Autodesk, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions)

Three Months Ended April 30,

2024

2023

(Unaudited)

Operating activities:

Net income

$               252

$               161

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization and accretion

40

33

Stock-based compensation expense

149

165

Amortization of costs to obtain a contract with a customer (1)

41

30

Deferred income taxes

(25)

(30)

Other

18

(11)

Changes in operating assets and liabilities, net of business combinations:

Accounts receivable

526

630

Prepaid expenses and other assets (1)

(69)

(73)

Accounts payable and other liabilities (1)

(166)

(157)

Deferred revenue

(305)

(98)

Accrued income taxes

33

73

Net cash provided by operating activities

494

723

Investing activities:

Purchases of marketable securities

(220)

(342)

Sales and maturities of marketable securities

262

163

Capital expenditures

(7)

(9)

Purchases of intangible assets

(34)

(6)

Business combinations, net of cash acquired

(637)

(26)

Other investing activities

(2)

(10)

Net cash used in investing activities

(638)

(230)

Financing activities:

Proceeds from issuance of common stock, net of issuance costs

71

71

Taxes paid related to net share settlement of equity awards

(123)

(82)

Repurchases of common stock

(9)

(512)

Net cash used in financing activities

(61)

(523)

Effect of exchange rate changes on cash and cash equivalents

(6)

(8)

Net decrease in cash and cash equivalents

(211)

(38)

Cash and cash equivalents at beginning of period

1,892

1,947

Cash and cash equivalents at end of period

$            1,681

$           1,909

Supplemental cash flow disclosure:

Non-cash financing activities:

Fair value of common stock issued to settle liability-classified restricted common stock

$                    3

$                    1

(1) During the quarter ended April 30, 2024, the Company changed its presentation of the amortization of costs capitalized to obtain a contract with a customer in our Condensed Consolidated Statements of Cash Flows. Amortization of costs capitalized to obtain a contract with a customer were previously presented in "Changes in operating assets and liabilities, net of business combinations" and are now presented in "Adjustments to reconcile net income to net cash provided by operating activities." Accordingly, prior period amounts have been reclassified to conform to the current period presentation. These reclassifications did not impact total net cash provided by operating activities. The effect of the change on the Condensed Consolidated Statement of Cash Flows for the quarter ended April 30, 2023 was $30 million.