Autodesk Reports Fourth Quarter Financial Results

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 in the paragraphs under “Business Outlook” above, statements regarding the impacts and results of our business model transition, expectations regarding the transition of product offerings to subscription, our long-term financial goals, statements regarding the impact of our restructuring and other statements regarding our 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: failure to maintain our revenue growth and profitability; failure to successfully manage transitions to new business models and markets, including the introduction of additional ratable revenue streams and our continuing efforts to attract customers to our cloud-based offerings and expenses related to the transition of our business model; difficulty in predicting revenue from new businesses and the potential impact on our financial results from changes in our business models; general market, political, economic and business conditions; the impact of non-cash charges on our financial results; fluctuation in foreign currency exchange rates; the success of our foreign currency hedging program; failure to maintain cost reductions or otherwise control our expenses; our performance in particular geographies, including emerging economies; the ability of governments around the world to meet their financial and debt obligations, and finance infrastructure projects; weak or negative growth in the industries we serve; slowing momentum in subscription 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; dependence on and the timing of large transactions; 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; and any unanticipated accounting charges.

Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk's Annual Report on Form 10-K for the year ended January 31, 2015 and Form 10-Q for the quarter ended October 31, 2015, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims 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 helps people imagine, design and create a better world. Everyone--from design professionals, engineers and architects to digital artists, students and hobbyists--uses Autodesk software to unlock their creativity and solve important challenges. For more information visit autodesk.com or follow @autodesk.

Autodesk is a registered trademark of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. 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.

© 2016 Autodesk, Inc. All rights reserved.

Autodesk, Inc.
Condensed Consolidated Statements of Operations
(In millions, except per share data)
       
Three Months Ended January 31, Fiscal Year Ended January 31,
2016 2015 2016 2015
(Unaudited)
Net revenue:
License and other $ 328.8 $ 354.3 $ 1,226.9 $ 1,341.4
Subscription 319.5   310.3   1,277.2   1,170.8  
Total net revenue 648.3   664.6   2,504.1   2,512.2  
Cost of revenue:
Cost of license and other revenue 55.5 53.9 214.6 208.5
Cost of subscription revenue 39.4   35.6   156.1   133.6  
Total cost of revenue 94.9   89.5   370.7   342.1  
Gross profit 553.4 575.1 2,133.4 2,170.1
Operating expenses:
Marketing and sales 277.4 289.9 1,015.5 998.0
Research and development 204.5 191.5 790.0 725.2
General and administrative 73.2 70.4 293.4 283.3
Amortization of purchased intangibles 8.0 9.3 33.2 39.8
Restructuring charges, net       3.1  
Total operating expenses 563.1   561.1   2,132.1   2,049.4  
(Loss) income from operations (9.7 ) 14.0 1.3 120.7
Interest and other expense, net (10.8 ) (21.1 ) (21.6 ) (37.7 )
(Loss) income before income taxes (20.5 ) (7.1 ) (20.3 ) 83.0
Provision for income taxes (12.2 ) 18.6   (305.7 ) (1.2 )
Net (loss) income $ (32.7 ) $ 11.5   $ (326.0 ) $ 81.8  
Basic net (loss) income per share $ (0.15 ) $ 0.05   $ (1.44 ) $ 0.36  
Diluted net (loss) income per share $ (0.15 ) $ 0.05   $ (1.44 ) $ 0.35  
Weighted average shares used in computing basic net (loss) income per share 224.7   227.2   226.0   227.1  
Weighted average shares used in computing diluted net (loss) income per share 224.7   232.2   226.0   232.4  
 
Autodesk, Inc.
Condensed Consolidated Balance Sheets
(In millions)
   
January 31, 2016 January 31, 2015
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 1,353.0 $ 1,410.6
Marketable securities 897.9 615.8
Accounts receivable, net 653.6 458.9
Deferred income taxes, net (1) 85.1
Prepaid expenses and other current assets 88.6   100.9  
Total current assets 2,993.1   2,671.3  
Marketable securities 532.3 273.0
Computer equipment, software, furniture and leasehold improvements, net 169.3 159.2
Developed technologies, net 70.8 86.5
Goodwill 1,535.0 1,456.2
Deferred income taxes, net (1) 9.2 100.0
Other assets (2) 205.6   163.5  
Total assets $ 5,515.3   $ 4,909.7  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 119.9 $ 100.5
Accrued compensation 243.3 253.3
Accrued income taxes 29.4 28.2
Deferred revenue

1,068.9

900.8
Other accrued liabilities (1) 129.5   117.3  
Total current liabilities

1,591.0

  1,400.1  
Deferred revenue

450.3

256.3
Long term income taxes payable 161.4 158.8
Long term deferred income taxes (1) 63.2
Long term notes payable, net (2) 1,487.7 743.1
Other liabilities 137.6 132.2
Stockholders’ equity:
Preferred stock
Common stock and additional paid-in capital 1,821.5 1,773.1
Accumulated other comprehensive loss (121.1 ) (53.3 )
Retained earnings (76.3 ) 499.4  
Total stockholders’ equity 1,624.1   2,219.2  
Total liabilities and stockholders' equity $ 5,515.3   $ 4,909.7  

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