||
| Stock-based compensation expense | 6 | % | 6 | % | 9 | % | 7 | % | |||||||||
| Amortization of developed technology | 2 | % | 2 | % | 2 | % | 1 | % | |||||||||
| Amortization of customer relationships and trade names | 1 | % | 1 | % | 3 | % | 2 | % | |||||||||
| Restructuring charges, net | — | — | 6 | % | 2 | % | |||||||||||
| Non-GAAP Operating Margin | 25 | % | 25 | % | 26 | % | 25 | % | |||||||||
| (5) GAAP Net Income | $ | 79 | $ | 65 | $ | 29 | $ | 173 | |||||||||
| Stock-based compensation expense | 33 | 34 | 52 | 119 | |||||||||||||
| Amortization of developed technology | 10 | 10 | 10 | 29 | |||||||||||||
| Amortization of customer relationships and trade names | 8 | 8 | 14 | 30 | |||||||||||||
| Restructuring charges, net | — | — | 35 | 35 | |||||||||||||
| (Gain) loss on strategic investments (7) | (1 | ) | 5 | — | 4 | ||||||||||||
| Discrete GAAP tax provision items | (6 | ) | 3 | (15 | ) | (19 | ) | ||||||||||
| Income tax effect of non-GAAP adjustments | (14 | ) | (12 | ) | (17 | ) | (42 | ) | |||||||||
| Non-GAAP Net Income | $ | 109 | $ | 111 | $ | 108 | $ | 328 | |||||||||
| (6) GAAP Diluted Net Income Per Share | $ | 0.34 | $ | 0.28 | $ | 0.13 | $ | 0.74 | |||||||||
| Stock-based compensation expense | 0.14 | 0.15 | 0.23 | 0.51 | |||||||||||||
| Amortization of developed technology | 0.04 | 0.04 | 0.04 | 0.13 | |||||||||||||
| Amortization of customer relationships and trade names | 0.03 | 0.03 | 0.06 | 0.13 | |||||||||||||
| Restructuring charges, net | — | — | 0.15 | 0.15 | |||||||||||||
| (Gain) loss on strategic investments (7) | — | 0.02 | — | 0.01 | |||||||||||||
| Discrete GAAP tax provision items | (0.03 | ) | 0.01 | (0.07 | ) | (0.08 | ) | ||||||||||
| Income tax effect of non-GAAP adjustments | (0.05 | ) | (0.05 | ) | (0.07 | ) | (0.18 | ) | |||||||||
| Non-GAAP Diluted Net Income Per Share | $ | 0.47 | $ | 0.48 | $ | 0.47 | $ | 1.41 | |||||||||
