Autodesk, Inc. Announces Fiscal 2020 First Quarter Results
SAN RAFAEL, Calif., May 23, 2019 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the first quarter of fiscal 2020.
All growth rates are compared to the first quarter of fiscal 2019 unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.
-- Total ARR increased 33 percent to $2.83 billion;
-- Billings were $798 million; adjusting for adoption of ASC 606, billings
increased 40 percent;
-- Total revenue increased 31 percent to $735 million; recurring revenue
represents 96 percent of total;
-- GAAP operating margin was 3 percent, up 13 percentage points;
-- Non-GAAP operating margin was 18 percent, up 13 percentage points;
-- GAAP diluted EPS was $(0.11); Non-GAAP diluted EPS of $0.45;
-- Cash flow from operating activities was $221 million; free cash flow was
$207 million
"We are off to a strong start in fiscal 2020 with billings and free cash flow coming in at or above expectations and great momentum across the entire business," said Andrew Anagnost, Autodesk president and CEO. "We are particularly pleased with the performance of our Construction portfolio, where we have started realizing both the sales and technology synergies we envisioned when we acquired PlanGrid and BuildingConnected. Overall, we are on track to achieve our fiscal 2020 ARR and free cash flow guidance and are reaffirming our fiscal 2023 targets."
"Our solid execution during the growth phase of the business model transition drove 33% ARR growth and enabled significant margin expansion," said Scott Herren, Autodesk CFO. "All product categories and geographies made solid contributions to our strong start in the first quarter, and market demand remains robust. Over the last 12 months, we have generated $550 million in free cash flow, positioning us well to hit our fiscal 2020 target of $1.35 billion."
First Quarter Fiscal 2020 Financial Highlights
-- Total ARR increased 33 percent to $2.83 billion as reported, and 32
percent on a constant currency basis. On a sequential basis, total ARR
increased 3 percent as reported, and on a constant currency basis.
-- Subscription plan ARR increased 70 percent to $2.38 billion as reported,
and 69 percent on a constant currency basis. On a sequential basis,
subscription plan ARR increased 8 percent as reported, and on a constant
currency basis. Subscription plan ARR includes $505 million related to
the maintenance-to-subscription (M2S) program.
-- Maintenance plan ARR decreased 38 percent to $448 million as reported,
and 40 percent on a constant currency basis. On a sequential basis,
maintenance plan ARR decreased 18 percent as reported, and 19 percent on
a constant currency basis.
-- Core ARR increased 29 percent to $2.65 billion. On a sequential basis,
core ARR increased 1 percent.
-- Cloud ARR increased 164 percent to $181 million. Excluding fourth
quarter acquisitions, cloud ARR increased 43 percent to $98 million. On
a sequential basis, total cloud ARR increased 43 percent.
-- Net revenue retention rate was within the fiscal 2019 range of
approximately 110 to 120 percent.
-- Total revenue increased 31 percent to $735 million as reported, and 30
percent on a constant currency basis.
-- Total recurring revenue in the first quarter was 96 percent of total
revenue, compared to 95 percent in the first quarter last year.
-- GAAP operating income was $25 million compared to a loss of $(55)
million in the first quarter last year. GAAP operating margin was 3
percent, up 13 percentage points year-over-year. The increase was driven
by an increase in revenue, operating leverage, and lower restructuring
costs.
-- Total non-GAAP operating income was $132 million compared to $29 million
in the first quarter last year. Non-GAAP operating margin was 18
percent, up 13 percentage points year-over-year. The increase was driven
by an increase in revenue and operating leverage.
-- GAAP diluted net loss per share was $(0.11), compared to GAAP diluted
net loss per share of $(0.38) in the first quarter last year.
-- Non-GAAP diluted net income per share was $0.45, compared to non-GAAP
diluted net income per share of $0.06 in the first quarter last year.
-- Billings were $798 million; adjusting for adoption of ASC 606, billings
increased 40 percent.
-- Deferred revenue increased 19 percent to $2.15 billion. The increase is
primarily related to the increase in subscription plan billings as well
as recent acquisitions. Unbilled deferred revenue at the end of the
first quarter was $589 million, a decrease of $2 million compared to the
fourth quarter of fiscal 2019. The decrease is primarily due to the
normal seasonality of EBA billings. Total deferred revenue (deferred
revenue plus unbilled deferred revenue) was $2.74 billion, an increase
of 24 percent compared to the first quarter last year.
-- Cash flow from operating activities was $221 million, an increase of
$238 million compared to the first quarter last year. Free cash flow was
$207 million, an increase of $240 million compared to the first quarter
last year.
First Quarter Fiscal 2020 Business Highlights
Net Revenue by Geographic Area
Three months Three months Change compared to Constant
currency
ended April ended April
30, 30, prior fiscal year change compared
2019 2018 to prior fiscal
year
(In millions, except
percentages)
$ % %
Net Revenue:
Americas
U.S. $
249.1 $
195.9 $
53.2 27
%
*
Other Americas 46.7 37.6 9.1 24
%
*
Total Americas 295.8 233.5 62.3 27
%
% 27
EMEA 297.2 220.9 76.3 35
%
% 31
APAC 142.5 105.5 37.0 35
%
% 36
Total Net Revenue $
735.5 $
559.9 $
175.6 31
%
% 30
Emerging Economies $
87.9 $
65.2 $
22.7 35
%
% 35
* Constant currency data
not provided at this
level.
Net Revenue by Product Family
Our product offerings are focused in four primary product families: Architecture, Engineering and Construction ("AEC"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E").
Three months ended Change compared to
prior fiscal year
(In millions,
except
percentages) April 30, 2019 April 30, 2018
$ %
AEC $
304.3 $
221.8 $
82.5 37
%
AutoCAD and AutoCAD 213.2 155.6 57.6 37
LT
%
MFG 167.5 135.4 32.1 24
%
M&E 45.5 41.8 3.7 9
%
Other 5.0 5.3 (0.3) (6)
%
$
735.5 $
559.9 $
175.6 31
%
Business Outlook
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement." Autodesk's business outlook for the second quarter and full year fiscal 2020 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2020 GAAP and non-GAAP estimates is provided below or in the tables following this press release.
Second Quarter Fiscal 2020
Q2 FY20 Guidance Metrics Q2 FY20
(ending July 31, 2019)
Revenue (in millions)
$782 - $792
EPS GAAP
$0.13 - $0.17
EPS non-GAAP (1)
$0.59 - $0.63
(1) Non-GAAP earnings per
diluted share excludes $0.37
related to stock-based
compensation expense, $0.08
for the amortization of
acquisition-related
intangibles, $0.04 related
to acquisition related
costs, and $(0.03) related
to GAAP-only tax charges.
Full Year Fiscal 2020
FY20 Guidance Metrics FY20
(ending January 31,
2020)
Total ARR (in millions)
$3,500 - $3,550
Up 27% - 29%
Billings (in millions)
$4,050 - $4,150
Up 50% - 53%
Revenue (in millions)
$3,250 - $3,300
Up 26% - 28%
GAAP spend growth (1) Approx. 12%
Non-GAAP spend growth (2) Approx. 9%
EPS GAAP (1)
$0.83 - $1.02
EPS non-GAAP (3)
$2.71 - $2.90
Free cash flow Approx. $1.35 billion
(1) GAAP spend growth
increased by 2
percentage points
versus our prior
guidance. This
resulted in a
corresponding
reduction in GAAP
EPS. The change in
outlook is due
primarily to stock-
based compensation,
as well as accounting
adjustments
associated with our
fourth quarter
acquisitions.
(2) Non-GAAP spend
excludes $326 million
related to stock-
based compensation
expense, $74 million
for the amortization
of acquisition-
related intangibles,
and $38 million for
acquisition related
costs.
(3) Non-GAAP earnings per
diluted share
excludes $1.47
related to stock-
based compensation
expense, $0.33 for
the amortization of
acquisition-related
intangibles, $0.18
related to
acquisition related
costs, $0.02 related
to losses on
strategic investments
and dispositions, and
$(0.12) related to
GAAP-only tax
charges.
The second quarter and full year fiscal 2020 outlook assume a projected annual effective tax rate of 34 percent and 18 percent for GAAP and non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. Thus, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.
Earnings Conference Call and Webcast
Autodesk will host its first quarter conference call today at 5:00 p.m. ET. The live broadcast can be accessed at http://www.autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call.
A replay of the broadcast will be available at 7:00 p.m. ET at http://www.autodesk.com/investor. This replay will be maintained on Autodesk's website for at least 12 months.
Investor Presentation Details
An investor presentation providing additional information can be found at http://www.autodesk.com/investor.
Glossary of Terms
Annualized Recurring Revenue (ARR): Represents the annualized value of our average monthly recurring revenue for the preceding three months. "Maintenance plan ARR" captures ARR relating to traditional maintenance attached to perpetual licenses. "Subscription plan ARR" captures ARR relating to subscription offerings. Refer to the definition of recurring revenue below for more details on what is included within ARR. Recurring revenue acquired with the acquisition of a business is captured when total subscriptions are captured in our systems and may cause variability in the comparison of this calculation.
ARR is currently one of our key performance metrics to assess the health and trajectory of our business. ARR should be viewed independently of revenue and deferred revenue as ARR is a performance metric and is not intended to be combined with any of these items.
Billings: Total revenue plus the net change in deferred revenue from the beginning to the end of the period.
Cloud Service Offerings: Represents individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration. Cloud service offerings that are bundled with other product offerings are not captured as a separate cloud service offering.
Constant Currency (CC) Growth Rates: We attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods. We calculate constant currency growth rates by (i) applying the applicable prior period exchange rates to current period results and (ii) excluding any gains or losses from foreign currency hedge contracts that are reported in the current and comparative periods.
Core Business: Represents the combination of maintenance, product, and EBA.
Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access or a fixed maximum number of seats to a broad pool of Autodesk products over a defined contract term.
Free Cash Flow: Cash flow from operating activities minus capital expenditures.
Maintenance Plan: Our maintenance plans provide our customers with a cost effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts. Under our maintenance plans, customers are eligible to receive unspecified upgrades when and if available, and technical support. We recognize maintenance revenue over the term of the agreements, generally one year.
Net Revenue Retention Rate: Measures the year-over-year change in ARR for the population of customers that existed one year ago ("base customers"). Net revenue retention rate is calculated by dividing the current period ARR related to base customers by the total ARR from one year ago. ARR is based on USD reported revenue, and fluctuations caused by changes in foreign currency exchange rates and hedge gains or losses have not been eliminated. ARR related to acquired companies is excluded from the calculation for at least one year from integration.
Other Revenue: Consists of revenue from consulting, training and other services, and is recognized over time as the services are performed. Other Revenue also includes software license revenue from the sale of products that do not incorporate substantial cloud services and is recognized up front.
Product Subscription: Provides customers the most flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools. Our product subscriptions currently represent a hybrid of desktop and SaaS functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders.
Recurring Revenue: Consists of the revenue for the period from our traditional maintenance plans and revenue from our subscription plan offerings. It excludes subscription revenue related to consumer product offerings, select Creative Finishing product offerings, education offerings, and third party products. Recurring revenue acquired with the acquisition of a business is captured when total subscriptions are captured in our systems and may cause variability in the comparison of this calculation.
Subscription Plan: Comprises our term-based product subscriptions, cloud service offerings, and EBAs. Subscriptions represent a combined hybrid offering of desktop software and cloud functionality which provides a device-independent, collaborative design workflow for designers and their stakeholders. With subscription, customers can use our software anytime, anywhere, and get access to the latest updates to previous versions.
Subscription Revenue: Includes subscription fees from product subscriptions, cloud service offerings, and EBAs.
Total Deferred Revenue: Is the sum of total short term, long term, and unbilled deferred revenue.
Unbilled Deferred Revenue: Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services and maintenance for which the associated deferred revenue has not been recognized. Under FASB Accounting Standards Codification ("ASC") Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Condensed Consolidated Balance Sheet.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties, including statements in the paragraphs under "Business Outlook" above and other statements about our short-term and long-term goals, and other statements regarding our strategies, market and product 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 achieve our revenue and profitability objectives; failure to successfully manage transitions to new business models and markets; failure to maintain cost reductions or otherwise control our expenses; 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; any imposition of new tariffs or trade barriers; the impact of non-cash charges on our financial results; fluctuation in foreign currency exchange rates; the success of our foreign currency hedging program; 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; pricing pressure; unexpected fluctuations in our annual effective tax rate; significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the Tax Cuts and Jobs Act? 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. Our estimates as to tax rate are based on current tax law, including current interpretations of the Tax Cuts and Jobs Act, and could be affected by changing interpretations of that Act, as well as additional legislation and guidance around that Act.
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 fiscal year ended January 31, 2019, which is 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 makes software for people who make things. If you've ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you've experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information visit autodesk.com or follow @autodesk.
Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are registered trademarks 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.
© 2019 Autodesk, Inc. All rights reserved.
Autodesk, Inc.
Condensed Consolidated Statements of Operations
(In millions, except per share data)
Three Months Ended April 30,
2019 2018
---
(Unaudited)
Net revenue:
Subscription $
595.8 $
350.4
Maintenance 112.0 181.2
Total subscription and
maintenance revenue 707.8 531.6
Other 27.7 28.3
Total net revenue 735.5 559.9
Cost of revenue:
Cost of subscription and
maintenance revenue 59.7 50.4
Cost of other revenue 13.8 12.8
Amortization of developed
technology 9.2 3.6
Total cost of revenue 82.7 66.8
Gross profit 652.8 493.1
Operating expenses:
Marketing and sales 313.3 276.4
Research and development 205.6 172.8
General and administrative 99.1 72.9
Amortization of purchased
intangibles 9.8 3.8
Restructuring and other exit
costs, net 0.2 22.5
Total operating expenses 628.0 548.4
Income (loss) from operations 24.8 (55.3)
Interest and other expense,
net (16.2) (8.5)
Income (loss) before income
taxes 8.6 (63.8)
Provision for income taxes (32.8) (18.6)
Net loss $
(24.2) $
(82.4)
Basic net loss per share $
(0.11) $
(0.38)
Diluted net loss per share $
(0.11) $
(0.38)
Weighted average shares used
in computing basic net loss
per share 219.6 218.6
Weighted average shares used
in computing diluted net
loss per share 219.6 218.6
Autodesk, Inc.
Condensed Consolidated Balance
Sheets
(In millions)
April 30, 2019 January 31, 2019
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $
883.2 $
886.0
Marketable securities 88.9 67.6
Accounts receivable, net 268.1 474.3
Prepaid expenses and other
current assets 182.1 192.1
Total current assets 1,422.3 1,620.0
Computer equipment, software,
furniture and leasehold
improvements, net 152.6 149.7
Operating lease right-of-use
assets 309.9
Developed technologies, net 96.3 105.6
Goodwill 2,446.2 2,450.8
Deferred income taxes, net 54.4 65.3
Other assets 326.8 337.8
Total assets $
4,808.5 $
4,729.2
LIABILITIES AND STOCKHOLDERS'
DEFICIT
Current liabilities:
Accounts payable $
98.0 $
101.6
Accrued compensation 161.8 280.8
Accrued income taxes 6.5 13.2
Deferred revenue 1,777.5 1,763.3
Lease liabilities 59.2
Other accrued liabilities 117.7 142.3
Total current liabilities 2,220.7 2,301.2
Long-term deferred revenue 376.0 328.1
Long-term lease liabilities 265.6
Long-term income taxes payable 18.4 21.5
Long-term deferred income
taxes 93.9 79.8
Long-term notes payable, net 1,963.3 2,087.7
Other liabilities 115.9 121.8
Stockholders' deficit:
Common stock and additional
paid-in capital 2,123.1 2,071.5
Accumulated other comprehensive
loss (141.6) (135.0)
Accumulated deficit (2,226.8) (2,147.4)
Total stockholders' deficit (245.3) (210.9)
Total liabilities and
stockholders' deficit $
4,808.5 $
4,729.2
Autodesk, Inc.
Condensed Consolidated Statements of
Cash Flows
(In millions)
Three Months Ended April 30,
2019 2018
(Unaudited)
Operating activities:
Net loss $
(24.2) $
(82.4)
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities:
Depreciation, amortization and
accretion 32.7 24.1
Stock-based compensation expense 75.2 54.4
Deferred income taxes 24.4 13.3
Restructuring and other exit costs,
net 0.2 22.5
Other operating activities 15.3 10.5
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable 206.2 231.4
Prepaid expenses and other current
assets 11.4 (1.4)
Accounts payable and accrued
liabilities (172.6) (227.7)
Deferred revenue 62.2 (58.5)
Accrued income taxes (9.6) (3.1)
Net cash provided by (used in)
operating activities 221.2 (16.9)
Investing activities:
Purchases of marketable securities (19.8) (9.9)
Sales of marketable securities 4.6 6.2
Maturities of marketable securities 68.6
Capital expenditures (14.7) (16.7)
Other investing activities 0.7 (0.6)
Net cash (used in) provided by
investing activities (29.2) 47.6
Financing activities:
Proceeds from issuance of common
stock, net of issuance costs 46.9 49.1
Taxes paid related to net share
settlement of equity awards (25.8) (38.8)
Repurchase and retirement of common
stock (88.5) (22.0)
Repayment of debt (125.0)
Net cash used in financing activities (192.4) (11.7)
Effect of exchange rate changes on
cash and cash equivalents (2.4) (4.0)
Net (decrease) increase in cash and
cash equivalents (2.8) 15.0
Cash and cash equivalents at beginning
of the period 886.0 1,078.0
Cash and cash equivalents at end of
the period $
883.2 $
1,093.0
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, we provide investors with
certain non-GAAP measures including non-GAAP net income per share, non-GAAP operating margin, non-GAAP
spend, non-GAAP EPS and free cash flow. For our internal budgeting and resource allocation process and as
a means to evaluate period-to-period comparisons, we use non-GAAP measures to supplement our
consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include
certain items that may have a material impact upon our future reported financial results. We use non-GAAP
measures in making operating decisions because we believe those measures provide meaningful supplemental
information regarding our earning potential and performance for management by excluding certain expenses
and charges that may not be indicative of our core business operating results. For the reasons set forth
below, we believe these non-GAAP financial measures are useful to investors both because (1) they allow
for greater transparency with respect to key metrics used by management in its financial and operational
There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not
prepared in accordance with GAAP 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. In addition, they are subject to inherent
limitations as they reflect the exercise of judgments by management about which charges are excluded from
the non-GAAP financial measures. We compensate for these limitations by analyzing current and future
results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public
disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to,
not as a substitute for or in isolation from, the directly comparable financial measures prepared in
accordance with GAAP. We urge investors to review the reconciliation of our non-GAAP financial measures
to the comparable GAAP financial measures included in this presentation, and not to rely on any single
The following table shows Autodesk's non-GAAP results reconciled to GAAP results included in this release.
Three Months Ended April 30,
2019 2018
---
(Unaudited)
GAAP cost of
subscription and
maintenance revenue $
59.7 $
50.4
Stock-based
compensation
expense (3.6) (2.7)
Non-GAAP cost of
subscription and
maintenance revenue $
56.1 $
47.7
GAAP cost of other
revenue $
13.8 $
12.8
Stock-based
compensation
expense (1.3) (0.8)
Non-GAAP cost of
other revenue $
12.5 $
12.0
GAAP amortization of
developed
technology $
9.2 $
3.6
Amortization of
developed
technology (9.2) (3.6)
Non-GAAP
amortization of
developed
technology
$
$
GAAP gross profit $
652.8 $
493.1
Stock-based
compensation
expense 4.9 3.5
Amortization of
developed
technology 9.2 3.6
Non-GAAP gross
profit $
666.9 $
500.2
GAAP marketing and
sales $
313.3 $
276.4
Stock-based
compensation
expense (32.5) (24.0)
Non-GAAP marketing
and sales $
280.8 $
252.4
GAAP research and
development $
205.6 $
172.8
Stock-based
compensation
expense (26.7) (17.8)
Non-GAAP research
and development $
178.9 $
155.0
GAAP general and
administrative $
99.1 $
72.9
Stock-based
compensation
expense (11.1) (9.1)
Acquisition related
costs (12.7)
Non-GAAP general
and administrative $
75.3 $
63.8
GAAP amortization of
purchased
intangibles $
9.8 $
3.8
Amortization of
purchased
intangibles (9.8) (3.8)
Non-GAAP
amortization of
purchased
intangibles
$
$
GAAP restructuring
and other exit
costs, net $
0.2 $
22.5
Restructuring and
other exit costs,
net (0.2) (22.5)
Non-GAAP
restructuring and
other exit costs,
net
$
$
GAAP operating
expenses $
628.0 $
548.4
Stock-based
compensation
expense (70.3) (50.9)
Amortization of
purchased
intangibles (9.8) (3.8)
Acquisition related
costs (12.7)
Restructuring and
other exit costs,
net (0.2) (22.5)
Non-GAAP operating
expenses $
535.0 $
471.2
GAAP spend $
710.7 $
615.2
Stock-based
compensation
expense (75.2) (54.4)
Amortization of
developed
technology (9.2) (3.6)
Amortization of
purchased
intangibles (9.8) (3.8)
Acquisition related
costs (12.7)
Restructuring and
other exit costs,
net (0.2) (22.5)
Non-GAAP spend $
603.6 $
530.9
GAAP income (loss)
from operations $
24.8 $
(55.3)
Stock-based
compensation
expense 75.2 54.4
Amortization of
developed
technology 9.2 3.6
Amortization of
purchased
intangibles 9.8 3.8
Acquisition related
costs 12.7
Restructuring and
other exit costs,
net 0.2 22.5
Non-GAAP income
from operations $
131.9 $
29.0
GAAP interest and
other expense, net $
(16.2) $
(8.5)
Loss (gain) on
strategic
investments and
dispositions, net 5.0 (2.7)
Non-GAAP interest
and other expense,
net $
(11.2) $
(11.2)
GAAP provision for
income taxes $
(32.8) $
(18.6)
Discrete GAAP tax
items (2.3)
Income tax effect of
non-GAAP
adjustments 13.4 15.2
Non-GAAP provision
for income tax $
(21.7) $
(3.4)
GAAP net loss $
(24.2) $
(82.4)
Stock-based
compensation
expense 75.2 54.4
Amortization of
developed
technology 9.2 3.6
Amortization of
purchased
intangibles 9.8 3.8
Acquisition related
costs 12.7
Restructuring and
other exit costs,
net 0.2 22.5
Loss (gain) on
strategic
investments and
dispositions, net 5.0 (2.7)
Discrete GAAP tax
items (2.3)
Income tax effect of
non-GAAP
adjustments 13.4 15.2
Non-GAAP net income $
99.0 $
14.4
GAAP diluted net
loss per share $
(0.11) $
(0.38)
Stock-based
compensation
expense 0.34 0.25
Amortization of
developed
technology 0.04 0.02
Amortization of
purchased
intangibles 0.04 0.02
Acquisition related
costs 0.07
Restructuring and
other exit costs,
net - 0.09
Loss (gain) on
strategic
investments and
dispositions, net 0.02 (0.01)
Discrete GAAP tax
items (0.01)
Income tax effect of
non-GAAP
adjustments 0.06 0.07
Non-GAAP diluted
net income per
share $
0.45 $
0.06
GAAP diluted shares
used in per share
calculation 219.6 218.6
Shares included in
non-GAAP net
income per share,
but excluded from
GAAP net loss per
share as they would
have been anti-
dilutive 2.4 3.0
Non-GAAP diluted
weighted average
shares used in per
share calculation 222.0 221.6
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SOURCE Autodesk, Inc.
