x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 94-2819853 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer Identification No.) | |
111 McInnis Parkway, San Rafael, California | 94903 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | x | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Page No. | ||
Item 1. | Unaudited Financial Statements: | |
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
ITEM 1. | FINANCIAL STATEMENTS |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net revenue: | |||||||||||||||
Subscription | $ | 319.5 | $ | 318.9 | $ | 967.5 | $ | 957.7 | |||||||
License and other | 170.1 | 280.9 | 584.7 | 898.1 | |||||||||||
Total net revenue | 489.6 | 599.8 | 1,552.2 | 1,855.8 | |||||||||||
Cost of revenue: | |||||||||||||||
Cost of subscription revenue | 35.1 | 38.0 | 113.1 | 116.7 | |||||||||||
Cost of license and other revenue | 46.4 | 53.0 | 145.9 | 159.1 | |||||||||||
Total cost of revenue | 81.5 | 91.0 | 259.0 | 275.8 | |||||||||||
Gross profit | 408.1 | 508.8 | 1,293.2 | 1,580.0 | |||||||||||
Operating expenses: | |||||||||||||||
Marketing and sales | 255.0 | 243.4 | 738.9 | 738.1 | |||||||||||
Research and development | 192.6 | 197.9 | 579.1 | 585.5 | |||||||||||
General and administrative | 70.4 | 74.2 | 213.7 | 220.2 | |||||||||||
Amortization of purchased intangibles | 6.8 | 8.1 | 22.5 | 25.2 | |||||||||||
Restructuring charges and other facility exit costs, net | 3.2 | — | 71.5 | — | |||||||||||
Total operating expenses | 528.0 | 523.6 | 1,625.7 | 1,569.0 | |||||||||||
(Loss) income from operations | (119.9 | ) | (14.8 | ) | (332.5 | ) | 11.0 | ||||||||
Interest and other expense, net | (9.4 | ) | (7.7 | ) | (23.1 | ) | (10.8 | ) | |||||||
(Loss) income before income taxes | (129.3 | ) | (22.5 | ) | (355.6 | ) | 0.2 | ||||||||
Provision for income taxes | (13.5 | ) | (21.3 | ) | (53.1 | ) | (293.5 | ) | |||||||
Net loss | $ | (142.8 | ) | $ | (43.8 | ) | $ | (408.7 | ) | $ | (293.3 | ) | |||
Basic net loss per share | $ | (0.64 | ) | $ | (0.19 | ) | $ | (1.83 | ) | $ | (1.29 | ) | |||
Diluted net loss per share | $ | (0.64 | ) | $ | (0.19 | ) | $ | (1.83 | ) | $ | (1.29 | ) | |||
Weighted average shares used in computing basic net loss per share | 222.3 | 225.3 | 223.3 | 226.5 | |||||||||||
Weighted average shares used in computing diluted net loss per share | 222.3 | 225.3 | 223.3 | 226.5 |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net loss | $ | (142.8 | ) | $ | (43.8 | ) | $ | (408.7 | ) | $ | (293.3 | ) | |||
Other comprehensive loss, net of reclassifications: | |||||||||||||||
Net loss on derivative instruments (net of tax effect of $0.2, $0.0, ($0.6) and ($0.7), respectively) | (0.7 | ) | (12.1 | ) | (11.7 | ) | (22.2 | ) | |||||||
Change in net unrealized (loss) gain on available-for-sale securities (net of tax effect of $0.0, $0.0, ($0.6) and $0.2, respectively) | (1.6 | ) | (0.4 | ) | 1.8 | (1.6 | ) | ||||||||
Change in defined benefit pension items (net of tax effect of $0.0, $0.0, ($0.2) and $0.0, respectively) | 0.3 | 0.3 | 0.6 | 1.3 | |||||||||||
Net change in cumulative foreign currency translation loss (net of tax effect of ($0.5), ($4.5), ($0.5) and $0.0, respectively) | (55.7 | ) | (4.0 | ) | (57.1 | ) | (10.7 | ) | |||||||
Total other comprehensive loss | (57.7 | ) | (16.2 | ) | (66.4 | ) | (33.2 | ) | |||||||
Total comprehensive loss | $ | (200.5 | ) | $ | (60.0 | ) | $ | (475.1 | ) | $ | (326.5 | ) |
October 31, 2016 | January 31, 2016 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 1,436.5 | $ | 1,353.0 | |||
Marketable securities | 532.4 | 897.9 | |||||
Accounts receivable, net | 259.8 | 653.6 | |||||
Prepaid expenses and other current assets | 103.4 | 88.6 | |||||
Total current assets | 2,332.1 | 2,993.1 | |||||
Marketable securities | 455.0 | 532.3 | |||||
Computer equipment, software, furniture and leasehold improvements, net | 168.3 | 169.3 | |||||
Developed technologies, net | 53.9 | 70.8 | |||||
Goodwill | 1,557.3 | 1,535.0 | |||||
Deferred income taxes, net | 49.6 | 9.2 | |||||
Other assets | 213.0 | 205.6 | |||||
Total assets | $ | 4,829.2 | $ | 5,515.3 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 102.8 | $ | 119.9 | |||
Accrued compensation | 187.6 | 243.3 | |||||
Accrued income taxes | 85.9 | 29.4 | |||||
Deferred revenue | 1,099.1 | 1,068.9 | |||||
Other accrued liabilities | 122.2 | 129.5 | |||||
Total current liabilities | 1,597.6 | 1,591.0 | |||||
Long-term deferred revenue | 433.9 | 450.3 | |||||
Long-term income taxes payable | 40.0 | 161.4 | |||||
Long-term deferred income taxes | 75.9 | 67.7 | |||||
Long-term notes payable, net | 1,489.9 | 1,487.7 | |||||
Other liabilities | 131.3 | 137.6 | |||||
Stockholders’ equity: | |||||||
Preferred stock | — | — | |||||
Common stock and additional paid-in capital | 1,882.8 | 1,821.5 | |||||
Accumulated other comprehensive loss | (187.5 | ) | (121.1 | ) | |||
Accumulated deficit | (634.7 | ) | (80.8 | ) | |||
Total stockholders’ equity | 1,060.6 | 1,619.6 | |||||
Total liabilities and stockholders' equity | $ | 4,829.2 | $ | 5,515.3 |
Nine Months Ended October 31, | |||||||
2016 | 2015 | ||||||
Operating activities: | |||||||
Net loss | $ | (408.7 | ) | $ | (293.3 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation, amortization and accretion | 104.5 | 109.7 | |||||
Stock-based compensation expense | 162.5 | 141.1 | |||||
Deferred income taxes | (39.6 | ) | 221.9 | ||||
Restructuring charges and other facility exit costs, net | 71.5 | — | |||||
Other operating activities | 3.4 | (10.6 | ) | ||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | 393.8 | 97.4 | |||||
Prepaid expenses and other current assets | (12.7 | ) | (5.5 | ) | |||
Accounts payable and accrued liabilities | (71.9 | ) | (75.1 | ) | |||
Deferred revenue | 15.6 | 54.5 | |||||
Accrued income taxes | (64.3 | ) | 4.0 | ||||
Net cash provided by operating activities | 154.1 | 244.1 | |||||
Investing activities: | |||||||
Purchases of marketable securities | (1,106.4 | ) | (1,827.9 | ) | |||
Sales of marketable securities | 544.7 | 263.0 | |||||
Maturities of marketable securities | 1,012.6 | 970.7 | |||||
Capital expenditures | (65.1 | ) | (41.8 | ) | |||
Acquisitions, net of cash acquired | (85.2 | ) | (104.6 | ) | |||
Other investing activities | (14.8 | ) | (15.5 | ) | |||
Net cash provided by (used in) investing activities | 285.8 | (756.1 | ) | ||||
Financing activities: | |||||||
Proceeds from issuance of common stock, net of issuance costs | 102.2 | 99.3 | |||||
Taxes paid related to net share settlement of equity awards | (58.9 | ) | (42.3 | ) | |||
Repurchases of common stock | (397.6 | ) | (357.7 | ) | |||
Proceeds from debt, net of discount | — | 748.3 | |||||
Other financing activities | — | (6.3 | ) | ||||
Net cash (used in) provided by financing activities | (354.3 | ) | 441.3 | ||||
Effect of exchange rate changes on cash and cash equivalents | (2.1 | ) | (2.4 | ) | |||
Net increase (decrease) in cash and cash equivalents | 83.5 | (73.1 | ) | ||||
Cash and cash equivalents at beginning of period | 1,353.0 | 1,410.6 | |||||
Cash and cash equivalents at end of period | $ | 1,436.5 | $ | 1,337.5 |
As Reported | ASU 2016-09 Adoption Adjustments: | As Adjusted | |||||||||||||
(in millions) | April 30, 2016 | February 1, 2016 Accumulated Deficit | For The Three Months Ended April 30, 2016 | April 30, 2016 | |||||||||||
Long-term income taxes payable | $ | 153.8 | $ | (116.5 | ) | $ | — | $ | 37.3 | ||||||
Common stock and additional paid-in capital | 1,865.6 | 6.9 | (5.3 | ) | 1,867.2 | ||||||||||
Accumulated deficit | $ | (308.2 | ) | $ | 109.6 | $ | 5.3 | $ | (193.3 | ) |
As Reported | ASU 2016-09 Adoption Increase/(Decrease) | As Adjusted | |||||||||
(in millions, except per share data) | Three Months Ended April 30, 2016 | Three Months Ended April 30, 2016 | |||||||||
Cost of subscription revenue | $ | 39.7 | $ | 0.1 | $ | 39.8 | |||||
Cost of license and other revenue | 52.8 | (0.2 | ) | 52.6 | |||||||
Gross profit | 419.4 | 0.1 | 419.5 | ||||||||
Marketing and sales | 242.9 | (2.1 | ) | 240.8 | |||||||
Research and development | 195.5 | (2.0 | ) | 193.5 | |||||||
General and administrative | 75.8 | (1.1 | ) | 74.7 | |||||||
(Loss) from operations | (155.0 | ) | 5.3 | (149.7 | ) | ||||||
Provision for income taxes | (14.4 | ) | — | (14.4 | ) | ||||||
Net (loss) | $ | (173.0 | ) | $ | 5.3 | $ | (167.7 | ) | |||
Basic and diluted weighted average shares outstanding | 224.4 | — | 224.4 | ||||||||
Basic and diluted net (loss) per share | $ | (0.77 | ) | $ | 0.02 | $ | (0.75 | ) |
October 31, 2016 | |||||||||||||||||||||||||||||
Amortized Cost | Gross unrealized gains | Gross unrealized losses | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Cash equivalents (1): | |||||||||||||||||||||||||||||
Agency bonds | $ | 7.5 | $ | — | $ | — | $ | 7.5 | $ | 7.5 | $ | — | $ | — | |||||||||||||||
Certificates of deposit | 101.2 | — | — | 101.2 | 101.2 | — | — | ||||||||||||||||||||||
Commercial paper | 11.8 | — | — | 11.8 | — | 11.8 | — | ||||||||||||||||||||||
Custody cash deposit | 19.5 | — | — | 19.5 | 19.5 | — | — | ||||||||||||||||||||||
Money market funds | 162.3 | — | — | 162.3 | — | 162.3 | — | ||||||||||||||||||||||
U.S. government securities | 631.5 | — | — | 631.5 | 631.5 | — | — | ||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||||||
Short-term available-for-sale | |||||||||||||||||||||||||||||
Agency bonds | 15.8 | — | — | 15.8 | 15.8 | — | — | ||||||||||||||||||||||
Asset backed securities | 22.2 | — | — | 22.2 | — | 22.2 | — | ||||||||||||||||||||||
Certificates of deposit | 140.7 | 0.4 | — | 141.1 | 141.1 | — | — | ||||||||||||||||||||||
Commercial paper | 51.5 | — | — | 51.5 | — | 51.5 | — | ||||||||||||||||||||||
Corporate bonds | 225.7 | 0.1 | (0.1 | ) | 225.7 | 225.7 | — | — | |||||||||||||||||||||
Municipal bonds | 7.1 | — | — | 7.1 | 7.1 | — | — | ||||||||||||||||||||||
Sovereign debt | 11.3 | — | — | 11.3 | — | 11.3 | — | ||||||||||||||||||||||
U.S. government securities | 12.1 | — | — | 12.1 | 12.1 | — | — | ||||||||||||||||||||||
Short-term trading securities | |||||||||||||||||||||||||||||
Mutual funds | 44.2 | 1.4 | — | 45.6 | 45.6 | — | — | ||||||||||||||||||||||
Long-term available-for-sale | |||||||||||||||||||||||||||||
Agency bonds | 55.5 | 0.1 | (0.1 | ) | 55.5 | 55.5 | — | — | |||||||||||||||||||||
Asset backed securities | 58.3 | 0.1 | — | 58.4 | — | 58.4 | — | ||||||||||||||||||||||
Certificates of deposit | 1.8 | — | — | 1.8 | 1.8 | — | — | ||||||||||||||||||||||
Corporate bonds | 244.1 | 0.9 | (0.2 | ) | 244.8 | 244.8 | — | — | |||||||||||||||||||||
Municipal bonds | 8.5 | — | — | 8.5 | 8.5 | — | — | ||||||||||||||||||||||
Sovereign debt | 12.6 | — | — | 12.6 | — | 12.6 | — | ||||||||||||||||||||||
U.S. government securities | 73.5 | 0.1 | (0.2 | ) | 73.4 | 73.4 | — | — | |||||||||||||||||||||
Convertible debt securities (2) | 6.3 | 2.4 | (1.3 | ) | 7.4 | — | — | 7.4 | |||||||||||||||||||||
Derivative contracts (3) | 3.0 | 9.6 | (10.3 | ) | 2.3 | — | 0.7 | 1.6 | |||||||||||||||||||||
Total | $ | 1,928.0 | $ | 15.1 | $ | (12.2 | ) | $ | 1,930.9 | $ | 1,591.1 | $ | 330.8 | $ | 9.0 |
(1) | Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. |
(2) | Considered “available-for-sale” and included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets. |
(3) | Included in “Prepaid expenses and other current assets,” “Other assets,” or “Other accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets. |
January 31, 2016 | |||||||||||||||||||||||||||||
Amortized Cost | Gross unrealized gains | Gross unrealized losses | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Cash equivalents (1): | |||||||||||||||||||||||||||||
Agency bonds | $ | 8.5 | $ | — | $ | — | $ | 8.5 | $ | 8.5 | $ | — | $ | — | |||||||||||||||
Certificates of deposit | 267.6 | — | — | 267.6 | 267.6 | — | — | ||||||||||||||||||||||
Commercial paper | 106.6 | — | — | 106.6 | — | 106.6 | — | ||||||||||||||||||||||
Custody cash deposit | 2.1 | — | — | 2.1 | 2.1 | — | — | ||||||||||||||||||||||
Money market funds | 382.4 | — | — | 382.4 | — | 382.4 | — | ||||||||||||||||||||||
Municipal bonds | 5.0 | — | — | 5.0 | 5.0 | — | — | ||||||||||||||||||||||
U.S. government securities | 103.0 | — | — | 103.0 | 103.0 | — | — | ||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||||||
Short-term available-for-sale | |||||||||||||||||||||||||||||
Agency bonds | 40.0 | — | (0.1 | ) | 39.9 | 39.9 | — | — | |||||||||||||||||||||
Asset backed securities | 7.3 | — | — | 7.3 | — | 7.3 | — | ||||||||||||||||||||||
Certificates of deposit | 190.3 | — | — | 190.3 | 190.3 | — | — | ||||||||||||||||||||||
Commercial paper | 141.1 | — | — | 141.1 | — | 141.1 | — | ||||||||||||||||||||||
Corporate debt securities | 377.1 | 0.1 | (0.3 | ) | 376.9 | 376.9 | — | — | |||||||||||||||||||||
Municipal bonds | 9.7 | — | — | 9.7 | 9.7 | — | — | ||||||||||||||||||||||
Sovereign debt | 20.1 | — | — | 20.1 | — | 20.1 | |||||||||||||||||||||||
U.S. government securities | 74.6 | — | — | 74.6 | 74.6 | — | — | ||||||||||||||||||||||
Short-term trading securities | |||||||||||||||||||||||||||||
Mutual funds | 38.8 | 0.4 | (1.2 | ) | 38.0 | 38.0 | — | — | |||||||||||||||||||||
Long-term available-for-sale | |||||||||||||||||||||||||||||
Agency bonds | 56.8 | 0.1 | — | 56.9 | 56.9 | — | — | ||||||||||||||||||||||
Asset backed securities | 36.5 | 0.1 | — | 36.6 | — | 36.6 | — | ||||||||||||||||||||||
Corporate debt securities | 320.9 | 0.3 | (0.8 | ) | 320.4 | 320.4 | — | — | |||||||||||||||||||||
Municipal bonds | 2.9 | — | — | 2.9 | 2.9 | — | — | ||||||||||||||||||||||
Sovereign debt | 16.9 | — | — | 16.9 | — | 16.9 | — | ||||||||||||||||||||||
U.S. government securities | 98.4 | 0.3 | (0.1 | ) | 98.6 | 98.6 | — | — | |||||||||||||||||||||
Convertible debt securities (2) | 2.5 | 2.0 | (1.1 | ) | 3.4 | — | — | 3.4 | |||||||||||||||||||||
Derivative contracts (3) | 1.5 | 7.8 | (7.4 | ) | 1.9 | — | 1.6 | 0.3 | |||||||||||||||||||||
Total | $ | 2,310.6 | $ | 11.1 | $ | (11.0 | ) | $ | 2,310.7 | $ | 1,594.4 | $ | 712.6 | $ | 3.7 |
(1) | Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. |
(2) | Considered “available-for-sale” and included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets. |
(3) | Included in “Prepaid expenses and other current assets,” “Other assets,” or “Other accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets. |
Fair Value Measurements Using Significant Unobservable Inputs | ||||||||||||
(Level 3) | ||||||||||||
Derivative Contracts | Convertible Debt Securities | Total | ||||||||||
Balances, January 31, 2016 | $ | 0.3 | $ | 3.4 | $ | 3.7 | ||||||
Purchases | 1.0 | 4.0 | 5.0 | |||||||||
Gains (losses) included in earnings | 0.3 | (0.2 | ) | 0.1 | ||||||||
Gains included in OCI | — | 0.2 | 0.2 | |||||||||
Balances, October 31, 2016 | $ | 1.6 | $ | 7.4 | $ | 9.0 |
October 31, 2016 | |||||||
Cost | Fair Value | ||||||
Due within 1 year | $ | 490.2 | $ | 491.6 | |||
Due in 1 year through 5 years | 448.3 | 449.1 | |||||
Due in 5 years through 10 years | 8.5 | 8.5 | |||||
Total | $ | 947.0 | $ | 949.2 |
Balance Sheet Location | Fair Value at | ||||||||
October 31, 2016 | January 31, 2016 | ||||||||
Derivative Assets | |||||||||
Foreign currency contracts designated as cash flow hedges | Prepaid expenses and other current assets | $ | 6.9 | $ | 3.4 | ||||
Derivatives not designated as hedging instruments | Prepaid expenses and other current assets and Other assets | 4.2 | 4.9 | ||||||
Total derivative assets | $ | 11.1 | $ | 8.3 | |||||
Derivative Liabilities | |||||||||
Foreign currency contracts designated as cash flow hedges | Other accrued liabilities | $ | 5.4 | $ | 3.4 | ||||
Derivatives not designated as hedging instruments | Other accrued liabilities | 3.4 | 3.0 | ||||||
Total derivative liabilities | $ | 8.8 | $ | 6.4 |
Foreign Currency Contracts | |||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Amount of gain (loss) recognized in accumulated other comprehensive income on derivatives (effective portion) | $ | 1.8 | $ | (5.0 | ) | $ | (3.1 | ) | $ | 1.7 | |||||
Amount and location of gain (loss) reclassified from accumulated other comprehensive income into income (effective portion) | |||||||||||||||
Net revenue | $ | 1.0 | $ | 9.5 | $ | 8.4 | $ | 31.8 | |||||||
Operating expenses | 1.5 | (2.4 | ) | 0.2 | (7.9 | ) | |||||||||
Total | $ | 2.5 | $ | 7.1 | $ | 8.6 | $ | 23.9 | |||||||
Amount and location of loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | |||||||||||||||
Interest and other expense, net | $ | (0.1 | ) | $ | (0.2 | ) | $ | (0.5 | ) | $ | (0.5 | ) |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Amount and location of loss recognized in income on derivatives | |||||||||||||||
Interest and other expense, net | $ | (1.4 | ) | $ | (2.5 | ) | $ | (12.3 | ) | $ | (1.8 | ) |
Unvested Restricted Stock Units | Weighted average grant date fair value per share | |||||
(in thousands) | ||||||
Unvested restricted stock units at January 31, 2016 | 7,739.6 | $ | 51.80 | |||
Granted | 3,661.7 | 63.77 | ||||
Vested | (2,848.8 | ) | 50.46 | |||
Canceled/Forfeited | (609.6 | ) | 52.53 | |||
Performance Adjustment (1) | (29.7 | ) | 63.81 | |||
Unvested restricted stock units at October 31, 2016 | 7,913.2 | $ | 58.41 |
(1) | Based on Autodesk's financial results and relative total stockholder return for the fiscal 2016 performance period. The performance stock units were attained at rates ranging from 86.1% to 98.0% of the target award. |
• | Up to one third of the PSUs may vest following year one, depending upon the achievement of the FY17 performance criteria as well as 1-year Relative TSR (covering year one). |
• | Up to one third of the PSUs may vest following year two, depending upon the achievement of the performance criteria for year two as well as 2-year Relative TSR (covering years one and two). |
• | Up to one third of the PSUs may vest following year three, depending upon the achievement of the performance criteria for year three as well as 3-year Relative TSR (covering years one, two and three). |
Three Months Ended October 31, | |||||||
2016 | 2015 | ||||||
Cost of subscription | $ | 1.7 | $ | 1.5 | |||
Cost of license and other revenue | 1.8 | 1.7 | |||||
Marketing and sales | 24.2 | 22.3 | |||||
Research and development | 20.9 | 17.5 | |||||
General and administrative | 8.0 | 7.2 | |||||
Stock-based compensation expense related to stock awards and ESPP purchases, net of tax | $ | 56.6 | $ | 50.2 | |||
Nine Months Ended October 31, | |||||||
2016 | 2015 | ||||||
Cost of subscription | $ | 5.2 | $ | 4.1 | |||
Cost of license and other revenue | 5.1 | 4.4 | |||||
Marketing and sales | 69.0 | 61.3 | |||||
Research and development | 60.0 | 49.9 | |||||
General and administrative | 23.2 | 21.4 | |||||
Stock-based compensation expense related to stock awards and ESPP purchases, net of tax | $ | 162.5 | $ | 141.1 |
Three Months Ended October 31, 2016 | Three Months Ended October 31, 2015 | ||||||
Performance Stock Unit (1) | ESPP | Performance Stock Unit (1) | ESPP | ||||
Range of expected volatilities | N/A | 31.0 - 33.9% | N/A | 28.6 - 28.9% | |||
Range of expected lives (in years) | N/A | 0.5 - 2.0 | N/A | 0.5 - 2.0 | |||
Expected dividends | N/A | —% | N/A | —% | |||
Range of risk-free interest rates | N/A | 0.5 - 0.8% | N/A | 0.2 - 0.7% | |||
Nine Months Ended October 31, 2016 | Nine Months Ended October 31, 2015 | ||||||
Performance Stock Unit | ESPP | Performance Stock Unit | ESPP | ||||
Range of expected volatilities | 38.4 - 38.6% | 30.0 - 40.2% | 27.3% | 27.7 - 28.9% | |||
Range of expected lives (in years) | N/A | 0.5 - 2.0 | N/A | 0.5 - 2.0 | |||
Expected dividends | —% | —% | —% | —% | |||
Range of risk-free interest rates | 0.6 - 0.7% | 0.5 - 0.9% | 0.2% | 0.1 - 0.7% |
(1) | Autodesk did not grant PSUs in the three months ended October 31, 2016 and 2015 that were subject to market conditions. |
As previously reported | As adjusted | ||||||||||
(In millions, except per share data) | Three Months Ended July 31, 2015 | Adjustment | Three Months Ended July 31, 2015 | ||||||||
Provision for income tax | $ | (236.4 | ) | $ | (33.1 | ) | $ | (269.5 | ) | ||
Net loss | (235.5 | ) | (33.1 | ) | (268.6 | ) | |||||
Basic and diluted net loss per share | $ | (1.04 | ) | $ | (0.14 | ) | $ | (1.18 | ) | ||
Six Months Ended July 31, 2015 | Adjustment | Six Months Ended July 31, 2015 | |||||||||
Provision for income tax | $ | (239.1 | ) | $ | (33.1 | ) | $ | (272.2 | ) | ||
Net loss | (216.4 | ) | (33.1 | ) | (249.5 | ) | |||||
Basic and diluted net loss per share | $ | (0.95 | ) | $ | (0.15 | ) | $ | (1.10 | ) |
As previously reported | As adjusted | ||||||||||
(In millions) | July 31, 2015 | Adjustment | July 31, 2015 | ||||||||
Current deferred tax liabilities (1) | $ | 8.3 | $ | 1.2 | $ | 9.5 | |||||
Accrued income taxes | 52.3 | (29.4 | ) | 22.9 | |||||||
Long-term deferred tax liabilities | 28.9 | 25.1 | 54.0 | ||||||||
Long-term income tax payable | 124.0 | 36.2 | 160.2 | ||||||||
Retained earnings | $ | 164.4 | $ | (33.1 | ) | $ | 131.3 |
(1) | Included in "Other accrued liabilities" in the accompanying Condensed Consolidated Balance Sheets. |
October 31, 2016 | ||||
Developed technologies | $ | 18.8 | ||
Customer relationships and other non-current intangible assets | 10.2 | |||
Trade name | 3.8 | |||
Goodwill | 62.8 | |||
Deferred revenue (current and non-current) | (2.1 | ) | ||
Deferred tax liability | (7.1 | ) | ||
Net tangible assets | 0.6 | |||
Total | $ | 87.0 |
October 31, 2016 | January 31, 2016 | ||||||
Developed technologies, at cost | $ | 583.3 | $ | 571.4 | |||
Customer relationships, trade names, patents, and user lists, at cost (1) | 375.4 | 371.6 | |||||
Other intangible assets, at cost (2) | 958.7 | 943.0 | |||||
Less: Accumulated amortization | (844.1 | ) | (796.2 | ) | |||
Other intangible assets, net | $ | 114.6 | $ | 146.8 |
(1) | Included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets. |
(2) | Includes the effects of foreign currency translation. |
October 31, 2016 | January 31, 2016 | ||||||
Goodwill, beginning of the period | $ | 1,684.2 | $ | 1,605.4 | |||
Less: accumulated impairment losses, beginning of the period | (149.2 | ) | (149.2 | ) | |||
Additions arising from acquisitions during the period | 62.8 | 97.3 | |||||
Effect of foreign currency translation, purchase accounting adjustments, and other | (40.5 | ) | (18.5 | ) | |||
Goodwill, end of the period | $ | 1,557.3 | $ | 1,535.0 |
October 31, 2016 | January 31, 2016 | ||||||
Computer hardware, at cost | $ | 205.3 | $ | 202.7 | |||
Computer software, at cost | 72.1 | 85.6 | |||||
Leasehold improvements, land and buildings, at cost | 204.7 | 202.9 | |||||
Furniture and equipment, at cost | 58.0 | 59.0 | |||||
540.1 | 550.2 | ||||||
Less: Accumulated depreciation | (371.8 | ) | (380.9 | ) | |||
Computer software, hardware, leasehold improvements, furniture and equipment, net | $ | 168.3 | $ | 169.3 |
Balances, January 31, 2016 | Additions | Payments | Adjustments (1) | Balances, October 31, 2016 | |||||||||||||||
Fiscal 2017 Plan | |||||||||||||||||||
Employee termination costs | $ | — | $ | 58.5 | $ | (54.0 | ) | $ | — | $ | 4.5 | ||||||||
Lease termination and other exit costs | — | 5.6 | (2.5 | ) | (1.9 | ) | 1.2 | ||||||||||||
Other Lease Termination Costs | |||||||||||||||||||
Lease termination costs | — | 7.4 | (1.0 | ) | (3.5 | ) | 2.9 | ||||||||||||
Total | $ | — | $ | 71.5 | $ | (57.5 | ) | $ | (5.4 | ) | $ | 8.6 | |||||||
Current portion (2) | $ | — | $ | 7.0 | |||||||||||||||
Non-current portion (2) | — | 1.6 | |||||||||||||||||
Total | $ | — | $ | 8.6 |
(1) | Adjustments include the impact of computer equipment, software, furniture, straight-line rent and leasehold improvement write-offs, and foreign currency translation. |
(2) | The current and non-current portions of the reserve are recorded in the Condensed Consolidated Balance Sheets under “Other accrued liabilities” and “Other liabilities,” respectively. |
Net Unrealized Gains (Losses) on Derivative Instruments | Net Unrealized Gains (Losses) on Available-for-Sale Securities | Defined Benefit Pension Components | Foreign Currency Translation Adjustments | Total | |||||||||||||||
Balances, January 31, 2016 | $ | 15.7 | $ | 0.2 | $ | (28.3 | ) | $ | (108.7 | ) | $ | (121.1 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (2.5 | ) | 3.1 | (0.2 | ) | (56.6 | ) | (56.2 | ) | ||||||||||
Pre-tax (gains) losses reclassified from accumulated other comprehensive loss | (8.6 | ) | (0.7 | ) | 1.0 | — | (8.3 | ) | |||||||||||
Tax effects | (0.6 | ) | (0.6 | ) | (0.2 | ) | (0.5 | ) | (1.9 | ) | |||||||||
Net current period other comprehensive (loss) income | (11.7 | ) | 1.8 | 0.6 | (57.1 | ) | (66.4 | ) | |||||||||||
Balances, October 31, 2016 | $ | 4.0 | $ | 2.0 | $ | (27.7 | ) | $ | (165.8 | ) | $ | (187.5 | ) |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Numerator: | |||||||||||||||
Net loss | $ | (142.8 | ) | $ | (43.8 | ) | $ | (408.7 | ) | $ | (293.3 | ) | |||
Denominator: | |||||||||||||||
Denominator for basic net loss per share—weighted average shares | 222.3 | 225.3 | 223.3 | 226.5 | |||||||||||
Effect of dilutive securities (1) | — | — | — | — | |||||||||||
Denominator for dilutive net loss per share | 222.3 | 225.3 | 223.3 | 226.5 | |||||||||||
Basic net loss per share | $ | (0.64 | ) | $ | (0.19 | ) | (1.83 | ) | $ | (1.29 | ) | ||||
Diluted net loss per share | $ | (0.64 | ) | $ | (0.19 | ) | (1.83 | ) | $ | (1.29 | ) |
(1) | The effect of dilutive securities of 4.4 million shares and 3.4 million shares for the three months ended October 31, 2016 and 2015, respectively, have been excluded from the calculation of diluted net loss per share as those shares would have been anti-dilutive due to the net loss incurred during those periods. The effect of dilutive securities of 4.0 million shares in each of the nine months ended October 31, 2016 and 2015 have been excluded from the calculation of diluted net loss per share as those shares would have been anti-dilutive due to the net loss incurred during those periods. |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net revenue by geographic area: | |||||||||||||||
Americas | |||||||||||||||
U.S. | $ | 182.2 | $ | 195.6 | $ | 562.1 | $ | 589.7 | |||||||
Other Americas | 31.1 | 40.2 | 99.0 | 125.8 | |||||||||||
Total Americas | 213.3 | 235.8 | 661.1 | 715.5 | |||||||||||
Europe, Middle East and Africa | 191.0 | 225.1 | 614.1 | 696.2 | |||||||||||
Asia Pacific | |||||||||||||||
Japan | 28.7 | 49.0 | 102.8 | 164.8 | |||||||||||
Other Asia Pacific | 56.6 | 89.9 | 174.2 | 279.3 | |||||||||||
Total Asia Pacific | 85.3 | 138.9 | 277.0 | 444.1 | |||||||||||
Total net revenue | $ | 489.6 | $ | 599.8 | $ | 1,552.2 | $ | 1,855.8 | |||||||
Net revenue by product family: | |||||||||||||||
Architecture, Engineering and Construction | $ | 212.3 | $ | 224.9 | $ | 684.4 | $ | 695.0 | |||||||
Manufacturing | 146.6 | 174.9 | 481.5 | 530.7 | |||||||||||
AutoCAD and AutoCAD LT (1) | 80.1 | 143.6 | 239.1 | 451.7 | |||||||||||
Media and Entertainment | 34.2 | 39.1 | 103.6 | 119.8 | |||||||||||
Other (1) | 16.4 | 17.3 | 43.6 | 58.6 | |||||||||||
$ | 489.6 | $ | 599.8 | $ | 1,552.2 | $ | 1,855.8 |
(1) | Prior periods have been adjusted to conform with current period's presentation. |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
(in millions) | Three Months Ended October 31, 2016 | As a % of Net Revenue | Change compared to prior fiscal year | Three Months Ended October 31, 2015 | As a % of Net Revenue | |||||||||||||||
$ | % | |||||||||||||||||||
Net Revenue | $ | 489.6 | 100 | % | $ | (110.2 | ) | (18 | )% | $ | 599.8 | 100 | % | |||||||
Cost of revenue | 81.5 | 17 | % | (9.5 | ) | (10 | )% | 91.0 | 15 | % | ||||||||||
Gross Profit | 408.1 | 83 | % | (100.7 | ) | (20 | )% | 508.8 | 85 | % | ||||||||||
Operating expenses | 528.0 | 108 | % | 4.4 | 1 | % | 523.6 | 87 | % | |||||||||||
Loss from operations | $ | (119.9 | ) | (24 | )% | $ | (105.1 | ) | 710 | % | $ | (14.8 | ) | (2 | )% | |||||
Nine Months Ended October 31, 2016 | As a % of Net Revenue | Change compared to prior fiscal year | Nine Months Ended October 31, 2015 | As a % of Net Revenue | ||||||||||||||||
$ | % | |||||||||||||||||||
Net Revenue | $ | 1,552.2 | 100 | % | $ | (303.6 | ) | (16 | )% | $ | 1,855.8 | 100 | % | |||||||
Cost of revenue | 259.0 | 17 | % | (16.8 | ) | (6 | )% | 275.8 | 15 | % | ||||||||||
Gross Profit | 1,293.2 | 83 | % | (286.8 | ) | (18 | )% | 1,580.0 | 85 | % | ||||||||||
Operating expenses | 1,625.7 | 105 | % | 56.7 | 4 | % | 1,569.0 | 85 | % | |||||||||||
(Loss) income from operations | $ | (332.5 | ) | (21 | )% | $ | (343.5 | ) | (3,123 | )% | $ | 11.0 | 1 | % |
Three Months Ended | Change compared to prior fiscal year | Three Months Ended | Nine Months Ended | Change compared to prior fiscal year | Nine Months Ended | ||||||||||||||||||||||||
October 31, 2016 | $ | % | October 31, 2015 | October 31, 2016 | $ | % | October 31, 2015 | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Subscription revenue | $ | 319.5 | $ | 0.6 | — | % | $ | 318.9 | $ | 967.5 | $ | 9.8 | 1 | % | $ | 957.7 | |||||||||||||
Add: License and other revenue from new model subscription offerings (1) | 62.8 | 36.4 | 138 | % | 26.4 | 156.3 | 87.6 | 128 | % | 68.7 | |||||||||||||||||||
Less: other adjustments (2) | (8.1 | ) | (1.3 | ) | 19 | % | (6.8 | ) | (23.4 | ) | — | — | % | (23.4 | ) | ||||||||||||||
Total recurring revenue (3) | $ | 374.2 | $ | 35.7 | 11 | % | $ | 338.5 | $ | 1,100.4 | $ | 97.4 | 10 | % | $ | 1,003.0 |
(1) | Includes the portion of revenue for new model subscription offerings allocated to license & other revenue within our Condensed Consolidated Statements of Operations. |
(2) | Other adjustments include subscription revenue related to select Creative Finishing product offerings, Autodesk Buzzsaw, Autodesk Constructware, education offerings, and third party products which are excluded from recurring revenue. |
(3) | Total recurring revenue as presented may not recalculate on an annualized basis to total ARR in the next table due to rounding. |
Balances, October 31, 2016 | Change compared to prior quarter end | Balances, July 31, 2016 | Balances, October 31, 2016 | Change compared to prior fiscal year end | Balances, January 31, 2016 | ||||||||||||||||||||||||
$ | % | $ | % | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Maintenance subscriptions | 2,093.1 | (33.9 | ) | (2 | )% | 2,127.0 | 2,093.1 | (57.9 | ) | (3 | )% | 2,151.0 | |||||||||||||||||
New model subscriptions | 860.7 | 168.0 | 24 | % | 692.7 | 860.7 | 433.5 | 101 | % | 427.2 | |||||||||||||||||||
Total subscriptions | 2,953.8 | 134.1 | 5 | % | 2,819.7 | 2,953.8 | 375.6 | 15 | % | 2,578.2 | |||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Maintenance ARR | $ | 1,082.6 | $ | (15.1 | ) | (1 | )% | $ | 1,097.7 | $ | 1,082.6 | $ | (38.8 | ) | (3 | )% | $ | 1,121.4 | |||||||||||
New model ARR | 414.0 | 42.7 | 12 | % | 371.3 | 414.0 | 159.0 | 62 | % | 255.0 | |||||||||||||||||||
Total ARR | $ | 1,496.6 | $ | 27.6 | 2 | % | $ | 1,469.0 | $ | 1,496.6 | $ | 120.2 | 9 | % | $ | 1,376.4 | |||||||||||||
(ARR divided by Subscriptions) | |||||||||||||||||||||||||||||
Maintenance ARPS | $ | 517 | $ | 1 | — | % | $ | 516 | $ | 517 | $ | (4 | ) | (1 | )% | $ | 521 | ||||||||||||
New Model ARPS | 481 | (55 | ) | (10 | )% | 536 | 481 | (116 | ) | (19 | )% | 597 | |||||||||||||||||
Total ARPS | $ | 507 | $ | (14 | ) | (3 | )% | $ | 521 | $ | 507 | $ | (27 | ) | (5 | )% | $ | 534 |
Three Months Ended | Change compared to prior fiscal year | Three Months Ended | Nine Months Ended | Change compared to prior fiscal year | Nine Months Ended | ||||||||||||||||||||||||
(in millions) | October 31, 2016 | $ | % | October 31, 2015 | October 31, 2016 | $ | % | October 31, 2015 | |||||||||||||||||||||
Net Revenue: | |||||||||||||||||||||||||||||
Subscription | $ | 319.5 | $ | 0.6 | — | % | $ | 318.9 | $ | 967.5 | $ | 9.8 | 1 | % | $ | 957.7 | |||||||||||||
License and other | 170.1 | (110.8 | ) | (39 | )% | 280.9 | 584.7 | (313.4 | ) | (35 | )% | 898.1 | |||||||||||||||||
$ | 489.6 | $ | (110.2 | ) | (18 | )% | $ | 599.8 | $ | 1,552.2 | $ | (303.6 | ) | (16 | )% | $ | 1,855.8 | ||||||||||||
Net Revenue by Product Family: | |||||||||||||||||||||||||||||
Architecture, Engineering and Construction | $ | 212.3 | $ | (12.6 | ) | (6 | )% | $ | 224.9 | $ | 684.4 | $ | (10.6 | ) | (2 | )% | $ | 695.0 | |||||||||||
Manufacturing | 146.6 | (28.3 | ) | (16 | )% | 174.9 | 481.5 | (49.2 | ) | (9 | )% | 530.7 | |||||||||||||||||
AutoCAD and AutoCAD LT family (1) | 80.1 | (63.5 | ) | (44 | )% | 143.6 | 239.1 | (212.6 | ) | (47 | )% | 451.7 | |||||||||||||||||
Media and Entertainment | 34.2 | (4.9 | ) | (13 | )% | 39.1 | 103.6 | (16.2 | ) | (14 | )% | 119.8 | |||||||||||||||||
Other (1) | 16.4 | (0.9 | ) | (5 | )% | 17.3 | 43.6 | (15.0 | ) | (26 | )% | 58.6 | |||||||||||||||||
$ | 489.6 | $ | (110.2 | ) | (18 | )% | $ | 599.8 | $ | 1,552.2 | $ | (303.6 | ) | (16 | )% | $ | 1,855.8 |
(1) | Prior periods have been adjusted to conform with current period's presentation. |
(in millions) | Three Months Ended October 31, 2016 | As a % of Net Revenue | Three Months Ended October 31, 2015 | As a % of Net Revenue | |||||||||
Net Revenue: | |||||||||||||
Americas | $ | 213.3 | 44 | % | $ | 235.8 | 39 | % | |||||
Europe, Middle East and Africa | 191.0 | 39 | % | 225.1 | 38 | % | |||||||
Asia Pacific | 85.3 | 17 | % | 138.9 | 23 | % | |||||||
Total Net Revenue | $ | 489.6 | 100 | % | $ | 599.8 | 100 | % | |||||
(in millions) | Nine Months Ended October 31, 2016 | As a % of Net Revenue | Nine Months Ended October 31, 2015 | As a % of Net Revenue | |||||||||
Net Revenue: | |||||||||||||
Americas | $ | 661.1 | 43 | % | $ | 715.5 | 39 | % | |||||
Europe, Middle East and Africa | 614.1 | 39 | % | 696.2 | 37 | % | |||||||
Asia Pacific | 277.0 | 18 | % | 444.1 | 24 | % | |||||||
Total Net Revenue | $ | 1,552.2 | 100 | % | $ | 1,855.8 | 100 | % |
Three Months Ended | Change compared to prior fiscal year | Three Months Ended | Nine Months Ended | Change compared to prior fiscal year | Nine Months Ended | ||||||||||||||||||||||||
(in millions) | October 31, 2016 | $ | % | October 31, 2015 | October 31, 2016 | $ | % | October 31, 2015 | |||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||
Subscription | $ | 35.1 | $ | (2.9 | ) | (8 | )% | $ | 38.0 | $ | 113.1 | $ | (3.6 | ) | (3 | )% | $ | 116.7 | |||||||||||
License and other | 46.4 | (6.6 | ) | (12 | )% | 53.0 | 145.9 | (13.2 | ) | (8 | )% | 159.1 | |||||||||||||||||
$ | 81.5 | $ | (9.5 | ) | (10 | )% | $ | 91.0 | $ | 259.0 | $ | (16.8 | ) | (6 | )% | $ | 275.8 | ||||||||||||
As a percentage of net revenue | 17 | % | 15 | % | 17 | % | 15 | % |
Three Months Ended | Change compared to prior fiscal year | Three Months Ended | Nine Months Ended | Change compared to prior fiscal year | Nine Months Ended | ||||||||||||||||||||||||
(in millions) | October 31, 2016 | $ | % | October 31, 2015 | October 31, 2016 | $ | % | October 31, 2015 | |||||||||||||||||||||
Marketing and sales | $ | 255.0 | $ | 11.6 | 5 | % | $ | 243.4 | $ | 738.9 | $ | 0.8 | — | % | $ | 738.1 | |||||||||||||
As a percentage of net revenue | 52 | % | 41 | % | 48 | % | 40 | % |
Three Months Ended | Change compared to prior fiscal year | Three Months Ended | Nine Months Ended | Change compared to prior fiscal year | Nine Months Ended | ||||||||||||||||||||||||
(in millions) | October 31, 2016 | $ | % | October 31, 2015 | October 31, 2016 | $ | % | October 31, 2015 | |||||||||||||||||||||
Research and development | $ | 192.6 | $ | (5.3 | ) | (3 | )% | $ | 197.9 | $ | 579.1 | $ | (6.4 | ) | (1 | )% | $ | 585.5 | |||||||||||
As a percentage of net revenue | 39 | % | 33 | % | 37 | % | 32 | % |
Three Months Ended | Change compared to prior fiscal year | Three Months Ended | Nine Months Ended | Change compared to prior fiscal year | Nine Months Ended | ||||||||||||||||||||||||
(in millions) | October 31, 2016 | $ | % | October 31, 2015 | October 31, 2016 | $ | % | October 31, 2015 | |||||||||||||||||||||
General and administrative | $ | 70.4 | $ | (3.8 | ) | (5 | )% | $ | 74.2 | $ | 213.7 | $ | (6.5 | ) | (3 | )% | $ | 220.2 | |||||||||||
As a percentage of net revenue | 14 | % | 12 | % | 14 | % | 12 | % |
Three Months Ended | Change compared to prior fiscal year | Three Months Ended | Nine Months Ended | Change compared to prior fiscal year | Nine Months Ended | ||||||||||||||||||||||||
(in millions) | October 31, 2016 | $ | % | October 31, 2015 | October 31, 2016 | $ | % | October 31, 2015 | |||||||||||||||||||||
Amortization of purchased intangibles | $ | 6.8 | $ | (1.3 | ) | (16 | )% | $ | 8.1 | $ | 22.5 | $ | (2.7 | ) | (11 | )% | $ | 25.2 | |||||||||||
As a percentage of net revenue | 1 | % | 1 | % | 1 | % | 1 | % |
Three Months Ended | Change compared to prior fiscal year | Three Months Ended | Nine Months Ended | Change compared to prior fiscal year | Nine Months Ended | ||||||||||||||||||||||
(in millions) | October 31, 2016 | $ | % | October 31, 2015 | October 31, 2016 | $ | % | October 31, 2015 | |||||||||||||||||||
Restructuring charges and other facility exit costs, net | $ | 3.2 | $ | 3.2 | * | $ | — | $ | 71.5 | $ | 71.5 | * | $ | — | |||||||||||||
As a percentage of net revenue | 1 | % | — | % | 5 | % | — | % |
* | Percentage is not meaningful |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Interest and investment expense, net | $ | (9.7 | ) | $ | (11.0 | ) | $ | (22.5 | ) | $ | (21.0 | ) | |||
Gain (loss) on foreign currency | 0.4 | (0.3 | ) | (2.7 | ) | (1.6 | ) | ||||||||
Gain (loss) on strategic investments | 0.4 | (0.1 | ) | 0.6 | 3.3 | ||||||||||
Other (expense) income | (0.5 | ) | 3.7 | 1.5 | 8.5 | ||||||||||
Interest and other expense, net | $ | (9.4 | ) | $ | (7.7 | ) | $ | (23.1 | ) | $ | (10.8 | ) |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Gross profit | $ | 408.1 | $ | 508.8 | $ | 1,293.2 | $ | 1,580.0 | |||||||
Non-GAAP gross profit | $ | 422.0 | $ | 523.6 | $ | 1,335.5 | $ | 1,625.6 | |||||||
Gross margin | 83 | % | 85 | % | 83 | % | 85 | % | |||||||
Non-GAAP gross margin | 86 | % | 87 | % | 86 | % | 88 | % | |||||||
(Loss) income from operations | $ | (119.9 | ) | $ | (14.8 | ) | $ | (332.5 | ) | $ | 11.0 | ||||
Non-GAAP (loss) income from operations | $ | (42.9 | ) | $ | 55.1 | $ | (44.0 | ) | $ | 214.4 | |||||
Operating margin | (24 | )% | (2 | )% | (21 | )% | 1 | % | |||||||
Non-GAAP operating margin | (9 | )% | 9 | % | (3 | )% | 12 | % | |||||||
Net loss | $ | (142.8 | ) | $ | (43.8 | ) | $ | (408.7 | ) | $ | (293.3 | ) | |||
Non-GAAP net (loss) income | $ | (39.0 | ) | $ | 33.1 | $ | (50.1 | ) | $ | 146.2 | |||||
GAAP diluted net loss per share (1) | $ | (0.64 | ) | $ | (0.19 | ) | $ | (1.83 | ) | $ | (1.29 | ) | |||
Non-GAAP diluted net (loss) income per share (1) | $ | (0.18 | ) | $ | 0.14 | $ | (0.22 | ) | $ | 0.63 | |||||
GAAP diluted shares used in per share calculation | 222.3 | 225.3 | 223.3 | 226.5 | |||||||||||
Non-GAAP diluted weighted average shares used in per share calculation | 222.3 | 228.7 | 223.3 | 230.5 |
(1) | Net (loss) income per share was computed independently for each of the periods presented; therefore the sum of the net (loss) income per share amount for the quarters may not equal the total for the year. |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Gross profit | $ | 408.1 | $ | 508.8 | $ | 1,293.2 | $ | 1,580.0 | |||||||
Stock-based compensation expense | 3.5 | 3.2 | 10.3 | 8.5 | |||||||||||
Amortization of developed technologies | 10.4 | 11.6 | 32.0 | 37.1 | |||||||||||
Non-GAAP gross profit | $ | 422.0 | $ | 523.6 | $ | 1,335.5 | $ | 1,625.6 | |||||||
Gross margin | 83 | % | 85 | % | 83 | % | 85 | % | |||||||
Stock-based compensation expense | 1 | % | — | % | 1 | % | 1 | % | |||||||
Amortization of developed technologies | 2 | % | 2 | % | 2 | % | 2 | % | |||||||
Non-GAAP gross margin | 86 | % | 87 | % | 86 | % | 88 | % | |||||||
(Loss) income from operations | $ | (119.9 | ) | $ | (14.8 | ) | $ | (332.5 | ) | $ | 11.0 | ||||
Stock-based compensation expense | 56.6 | 50.2 | 162.5 | 141.1 | |||||||||||
Amortization of developed technologies | 10.4 | 11.6 | 32.0 | 37.1 | |||||||||||
Amortization of purchased intangibles | 6.8 | 8.1 | 22.5 | 25.2 | |||||||||||
Restructuring charges and other facility exit costs, net | 3.2 | — | 71.5 | — | |||||||||||
Non-GAAP (loss) income from operations | $ | (42.9 | ) | $ | 55.1 | $ | (44.0 | ) | $ | 214.4 | |||||
Operating margin | (24 | )% | (2 | )% | (21 | )% | 1 | % | |||||||
Stock-based compensation expense | 11 | % | 8 | % | 10 | % | 8 | % | |||||||
Amortization of developed technologies | 2 | % | 2 | % | 2 | % | 2 | % | |||||||
Amortization of purchased intangibles | 1 | % | 1 | % | 1 | % | 1 | % | |||||||
Restructuring charges and other facility exit costs, net | 1 | % | — | % | 5 | % | — | % | |||||||
Non-GAAP operating margin | (9 | )% | 9 | % | (3 | )% | 12 | % | |||||||
Net loss | $ | (142.8 | ) | $ | (43.8 | ) | $ | (408.7 | ) | $ | (293.3 | ) | |||
Stock-based compensation expense | 56.6 | 50.2 | 162.5 | 141.1 | |||||||||||
Amortization of developed technologies | 10.4 | 11.6 | 32.0 | 37.1 | |||||||||||
Amortization of purchased intangibles | 6.8 | 8.1 | 22.5 | 25.2 | |||||||||||
Restructuring charges and other facility exit costs, net | 3.2 | — | 71.5 | — | |||||||||||
(Gain) loss on strategic investments | (0.4 | ) | 0.1 | (0.6 | ) | (3.3 | ) | ||||||||
Discrete tax items | (9.0 | ) | 1.2 | 4.0 | 2.4 | ||||||||||
Establishment of valuation allowance on deferred tax assets | — | — | — | 230.9 | |||||||||||
Income tax effect of non-GAAP adjustments | 36.2 | 5.7 | 66.7 | 6.1 | |||||||||||
Non-GAAP net (loss) income | $ | (39.0 | ) | $ | 33.1 | $ | (50.1 | ) | $ | 146.2 |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
GAAP diluted net loss per share (1) | $ | (0.64 | ) | $ | (0.19 | ) | $ | (1.83 | ) | $ | (1.29 | ) | |||
Stock-based compensation expense | 0.25 | 0.22 | 0.72 | 0.61 | |||||||||||
Amortization of developed technologies | 0.05 | 0.05 | 0.15 | 0.16 | |||||||||||
Amortization of purchased intangibles | 0.03 | 0.03 | 0.10 | 0.11 | |||||||||||
Restructuring charges and other facility exit costs, net | 0.01 | — | 0.31 | — | |||||||||||
(Gain) loss on strategic investments | — | — | — | (0.01 | ) | ||||||||||
Discrete tax items | (0.03 | ) | — | 0.03 | 0.01 | ||||||||||
Establishment of valuation allowance on deferred tax assets | — | — | — | 1.01 | |||||||||||
Income tax effect of non-GAAP adjustments | 0.15 | 0.03 | 0.30 | 0.03 | |||||||||||
Non-GAAP diluted net (loss) income per share (1) | $ | (0.18 | ) | $ | 0.14 | $ | (0.22 | ) | $ | 0.63 | |||||
GAAP diluted shares used in per share calculation | 222.3 | 225.3 | 223.3 | 226.5 | |||||||||||
Shares included in non-GAAP net income per share, but excluded from GAAP net loss per share as they would have been anti-dilutive | — | 3.4 | — | 4.0 | |||||||||||
Non-GAAP Diluted weighted average shares used in per share calculation | 222.3 | 228.7 | 223.3 | 230.5 |
(1) | Net (loss) income per share was computed independently for each of the periods presented; therefore the sum of the net (loss) income per share amount for the quarters may not equal the total for the year. |
(Shares in millions) | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||
August 1 - August 31 | 0.4 | $ | 61.02 | 0.4 | 1.1 | |||||||
September 1 - September 30 | 0.5 | 69.27 | 0.5 | 30.6 | ||||||||
October 1 - October 31 | 1.1 | 71.16 | 1.1 | 29.5 | ||||||||
Total | 2.0 | $ | 68.74 | 2.0 |
(1) | Represents shares purchased in open-market transactions under the stock repurchase plan approved by the Board of Directors. |
(2) | These amounts correspond to the plans approved by the Board of Directors in September 2016 and June 2012 that each authorized the repurchase of 30.0 million shares. These plans do not have a fixed expiration date. |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
• | enhancing our technical accounting review for complex income tax considerations; |
• | enhancing our income tax controls to include specific activities to ensure proper classification of deferred taxes; |
• | supplementing our accounting and tax professionals with the engagement of an internationally recognized accounting firm to assist us in the technical review regarding the application of tax rules around deferred tax assets and liabilities; and |
• | reorganizing the structure of our tax function to enhance the level of documentation, technical oversight and review. |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
• | lack of credit available to, and the insolvency of, key channel partners, which may impair our distribution channels and cash flows; |
• | counterparty failures negatively impacting our treasury functions, including timely access to our cash reserves and third-party fulfillment of hedging transactions; |
• | counterparty failures negatively affecting our insured risks; |
• | inability of banks to honor our existing line of credit, which could increase our borrowing expenses or eliminate our ability to obtain short-term financing; and |
• | decreased borrowing and spending by our end users on small and large projects in the industries we serve, thereby reducing demand for our products. |
• | economic volatility; |
• | fluctuating currency exchange rates, including risks related to any hedging activities we undertake; |
• | unexpected changes in regulatory requirements and practices; |
• | delays resulting from difficulty in obtaining export licenses for certain technology; |
• | different purchase patterns as compared to the developed world; |
• | tariffs, quotas, and other trade barriers and restrictions; |
• | operating in locations with a higher incidence of corruption and fraudulent business practices, particularly in emerging economies; |
• | increasing enforcement by the U.S. under the Foreign Corrupt Practices Act, and adoption of stricter anti-corruption laws in certain countries, including the United Kingdom; |
• | difficulties in staffing and managing foreign sales and development operations; |
• | local competition; |
• | longer collection cycles for accounts receivable; |
• | potential changes in tax laws, including possible U.S. and foreign tax law changes that, if enacted, could significantly impact how multinational companies are taxed; |
• | tax arrangements with foreign governments, including our ability to meet and renew the terms of those tax arrangements; |
• | laws regarding the management of and access to data and public networks; |
• | possible future limitations upon foreign owned businesses; |
• | increased financial accounting and reporting burdens and complexities; |
• | inadequate local infrastructure; |
• | greater difficulty in protecting intellectual property; |
• | software piracy; and |
• | other factors beyond our control, including popular uprisings, terrorism, war, natural disasters, and diseases. |
• | general market, economic, business, and political conditions in particular geographies, including Europe, APAC, and emerging economies; |
• | failure to produce sufficient revenue, billings or subscription growth, and profitability; |
• | failure to achieve anticipated levels of customer acceptance of our business model transition, including the impact of the end of upgrades and perpetual licenses; |
• | weak or negative growth in one or more of the industries we serve, including AEC, manufacturing, and digital media and entertainment markets; |
• | restructuring or other accounting charges and unexpected costs or other operating expenses; |
• | changes in revenue recognition or other accounting guidelines employed by us and/or established by the Financial Accounting Standards Board or other rule-making bodies; |
• | fluctuations in foreign currency exchange rates and the effectiveness of our hedging activity; |
• | failure to achieve and maintain cost reductions and productivity increases; |
• | dependence on and the timing of large transactions; |
• | changes in product mix, pricing pressure or changes in product pricing; |
• | changes in billings linearity; |
• | the ability of governments around the world to adopt fiscal policies, meet their financial and debt obligations, and to finance infrastructure projects; |
• | lower growth or contraction of our maintenance program; |
• | failure to expand our AutoCAD and AutoCAD LT customer base to related design products and services; |
• | our inability to rapidly adapt to technological and customer preference changes, including those related to cloud computing, mobile devices, new computing platforms, and 3D printing; |
• | the timing of the introduction of new products by us or our competitors; |
• | the success of new business or sales initiatives; |
• | the financial and business condition of our reseller and distribution channels; |
• | failure to accurately predict the impact of acquired businesses or to identify and realize the anticipated benefits of acquisitions, and successfully integrate such acquired businesses and technologies; |
• | perceived or actual technical or other problems with a product or combination of products; |
• | unexpected or negative outcomes of matters and expenses relating to litigation or regulatory inquiries; |
• | increases in cloud services-related expenses; |
• | security breaches and potential financial penalties to customers and government entities; |
• | timing of additional investments in the development of our platform or deployment of our services; |
• | timing of product releases and retirements; |
• | changes in tax laws or regulations, tax arrangements with foreign governments or accounting rules, such as increased use of fair value measures; |
• | changes in sales compensation practices; |
• | failure to effectively implement our copyright legalization programs, especially in developing countries; |
• | failure to achieve sufficient sell-through in our channels for new or existing products; |
• | renegotiation or termination of royalty or intellectual property arrangements; |
• | interruptions or terminations in the business of our consultants or third-party developers; |
• | the timing and degree of expected investments in growth and efficiency opportunities; |
• | failure to achieve continued success in technology advancements; |
• | catastrophic events or natural disasters; |
• | regulatory compliance costs; |
• | potential goodwill impairment charges related to prior acquisitions; |
• | failure to appropriately estimate the scope of services under consulting arrangements; and |
• | adjustments arising from ongoing or future tax examinations. |
• | the inability to retain customers, key employees, vendors, distributors, business partners, and other entities associated with the acquired business; |
• | the potential that due diligence of the acquired business or product does not identify significant problems; |
• | exposure to litigation or other claims in connection with, or inheritance of claims or litigation risk as a result of, an acquisition, including but not limited to, claims from terminated employees, customers, or other third parties; |
• | the potential for incompatible business cultures; |
• | significantly higher than anticipated transaction or integration-related costs; |
• | potential additional exposure to fluctuations in currency exchange rates; and |
• | the potential impact on relationships with existing customers, vendors, and distributors as business partners as a result of acquiring another business. |
• | enhancing our technical accounting review for complex income tax considerations; |
• | enhancing our income tax controls to include specific activities to ensure proper classification of deferred taxes; |
• | supplementing our accounting and tax professionals with the engagement of an internationally recognized accounting firm to assist us in the technical review regarding the application of tax rules around deferred tax assets and liabilities; and |
• | assessed and reorganized the structure of our tax function to enhance the level of documentation, technical oversight and review. |
• | shortfalls in our expected financial results, including net revenue, billings, earnings, subscriptions, or other key performance metrics; |
• | results and future projections related to our business model transition, including the impact of the end of upgrades and |
• | quarterly variations in our or our competitors' results of operations; |
• | general socio-economic, political or market conditions; |
• | changes in estimates of future results or recommendations or confusion on the part of analysts and investors about the short-term and long-term impact to our business resulting from our business model transition; |
• | uncertainty about certain governments' abilities to repay debt or effect fiscal policy; |
• | the announcement of new products or product enhancements by us or our competitors; |
• | unusual events such as significant acquisitions, divestitures, regulatory actions, and litigation; |
• | changes in laws, rules, or regulations applicable to our business; |
• | outstanding debt service obligations; and |
• | other factors, including factors unrelated to our operating performance, such as instability affecting the economy or the operating performance of our competitors. |
• | increasing our vulnerability to adverse changes in general economic, industry and competitive conditions; |
• | requiring the dedication of a greater than expected portion of our expected cash from operations to service our indebtedness, thereby reducing the amount of expected cash flow available for other purposes, including capital expenditures and acquisitions; and |
• | limiting our flexibility in planning for, or reacting to, changes in our business and our industry. |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | OTHER INFORMATION |
ITEM 6. | EXHIBITS |
Exhibit No. | Description | |
10.1* | Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan, as amended and restated (incorporated by reference to Exhibit 99.1 filed with the Registrant’s Registration Statement on Form S-8 filed on September 19, 2016) | |
10.2* | Sub-Plan of the Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan, as amended and restated (incorporated by reference to Exhibit 99.2 filed with the Registrant’s Registration Statement on Form S-8 filed on September 19, 2016) | |
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 | |
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 | |
32.1 † | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS †† | XBRL Instance Document | |
101.SCH †† | XBRL Taxonomy Extension Schema | |
101.CAL †† | XBRL Taxonomy Extension Calculation Linkbase | |
101.DEF †† | XBRL Taxonomy Definition Linkbase | |
101.LAB †† | XBRL Taxonomy Extension Label Linkbase | |
101.PRE †† | XBRL Taxonomy Extension Presentation Linkbase |
* | Denotes a management contract or compensatory plan or arrangement |
† | The certifications attached as Exhibit 32 that accompany this Quarterly Report on Form 10-Q, are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Autodesk, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-Q, irrespective of any general incorporation language contained in such filing. |
†† | The financial information contained in these XBRL documents is unaudited. |
AUTODESK, INC. |
(Registrant) |
/s/ PAUL UNDERWOOD |
Paul Underwood |
Vice President and Corporate Controller |
(Principal Accounting Officer) |
1. | I have reviewed this report on Form 10-Q of Autodesk, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ CARL BASS | |
Carl Bass | |
President and Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this report on Form 10-Q of Autodesk, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ R. SCOTT HERREN | |
R. Scott Herren | |
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
/s/ CARL BASS | |
Carl Bass | |
President and Chief Executive Officer (Principal Executive Officer) |
/s/ R. SCOTT HERREN | |
R. Scott Herren | |
Senior Vice President and Chief Financial Officer | |
(Principal Financial Officer) |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Oct. 31, 2016 |
Nov. 22, 2016 |
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2016 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ADSK | |
Entity Registrant Name | AUTODESK INC | |
Entity Central Index Key | 0000769397 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 222,556,352 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2016 |
Oct. 31, 2015 |
Oct. 31, 2016 |
Oct. 31, 2015 |
|
Net revenue: | ||||
Subscription | $ 319.5 | $ 318.9 | $ 967.5 | $ 957.7 |
License and other | 170.1 | 280.9 | 584.7 | 898.1 |
Total net revenue | 489.6 | 599.8 | 1,552.2 | 1,855.8 |
Cost of revenue: | ||||
Cost of subscription revenue | 35.1 | 38.0 | 113.1 | 116.7 |
Cost of license and other revenue | 46.4 | 53.0 | 145.9 | 159.1 |
Total cost of revenue | 81.5 | 91.0 | 259.0 | 275.8 |
Gross profit | 408.1 | 508.8 | 1,293.2 | 1,580.0 |
Operating expenses: | ||||
Marketing and sales | 255.0 | 243.4 | 738.9 | 738.1 |
Research and development | 192.6 | 197.9 | 579.1 | 585.5 |
General and administrative | 70.4 | 74.2 | 213.7 | 220.2 |
Amortization of purchased intangibles | 6.8 | 8.1 | 22.5 | 25.2 |
Restructuring charges and other facility exit costs, net | 3.2 | 0.0 | 71.5 | 0.0 |
Total operating expenses | 528.0 | 523.6 | 1,625.7 | 1,569.0 |
(Loss) income from operations | (119.9) | (14.8) | (332.5) | 11.0 |
Interest and other expense, net | (9.4) | (7.7) | (23.1) | (10.8) |
(Loss) income before income taxes | (129.3) | (22.5) | (355.6) | 0.2 |
Provision for income taxes | (13.5) | (21.3) | (53.1) | (293.5) |
Net loss | $ (142.8) | $ (43.8) | $ (408.7) | $ (293.3) |
Basic net loss per share (in usd per share) | $ (0.64) | $ (0.19) | $ (1.83) | $ (1.29) |
Diluted net loss per share (in usd per share) | $ (0.64) | $ (0.19) | $ (1.83) | $ (1.29) |
Weighted average shares used in computing basic net loss per share (shares) | 222.3 | 225.3 | 223.3 | 226.5 |
Weighted average shares used in computing diluted net loss per share (shares) | 222.3 | 225.3 | 223.3 | 226.5 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2016 |
Oct. 31, 2015 |
Oct. 31, 2016 |
Oct. 31, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (142.8) | $ (43.8) | $ (408.7) | $ (293.3) |
Other comprehensive loss, net of reclassifications: | ||||
Net loss on derivative instruments (net of tax effect of $0.2, $0.0, ($0.6) and ($0.7), respectively) | (0.7) | (12.1) | (11.7) | (22.2) |
Change in net unrealized (loss) gain on available-for-sale securities (net of tax effect of $0.0, $0.0, ($0.6) and $0.2, respectively) | (1.6) | (0.4) | 1.8 | (1.6) |
Change in defined benefit pension items (net of tax effect of $0.0, $0.0, ($0.2) and $0.0, respectively) | 0.3 | 0.3 | 0.6 | 1.3 |
Net change in cumulative foreign currency translation loss (net of tax effect of ($0.5), ($4.5), ($0.5) and $0.0, respectively) | (55.7) | (4.0) | (57.1) | (10.7) |
Total other comprehensive loss | (57.7) | (16.2) | (66.4) | (33.2) |
Total comprehensive loss | $ (200.5) | $ (60.0) | $ (475.1) | $ (326.5) |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2016 |
Oct. 31, 2015 |
Oct. 31, 2016 |
Oct. 31, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) on derivative instruments, tax effect | $ 0.2 | $ 0.0 | $ (0.6) | $ (0.7) |
Change in net unrealized gain (loss) on available-for-sale securities, tax effect | 0.0 | 0.0 | (0.6) | 0.2 |
Change in defined benefit pension items, tax effect | 0.0 | 0.0 | (0.2) | 0.0 |
Net change in cumulative foreign currency translation loss, tax effect | $ (0.5) | $ (4.5) | $ (0.5) | $ 0.0 |
Basis of Presentation |
9 Months Ended |
---|---|
Oct. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Autodesk, Inc. (“Autodesk,” “we,” “us,” “our,” or the “Company”) as of October 31, 2016, and for the three and nine months ended October 31, 2016 and 2015, have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information along with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In management’s opinion, Autodesk made all adjustments (consisting of normal, recurring and non-recurring adjustments) during the quarter that were considered necessary for the fair statement of the financial position and operating results of the Company. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. In addition, the results of operations for the three and nine months ended October 31, 2016 are not necessarily indicative of the results for the entire fiscal year ending January 31, 2017, or for any other period. There have been no material changes, other than what is discussed herein, to Autodesk's significant accounting policies as compared to the significant accounting policies disclosed in the Annual Report on Form 10-K for the fiscal year ended January 31, 2016. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes, together with management’s discussion and analysis of financial position and results of operations contained in Autodesk’s Annual Report on Form 10-K for the fiscal year ended January 31, 2016, filed on March 23, 2016. Segments Through the second quarter of fiscal 2017, Autodesk had four operating and reportable segments: Architecture, Engineering, and Construction ("AEC"), Manufacturing ("MFG"), Platform Solutions and Emerging Business ("PSEB"), and Media and Entertainment ("M&E"). During the third quarter of fiscal 2017, as a result of changes in our organizational structure from the business model transition and various other factors described further in Note 18, "Segments," Autodesk has determined the Company operates as a single operating segment and single reporting unit. However, we will continue to provide disaggregation of revenue by product family within Note 18, "Segments." Prior Period Adjustments In the course of preparing the Condensed Consolidated Financial Statements for the three and nine months ended October 31, 2015, Autodesk determined that it had understated income tax expense by $33.1 million for the three and six months ended July 31, 2015, primarily related to an error in the establishment of the valuation allowance, which had been understated at July 31, 2015. Autodesk performed the analysis required by Staff Accounting Bulletin No. 99, Materiality, to evaluate the materiality of the error, quantitatively and qualitatively, and concluded it was not material to the Company’s Condensed Consolidated Financial Statements as of July 31, 2015 and for the three and six month periods ended July 31, 2015; however, in light of the significance of a correction of the error to the results for the three months ended October 31, 2015, Autodesk chose to correct the error by revising the previously reported results for the three and six months ended July 31, 2015. See Note 6, "Income Tax," in the Notes to Condensed Consolidated Financial Statements for further discussion. During the quarter ended April 30, 2015, Autodesk determined that it had not correctly accounted for certain liabilities primarily related to employee benefits and unclaimed property. Accordingly, during the nine months ended October 31, 2015, we recorded $5.7 million of additional operating expenses related to prior periods. As these adjustments were related to the correction of errors, Autodesk performed the analysis required by Staff Accounting Bulletin No. 99, Materiality, and Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements. Based on this analysis, Autodesk concluded that the effect of the errors was not material to the financial position, results of operations or cash flows in fiscal 2016 or any other prior fiscal year from both a quantitative and qualitative perspective. |
Recently Issued Accounting Standards |
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Standards | Recently Issued Accounting Standards With the exception of those discussed below, there have been no recent changes in accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) or adopted by the Company during the nine months ended October 31, 2016, that are of significance, or potential significance, to the Company. Accounting Standards Adopted In March 2016, the FASB issued Accounting Standards Update No. 2016-09 ("ASU 2016-09") regarding ASC Topic 718, “Improvements to Employee Share-Based Payment Accounting.” The new guidance requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows. The standard also increases the amount of shares an employer can withhold for tax purposes without triggering liability accounting, clarifies that all cash payments made on an employee's behalf for withheld shares should be presented as a financing activity in the statements of cash flows, and provides an entity-wide accounting policy election to account for forfeitures as they occur. Autodesk early adopted the standard during the three months ended July 31, 2016. Upon adoption, under the modified retrospective transition method, the Company recognized the previously unrecognized excess tax benefits as increases in deferred tax assets for tax credit and tax loss carryovers, of which $116.5 million were available to offset liabilities for uncertain tax benefits. This reduction in liabilities for uncertain tax benefits resulted in a cumulative-effect increase of $116.5 million to the February 1, 2016 opening accumulated deficit balance. Tax attributes not available to offset uncertain tax benefits were fully offset by a valuation allowance. Autodesk elected to account for forfeitures as they occur using a modified retrospective transition method, which resulted in a cumulative-effect adjustment of $6.9 million to reduce the February 1, 2016 opening accumulated deficit balance. Autodesk elected to apply the change in presentation of excess tax benefits in the statements of cash flows retrospectively to all periods presented and no longer classifies them as a reduction from operating cash flows. However, the adoption did not impact the current or prior period presented as there were no excess tax benefits recorded. The retrospective presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact to any prior period since such cash flows have historically been presented as a financing activity. Additional amendments to the accounting for minimum statutory withholding tax requirements had no impact to opening accumulated deficit as of February 1, 2016 as Autodesk does not withhold more than the minimum statutory requirements. As Autodesk elected to early adopt in the second quarter of fiscal 2017, we are required to reflect any adjustments as of February 1, 2016, the beginning of the annual period that includes the interim period of adoption, and are required to revise our reported quarterly results for the three months ended April 30, 2016. Accordingly, the following table reflects the retrospective adjustments made to beginning accumulated deficit and to the previously reported results for the three months ended April 30, 2016: Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Operations
Effective in the first quarter of fiscal 2017, Autodesk adopted FASB's Accounting Standards Update No. 2015-05 ("ASU 2015-05") regarding Subtopic 350-40, “Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Fees Paid in a Cloud Computing Arrangement.” The amendments in this ASU provide guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments for ASU 2015-05 were prospectively applied and did not have a material impact on Autodesk's consolidated financial statements. Effective in the first quarter of fiscal 2017, Autodesk adopted FASB's Accounting Standards Update No. 2015-07 ("ASU 2015-07") regarding ASC Topic 820, "Fair Value Measurement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." The amendments in ASU 2015-07 remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also limit certain disclosures to investments for which the entity has elected to measure at fair value using the net asset value per share practical expedient. The amendments were applied retrospectively by removing from the fair value hierarchy any investments for which fair value is measured using the net asset value per share practical expedient. Adoption did not have a material impact on Autodesk's consolidated financial statements. Recently Issued Accounting Standards In October 2016, FASB issued Accounting Standards Update No. 2016-16 ("ASU 2016-16"), “Income Taxes: Intra-Entity Transfers of Assets Other than Inventory” which requires that entities recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The amendments will be effective for Autodesk's fiscal year beginning February 1, 2018 unless Autodesk elects early adoption. The new guidance is required to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Autodesk is currently evaluating the accounting, transition, and disclosure requirements of the standard and cannot currently estimate the financial statement impact of adoption. In June 2016, the FASB issued Accounting Standards Update No. 2016-13 ("ASU 2016-13") regarding ASC Topic 326, "Financial Instruments - Credit Losses," which modifies the measurement of expected credit losses of certain financial instruments. The amendments will be effective for Autodesk's fiscal year beginning February 1, 2019 unless Autodesk elects early adoption. Autodesk does not believe ASU 2016-13 will have a material impact on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 ("ASU 2016-02") regarding ASC Topic 842, "Leases." The amendments in this ASU require balance sheet recognition of lease assets and lease liabilities by lessees for leases classified as operating leases, with an optional policy election to not recognize lease assets and lease liabilities for leases with a term of 12 months or less. The amendments also require new disclosures, including qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. Autodesk plans to adopt ASU 2016-02 as of the effective date which represents Autodesk’s fiscal year beginning February 1, 2019. The amendments require a modified retrospective approach with optional practical expedients. Autodesk is currently evaluating the accounting, transition, and disclosure requirements of the standard and cannot currently estimate the financial statement impact of adoption. In January 2016, the FASB issued Accounting Standards Update No. 2016-01 ("ASU 2016-01") regarding ASC Topic 825-10, "Financial Instruments - Overall." The amendments address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments, and require equity securities to be measured at fair value with changes in fair value recognized through net income. The amendments also simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment for impairment quarterly at each reporting period. The amendments in ASU 2016-01 will be effective for Autodesk's fiscal year beginning February 1, 2018. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, with prospective adoption of the amendments related to equity securities without readily determinable fair values existing as of the date of adoption. Autodesk does not believe ASU 2016-01 will have a material impact on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 ("ASU 2014-09") regarding ASC Topic 606, “Revenue from Contracts with Customers.” ASU 2014-09 provides principles for recognizing revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued Accounting Standards Update No. 2015-14 to defer the effective date by one year with early adoption permitted as of the original effective date. In addition, the FASB issued Accounting Standards Update No. 2016-08, Accounting Standards Update No. 2016-10, and Accounting Standards Update No. 2016-12 in March 2016, April 2016, and May 2016, respectively, to help provide interpretive clarifications on the new guidance in ASC Topic 606. Autodesk plans to adopt ASU 2014-09 as of the deferred effective date, which represents Autodesk’s fiscal year beginning February 1, 2018. Autodesk is currently evaluating the accounting and disclosure requirements of the standard. The Company's preliminary assessment is that there should be no material change in the timing and amount of the recognition of revenue for the majority of the Company's desktop subscription offerings. This preliminary assessment is based on the conclusion that the related software and cloud services are considered highly interrelated and represent a single combined performance obligation that should be recognized over time. Autodesk is reviewing its other offerings, including enterprise arrangements, and anticipates providing its preliminary assessment on the impact of adoption and transition method in its Form 10-K for this fiscal year ended January 31, 2017. |
Concentration of Credit Risk |
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Oct. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk Autodesk places its cash, cash equivalents and marketable securities in highly liquid instruments with, and in the custody of, diversified financial institutions globally with high credit ratings and limits the amounts invested with any one institution, type of security and issuer. Autodesk’s primary commercial banking relationship is with Citigroup Inc. and its global affiliates. Citibank, N.A., an affiliate of Citigroup, is one of the lead lenders and an agent in the syndicate of Autodesk’s $400.0 million line of credit facility. Total sales to the distributor Tech Data Corporation and its global affiliates (“Tech Data”) accounted for 31% and 30% of Autodesk’s total net revenue for the three and nine months ended October 31, 2016, respectively, and 26% and 25% for the three and nine months ended October 31, 2015, respectively. The majority of the net revenue from sales to Tech Data is for sales made outside of the United States. In addition, Tech Data accounted for 25% and 22% of trade accounts receivable at October 31, 2016 and January 31, 2016, respectively. |
Financial Instruments |
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Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments The following tables summarize the Company's financial instruments' amortized cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category as of October 31, 2016 and January 31, 2016:
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Autodesk classifies its marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable securities with remaining maturities of up to 12 months are classified as short-term and marketable securities with remaining maturities greater than 12 months are classified as long-term. Autodesk may sell certain of its marketable securities prior to their stated maturities for strategic purposes or in anticipation of credit deterioration. Autodesk applies fair value accounting for certain financial assets and liabilities, which consist of cash equivalents, marketable securities and other financial instruments, that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and (Level 3) unobservable inputs for which there is little or no market data, which require Autodesk to develop its own assumptions. When determining fair value, Autodesk uses observable market data and relies on unobservable inputs only when observable market data is not available. There have been no transfers between fair value measurement levels during the three and nine months ended October 31, 2016. Autodesk's cash equivalents, marketable securities and financial instruments are primarily classified within Level 1 or Level 2 of the fair value hierarchy. Autodesk values its available-for-sale securities on pricing from pricing vendors, who may use quoted prices in active markets for identical assets (Level 1) or inputs other than quoted prices that are observable either directly or indirectly in determining fair value (Level 2). Autodesk's Level 2 securities are valued primarily using observable inputs other than quoted prices in active markets for identical assets and liabilities. Autodesk's Level 3 securities consist of investments held in convertible debt securities and derivative contracts which are valued using probability weighted discounted cash flow models as some of the inputs to the models are unobservable in the market. A reconciliation of the change in Autodesk’s Level 3 items for the nine months ended October 31, 2016 follows:
The following table summarizes the estimated fair value of Autodesk's “available-for-sale securities” classified by the contractual maturity date of the security:
As of October 31, 2016 and January 31, 2016, Autodesk had no material securities, individually and in the aggregate, in a continuous unrealized loss position for greater than twelve months. As of October 31, 2016 and January 31, 2016, Autodesk had $116.6 million and $104.3 million, respectively, in direct investments in privately held companies accounted for under the cost method, which are periodically assessed for other-than-temporary impairment. Other than the amounts disclosed in the following paragraph, Autodesk does not intend to sell these cost method investments and it is not more likely than not that Autodesk will be required to sell the investment before recovery of the amortized cost bases, which may be maturity. Therefore, Autodesk does not consider those investments to be other-than-temporarily impaired at October 31, 2016. Autodesk estimates fair value of its cost method investments considering available information such as pricing in recent rounds of financing, current cash positions, earnings and cash flow forecasts, recent operational performance and any other readily available market data. If Autodesk determines that an other-than-temporary impairment has occurred, Autodesk writes down the investment to its fair value. During the nine months ended October 31, 2016 and 2015, Autodesk recorded $0.3 million and $0.2 million, respectively, in other-than-temporary impairments on its privately held equity investments. The sales or redemptions of “available-for-sale securities” during the nine months ended October 31, 2016 and 2015 resulted in gains of $0.7 million and $0.3 million, respectively. Gains and losses resulting from the sale or redemption of "available-for-sale securities" are recorded in “Interest and other expense, net” on the Company's Condensed Consolidated Statements of Operations. Proceeds from the sale and maturity of marketable securities for the nine months ended October 31, 2016 and 2015 were $1,557.3 million and $1,233.7 million, respectively. Derivative Financial Instruments Under its risk management strategy, Autodesk uses derivative instruments to manage its short-term exposures to fluctuations in foreign currency exchange rates which exist as part of ongoing business operations. Autodesk's general practice is to hedge a portion of transaction exposures denominated in euros, Japanese yen, Swiss francs, British pounds, Canadian dollars and Australian dollars. These instruments have maturities between one and twelve months in the future. Autodesk does not enter into derivative instrument transactions for trading or speculative purposes. The bank counterparties to the derivative contracts potentially expose Autodesk to credit-related losses in the event of their nonperformance. However, to mitigate that risk, Autodesk only contracts with counterparties who meet the Company's minimum requirements under its counterparty risk assessment process. Autodesk monitors ratings, credit spreads and potential downgrades on at least a quarterly basis. Based on Autodesk's ongoing assessment of counterparty risk, the Company will adjust its exposure to various counterparties. Autodesk generally enters into master netting arrangements, which reduce credit risk by permitting net settlement of transactions with the same counterparty. However, Autodesk does not have any master netting arrangements in place with collateral features. Foreign currency contracts designated as cash flow hedges Autodesk uses foreign currency contracts to reduce the exchange rate impact on a portion of the net revenue or operating expense of certain anticipated transactions. These contracts are designated and documented as cash flow hedges. The effectiveness of the cash flow hedge contracts is assessed quarterly using regression analysis as well as other timing and probability criteria. To receive cash flow hedge accounting treatment, all hedging relationships are formally documented at the inception of the hedge and the hedges are expected to be highly effective in offsetting changes to future cash flows on hedged transactions. The gross gains and losses on these hedges are included in “Accumulated other comprehensive loss” and are reclassified into earnings at the time the forecasted revenue or expense is recognized. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, Autodesk reclassifies the gain or loss on the related cash flow hedge from “Accumulated other comprehensive loss” to “Interest and other expense, net” in the Company's Condensed Consolidated Financial Statements at that time. The net notional amounts of these contracts are presented net settled and were $530.4 million at October 31, 2016 and $142.4 million at January 31, 2016. Outstanding contracts are recognized as either assets or liabilities on the balance sheet at fair value. The majority of the net gain of $4.0 million remaining in “Accumulated other comprehensive loss” as of October 31, 2016 is expected to be recognized into earnings within the next twelve months. Derivatives not designated as hedging instruments Autodesk uses foreign currency contracts that are not designated as hedging instruments to reduce the exchange rate risk associated primarily with foreign currency denominated receivables and payables. These forward contracts are marked-to-market at the end of each fiscal quarter with gains and losses recognized as “Interest and other expense, net.” These derivative instruments do not subject the Company to material balance sheet risk due to exchange rate movements because gains and losses on these derivative instruments are intended to offset the gains or losses resulting from the settlement of the underlying foreign currency denominated receivables and payables. The net notional amounts of these foreign currency contracts are presented net settled and were $7.8 million at October 31, 2016 and $231.6 million at January 31, 2016. In addition to these foreign currency contracts, Autodesk holds derivative instruments issued by privately held companies, which are not designated as hedging instruments. These derivatives consist of certain conversion options on the convertible debt securities held by Autodesk and an option to acquire a privately held company. These derivatives are recorded at fair value as of each balance sheet date and are recorded in “Other assets.” Changes in the fair values of these instruments are recognized in income as “Interest and other expense, net.” Fair Value of Derivative Instruments The fair values of derivative instruments in Autodesk’s Condensed Consolidated Balance Sheets were as follows as of October 31, 2016 and January 31, 2016:
The effects of derivatives designated as hedging instruments on Autodesk’s Condensed Consolidated Statements of Operations were as follows for the three and nine months ended October 31, 2016 and 2015 (amounts presented include any income tax effects):
The effects of derivatives not designated as hedging instruments on Autodesk’s Condensed Consolidated Statements of Operations were as follows for the three and nine months ended October 31, 2016 and 2015 (amounts presented include any income tax effects):
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Stock-based Compensation Expense |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation Expense | Stock-based Compensation Expense Restricted Stock Units: A summary of restricted stock unit activity for the nine months ended October 31, 2016 is as follows:
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The fair value of the shares vested during the nine months ended October 31, 2016 and 2015 was $180.3 million and $156.6 million, respectively. During the nine months ended October 31, 2016, Autodesk granted 3.2 million restricted stock units. Autodesk recorded stock-based compensation expense related to restricted stock units of $45.2 million and $37.9 million during the three months ended October 31, 2016 and 2015, respectively. Autodesk recorded stock-based compensation expense related to restricted stock units of $125.5 million and $103.7 million during the nine months ended October 31, 2016 and 2015, respectively. During the nine months ended October 31, 2016, Autodesk granted 0.4 million performance stock units (“PSUs”) for which the ultimate number of shares earned is determined based on the achievement of performance criteria at the end of the stated service and performance period. The performance criteria for these grants are based upon net new model subscription additions, new model Annualized Recurring Revenue ("ARR"), non-GAAP total spend, and total subscription renewal rate goals ("FY17 performance criteria") adopted by the Compensation and Human Resource Committee, as well as total stockholder return compared against companies in the S&P Computer Software Select Index (“Relative TSR”). Each PSU covers a three-year period:
PSUs are not considered outstanding stock at the time of grant, as the holders of these units are not entitled to any of the rights of a stockholder, including voting rights. Autodesk has determined the grant date fair value for these awards using a Monte Carlo simulation model since the awards are also subject to a market condition. The fair value of the PSUs is expensed using the accelerated attribution over the vesting period. Autodesk recorded stock-based compensation expense related to PSUs of $4.9 million and $5.7 million for the three months ended October 31, 2016 and 2015, respectively. Autodesk recorded stock-based compensation expense related to PSUs of $17.1 million and $17.2 million for the nine months ended October 31, 2016 and 2015, respectively. 1998 Employee Qualified Stock Purchase Plan (“ESPP”) Under Autodesk’s ESPP, which was approved by stockholders in 1998, eligible employees may purchase shares of Autodesk’s common stock at their discretion using up to 15% of their eligible compensation, subject to certain limitations, at 85% of the lower of Autodesk's closing price (fair market value) on the offering date or the exercise date. The offering period for ESPP awards consists of four, six-month exercise periods within a 24-month offering period. Autodesk issued 1.1 million and 1.0 million shares under the ESPP during the three months ended October 31, 2016 and 2015, respectively, with an average price of $37.36 and $35.59 per share. The weighted average grant date fair value of awards granted under the ESPP was $20.75 and $11.91 during the three months ended October 31, 2016 and 2015, respectively, calculated as of the award grant date using the Black-Scholes Merton (“BSM") option pricing model. Autodesk issued 2.3 million and 2.1 million shares under the ESPP during the nine months ended October 31, 2016 and 2015, respectively, with an average price of $36.99 and $36.29 per share. The weighted average grant date fair value of awards granted under the ESPP was $19.20 and $11.85 during the nine months ended October 31, 2016 and 2015, respectively, in each case, calculated as of the award grant date using the BSM option pricing model. Stock-based Compensation Expense The following table summarizes stock-based compensation expense for the three and nine months ended October 31, 2016 and 2015, respectively, as follows:
Stock-based Compensation Expense Assumptions Autodesk determines the grant date fair value of its share-based payment awards using a BSM option pricing model or the quoted stock price on the date of grant, unless the awards are subject to market conditions, in which case Autodesk uses a binomial-lattice model (e.g., Monte Carlo simulation model). The Monte Carlo simulation model utilizes multiple input variables to estimate the probability that market conditions will be achieved. Autodesk uses the following assumptions to estimate the fair value of stock-based awards:
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Autodesk estimates expected volatility for stock-based awards based on the average of the following two measures: (1) a measure of historical volatility in the trading market for the Company’s common stock, and (2) the implied volatility of traded forward call options to purchase shares of the Company’s common stock. The expected volatility for PSUs subject to market conditions includes the expected volatility of Autodesk's peer companies within the S&P Computer Software Select Index. The range of expected lives of ESPP awards are based upon the four, six-month exercise periods within a 24-month offering period. Autodesk does not currently pay, and does not anticipate paying in the foreseeable future, any cash dividends. Consequently, an expected dividend yield of zero is used in the BSM option pricing model and the Monte Carlo simulation model. The risk-free interest rate used in the BSM option pricing model and the Monte Carlo simulation model for stock-based awards is the historical yield on U.S. Treasury securities with equivalent remaining lives. Autodesk recognizes expense only for the stock-based awards that ultimately vest. As permitted by ASU 2016-09, Autodesk has elected to account for forfeitures of our stock-based awards as those forfeitures occur. |
Income Tax |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax | Income Tax Autodesk's income tax expense was $13.5 million and $21.3 million for the three months ended October 31, 2016 and 2015, respectively, relative to a pre-tax loss of $129.3 million and pre-tax income of $22.5 million, respectively, for the same periods. Autodesk's income tax expense was $53.1 million and $293.5 million for the nine months ended October 31, 2016 and 2015, respectively, relative to a pre-tax loss of $355.6 million and pre-tax income of $0.2 million, respectively, for the same periods. The decrease in income tax expense was primarily due to the valuation allowance that was established during the three months ended October 31, 2015. Income tax expense consists primarily of foreign taxes and U.S. tax expense related to indefinite-lived intangibles. Autodesk regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, Autodesk considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Autodesk considered cumulative losses in the United States arising from the Company's business model transition as a significant piece of negative evidence and established a valuation allowance against the Company’s deferred tax assets in the three months ended July 31, 2015. Subsequently, Autodesk determined that it had understated income tax expense by $33.1 million for the three and six months ended July 31, 2015, primarily related to an error in the establishment of the valuation allowance, which had been understated at July 31, 2015. Autodesk evaluated the materiality of the error, quantitatively and qualitatively, and concluded it was not material to the Company’s condensed consolidated financial statements for the quarter ended July 31, 2015 but chose to correct the error by revising the previously reported results for the three and six months ended July 31, 2015. The following table summarizes the impact of adjusting the condensed consolidated income statement balances presented for the three and six months ended July 31, 2015:
The following table summarizes the impact of adjusting the Condensed Consolidated Balance Sheet balances as of July 31, 2015:
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As of October 31, 2016, the Company had $264.3 million of gross unrecognized tax benefits, excluding interest, of which approximately $250.4 million represents the amount of unrecognized tax benefits that would impact the effective tax rate, if recognized. However, this rate impact would be offset to the extent that recognition of unrecognized tax benefits currently presented as a reduction of deferred tax assets would increase the valuation allowance. It is possible that the amount of unrecognized tax benefits will change in the next twelve months; however, an estimate of the range of the possible change cannot be made at this time. The negotiated settlement for a tax audit in China covering certain transfer pricing matters from 2004 to 2013 was finalized and paid in mid-November. The payment was for $9.9 million, which included tax and interest. There was an accrual of $9.9 million for this liability as of October 31, 2016. The accrual for the adjustment for calendar years 2014 and 2015 will be kept on the books as the Company works with the State Administration of Taxation to settle the liabilities for these years. The Internal Revenue Service has started an examination of the Company's U.S. consolidated federal income tax returns for fiscal years 2014 and 2015. While it is possible that the Company's tax positions may be challenged, the Company believes its positions are consistent with the tax law, and the balance sheet reflects appropriate liabilities for uncertain federal tax positions for the years being examined. |
Acquisitions |
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Oct. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions During the nine months ended October 31, 2016, Autodesk completed several business combinations and technology acquisitions for total cash consideration of approximately $87.0 million. Pro forma results of operations have not been presented because the effects of the acquisitions, individually and in the aggregate, were not material to Autodesk’s Condensed Consolidated Financial Statements. For acquisitions accounted for as business combinations, Autodesk recorded the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The fair values assigned to the identifiable intangible assets acquired were based on estimates and assumptions determined by management. Autodesk recorded the excess of consideration transferred over the aggregate fair values as goodwill. The goodwill recorded is primarily attributable to synergies expected to arise after the acquisitions. The following table summarizes the fair value of the assets acquired and liabilities assumed by major class for the business combinations and technology acquisitions completed during the nine months ended October 31, 2016:
For certain business combinations, the allocation of purchase price consideration to certain assets and liabilities is not yet finalized. For the items not yet finalized, Autodesk's estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). The primary areas of the preliminary purchase price allocation that are not yet finalized are amounts for tax assets and liabilities, pending finalization of estimates and assumptions in respect of certain tax aspects of the transaction and residual goodwill, and the valuation of certain intangible assets. |
Other Intangible Assets, Net |
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Finite-Lived Intangible Assets, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Intangible Assets, Net | Other Intangible Assets, Net Other intangible assets including developed technologies, customer relationships, trade names, patents, user lists and the related accumulated amortization were as follows:
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Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | Goodwill The following table summarizes the changes in the carrying amount of goodwill for the periods ended October 31, 2016 and January 31, 2016:
Goodwill consists of the excess of consideration transferred over the fair value of net assets acquired in business combinations. Autodesk tests goodwill for impairment annually in its fourth fiscal quarter or more often if circumstances indicate a potential impairment may exist, or if events have affected the composition of reporting units. When goodwill is assessed for impairment, Autodesk has the option to perform an assessment of qualitative factors of impairment (“optional assessment”) prior to necessitating a two-step quantitative impairment test. Should the optional assessment be used for any given fiscal year, qualitative factors to consider include cost factors; financial performance; legal, regulatory, contractual, political, business, or other factors; entity specific factors; industry and market considerations, macroeconomic conditions, and other relevant events and factors affecting the reporting unit. If, after assessing the totality of events or circumstances, it is more likely than not that the fair value of the reporting unit is greater than its carrying value, then performing the two-step impairment test is unnecessary. Therefore, the two-step quantitative impairment test is necessary when either Autodesk does not use the optional assessment or, as a result of the optional assessment, it is not more likely than not that the fair value of the reporting unit is greater than its carrying value. In performing the two-step impairment test, Autodesk uses discounted cash flow models which include assumptions regarding projected cash flows. Variances in these assumptions could have a significant impact on Autodesk's conclusion as to whether goodwill is impaired, or the amount of any impairment charge. Impairment charges, if any, result from instances where the fair values of net assets associated with goodwill are less than their carrying values. As changes in business conditions and assumptions occur, Autodesk may be required to record impairment charges. The process of evaluating the potential impairment of goodwill is subjective and requires significant judgment at many points during the analysis. The value of Autodesk’s goodwill could also be impacted by future adverse changes such as: (i) declines in Autodesk’s actual financial results, (ii) a sustained decline in Autodesk’s market capitalization, (iii) significant slowdown in the worldwide economy or the industries Autodesk serves, or (iv) changes in Autodesk’s business strategy or internal financial results forecasts. As described in Note 18, "Segments," commencing in the third quarter of fiscal 2017, Autodesk changed its segment reporting as it now operates as a single operating segment and single reporting unit. We were required to conduct impairment tests immediately before and after the change in the composition of our reporting units. Accordingly, for the "before" test, we assessed goodwill for impairment during the third quarter of fiscal 2017 using the two-step quantitative test for each of our legacy reporting units: PSEB, MFG, AEC, M&E, and Delcam -- a component of our MFG operating segment. In performing the quantitative two-step test, Autodesk used a discounted cash flow model which included assumptions regarding projected cash flows. Based on this testing, Autodesk determined that the fair value was in excess of the carrying value for each of the five reporting units and therefore the goodwill of each reporting unit was not impaired during the quarter ended October 31, 2016. As part of the "after" test, in situations in which an entity's reporting unit is publicly traded, the fair value of the Company may be approximated by its market capitalization. The market capitalization of the Company is in excess of the carrying value of its reporting unit as of October 31, 2016. The Company determined that there were no indicators of impairment as of October 31, 2016. |
Deferred Compensation |
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Oct. 31, 2016 | |
Deferred Compensation Arrangements [Abstract] | |
Deferred Compensation | Deferred Compensation At October 31, 2016, Autodesk had marketable securities totaling $1.0 billion, of which $45.6 million related to investments in debt and equity securities that are held in a rabbi trust under non-qualified deferred compensation plans. The total related deferred compensation liability was $45.6 million at October 31, 2016, of which $2.5 million was classified as current and $43.1 million was classified as non-current liabilities. The total related deferred compensation liability at January 31, 2016 was $38.0 million, of which $1.9 million was classified as current and $36.1 million was classified as non-current liabilities. The securities are recorded in the Condensed Consolidated Balance Sheets under the current portion of "Marketable securities." The current and non-current portions of the liability are recorded in the Condensed Consolidated Balance Sheets under “Accrued compensation” and “Other liabilities,” respectively. |
Computer Equipment, Software, Furniture and Leasehold Improvements, Net |
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Computer Equipment, Software, Furniture and Leasehold Improvements, Net | Computer Equipment, Software, Furniture and Leasehold Improvements, Net Computer equipment, software, furniture, leasehold improvements and the related accumulated depreciation were as follows:
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Borrowing Arrangements |
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Oct. 31, 2016 | |
Line of Credit Facility [Abstract] | |
Borrowing Arrangements | Borrowing Arrangements In June 2015, Autodesk issued $450.0 million aggregate principal amount of 3.125% notes due June 15, 2020 and $300.0 million aggregate principal amount of 4.375% notes due June 15, 2025 (collectively, the “2015 Notes”). Net of a discount of $1.7 million and issuance costs of $6.3 million, Autodesk received net proceeds of $742.0 million from issuance of the 2015 Notes. Both the discount and issuance costs are being amortized to interest expense over the respective terms of the 2015 Notes using the effective interest method. The proceeds of the 2015 Notes are available for general corporate purposes. Autodesk may redeem the 2015 Notes at any time, subject to a make whole premium. In addition, upon the occurrence of certain change of control triggering events, Autodesk may be required to repurchase the 2015 Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. The 2015 Notes contain restrictive covenants that limit Autodesk's ability to create certain liens, to enter into certain sale and leaseback transactions and to consolidate or merge with, or convey, transfer or lease all or substantially all of its assets, subject to important qualifications and exceptions. Based on quoted market prices, the fair value of the 2015 Notes was approximately $772.5 million as of October 31, 2016. In December 2012, Autodesk issued $400.0 million aggregate principal amount of 1.95% notes due December 15, 2017 and $350.0 million aggregate principal amount of 3.6% notes due December 15, 2022 (collectively, the “2012 Notes”). Autodesk received net proceeds of $739.3 million from issuance of the 2012 Notes, net of a discount of $4.5 million and issuance costs of $6.1 million. Both the discount and issuance costs are being amortized to interest expense over the respective terms of the 2012 Notes using the effective interest method. The proceeds of the 2012 Notes are available for general corporate purposes. Autodesk may redeem the 2012 Notes at any time, subject to a make whole premium. In addition, upon the occurrence of certain change of control triggering events, Autodesk may be required to repurchase the 2012 Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. The 2012 Notes contain restrictive covenants that limit Autodesk's ability to create certain liens, to enter into certain sale and leaseback transactions and to consolidate or merge with, or convey, transfer or lease all or substantially all of its assets, subject to important qualifications and exceptions. Based on quoted market prices, the fair value of the 2012 Notes was approximately $760.3 million as of October 31, 2016. Autodesk’s line of credit facility permits unsecured short-term borrowings of up to $400.0 million, with an option to request an increase in the amount of the credit facility by up to an additional $100.0 million, and is available for working capital or other business needs. This credit agreement contains customary covenants that could restrict the imposition of liens on Autodesk’s assets, and restrict the Company’s ability to incur additional indebtedness or make dispositions of assets if Autodesk fails to maintain the financial covenants. The financial covenants consist of a leverage ratio, and an interest coverage ratio. The line of credit is syndicated with various financial institutions, including Citibank, N.A., an affiliate of Citigroup, which is one of the lead lenders and an agent. The maturity date on the line of credit is May 2020. At October 31, 2016, Autodesk was in compliance with the credit facility's covenants and had no outstanding borrowings on this line of credit. |
Restructuring charges and other facility exit costs, net |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring charges and other facility exit costs, net In February 2016, the Board of Directors approved a world-wide restructuring plan (“Fiscal 2017 Plan”) in order to re-balance staffing levels and reduce operating expenses to better align them with the evolving needs of the business. The Company's Fiscal 2017 Plan consists of employee termination benefits related to the reduction of its workforce with expected costs of approximately $65.0 million, and lease terminations and other exit costs expected to be approximately $7.0 million. During the three and nine months ended October 31, 2016, restructuring charges under the Fiscal 2017 Plan included $2.8 million and $58.5 million in employee termination benefits, respectively, and $0.4 million and $5.6 million in lease termination and other exit costs, respectively. During the nine months ended October 31, 2016, we incurred $7.4 million in lease termination costs not related to the Fiscal 2017 Plan. Other costs primarily consist of legal, consulting, and other costs related to employee terminations and are expensed when incurred. The Company expects to pay substantially all of the employee termination benefits and facility related liabilities under the Fiscal 2017 Plan by the end of fiscal 2017. The following table sets forth the restructuring charges and other lease termination exit costs during the nine months ended October 31, 2016:
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Guarantees and Indemnifications In the normal course of business, Autodesk provides indemnifications of varying scopes, including limited product warranties and indemnification of customers against claims of intellectual property infringement made by third parties arising from the use of its products or services. Autodesk accrues for known indemnification issues if a loss is probable and can be reasonably estimated. Historically, costs related to these indemnifications have not been significant, and because potential future costs are highly variable, Autodesk is unable to estimate the maximum potential impact of these indemnifications on its future results of operations. In connection with the purchase, sale or license of assets or businesses with third parties, Autodesk has entered into or assumed customary indemnification agreements related to the assets or businesses purchased, sold or licensed. Historically, costs related to these indemnifications have not been significant, and because potential future costs are highly variable, Autodesk is unable to estimate the maximum potential impact of these indemnifications on its future results of operations. As permitted under Delaware law, Autodesk has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at Autodesk’s request in such capacity. The maximum potential amount of future payments Autodesk could be required to make under these indemnification agreements is unlimited; however, Autodesk has directors’ and officers’ liability insurance coverage that is intended to reduce its financial exposure and may enable Autodesk to recover a portion of any future amounts paid. Autodesk believes the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal. Legal Proceedings Autodesk is involved in a variety of claims, suits, investigations and proceedings in the normal course of business activities including claims of alleged infringement of intellectual property rights, commercial, employment, piracy prosecution, business practices and other matters. In the Company’s opinion, resolution of pending matters is not expected to have a material adverse impact on its consolidated results of operations, cash flows or its financial position. Given the unpredictable nature of legal proceedings, there is a reasonable possibility that an unfavorable resolution of one or more such proceedings could in the future materially affect the Company’s results of operations, cash flows or financial position in a particular period, however, based on the information known by the Company as of the date of this filing and the rules and regulations applicable to the preparation of the Company’s financial statements, any such amount is either immaterial or it is not possible to provide an estimated amount of any such potential loss. |
Common Stock Repurchase Program |
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Class of Stock Disclosures [Abstract] | |
Common Stock Repurchase Program | Common Stock Repurchase Program Autodesk has a stock repurchase program that is used to offset dilution from the issuance of stock under the Company’s employee stock plans and for such other purposes as may be in the interests of Autodesk and its stockholders. Stock repurchases have the effect of returning excess cash generated from the Company’s business to stockholders. During the three and nine months ended October 31, 2016, Autodesk repurchased and retired 2.0 million and 6.8 million shares at an average repurchase price of $68.74 and $59.92 per share, respectively. Common stock and additional paid-in capital and accumulated deficit were reduced by $39.9 million and $99.7 million, respectively, during the three months ended October 31, 2016. Common stock and additional paid-in capital and accumulated deficit were reduced by $151.4 million and $258.2 million, respectively, during the nine months ended October 31, 2016. At October 31, 2016, 29.5 million shares remained available for repurchase under the repurchase program approved by the Board of Directors, including the 30.0 million share increase approved by the Board of Directors in September 2016. During the nine months ended October 31, 2016, Autodesk repurchased its common stock through open market purchases. The number of shares acquired and the timing of the purchases are based on several factors, including general market and economic conditions, the number of employee stock option exercises and stock issuances, the trading price of Autodesk common stock, cash on hand and available in the United States, cash requirements for acquisitions, and Company defined trading windows. |
Accumulated Other Comprehensive Loss |
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Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, net of taxes, consisted of the following at October 31, 2016:
Reclassifications related to gains and losses on available-for-sale securities are included in "Interest and other expense, net." Refer to Note 4, "Financial Instruments" for the amount and location of reclassifications related to derivative instruments. Reclassifications of the defined benefit pension components are included in the computation of net periodic benefit cost. For further information, see the "Retirement Benefit Plans" note in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended January 31, 2016. |
Net Loss Per Share |
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Net (Loss) Income Per Share | Net Loss Per Share Basic net loss per share is computed using the weighted average number of shares of common stock outstanding for the period, excluding stock options and restricted stock units. Diluted net loss per share is based upon the weighted average number of shares of common stock outstanding for the period and potentially dilutive common shares, including the effect of stock options and restricted stock units under the treasury stock method. The following table sets forth the computation of the numerators and denominators used in the basic and diluted net loss per share amounts:
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The computation of diluted net loss per share does not include shares that are anti-dilutive under the treasury stock method because their exercise prices are higher than the average market value of Autodesk’s stock during the period. For the three months ended October 31, 2016, no potentially anti-dilutive shares were excluded from the computation of diluted net loss per share. For the three months ended October 31, 2015, 0.6 million potentially anti-dilutive shares were excluded from the computation of diluted net loss per share. For the nine months ended October 31, 2016 and 2015, 0.4 million and 0.1 million potentially anti-dilutive shares were excluded from the computation of diluted net loss per share, respectively. |
Segments |
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Segments | Segments Autodesk reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions, allocating resources and assessing performance as the source of the Company’s reportable segments. Prior to the third quarter of fiscal 2017, Autodesk had four operating segments: AEC, MFG, PSEB, and M&E. As a result of the Company’s business model transition, there have been a number of changes in the business including a platform shift from perpetual licenses to subscription-based offerings and organizational changes in how the business is managed including a restructuring announced in the first quarter of fiscal 2017. In the third quarter of fiscal 2017, these organizational changes resulted in a change in the internal reporting provided to Autodesk’s chief operating decision maker (“CODM”) used to assess the performance of the business to focus on consolidated operating results. Accordingly, the Company's CODM now allocates resources and assesses the operating performance of the Company as a whole. As such, beginning in the third quarter of fiscal 2017, Autodesk concluded that it has one segment manager (the CODM), one operating segment, and one reporting unit for goodwill impairment purposes. Information regarding Autodesk’s revenue by geographic area and product family is as follows:
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Basis of Presentation (Policies) |
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Basis of Presentation | The accompanying unaudited Condensed Consolidated Financial Statements of Autodesk, Inc. (“Autodesk,” “we,” “us,” “our,” or the “Company”) as of October 31, 2016, and for the three and nine months ended October 31, 2016 and 2015, have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information along with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In management’s opinion, Autodesk made all adjustments (consisting of normal, recurring and non-recurring adjustments) during the quarter that were considered necessary for the fair statement of the financial position and operating results of the Company. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. In addition, the results of operations for the three and nine months ended October 31, 2016 are not necessarily indicative of the results for the entire fiscal year ending January 31, 2017, or for any other period. There have been no material changes, other than what is discussed herein, to Autodesk's significant accounting policies as compared to the significant accounting policies disclosed in the Annual Report on Form 10-K for the fiscal year ended January 31, 2016. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes, together with management’s discussion and analysis of financial position and results of operations contained in Autodesk’s Annual Report on Form 10-K for the fiscal year ended January 31, 2016, filed on March 23, 2016. |
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Accounting Standards Adopted and Recently Issued Accounting Standards | Accounting Standards Adopted In March 2016, the FASB issued Accounting Standards Update No. 2016-09 ("ASU 2016-09") regarding ASC Topic 718, “Improvements to Employee Share-Based Payment Accounting.” The new guidance requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows. The standard also increases the amount of shares an employer can withhold for tax purposes without triggering liability accounting, clarifies that all cash payments made on an employee's behalf for withheld shares should be presented as a financing activity in the statements of cash flows, and provides an entity-wide accounting policy election to account for forfeitures as they occur. Autodesk early adopted the standard during the three months ended July 31, 2016. Upon adoption, under the modified retrospective transition method, the Company recognized the previously unrecognized excess tax benefits as increases in deferred tax assets for tax credit and tax loss carryovers, of which $116.5 million were available to offset liabilities for uncertain tax benefits. This reduction in liabilities for uncertain tax benefits resulted in a cumulative-effect increase of $116.5 million to the February 1, 2016 opening accumulated deficit balance. Tax attributes not available to offset uncertain tax benefits were fully offset by a valuation allowance. Autodesk elected to account for forfeitures as they occur using a modified retrospective transition method, which resulted in a cumulative-effect adjustment of $6.9 million to reduce the February 1, 2016 opening accumulated deficit balance. Autodesk elected to apply the change in presentation of excess tax benefits in the statements of cash flows retrospectively to all periods presented and no longer classifies them as a reduction from operating cash flows. However, the adoption did not impact the current or prior period presented as there were no excess tax benefits recorded. The retrospective presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact to any prior period since such cash flows have historically been presented as a financing activity. Additional amendments to the accounting for minimum statutory withholding tax requirements had no impact to opening accumulated deficit as of February 1, 2016 as Autodesk does not withhold more than the minimum statutory requirements. As Autodesk elected to early adopt in the second quarter of fiscal 2017, we are required to reflect any adjustments as of February 1, 2016, the beginning of the annual period that includes the interim period of adoption, and are required to revise our reported quarterly results for the three months ended April 30, 2016. Accordingly, the following table reflects the retrospective adjustments made to beginning accumulated deficit and to the previously reported results for the three months ended April 30, 2016: Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Operations
Effective in the first quarter of fiscal 2017, Autodesk adopted FASB's Accounting Standards Update No. 2015-05 ("ASU 2015-05") regarding Subtopic 350-40, “Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Fees Paid in a Cloud Computing Arrangement.” The amendments in this ASU provide guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments for ASU 2015-05 were prospectively applied and did not have a material impact on Autodesk's consolidated financial statements. Effective in the first quarter of fiscal 2017, Autodesk adopted FASB's Accounting Standards Update No. 2015-07 ("ASU 2015-07") regarding ASC Topic 820, "Fair Value Measurement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." The amendments in ASU 2015-07 remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also limit certain disclosures to investments for which the entity has elected to measure at fair value using the net asset value per share practical expedient. The amendments were applied retrospectively by removing from the fair value hierarchy any investments for which fair value is measured using the net asset value per share practical expedient. Adoption did not have a material impact on Autodesk's consolidated financial statements. Recently Issued Accounting Standards In October 2016, FASB issued Accounting Standards Update No. 2016-16 ("ASU 2016-16"), “Income Taxes: Intra-Entity Transfers of Assets Other than Inventory” which requires that entities recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The amendments will be effective for Autodesk's fiscal year beginning February 1, 2018 unless Autodesk elects early adoption. The new guidance is required to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Autodesk is currently evaluating the accounting, transition, and disclosure requirements of the standard and cannot currently estimate the financial statement impact of adoption. In June 2016, the FASB issued Accounting Standards Update No. 2016-13 ("ASU 2016-13") regarding ASC Topic 326, "Financial Instruments - Credit Losses," which modifies the measurement of expected credit losses of certain financial instruments. The amendments will be effective for Autodesk's fiscal year beginning February 1, 2019 unless Autodesk elects early adoption. Autodesk does not believe ASU 2016-13 will have a material impact on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 ("ASU 2016-02") regarding ASC Topic 842, "Leases." The amendments in this ASU require balance sheet recognition of lease assets and lease liabilities by lessees for leases classified as operating leases, with an optional policy election to not recognize lease assets and lease liabilities for leases with a term of 12 months or less. The amendments also require new disclosures, including qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. Autodesk plans to adopt ASU 2016-02 as of the effective date which represents Autodesk’s fiscal year beginning February 1, 2019. The amendments require a modified retrospective approach with optional practical expedients. Autodesk is currently evaluating the accounting, transition, and disclosure requirements of the standard and cannot currently estimate the financial statement impact of adoption. In January 2016, the FASB issued Accounting Standards Update No. 2016-01 ("ASU 2016-01") regarding ASC Topic 825-10, "Financial Instruments - Overall." The amendments address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments, and require equity securities to be measured at fair value with changes in fair value recognized through net income. The amendments also simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment for impairment quarterly at each reporting period. The amendments in ASU 2016-01 will be effective for Autodesk's fiscal year beginning February 1, 2018. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, with prospective adoption of the amendments related to equity securities without readily determinable fair values existing as of the date of adoption. Autodesk does not believe ASU 2016-01 will have a material impact on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 ("ASU 2014-09") regarding ASC Topic 606, “Revenue from Contracts with Customers.” ASU 2014-09 provides principles for recognizing revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued Accounting Standards Update No. 2015-14 to defer the effective date by one year with early adoption permitted as of the original effective date. In addition, the FASB issued Accounting Standards Update No. 2016-08, Accounting Standards Update No. 2016-10, and Accounting Standards Update No. 2016-12 in March 2016, April 2016, and May 2016, respectively, to help provide interpretive clarifications on the new guidance in ASC Topic 606. Autodesk plans to adopt ASU 2014-09 as of the deferred effective date, which represents Autodesk’s fiscal year beginning February 1, 2018. Autodesk is currently evaluating the accounting and disclosure requirements of the standard. The Company's preliminary assessment is that there should be no material change in the timing and amount of the recognition of revenue for the majority of the Company's desktop subscription offerings. This preliminary assessment is based on the conclusion that the related software and cloud services are considered highly interrelated and represent a single combined performance obligation that should be recognized over time. Autodesk is reviewing its other offerings, including enterprise arrangements, and anticipates providing its preliminary assessment on the impact of adoption and transition method in its Form 10-K for this fiscal year ended January 31, 2017. |
Recently Issued Accounting Standards Recently Issued Accounting Standards (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | Accordingly, the following table reflects the retrospective adjustments made to beginning accumulated deficit and to the previously reported results for the three months ended April 30, 2016: Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Operations
The following table summarizes the impact of adjusting the condensed consolidated income statement balances presented for the three and six months ended July 31, 2015:
The following table summarizes the impact of adjusting the Condensed Consolidated Balance Sheet balances as of July 31, 2015:
_______________
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Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost And Fair Value Of Financial Instruments Disclosure | The following tables summarize the Company's financial instruments' amortized cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category as of October 31, 2016 and January 31, 2016:
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Fair Value, Assets Measured on Recurring Basis | A reconciliation of the change in Autodesk’s Level 3 items for the nine months ended October 31, 2016 follows:
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Available-for-sale Securities | The following table summarizes the estimated fair value of Autodesk's “available-for-sale securities” classified by the contractual maturity date of the security:
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The fair values of derivative instruments in Autodesk’s Condensed Consolidated Balance Sheets were as follows as of October 31, 2016 and January 31, 2016:
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The effects of derivatives designated as hedging instruments on Autodesk’s Condensed Consolidated Statements of Operations were as follows for the three and nine months ended October 31, 2016 and 2015 (amounts presented include any income tax effects):
The effects of derivatives not designated as hedging instruments on Autodesk’s Condensed Consolidated Statements of Operations were as follows for the three and nine months ended October 31, 2016 and 2015 (amounts presented include any income tax effects):
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Stock-based Compensation Expense (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of restricted stock unit activity for the nine months ended October 31, 2016 is as follows:
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Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes stock-based compensation expense for the three and nine months ended October 31, 2016 and 2015, respectively, as follows:
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Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Autodesk uses the following assumptions to estimate the fair value of stock-based awards:
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Income Tax (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | Accordingly, the following table reflects the retrospective adjustments made to beginning accumulated deficit and to the previously reported results for the three months ended April 30, 2016: Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Operations
The following table summarizes the impact of adjusting the condensed consolidated income statement balances presented for the three and six months ended July 31, 2015:
The following table summarizes the impact of adjusting the Condensed Consolidated Balance Sheet balances as of July 31, 2015:
_______________
|
Acquisitions (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the assets acquired and liabilities assumed by major class for the business combinations and technology acquisitions completed during the nine months ended October 31, 2016:
|
Other Intangible Assets, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | Other intangible assets including developed technologies, customer relationships, trade names, patents, user lists and the related accumulated amortization were as follows:
_______________
|
Goodwill (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The following table summarizes the changes in the carrying amount of goodwill for the periods ended October 31, 2016 and January 31, 2016:
|
Computer Equipment, Software, Furniture and Leasehold Improvements, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Computer equipment, software, furniture, leasehold improvements and the related accumulated depreciation were as follows:
|
Restructuring charges and other facility exit costs, net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Costs | The following table sets forth the restructuring charges and other lease termination exit costs during the nine months ended October 31, 2016:
____________________
|
Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss, net of taxes, consisted of the following at October 31, 2016:
|
Net Income Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The following table sets forth the computation of the numerators and denominators used in the basic and diluted net loss per share amounts:
____________________
|
Segments (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Information regarding Autodesk’s revenue by geographic area and product family is as follows:
____________________
|
Basis of Presentation Reclassification (Details) $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Oct. 31, 2016
USD ($)
segment
|
Apr. 30, 2016
USD ($)
|
Oct. 31, 2015
USD ($)
|
Jul. 31, 2015
USD ($)
|
Jul. 31, 2016
ReportingUnits
segment
|
Jul. 31, 2015
USD ($)
|
Oct. 31, 2016
USD ($)
|
Oct. 31, 2015
USD ($)
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Number of operating segments | 1 | 4 | ||||||
Number of reportable segments | segment | 4 | |||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Provision for income taxes | $ 13.5 | $ (14.4) | $ 21.3 | $ 269.5 | $ 272.2 | $ 53.1 | $ 293.5 | |
Operating expenses | $ 528.0 | $ 523.6 | $ 1,625.7 | 1,569.0 | ||||
Employee Benefits and Estimated Personal Property Liabilities | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Operating expenses | $ 5.7 | |||||||
Restatement Adjustment | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Provision for income taxes | $ 33.1 | $ 33.1 |
Concentration of Credit Risk Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Oct. 31, 2016 |
Oct. 31, 2015 |
Oct. 31, 2016 |
Oct. 31, 2015 |
Jan. 31, 2016 |
|
Concentration Risk [Line Items] | |||||
Unsecured revolving credit facility | $ 400,000,000 | $ 400,000,000 | |||
Tech Data | Net Revenue | |||||
Concentration Risk [Line Items] | |||||
Concentration risk | 31.00% | 26.00% | 30.00% | 25.00% | |
Tech Data | Accounts Receivable | |||||
Concentration Risk [Line Items] | |||||
Concentration risk | 25.00% | 22.00% |
Financial Instruments Reconciliation of the Change in Level 3 Items (Details) - Level 3 $ in Millions |
9 Months Ended |
---|---|
Oct. 31, 2016
USD ($)
| |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balances, January 31, 2016 | $ 3.7 |
Purchases | 5.0 |
Gains (losses) included in earnings | 0.1 |
Gains included in OCI | 0.2 |
Balances, October 31, 2016 | 9.0 |
Derivative Contracts | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balances, January 31, 2016 | 0.3 |
Purchases | 1.0 |
Gains (losses) included in earnings | 0.3 |
Gains included in OCI | 0.0 |
Balances, October 31, 2016 | 1.6 |
Convertible Debt Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balances, January 31, 2016 | 3.4 |
Purchases | 4.0 |
Gains (losses) included in earnings | (0.2) |
Gains included in OCI | 0.2 |
Balances, October 31, 2016 | $ 7.4 |
Financial Instruments Contractual Maturities of Types of Securities (Details) $ in Millions |
Oct. 31, 2016
USD ($)
|
---|---|
Cost | |
Due within 1 year | $ 490.2 |
Due in 1 year through 5 years | 448.3 |
Due in 5 years through 10 years | 8.5 |
Total | 947.0 |
Fair Value | |
Due within 1 year | 491.6 |
Due in 1 year through 5 years | 449.1 |
Due in 5 years through 10 years | 8.5 |
Total | $ 949.2 |
Financial Instruments Available for Sale Securities Gain/Loss Activity (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Oct. 31, 2016 |
Oct. 31, 2015 |
Jan. 31, 2016 |
|
Investments, All Other Investments [Abstract] | |||
Cost method investments | $ 116.6 | $ 104.3 | |
Other than temporary impairment losses, investments | 0.3 | $ 0.2 | |
Gain (loss) on investments | 0.7 | 0.3 | |
Proceeds from sale and maturity of marketable securities | $ 1,557.3 | $ 1,233.7 |
Financial Instruments Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions |
Oct. 31, 2016 |
Jan. 31, 2016 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 11.1 | $ 8.3 |
Derivative Liabilities | 8.8 | 6.4 |
Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 530.4 | 142.4 |
Net gain expected to be recognized in next 12 months | 4.0 | |
Foreign currency contracts | Designated as hedging instrument | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 6.9 | 3.4 |
Foreign currency contracts | Designated as hedging instrument | Other accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 5.4 | 3.4 |
Foreign currency contracts | Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | 7.8 | 231.6 |
Foreign currency contracts | Derivatives not designated as hedging instruments | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 4.2 | 4.9 |
Foreign currency contracts | Derivatives not designated as hedging instruments | Other accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 3.4 | $ 3.0 |
Financial Instruments Effects of Derivative Instruments on Condensed Consolidated Statements of Operations (Details) - Foreign currency contracts - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2016 |
Oct. 31, 2015 |
Oct. 31, 2016 |
Oct. 31, 2015 |
|
Designated as hedging instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in accumulated other comprehensive income on derivatives (effective portion) | $ 1.8 | $ (5.0) | $ (3.1) | $ 1.7 |
Amount and location of gain (loss) reclassified from accumulated other comprehensive income into income (effective portion) | 2.5 | 7.1 | 8.6 | 23.9 |
Designated as hedging instrument | Net revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount and location of gain (loss) reclassified from accumulated other comprehensive income into income (effective portion) | 1.0 | 9.5 | 8.4 | 31.8 |
Designated as hedging instrument | Operating expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount and location of gain (loss) reclassified from accumulated other comprehensive income into income (effective portion) | 1.5 | (2.4) | 0.2 | (7.9) |
Designated as hedging instrument | Interest and other expense, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount and location of loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | (0.1) | (0.2) | (0.5) | (0.5) |
Derivatives not designated as hedging instruments | Interest and other expense, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount and location of loss recognized in income on derivatives | $ (1.4) | $ (2.5) | $ (12.3) | $ (1.8) |
Stock-based Compensation Expense Additional Information (Details) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2016
USD ($)
$ / shares
shares
|
Oct. 31, 2015
USD ($)
$ / shares
shares
|
Oct. 31, 2016
USD ($)
period
$ / shares
shares
|
Oct. 31, 2015
USD ($)
$ / shares
shares
|
|
Restricted Stock Units (RSUs) and Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards vested in period, fair value | $ | $ 180.3 | $ 156.6 | ||
Awards granted in period | 3,661,700 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted in period | 3,200,000 | |||
Allocated share-based compensation expense | $ | $ 45.2 | $ 37.9 | $ 125.5 | 103.7 |
Performance Stock Unit | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards granted in period | 400,000 | |||
Allocated share-based compensation expense | $ | $ 4.9 | $ 5.7 | $ 17.1 | $ 17.2 |
Award vesting period | 3 years | |||
Employee Qualified Stock Purchase Plan 1998 ESP Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee stock purchase plan maximum percentage of compensation to purchase shares by eligible participants | 15.00% | |||
Employee stock purchase plan minimum percentage of common stock fair value defined to purchase shares by eligible participants | 85.00% | |||
Employee stock purchase plan, number of exercise periods | period | 4 | |||
Employee stock purchase plan, term of exercise period | 6 months | |||
Employee stock purchase plan, term of offering period | 24 months | |||
Shares issued under employee stock purchase plans (shares) | 1,100,000 | 1,000,000 | 2,300,000 | 2,100,000 |
Awards issued, share average price (in usd per share) | $ / shares | $ 37.36 | $ 35.59 | $ 36.99 | $ 36.29 |
Weighted average grant date fair value per share of stock options granted (in dollars per share) | $ / shares | $ 20.75 | $ 11.91 | $ 19.20 | $ 11.85 |
Share-based Compensation Award, Tranche One | Performance Stock Unit | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
PSU Annual Vesting Percentage | 33.33% | |||
Share-based Compensation Award, Tranche Two | Performance Stock Unit | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
PSU Annual Vesting Percentage | 33.33% | |||
Share-based Compensation Award, Tranche Three | Performance Stock Unit | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
PSU Annual Vesting Percentage | 33.33% |
Stock-based Compensation Expense Summary of Restricted Stock Award and Restricted Stock Unit Activity (Details) |
9 Months Ended | |||
---|---|---|---|---|
Oct. 31, 2016
$ / shares
shares
| ||||
Restricted Stock Units (RSUs) and Performance Shares | ||||
Unvested Restricted Stock Units | ||||
Unvested restricted stock units at January 31, 2016 (shares) | 7,739,600 | |||
Granted (shares) | 3,661,700 | |||
Vested (shares) | (2,848,800) | |||
Canceled/Forfeited (shares) | (609,600) | |||
Unvested restricted stock units at October 31, 2016 (shares) | 7,913,200 | |||
Weighted average grant date fair value per share | ||||
Unvested restricted stock units at January 31, 2016 (usd per share) | $ / shares | $ 51.80 | |||
Granted (in usd per share) | $ / shares | 63.77 | |||
Vested (in usd per share) | $ / shares | 50.46 | |||
Canceled/Forfeited (in usd per share) | $ / shares | 52.53 | |||
Unvested restricted stock units at October 31, 2016 (usd per share) | $ / shares | $ 58.41 | |||
Performance Stock Unit | ||||
Unvested Restricted Stock Units | ||||
Granted (shares) | 400,000 | |||
Performance adjustment (shares) | (29,700) | [1] | ||
Weighted average grant date fair value per share | ||||
Performance adjustment (in usd per share) | $ / shares | $ 63.81 | [1] | ||
Minimum | Restricted Stock Units (RSUs) and Performance Shares | ||||
Weighted average grant date fair value per share | ||||
Performance shares units payout | 86.10% | |||
Maximum | Restricted Stock Units (RSUs) and Performance Shares | ||||
Weighted average grant date fair value per share | ||||
Performance shares units payout | 98.00% | |||
|
Stock-based Compensation Expense Stock Based Compensation Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2016 |
Oct. 31, 2015 |
Oct. 31, 2016 |
Oct. 31, 2015 |
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense related to stock awards and ESPP purchases, net of tax | $ 56.6 | $ 50.2 | $ 162.5 | $ 141.1 |
Cost of subscription | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense related to stock awards and ESPP purchases | 1.7 | 1.5 | 5.2 | 4.1 |
Cost of license and other revenue | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense related to stock awards and ESPP purchases | 1.8 | 1.7 | 5.1 | 4.4 |
Marketing and sales | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense related to stock awards and ESPP purchases | 24.2 | 22.3 | 69.0 | 61.3 |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense related to stock awards and ESPP purchases | 20.9 | 17.5 | 60.0 | 49.9 |
General and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense related to stock awards and ESPP purchases | $ 8.0 | $ 7.2 | $ 23.2 | $ 21.4 |
Stock-based Compensation Expense Assumption Used to Estimate the Fair Value of Stock-Based Awards (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2016 |
Oct. 31, 2015 |
Oct. 31, 2016 |
Oct. 31, 2015 |
|
Performance Stock Unit | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of expected volatilities | 27.30% | |||
Expected dividends | 0.00% | 0.00% | ||
Range of risk-free interest rates | 0.20% | |||
Performance Stock Unit | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of expected volatilities | 38.40% | |||
Range of risk-free interest rates | 0.60% | |||
Performance Stock Unit | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of expected volatilities | 38.60% | |||
Range of risk-free interest rates | 0.70% | |||
Employee Qualified Stock Purchase Plan 1998 ESP Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected dividends | 0.00% | 0.00% | 0.00% | 0.00% |
Employee Qualified Stock Purchase Plan 1998 ESP Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of expected volatilities | 31.00% | 28.60% | 30.00% | 27.70% |
Range of expected lives (in years) | 6 months | 6 months | 6 months | 6 months |
Range of risk-free interest rates | 0.50% | 0.20% | 0.50% | 0.10% |
Employee Qualified Stock Purchase Plan 1998 ESP Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Range of expected volatilities | 33.90% | 28.90% | 40.20% | 28.90% |
Range of expected lives (in years) | 2 years | 2 years | 2 years | 2 years |
Range of risk-free interest rates | 0.80% | 0.70% | 0.90% | 0.70% |
Income Tax (Narrative) (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|---|---|
Nov. 15, 2016 |
Oct. 31, 2016 |
Apr. 30, 2016 |
Oct. 31, 2015 |
Jul. 31, 2015 |
Jul. 31, 2015 |
Oct. 31, 2016 |
Oct. 31, 2015 |
|
Income Tax Disclosure [Abstract] | ||||||||
Provision for income taxes | $ 13.5 | $ (14.4) | $ 21.3 | $ 269.5 | $ 272.2 | $ 53.1 | $ 293.5 | |
(Loss) income before income taxes | (129.3) | $ (22.5) | (355.6) | $ 0.2 | ||||
Unrecognized tax benefits | 264.3 | 264.3 | ||||||
Unrecognized tax benefits that would impact effective tax rate | 250.4 | 250.4 | ||||||
Foreign Tax Authority | State Administration of Taxation, China | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Income tax examination liability | $ 9.9 | $ 9.9 | ||||||
Subsequent Event | Foreign Tax Authority | State Administration of Taxation, China | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Payment of tax settlement | $ 9.9 |
Income Tax (Error Corrections) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Oct. 31, 2016 |
Apr. 30, 2016 |
Oct. 31, 2015 |
Jul. 31, 2015 |
Jul. 31, 2015 |
Oct. 31, 2016 |
Oct. 31, 2015 |
Jan. 31, 2016 |
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Provision for income taxes | $ (13.5) | $ 14.4 | $ (21.3) | $ (269.5) | $ (272.2) | $ (53.1) | $ (293.5) | |
Net loss | (142.8) | $ (167.7) | $ (43.8) | $ (268.6) | $ (249.5) | (408.7) | $ (293.3) | |
Basic and diluted net loss per share (in dollars per share) | $ (0.75) | $ (1.18) | $ (1.10) | |||||
Current deferred tax liabilities | $ 9.5 | $ 9.5 | ||||||
Accrued income taxes | 85.9 | 22.9 | 22.9 | 85.9 | $ 29.4 | |||
Long-term deferred tax liabilities | 75.9 | 54.0 | 54.0 | 75.9 | 67.7 | |||
Long-term income tax payable | 40.0 | $ 37.3 | 160.2 | 160.2 | 40.0 | 161.4 | ||
Accumulated deficit | $ (634.7) | (193.3) | 131.3 | 131.3 | $ (634.7) | $ (80.8) | ||
Scenario, Previously Reported | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Provision for income taxes | 14.4 | (236.4) | (239.1) | |||||
Net loss | $ (173.0) | $ (235.5) | $ (216.4) | |||||
Basic and diluted net loss per share (in dollars per share) | $ (0.77) | $ (1.04) | $ (0.95) | |||||
Current deferred tax liabilities | $ 8.3 | $ 8.3 | ||||||
Accrued income taxes | 52.3 | 52.3 | ||||||
Long-term deferred tax liabilities | 28.9 | 28.9 | ||||||
Long-term income tax payable | $ 153.8 | 124.0 | 124.0 | |||||
Accumulated deficit | $ (308.2) | 164.4 | 164.4 | |||||
Restatement Adjustment | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Provision for income taxes | (33.1) | (33.1) | ||||||
Net loss | $ (33.1) | $ (33.1) | ||||||
Basic and diluted net loss per share (in dollars per share) | $ (0.14) | $ (0.15) | ||||||
Current deferred tax liabilities | $ 1.2 | $ 1.2 | ||||||
Accrued income taxes | (29.4) | (29.4) | ||||||
Long-term deferred tax liabilities | 25.1 | 25.1 | ||||||
Long-term income tax payable | 36.2 | 36.2 | ||||||
Accumulated deficit | $ (33.1) | $ (33.1) |
Acquisition (Details) $ in Millions |
9 Months Ended |
---|---|
Oct. 31, 2016
USD ($)
| |
Series of Individually Immaterial Business Acquisitions | |
Business Acquisition [Line Items] | |
Consideration | $ 87.0 |
Acquisitions Summary of Fair Value of Assets Acquired and Liabilities Assumed by Major Class (Details) - USD ($) $ in Millions |
Oct. 31, 2016 |
Jan. 31, 2016 |
---|---|---|
Business Acquisition [Line Items] | ||
Goodwill | $ 1,557.3 | $ 1,535.0 |
Series of Individually Immaterial Business Acquisitions | ||
Business Acquisition [Line Items] | ||
Goodwill | 62.8 | |
Deferred revenue (current and non-current) | (2.1) | |
Deferred tax liability | (7.1) | |
Net tangible assets | 0.6 | |
Total | 87.0 | |
Series of Individually Immaterial Business Acquisitions | Developed technologies | ||
Business Acquisition [Line Items] | ||
Finite-lived intangibles | 18.8 | |
Series of Individually Immaterial Business Acquisitions | Customer relationships and other non-current intangible assets | ||
Business Acquisition [Line Items] | ||
Finite-lived intangibles | 10.2 | |
Series of Individually Immaterial Business Acquisitions | Trade name | ||
Business Acquisition [Line Items] | ||
Finite-lived intangibles | $ 3.8 |
Other Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions |
Oct. 31, 2016 |
Jan. 31, 2016 |
|||||
---|---|---|---|---|---|---|---|
Finite-Lived Intangible Assets [Line Items] | |||||||
Other intangible assets, at cost | [1] | $ 958.7 | $ 943.0 | ||||
Less: Accumulated amortization | (844.1) | (796.2) | |||||
Other intangible assets, net | 114.6 | 146.8 | |||||
Developed technologies, at cost | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Other intangible assets, at cost | 583.3 | 571.4 | |||||
Customer relationships, trade names, patents, and user list, at cost | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Other intangible assets, at cost | [2] | $ 375.4 | $ 371.6 | ||||
|
Goodwill Changes in the Carrying Amount of Goodwill 2 (Details) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Oct. 31, 2016
USD ($)
ReportingUnits
segment
|
Oct. 31, 2016
USD ($)
|
Jan. 31, 2016
USD ($)
|
Jan. 31, 2015
USD ($)
|
|
Goodwill [Roll Forward] | ||||
Goodwill, beginning of the period | $ 1,684.2 | $ 1,605.4 | ||
Less: accumulated impairment losses, beginning of the period | (149.2) | $ (149.2) | ||
Additions arising from acquisitions during the period | 62.8 | 97.3 | ||
Effect of foreign currency translation, purchase accounting adjustments, and other | (40.5) | (18.5) | ||
Goodwill, end of the period | $ 1,557.3 | $ 1,557.3 | $ 1,535.0 | |
Segment Reporting Information [Line Items] | ||||
Number of reporting units | ReportingUnits | 1 | |||
Manufacturing | ||||
Segment Reporting Information [Line Items] | ||||
Number of reporting units | segment | 5 |
Deferred Compensation Additional Information (Details) - USD ($) $ in Millions |
Oct. 31, 2016 |
Jan. 31, 2016 |
---|---|---|
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Marketable securities | $ 1,000.0 | |
Rabbi Trust Member | ||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||
Deferred compensation liability | 45.6 | $ 38.0 |
Deferred compensation liability current | 2.5 | 1.9 |
Deferred compensation liability non-current | $ 43.1 | $ 36.1 |
Computer Equipment, Software, Furniture and Leasehold Improvements, Net (Details) - USD ($) $ in Millions |
Oct. 31, 2016 |
Jan. 31, 2016 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Computer software, hardware, leasehold improvements, furniture and equipment, gross | $ 540.1 | $ 550.2 |
Less: Accumulated depreciation | (371.8) | (380.9) |
Computer software, hardware, leasehold improvements, furniture and equipment, net | 168.3 | 169.3 |
Computer hardware, at cost | ||
Property, Plant and Equipment [Line Items] | ||
Computer software, hardware, leasehold improvements, furniture and equipment, gross | 205.3 | 202.7 |
Computer software, at cost | ||
Property, Plant and Equipment [Line Items] | ||
Computer software, hardware, leasehold improvements, furniture and equipment, gross | 72.1 | 85.6 |
Leasehold improvements, land and buildings, at cost | ||
Property, Plant and Equipment [Line Items] | ||
Computer software, hardware, leasehold improvements, furniture and equipment, gross | 204.7 | 202.9 |
Furniture and equipment, at cost | ||
Property, Plant and Equipment [Line Items] | ||
Computer software, hardware, leasehold improvements, furniture and equipment, gross | $ 58.0 | $ 59.0 |
Borrowing Arrangements Additional Information (Details) - USD ($) |
1 Months Ended | 9 Months Ended | |
---|---|---|---|
Jun. 30, 2015 |
Dec. 31, 2012 |
Oct. 31, 2016 |
|
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | ||
Line of credit facility, additional borrowings available | $ 100,000,000.0 | ||
Line of credit facility, expiration date | May 31, 2020 | ||
Line of credit facility, outstanding borrowings | $ 0 | ||
Senior Notes | Senior Notes due 2020 | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 450,000,000 | ||
Debt instrument, stated interest rate | 3.125% | ||
Senior Notes | Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 300,000,000 | ||
Debt instrument, stated interest rate | 4.375% | ||
Senior Notes | 2015 Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, unamortized discount | $ 1,700,000 | ||
Debt Issuance Costs, Gross | 6,300,000 | ||
Proceeds from debt, net of issuance costs | $ 742,000,000 | ||
Debt issuance redemption discount premium, percentage of principle amount | 101.00% | ||
Debt fair value | 772,500,000 | ||
Senior Notes | Senior Notes 2017 | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 400,000,000 | ||
Debt instrument, stated interest rate | 1.95% | ||
Senior Notes | Senior Notes 2022 | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 350,000,000 | ||
Debt instrument, stated interest rate | 3.60% | ||
Senior Notes | 2012 Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, unamortized discount | $ 4,500,000 | ||
Debt Issuance Costs, Gross | 6,100,000 | ||
Proceeds from debt, net of issuance costs | $ 739,300,000 | ||
Debt issuance redemption discount premium, percentage of principle amount | 101.00% | ||
Debt fair value | $ 760,300,000 |
Restructuring charges and other facility exit costs, net (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 31, 2016 |
Oct. 31, 2015 |
Oct. 31, 2016 |
Oct. 31, 2015 |
Oct. 31, 2016 |
Feb. 29, 2016 |
Jan. 31, 2016 |
||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Restructuring costs expected completion date | 2017 | |||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||
Beginning Balance | $ 0.0 | |||||||||||
Additions | $ 3.2 | $ 0.0 | 71.5 | $ 0.0 | ||||||||
Payments | (57.5) | |||||||||||
Adjustments | [1] | (5.4) | ||||||||||
Ending Balance | 8.6 | 8.6 | ||||||||||
Current portion | [2] | $ 7.0 | $ 0.0 | |||||||||
Non-current portion | [2] | 1.6 | 0.0 | |||||||||
Total Restructuring Reserve | 8.6 | 0.0 | 8.6 | 0.0 | ||||||||
Lease termination and other exit costs | ||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||
Additions | 7.4 | |||||||||||
Payments | (1.0) | |||||||||||
Adjustments | [1] | (3.5) | ||||||||||
Ending Balance | 2.9 | 2.9 | ||||||||||
Total Restructuring Reserve | 2.9 | 2.9 | 2.9 | |||||||||
Fiscal 2017 Plan | Employee termination costs | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Expected cost | $ 65.0 | |||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||
Beginning Balance | 0.0 | |||||||||||
Additions | 2.8 | 58.5 | ||||||||||
Payments | (54.0) | |||||||||||
Adjustments | [1] | 0.0 | ||||||||||
Ending Balance | 4.5 | 4.5 | ||||||||||
Total Restructuring Reserve | 4.5 | 0.0 | 4.5 | 0.0 | ||||||||
Fiscal 2017 Plan | Lease termination and other exit costs | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Expected cost | $ 7.0 | |||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||
Beginning Balance | 0.0 | |||||||||||
Additions | 0.4 | 5.6 | ||||||||||
Payments | (2.5) | |||||||||||
Adjustments | [1] | (1.9) | ||||||||||
Ending Balance | 1.2 | 1.2 | ||||||||||
Total Restructuring Reserve | $ 1.2 | $ 0.0 | $ 1.2 | $ 0.0 | ||||||||
|
Common Stock Repurchase Program Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended |
---|---|---|---|
Sep. 30, 2016 |
Oct. 31, 2016 |
Oct. 31, 2016 |
|
Common Stock | |||
Equity, Class of Treasury Stock [Line Items] | |||
Repurchased shares of its common stock on the open market, value | $ 39.9 | $ 151.4 | |
Retained Earnings | |||
Equity, Class of Treasury Stock [Line Items] | |||
Repurchased shares of its common stock on the open market, value | $ 99.7 | $ 258.2 | |
Common Stock Repurchase Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common stock repurchased and retired (in shares) | 2.0 | 6.8 | |
Repurchased shares of its common stock on the open market, average repurchase price per share (in usd per share) | $ 68.74 | $ 59.92 | |
Common Stock shares remained available for repurchase under repurchase plans (in shares) | 29.5 | 29.5 | |
Stock Repurchase Program, Shares Authorized During Period | 30.0 |
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2016 |
Oct. 31, 2015 |
Oct. 31, 2016 |
Oct. 31, 2015 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, January 31, 2016 | $ 1,619.6 | |||
Total other comprehensive loss | $ (57.7) | $ (16.2) | (66.4) | $ (33.2) |
Balances, October 31, 2016 | 1,060.6 | 1,060.6 | ||
Net Unrealized Gains (Losses) on Derivative Instruments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, January 31, 2016 | 15.7 | |||
Other comprehensive (loss) income before reclassifications | (2.5) | |||
Pre-tax (gains) losses reclassified from accumulated other comprehensive loss | (8.6) | |||
Tax effects | (0.6) | |||
Total other comprehensive loss | (11.7) | |||
Balances, October 31, 2016 | 4.0 | 4.0 | ||
Net Unrealized Gains (Losses) on Available-for-Sale Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, January 31, 2016 | 0.2 | |||
Other comprehensive (loss) income before reclassifications | 3.1 | |||
Pre-tax (gains) losses reclassified from accumulated other comprehensive loss | (0.7) | |||
Tax effects | (0.6) | |||
Total other comprehensive loss | 1.8 | |||
Balances, October 31, 2016 | 2.0 | 2.0 | ||
Defined Benefit Pension Components | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, January 31, 2016 | (28.3) | |||
Other comprehensive (loss) income before reclassifications | (0.2) | |||
Pre-tax (gains) losses reclassified from accumulated other comprehensive loss | 1.0 | |||
Tax effects | (0.2) | |||
Total other comprehensive loss | 0.6 | |||
Balances, October 31, 2016 | (27.7) | (27.7) | ||
Foreign Currency Translation Adjustments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, January 31, 2016 | (108.7) | |||
Other comprehensive (loss) income before reclassifications | (56.6) | |||
Pre-tax (gains) losses reclassified from accumulated other comprehensive loss | 0.0 | |||
Tax effects | (0.5) | |||
Total other comprehensive loss | (57.1) | |||
Balances, October 31, 2016 | (165.8) | (165.8) | ||
AOCI Attributable to Parent | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances, January 31, 2016 | (121.1) | |||
Other comprehensive (loss) income before reclassifications | (56.2) | |||
Pre-tax (gains) losses reclassified from accumulated other comprehensive loss | (8.3) | |||
Tax effects | (1.9) | |||
Total other comprehensive loss | (66.4) | |||
Balances, October 31, 2016 | $ (187.5) | $ (187.5) |
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 31, 2016 |
Apr. 30, 2016 |
Oct. 31, 2015 |
Jul. 31, 2015 |
Jul. 31, 2015 |
Oct. 31, 2016 |
Oct. 31, 2015 |
|||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net loss | $ (142.8) | $ (167.7) | $ (43.8) | $ (268.6) | $ (249.5) | $ (408.7) | $ (293.3) | ||||
Denominator: | |||||||||||
Denominator for basic net loss per share—weighted average shares (shares) | 222.3 | 225.3 | 223.3 | 226.5 | |||||||
Effect of dilutive securities (shares) | 0.0 | 0.0 | 0.0 | [1] | 0.0 | [1] | |||||
Denominator for dilutive net loss per share (shares) | 222.3 | 225.3 | 223.3 | 226.5 | |||||||
Basic net loss per share (in usd per share) | $ (0.64) | $ (0.19) | $ (1.83) | $ (1.29) | |||||||
Diluted net loss per share (in usd per share) | $ (0.64) | $ (0.19) | $ (1.83) | $ (1.29) | |||||||
Potentially dilutive shares excluded from the computation of diluted net income per share (shares) | 4.4 | 3.4 | 4.0 | ||||||||
Exercise Price Higher than Average Market Value | |||||||||||
Denominator: | |||||||||||
Potentially dilutive shares excluded from the computation of diluted net income per share (shares) | 0.0 | 0.6 | 0.4 | 0.1 | |||||||
|
Segments Concerning the Operations Of Reportable Segments (Details) |
3 Months Ended | 6 Months Ended |
---|---|---|
Oct. 31, 2016
ReportingUnits
segment
manager
|
Jul. 31, 2016
ReportingUnits
segment
|
|
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 4 | |
Number of Segment Managers | manager | 1 | |
Number of operating segments | 1 | 4 |
Number of reporting units | ReportingUnits | 1 |
Segments Information Regarding Operations by Geographic Area and Product Family (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2016 |
Oct. 31, 2015 |
Oct. 31, 2016 |
Oct. 31, 2015 |
|
Segment Reporting Information [Line Items] | ||||
Net revenue | $ 489.6 | $ 599.8 | $ 1,552.2 | $ 1,855.8 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 489.6 | 599.8 | 1,552.2 | 1,855.8 |
Architecture, Engineering and Construction | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 212.3 | 224.9 | 684.4 | 695.0 |
Manufacturing | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 146.6 | 174.9 | 481.5 | 530.7 |
AutoCAD and AutoCAD LT Family | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 80.1 | 143.6 | 239.1 | 451.7 |
Media and Entertainment | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 34.2 | 39.1 | 103.6 | 119.8 |
Other | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 16.4 | 17.3 | 43.6 | 58.6 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 213.3 | 235.8 | 661.1 | 715.5 |
Americas | U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 182.2 | 195.6 | 562.1 | 589.7 |
Americas | Other Americas | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 31.1 | 40.2 | 99.0 | 125.8 |
Europe, Middle East and Africa | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 191.0 | 225.1 | 614.1 | 696.2 |
Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 85.3 | 138.9 | 277.0 | 444.1 |
Asia Pacific | Japan | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | 28.7 | 49.0 | 102.8 | 164.8 |
Asia Pacific | Other Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | $ 56.6 | $ 89.9 | $ 174.2 | $ 279.3 |
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