|
|
|
|
|
|
Autodesk, Inc.
|
|
|
|
|
|
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 31, 2016
|
|
January 31, 2016
|
|
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
1,467.3
|
|
|
$
|
1,353.0
|
|
Marketable securities
|
|
|
|
597.6
|
|
|
|
897.9
|
|
Accounts receivable, net
|
|
|
|
306.9
|
|
|
|
653.6
|
|
Prepaid expenses and other current assets
|
|
|
|
114.7
|
|
|
|
88.6
|
|
Total current assets
|
|
|
|
2,486.5
|
|
|
|
2,993.1
|
|
Marketable securities
|
|
|
|
505.6
|
|
|
|
532.3
|
|
Computer equipment, software, furniture and leasehold improvements,
net
|
|
|
|
173.0
|
|
|
|
169.3
|
|
Developed technologies, net
|
|
|
|
66.6
|
|
|
|
70.8
|
|
Goodwill
|
|
|
|
1,597.4
|
|
|
|
1,535.0
|
|
Deferred income taxes, net
|
|
|
|
9.8
|
|
|
|
9.2
|
|
Other assets
|
|
|
|
208.5
|
|
|
|
205.6
|
|
Total assets
|
|
|
$
|
5,047.4
|
|
|
$
|
5,515.3
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
110.3
|
|
|
$
|
119.9
|
|
Accrued compensation
|
|
|
|
160.0
|
|
|
|
243.3
|
|
Accrued income taxes
|
|
|
|
54.1
|
|
|
|
29.4
|
|
Deferred revenue
|
|
|
|
1,107.1
|
|
|
|
1,068.9
|
|
Other accrued liabilities
|
|
|
|
128.1
|
|
|
|
129.5
|
|
Total current liabilities
|
|
|
|
1,559.6
|
|
|
|
1,591.0
|
|
Long term deferred revenue
|
|
|
|
412.9
|
|
|
|
450.3
|
|
Long term income taxes payable
|
|
|
|
42.7
|
|
|
|
161.4
|
|
Long term deferred income taxes
|
|
|
|
66.6
|
|
|
|
67.7
|
|
Long term notes payable, net
|
|
|
|
1,489.2
|
|
|
|
1,487.7
|
|
Other liabilities
|
|
|
|
144.7
|
|
|
|
137.6
|
|
Stockholders’ equity:
|
|
|
|
|
|
Preferred stock
|
|
|
|
—
|
|
|
|
—
|
|
Common stock and additional paid-in capital
|
|
|
|
1,857.1
|
|
|
|
1,821.5
|
|
Accumulated other comprehensive loss
|
|
|
|
(129.8
|
)
|
|
|
(121.1
|
)
|
Retained earnings
|
|
|
|
(395.6
|
)
|
|
|
(80.8
|
)
|
Total stockholders’ equity
|
|
|
|
1,331.7
|
|
|
|
1,619.6
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
5,047.4
|
|
|
$
|
5,515.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autodesk, Inc.
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended July 31,
|
|
|
|
2016
|
|
2015
|
|
|
|
(Unaudited)
|
Operating activities:
|
|
|
|
|
|
Net loss
|
|
|
$
|
(265.9
|
)
|
|
$
|
(249.5
|
)
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation, amortization and accretion
|
|
|
|
70.4
|
|
|
|
74.0
|
|
Stock-based compensation expense
|
|
|
|
105.9
|
|
|
|
90.9
|
|
Deferred income taxes
|
|
|
|
(9.2
|
)
|
|
|
223.0
|
|
Restructuring charges and other facility exit costs, net
|
|
|
|
68.3
|
|
|
|
—
|
|
Other operating activities
|
|
|
|
(6.2
|
)
|
|
|
(15.3
|
)
|
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|
Accounts receivable
|
|
|
|
346.9
|
|
|
|
64.4
|
|
Prepaid expenses and other current assets
|
|
|
|
(23.3
|
)
|
|
|
(19.4
|
)
|
Accounts payable and accrued liabilities
|
|
|
|
(44.6
|
)
|
|
|
(80.3
|
)
|
Deferred revenue
|
|
|
|
(1.4
|
)
|
|
|
79.2
|
|
Accrued income taxes
|
|
|
|
(94.5
|
)
|
|
|
(3.3
|
)
|
Net cash provided by operating activities
|
|
|
|
146.4
|
|
|
|
163.7
|
|
Investing activities:
|
|
|
|
|
|
Purchases of marketable securities
|
|
|
|
(810.9
|
)
|
|
|
(1,314.2
|
)
|
Sales of marketable securities
|
|
|
|
354.7
|
|
|
|
187.0
|
|
Maturities of marketable securities
|
|
|
|
791.3
|
|
|
|
541.0
|
|
Capital expenditures
|
|
|
|
(42.6
|
)
|
|
|
(29.8
|
)
|
Acquisitions, net of cash acquired
|
|
|
|
(85.2
|
)
|
|
|
(37.5
|
)
|
Other investing activities
|
|
|
|
(6.7
|
)
|
|
|
(13.1
|
)
|
Net cash provided by (used in) investing activities
|
|
|
|
200.6
|
|
|
|
(666.6
|
)
|
Financing activities:
|
|
|
|
|
|
Proceeds from issuance of common stock, net of issuance costs
|
|
|
|
54.2
|
|
|
|
61.9
|
|
Taxes paid related to net share settlement of equity awards
|
|
|
|
(19.9
|
)
|
|
|
(28.7
|
)
|
Repurchase and retirement of common stock
|
|
|
|
(270.0
|
)
|
|
|
(207.7
|
)
|
Proceeds from debt, net of discount
|
|
|
|
—
|
|
|
|
748.3
|
|
Other financing activities
|
|
|
|
—
|
|
|
|
(6.3
|
)
|
Net cash (used in) provided by financing activities
|
|
|
|
(235.7
|
)
|
|
|
567.5
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
3.0
|
|
|
|
(2.1
|
)
|
Net increase in cash and cash equivalents
|
|
|
|
114.3
|
|
|
|
62.5
|
|
Cash and cash equivalents at beginning of the period
|
|
|
|
1,353.0
|
|
|
|
1,410.6
|
|
Cash and cash equivalents at end of the period
|
|
|
$
|
1,467.3
|
|
|
$
|
1,473.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Autodesk, Inc.
|
Reconciliation of GAAP financial measures to non-GAAP financial
measures
|
(In millions, except per share data)
|
|
To supplement our consolidated financial statements presented on a
GAAP basis, Autodesk provides investors with certain non-GAAP
measures including non-GAAP gross margin, non-GAAP operating
expenses, non-GAAP operating margin, non-GAAP net income, non-GAAP
net income per share, and non-GAAP diluted shares used in per
share calculation. These non-GAAP financial measures are adjusted
to exclude certain costs, expenses, gains and losses, including
stock-based compensation expense, restructuring charges and other
facility exit costs, amortization of purchased intangibles, gain
and loss on strategic investments, 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, 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 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
GAAP 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 July 31,
|
|
Six Months Ended July 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
GAAP cost of subscription revenue
|
|
$
|
38.2
|
|
|
$
|
40.0
|
|
|
$
|
78.0
|
|
|
$
|
78.7
|
|
Stock-based compensation expense
|
|
|
(1.7
|
)
|
|
|
(1.2
|
)
|
|
|
(3.5
|
)
|
|
|
(2.6
|
)
|
Amortization of developed technology
|
|
|
(0.1
|
)
|
|
|
(0.8
|
)
|
|
|
(0.4
|
)
|
|
|
(1.9
|
)
|
Non-GAAP cost of subscription revenue
|
|
$
|
36.4
|
|
|
$
|
38.0
|
|
|
$
|
74.1
|
|
|
$
|
74.2
|
|
|
|
|
|
|
|
|
|
|
GAAP cost of license and other revenue
|
|
$
|
46.9
|
|
|
$
|
53.0
|
|
|
$
|
99.5
|
|
|
$
|
106.1
|
|
Stock-based compensation expense
|
|
|
(1.7
|
)
|
|
|
(1.2
|
)
|
|
|
(3.3
|
)
|
|
|
(2.7
|
)
|
Amortization of developed technology
|
|
|
(10.6
|
)
|
|
|
(11.2
|
)
|
|
|
(21.2
|
)
|
|
|
(23.6
|
)
|
Non-GAAP cost of license and other revenue
|
|
$
|
34.6
|
|
|
$
|
40.6
|
|
|
$
|
75.0
|
|
|
$
|
79.8
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
465.6
|
|
|
$
|
516.5
|
|
|
$
|
885.1
|
|
|
$
|
1,071.2
|
|
Stock-based compensation expense
|
|
|
3.4
|
|
|
|
2.4
|
|
|
|
6.8
|
|
|
|
5.3
|
|
Amortization of developed technology
|
|
|
10.7
|
|
|
|
12.0
|
|
|
|
21.6
|
|
|
|
25.5
|
|
Non-GAAP gross profit
|
|
$
|
479.7
|
|
|
$
|
530.9
|
|
|
$
|
913.5
|
|
|
$
|
1,102.0
|
|
|
|
|
|
|
|
|
|
|
GAAP marketing and sales
|
|
$
|
243.1
|
|
|
$
|
240.8
|
|
|
$
|
483.9
|
|
|
$
|
494.7
|
|
Stock-based compensation expense
|
|
|
(23.3
|
)
|
|
|
(17.3
|
)
|
|
|
(44.8
|
)
|
|
|
(39.0
|
)
|
Non-GAAP marketing and sales
|
|
$
|
219.8
|
|
|
$
|
223.5
|
|
|
$
|
439.1
|
|
|
$
|
455.7
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development
|
|
$
|
193.0
|
|
|
$
|
193.1
|
|
|
$
|
386.5
|
|
|
$
|
387.6
|
|
Stock-based compensation expense
|
|
|
(20.2
|
)
|
|
|
(14.8
|
)
|
|
|
(39.1
|
)
|
|
|
(32.4
|
)
|
Non-GAAP research and development
|
|
$
|
172.8
|
|
|
$
|
178.3
|
|
|
$
|
347.4
|
|
|
$
|
355.2
|
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative
|
|
$
|
68.6
|
|
|
$
|
70.1
|
|
|
$
|
143.3
|
|
|
$
|
146.0
|
|
Stock-based compensation expense
|
|
|
(7.4
|
)
|
|
|
(6.2
|
)
|
|
|
(15.2
|
)
|
|
|
(14.2
|
)
|
Non-GAAP general and administrative
|
|
$
|
61.2
|
|
|
$
|
63.9
|
|
|
$
|
128.1
|
|
|
$
|
131.8
|
|
|
|
|
|
|
|
|
|
|
GAAP amortization of purchased intangibles
|
|
$
|
7.8
|
|
|
$
|
8.2
|
|
|
$
|
15.7
|
|
|
$
|
17.1
|
|
Amortization of purchased intangibles
|
|
|
(7.8
|
)
|
|
|
(8.2
|
)
|
|
|
(15.7
|
)
|
|
|
(17.1
|
)
|
Non-GAAP amortization of purchased intangibles
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
GAAP restructuring charges and other facility exit costs, net
|
|
$
|
16.0
|
|
|
$
|
—
|
|
|
$
|
68.3
|
|
|
$
|
—
|
|
Restructuring charges and other facility exit costs, net
|
|
|
(16.0
|
)
|
|
|
—
|
|
|
|
(68.3
|
)
|
|
|
—
|
|
Non-GAAP restructuring charges and other facility exit costs, net
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses
|
|
$
|
528.5
|
|
|
$
|
512.2
|
|
|
$
|
1,097.7
|
|
|
$
|
1,045.4
|
|
Stock-based compensation expense
|
|
|
(50.9
|
)
|
|
|
(38.3
|
)
|
|
|
(99.1
|
)
|
|
|
(85.6
|
)
|
Amortization of purchased intangibles
|
|
|
(7.8
|
)
|
|
|
(8.2
|
)
|
|
|
(15.7
|
)
|
|
|
(17.1
|
)
|
Restructuring charges and other facility exit costs, net
|
|
|
(16.0
|
)
|
|
|
—
|
|
|
|
(68.3
|
)
|
|
|
—
|
|
Non-GAAP operating expenses
|
|
$
|
453.8
|
|
|
$
|
465.7
|
|
|
$
|
914.6
|
|
|
$
|
942.7
|
|
|
|
|
|
|
|
|
|
|
GAAP (loss) income from operations
|
|
$
|
(62.9
|
)
|
|
$
|
4.3
|
|
|
$
|
(212.6
|
)
|
|
$
|
25.8
|
|
Stock-based compensation expense
|
|
|
54.3
|
|
|
|
40.7
|
|
|
|
105.9
|
|
|
|
90.9
|
|
Amortization of developed technology
|
|
|
10.7
|
|
|
|
12.0
|
|
|
|
21.6
|
|
|
|
25.5
|
|
Amortization of purchased intangibles
|
|
|
7.8
|
|
|
|
8.2
|
|
|
|
15.7
|
|
|
|
17.1
|
|
Restructuring charges and other facility exit costs, net
|
|
|
16.0
|
|
|
|
—
|
|
|
|
68.3
|
|
|
|
—
|
|
Non-GAAP income (loss) from operations
|
|
$
|
25.9
|
|
|
$
|
65.2
|
|
|
$
|
(1.1
|
)
|
|
$
|
159.3
|
|
|
|
|
|
|
|
|
|
|
GAAP interest and other expense, net
|
|
$
|
(10.1
|
)
|
|
$
|
(3.4
|
)
|
|
$
|
(13.7
|
)
|
|
$
|
(3.1
|
)
|
Loss (gain) on strategic investments
|
|
|
0.3
|
|
|
|
(2.4
|
)
|
|
|
(0.2
|
)
|
|
|
(3.4
|
)
|
Non-GAAP interest and other expense, net
|
|
$
|
(9.8
|
)
|
|
$
|
(5.8
|
)
|
|
$
|
(13.9
|
)
|
|
$
|
(6.5
|
)
|
|
|
|
|
|
|
|
|
|
GAAP provision for income taxes
|
|
$
|
(25.2
|
)
|
|
$
|
(269.5
|
)
|
|
$
|
(39.6
|
)
|
|
$
|
(272.2
|
)
|
Discrete GAAP tax benefit items
|
|
|
14.9
|
|
|
|
4.3
|
|
|
|
13.0
|
|
|
|
1.2
|
|
Establishment of valuation allowance on deferred tax assets
|
|
|
—
|
|
|
|
230.9
|
|
|
|
—
|
|
|
|
230.9
|
|
Income tax effect of non-GAAP adjustments
|
|
|
6.1
|
|
|
|
18.9
|
|
|
|
30.5
|
|
|
|
0.4
|
|
Non-GAAP (provision) benefit for income tax
|
|
$
|
(4.2
|
)
|
|
$
|
(15.4
|
)
|
|
$
|
3.9
|
|
|
$
|
(39.7
|
)
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
$
|
(98.2
|
)
|
|
$
|
(268.6
|
)
|
|
$
|
(265.9
|
)
|
|
$
|
(249.5
|
)
|
Stock-based compensation expense
|
|
|
54.3
|
|
|
|
40.7
|
|
|
|
105.9
|
|
|
|
90.9
|
|
Amortization of developed technology
|
|
|
10.7
|
|
|
|
12.0
|
|
|
|
21.6
|
|
|
|
25.5
|
|
Amortization of purchased intangibles
|
|
|
7.8
|
|
|
|
8.2
|
|
|
|
15.7
|
|
|
|
17.1
|
|
Restructuring charges and other facility exit costs, net
|
|
|
16.0
|
|
|
|
—
|
|
|
|
68.3
|
|
|
|
—
|
|
Loss (gain) on strategic investments
|
|
|
0.3
|
|
|
|
(2.4
|
)
|
|
|
(0.2
|
)
|
|
|
(3.4
|
)
|
Discrete GAAP tax benefit items
|
|
|
14.9
|
|
|
|
4.3
|
|
|
|
13.0
|
|
|
|
1.2
|
|
Establishment of valuation allowance on deferred tax assets
|
|
|
—
|
|
|
|
230.9
|
|
|
|
—
|
|
|
|
230.9
|
|
Income tax effect of non-GAAP adjustments
|
|
|
6.1
|
|
|
|
18.9
|
|
|
|
30.5
|
|
|
|
0.4
|
|
Non-GAAP net income (loss)
|
|
$
|
11.9
|
|
|
$
|
44.0
|
|
|
$
|
(11.1
|
)
|
|
$
|
113.1
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net loss per share
|
|
$
|
(0.44
|
)
|
|
$
|
(1.18
|
)
|
|
$
|
(1.19
|
)
|
|
$
|
(1.10
|
)
|
Stock-based compensation expense
|
|
|
0.24
|
|
|
|
0.18
|
|
|
|
0.47
|
|
|
|
0.39
|
|
Amortization of developed technology
|
|
|
0.05
|
|
|
|
0.05
|
|
|
|
0.10
|
|
|
|
0.11
|
|
Amortization of purchased intangibles
|
|
|
0.03
|
|
|
|
0.04
|
|
|
|
0.07
|
|
|
|
0.07
|
|
Restructuring charges and other facility exit costs, net
|
|
|
0.07
|
|
|
|
—
|
|
|
|
0.30
|
|
|
|
—
|
|
Loss (gain) on strategic investments
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
|
—
|
|
|
|
(0.01
|
)
|
Discrete GAAP tax benefit items
|
|
|
0.07
|
|
|
|
0.02
|
|
|
|
0.06
|
|
|
|
0.02
|
|
Establishment of valuation allowance on deferred tax assets
|
|
|
—
|
|
|
|
1.01
|
|
|
|
—
|
|
|
|
1.01
|
|
Income tax effect of non-GAAP adjustments
|
|
|
0.03
|
|
|
|
0.08
|
|
|
|
0.14
|
|
|
|
—
|
|
Non-GAAP diluted net income (loss) per share
|
|
$
|
0.05
|
|
|
$
|
0.19
|
|
|
$
|
(0.05
|
)
|
|
$
|
0.49
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted shares used in per share calculation
|
|
|
223.2
|
|
|
|
227.0
|
|
|
|
223.8
|
|
|
|
227.1
|
|
Shares included in non-GAAP net income per share, but excluded from
GAAP net loss per share as they would have been anti-dilutive
|
|
|
4.2
|
|
|
|
4.1
|
|
|
|
—
|
|
|
|
4.5
|
|
Non-GAAP diluted weighted average shares used in per share
calculation
|
|
|
227.4
|
|
|
|
231.1
|
|
|
|
223.8
|
|
|
|
231.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|