Delaware | 000-14338 | 94-2819853 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
23.1 | ||
99.1 | ||
99.2 | ||
99.3 |
AUTODESK, INC. | |
By: /s/ R. SCOTT HERREN | |
R. Scott Herren Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
(in thousands, except for number of shares and par value) | 2018 | ||
Assets | |||
Current Assets: | |||
Cash and Cash equivalents | $ | 11,676 | |
Accounts receivable, net | 6,222 | ||
Prepaid expenses and other current assets | 3,305 | ||
Marketable securities, short-term | 22,368 | ||
Total current assets | 43,571 | ||
Property, equipment and software, net | 2,801 | ||
Marketable securities, long-term | 1,783 | ||
Other assets | 517 | ||
Total assets | $ | 48,672 | |
Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Deficit | |||
Current liabilities: | |||
Accounts payable, accrued expenses, and other current liabilities | $ | 5,571 | |
Deferred revenue, short-term | 27,683 | ||
Total current liabilities | 33,254 | ||
Deferred revenue, long-term | 405 | ||
Other liabilities | 186 | ||
Total liabilities | 33,845 | ||
Redeemable Convertible Preferred Stock: par of $0.00001; 24,597,591 shares authorized as of January 31, 2018; 24,597,590 shares issued and outstanding as of January 31, 2018 | 81,714 | ||
Stockholders' deficit: | |||
Common stock: par of $0.00001; 67,000,000 shares authorized as of January 31, 2018; 26,458,836 shares issued and outstanding as of January 31, 2018 | — | ||
Additional paid-in-capital | 6,339 | ||
Accumulated deficit | (73,194 | ) | |
Accumulated other comprehensive loss | (32 | ) | |
Total stockholders' deficit | (66,887 | ) | |
Total liabilities, redeemable convertible preferred stock, and stockholders' deficit | $ | 48,672 |
2018 | |||
(in thousands) | |||
Revenues | $ | 47,606 | |
Cost of revenues | 6,330 | ||
Gross profit | 41,276 | ||
Operating expenses: | |||
Research and development | 19,305 | ||
Sales and marketing | 34,808 | ||
General and administrative | 7,235 | ||
Total operating expenses | 61,348 | ||
Loss from operations | (20,072 | ) | |
Other income (expense), net | 358 | ||
Loss before provision for income taxes | (19,714 | ) | |
Provision for income taxes | (29 | ) | |
Net loss | $ | (19,743 | ) |
2018 | |||
(in thousands) | |||
Net Loss | $ | (19,743 | ) |
Other comprehensive loss: | |||
Unrealized loss on marketable securities, net of tax | (2 | ) | |
Comprehensive loss | $ | (19,745 | ) |
(in thousands, except share and per share amounts) | Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||
Series A | Series B | Series AA | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance as of January 31, 2017 | 13,103,073 | $ | 30,042 | 6,075,397 | $ | 43,009 | 4,450,578 | $ | 1,778 | 26,048,016 | $ | — | $ | 3,688 | $ | (53,451 | ) | $ | (30 | ) | $ | (49,793 | ) | |||||||||||||||||||||
Issuance of Series B Convertible Preferred Stock at $7.0983 per share, net of issuance costs of $23 | — | — | 968,542 | 6,852 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Exercise of common stock options | — | — | — | — | — | — | 422,307 | — | 650 | — | — | 650 | ||||||||||||||||||||||||||||||||
Buyback of common stock | — | — | — | — | — | — | (11,487 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | 2,034 | — | — | 2,034 | ||||||||||||||||||||||||||||||||
Accretion of contingently redeemable convertible preferred stock to redemption value | — | 11 | — | 22 | — | — | — | — | (33 | ) | — | — | (33 | ) | ||||||||||||||||||||||||||||||
Net Loss | — | — | — | — | — | — | — | — | — | (19,743 | ) | — | (19,743 | ) | ||||||||||||||||||||||||||||||
Unrealized gain(loss) on marketable securities | — | — | — | — | — | — | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||||||||||||||||
Balance as of January 31, 2018 | 13,103,073 | $ | 30,053 | 7,043,939 | $ | 49,883 | 4,450,578 | $ | 1,778 | 26,458,836 | $ | — | $ | 6,339 | $ | (73,194 | ) | $ | (32 | ) | $ | (66,887 | ) |
(in thousands) | 2018 | ||
Cash flows from operating activities | |||
Net loss | $ | (19,743 | ) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Depreciation and amortization | 873 | ||
Stock-based compensation expense | 1,995 | ||
Amortization of premium/discount on investments | (48 | ) | |
Other | 7 | ||
Changes in operating assets and liabilities | |||
Accounts receivable, net | (2,381 | ) | |
Prepaid expenses and other current assets | (1,244 | ) | |
Accounts payable, accrued expenses and other current liabilities | 474 | ||
Deferred revenues | 10,003 | ||
Other liabilities | (17 | ) | |
Net cash used in operating activities | (10,081 | ) | |
Cash flows from investing activities | |||
Purchases of property, equipment, and software | (616 | ) | |
Capitalized software development costs | (1,740 | ) | |
Proceeds from maturities of marketable securities | 25,564 | ||
Purchases of marketable securities | (22,837 | ) | |
Net cash provided by investing activities | 371 | ||
Cash flows from financing activities | |||
Net proceeds from issuance of preferred stock | 6,852 | ||
Proceeds from exercise of stock options | 650 | ||
Fees paid for revolving credit facility | (18 | ) | |
Net cash provided by financing activities | 7,484 | ||
Change in cash and cash equivalents | (2,226 | ) | |
Cash and cash equivalents, beginning of period | 13,902 | ||
Cash and cash equivalents, end of period | $ | 11,676 | |
Supplemental disclosures of cash flow information | |||
Property, equipment, and software accrued but not yet paid | $ | 38 | |
Stock-based compensation expense capitalized for internal-use software | $ | 39 |
1. | Description of Business |
2. | Significant Accounting Policies |
Level 2 | Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |
Level 3 | Unobservable inputs for which there is little or no market data, which require the Company to |
Computer hardware | 2 years |
Purchased software | 3 years |
Furniture and fixtures | 5 years |
Leasehold improvements | Lesser of useful life or lease term |
• | Persuasive evidence of an arrangement exists |
• | Service has been or is being provided |
• | The fees are fixed or determinable |
• | Collectability is reasonably assured |
3. | Cash Equivalents and Marketable Securities |
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Cash equivalents | |||||||||||||||
Money market funds | $ | 10,312 | $ | — | $ | — | $ | 10,312 | |||||||
Marketable securities | |||||||||||||||
Corporate bonds | 2,024 | — | (5 | ) | 2,019 | ||||||||||
U.S. treasury securities | 14,189 | — | (27 | ) | 14,162 | ||||||||||
Commercial paper | 7,970 | — | — | 7,970 | |||||||||||
Total marketable securities | 24,183 | — | (32 | ) | 24,151 | ||||||||||
Total cash equivalents and marketable securities | $ | 34,495 | $ | — | $ | (32 | ) | $ | 34,463 |
4. | Fair Value Measurements |
January 31, 2018 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Cash Equivalents | ||||||||||||||||
Money market funds | $ | 10,312 | $ | — | $ | — | $ | 10,312 | ||||||||
Total cash equivalents | 10,312 | — | — | 10,312 | ||||||||||||
Marketable Securities | ||||||||||||||||
Corporate bonds | — | 2,019 | — | 2,019 | ||||||||||||
U.S. treasury securities | — | 14,162 | — | 14,162 | ||||||||||||
Commercial paper | — | 7,970 | — | 7,970 | ||||||||||||
Total marketable securities | $ | — | $ | 24,151 | $ | — | $ | 24,151 |
5. | Balance Sheet Components |
January 31, 2018 | |||
Leasehold improvements | $ | 316 | |
Capitalized software development costs | 3,021 | ||
Computer hardware | 378 | ||
Purchased software | 166 | ||
Furniture and fixtures | 577 | ||
Total property, equipment, and software | 4,458 | ||
Less: Accumulated depreciation and amortization | (1,657 | ) | |
Property, equipment, and software, net | $ | 2,801 |
January 31, 2018 | |||
Accounts payable | $ | 754 | |
Accrued state sales taxes | 585 | ||
Accrued expenses | 2,337 | ||
Accrued compensation | 1,461 | ||
Other | 434 | ||
$ | 5,571 |
6. | Income Taxes |
Year Ended January 31, 2018 | |||
Domestic | $ | (19,832 | ) |
International | 118 | ||
Loss before provision for income taxes | $ | (19,714 | ) |
2018 | |||
Current | |||
Federal | $ | (17 | ) |
State | 16 | ||
International | 30 | ||
Total current | 29 | ||
Deferred | |||
Federal | — | ||
State | — | ||
International | — | ||
Total deferred | — | ||
Total provision for income taxes | $ | 29 |
2018 | |||
Net operating loss carryforwards | $ | 16,029 | |
Accruals and reserves | 1,212 | ||
Stock based compensation | 356 | ||
Research and development credits | 3,661 | ||
Other | 7 | ||
Total deferred tax assets | 21,265 | ||
Valuation allowance | (20,754 | ) | |
Fixed assets and intangibles | (511 | ) | |
Total deferred tax liabilities | (511 | ) | |
Total net deferred tax assets | $ | — |
7. | Redeemable Convertible Preferred Stock and Stockholders' Deficit Common Stock |
Shares Authorized | Shares Issued and Outstanding | Net Proceeds (In thousands) | Aggregate Liquidation Preference (In thousands) | ||||||||
Series A | 13,103,073 | 13,103,073 | $ | 29,975 | $ | 30,065 | |||||
Series AA | 4,450,578 | 4,450,578 | 1,574 | 1,597 | |||||||
Series B | 7,043,940 | 7,043,939 | 49,814 | 50,000 | |||||||
24,597,591 | 24,597,590 | $ | 81,363 | $ | 81,662 |
8. | Equity Incentive Plan |
Year Ended January 31, 2018 | |
Available as of beginning of year | 649,047 |
Additional shares authorized | 2,243,086 |
Stock option grants | (3,592,633) |
Cancellations | 2,360,566 |
Stock repurchased | 11,487 |
1,671,553 |
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | |||||
Outstanding at January 31, 2017 | 8,215,663 | $ | 1.73 | 8.86 | $ | 4,522 | ||
Granted | 3,592,633 | 2.22 | ||||||
Exercised | (422,307) | 1.54 | ||||||
Canceled or expired | (2,360,566) | 2.11 | ||||||
Outstanding at January 31, 2018 | 9,025,423 | $ | 1.83 | 8.30 | $ | 3,570 | ||
Options vested and expected to vest as of January 31, 2018 | 8,239,862 | $ | 1.80 | 8.22 | $ | 3,511 | ||
Options exercisable as of January 31, 2018 | 4,249,463 | $ | 1.58 | 7.74 | $ | 2,751 |
Options Outstanding | Options Exercisable | ||||||||||||||
Exercise Price | Number of Options Outstanding | Weighted Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | ||||||||||
$ | 0.12 | 160,785 | 5.86 | $ | 0.12 | 156,843 | $ | 0.12 | |||||||
0.82 | 945,357 | 6.71 | 0.82 | 782,832 | 0.82 | ||||||||||
0.85 | 730,461 | 6.98 | 0.85 | 554,460 | 0.85 | ||||||||||
0.90 | 502,368 | 7.26 | 0.90 | 342,097 | 0.90 | ||||||||||
0.92 | 171,087 | 7.66 | 0.92 | 108,480 | 0.92 | ||||||||||
2.03 | 1,060,333 | 8.72 | 2.03 | 507,207 | 2.03 | ||||||||||
2.33 | 2,451,267 | 8.14 | 2.33 | 1,407,945 | 2.33 | ||||||||||
2.24 | 2,098,102 | 9.26 | 2.24 | 384,777 | 2.24 | ||||||||||
$ | 2.17 | 905,663 | 9.78 | $ | 2.17 | 4,822 | $ | 2.17 | |||||||
9,025,423 | 4,249,463 |
Year Ended January 31, 2018 | |||
Cost of revenues | $ | 42 | |
Research and development | 507 | ||
Sales and marketing | 974 | ||
General and administrative | 472 | ||
$ | 1,995 |
Year Ended January 31, 2018 | |
Fair value of common stock | $ 2.17 - $ 2.24 |
Expected volatility | 52.70% - 54.37% |
Expected dividend yield | 0 % |
Risk-free rate | 1.85% - 2.18% |
Expected term (in years) | 5.65 - 6.82 |
9. | Employee Benefit Plan |
10. | Revolving Credit Agreement |
11. | Commitments and Contingencies |
Years Ending January 31, | |||
2019 | $ | 1,672.0 | |
2020 | 1,723.0 | ||
2021 | 289.0 | ||
$ | 3,684.0 |
12. | Subsequent Events |
Page(s) | |
Condensed Consolidated Balance Sheets (Unaudited) | |
Condensed Consolidated Statements of Operations (Unaudited) | |
Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Deficit (Unaudited) | |
Condensed Consolidated Statements of Cash Flows (Unaudited) | |
Notes to Condensed Consolidated Financial Statements (Unaudited) |
(in thousands) | October 31, 2018 | January 31, 2018 | |||||
Assets | |||||||
Current Assets: | |||||||
Cash and Cash equivalents | $ | 11,979 | $ | 11,676 | |||
Accounts receivable, net | 9,429 | 6,222 | |||||
Prepaid expenses and other current assets | 2,680 | 3,305 | |||||
Marketable securities, short-term | 18,860 | 22,368 | |||||
Total current assets | 42,947 | 43,571 | |||||
Property, equipment and software, net | 3,746 | 2,801 | |||||
Marketable securities, long-term | — | 1,783 | |||||
Other assets | 517 | 517 | |||||
Total assets | $ | 47,210 | $ | 48,672 | |||
Liabilities, Redeemable Preferred Stock, and Stockholders' Deficit | |||||||
Current liabilities: | |||||||
Accounts payable, accrued expenses, and other current liabilities | $ | 5,580 | $ | 5,571 | |||
Deferred revenue, short-term | 36,204 | 27,683 | |||||
Total current liabilities | 41,785 | 33,254 | |||||
Deferred revenue, long-term | 330 | 405 | |||||
Other liabilities | 68 | 186 | |||||
Total liabilities | 42,183 | 33,845 | |||||
Redeemable Convertible Preferred Stock | 81,740 | 81,714 | |||||
Stockholders' deficit: | |||||||
Common stock | — | — | |||||
Additional paid-in-capital | 9,213 | 6,339 | |||||
Accumulated deficit | (85,921 | ) | (73,194 | ) | |||
Accumulated other comprehensive loss | (5 | ) | (32 | ) | |||
Total stockholders' deficit | (76,713 | ) | (66,887 | ) | |||
Total liabilities, redeemable convertible preferred stock, and stockholders' deficit | $ | 47,210 | $ | 48,672 |
2018 | 2017 | ||||||
(in thousands) | |||||||
Revenues | $ | 52,365 | $ | 33,712 | |||
Cost of revenues | 6,689 | 4,578 | |||||
Gross profit | 45,676 | 29,134 | |||||
Operating expenses: | |||||||
Research and development | 16,120 | 13,826 | |||||
Sales and marketing | 33,242 | 25,048 | |||||
General and administrative | 9,219 | 5,601 | |||||
Total operating expenses | 58,581 | 44,475 | |||||
Loss from operations | (12,905 | ) | (15,341 | ) | |||
Other income, net | 316 | 242 | |||||
Loss before provision for income taxes | (12,589 | ) | (15,098 | ) | |||
Provision for income taxes | (138 | ) | (58 | ) | |||
Net loss | $ | (12,727 | ) | $ | (15,157 | ) |
(in thousands, except share and per share amounts) | Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||
Series A | Series B | Series AA | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance as of January 31, 2018 | 13,103,073 | $ | 30,053 | 7,043,939 | $ | 49,883 | 4,450,578 | $ | 1,778 | 26,458,836 | $ | — | $ | 6,339 | $ | (73,194 | ) | $ | (32 | ) | $ | (66,887 | ) | |||||||||||||||||||||
Accretion of debt issuance costs on redeemable convertible preferred stock | — | 8 | — | 18 | — | — | — | — | (27 | ) | — | — | (27 | ) | ||||||||||||||||||||||||||||||
Issuance of common stock for cash upon exercise of stock options | — | — | — | — | — | — | 779,339 | — | 1,047 | — | — | 1,047 | ||||||||||||||||||||||||||||||||
Share-based compensation, related to employee share-based awards | — | — | — | — | — | — | — | — | 1,854 | — | — | 1,854 | ||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | — | — | 27 | 27 | ||||||||||||||||||||||||||||||||
Net Loss | — | — | — | — | — | — | — | — | — | (12,727 | ) | — | (12,727 | ) | ||||||||||||||||||||||||||||||
Balance as of October 31, 2018 | 13,103,073 | $ | 30,061 | 7,043,939 | $ | 49,901 | 4,450,578 | $ | 1,778 | 27,238,175 | $ | — | $ | 9,213 | $ | (85,921 | ) | $ | (5 | ) | $ | (76,713 | ) |
(in thousands, except share and per share amounts) | Contingently Redeemable Convertible Preferred Stock | Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||
Series A | Series B | Series AA | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance as of January 31, 2017 | 13,103,073 | $ | 30,042 | 6,075,397 | $ | 43,009 | 4,450,578 | $ | 1,778 | 26,048,016 | $ | — | $ | 3,688 | $ | (53,451 | ) | $ | (30 | ) | $ | (48,015 | ) | |||||||||||||||||||||
Issuance of contingently redeemable convertible preferred stock, net | — | — | 968,542 | 6,852 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Common stock buyback | — | — | — | — | — | — | (11,487 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | 284,851 | — | 503 | — | — | 503 | ||||||||||||||||||||||||||||||||
Share-based compensation, related to employee share-based awards | — | — | — | — | — | — | — | — | 1,558 | — | — | 1,558 | ||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | — | — | 9 | 9 | ||||||||||||||||||||||||||||||||
Net Loss | — | — | — | — | — | — | — | — | — | (15,157 | ) | — | (15,157 | ) | ||||||||||||||||||||||||||||||
Balance as of October 31, 2017 | 13,103,073 | $ | 30,042 | 7,043,939 | $ | 49,861 | 4,450,578 | $ | 1,778 | 26,321,380 | $ | — | $ | 5,749 | $ | (68,608 | ) | $ | (21 | ) | $ | (61,102 | ) |
(in thousands) | 2018 | 2017 | |||||
Cash flows from operating activities | |||||||
Net loss | $ | (12,727 | ) | $ | (15,157 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities | |||||||
Depreciation and amortization | 1,144 | 575 | |||||
Stock-based compensation expense | 1,800 | 1,531 | |||||
Amortization of premium/discount on investments | — | (13 | ) | ||||
Amortization of debt issuance costs | 12 | 3 | |||||
Changes in operating assets and liabilities | |||||||
Accounts receivable, net | (3,227 | ) | (1,904 | ) | |||
Prepaid expenses and other current assets | 466 | (146 | ) | ||||
Accounts payable, accrued expenses and other current liabilities | (137 | ) | (11 | ) | |||
Deferred revenues | 8,446 | 6,839 | |||||
Other liabilities | (5 | ) | — | ||||
Net cash used in operating activities | (4,228 | ) | (8,283 | ) | |||
Cash flows from investing activities | |||||||
Purchases of property, equipment, and software | (430 | ) | (563 | ) | |||
Capitalized software development costs | (1,570 | ) | (1,268 | ) | |||
Sales and maturities of marketable securities | 29,000 | 21,564 | |||||
Purchases of marketable securities | (23,515 | ) | (22,848 | ) | |||
Net cash provided by (used in) investing activities | 3,484 | (3,116 | ) | ||||
Cash flows from financing activities | |||||||
Net proceeds from issuance of preferred stock | — | 6,852 | |||||
Proceeds from exercise of stock options | 1,047 | 503 | |||||
Cash paid for debt issuance costs | — | (18 | ) | ||||
Net cash provided by financing activities | 1,047 | 7,338 | |||||
Change in cash and cash equivalents | 303 | (4,061 | ) | ||||
Cash and cash equivalents, beginning of period | 11,676 | 13,902 | |||||
Cash and cash equivalents, end of period | $ | 11,979 | $ | 9,841 | |||
Supplemental disclosures of cash flow information | |||||||
Property, equipment, and software accrued but not yet paid | $ | 84 | $ | 54 | |||
Stock-based compensation expense capitalized for internal-use software | $ | 54 | $ | 27 |
1. | Description of Business |
2. | Basis of Presentation and Recently Issued Accounting Standards |
3. | Revolving Credit Agreement |
4. | Commitments and Contingencies |
5. | Stockholders' Deficit |
(In thousands, except per share data) | Shares Authorized | Shares Issued and Outstanding | Net Proceeds | Aggregate Liquidation Preference | |||||||
Series A | 13,103,073 | 13,103,073 | $ | 29,975 | $ | 30,065 | |||||
Series AA | 4,450,578 | 4,450,578 | 1,574 | 1,597 | |||||||
Series B | 7,043,940 | 7,043,939 | 49,814 | 50,000 | |||||||
24,597,591 | 24,597,590 | $ | 81,363 | $ | 81,662 |
Available as of January 31, 2017 | 649,047 | |
Additional shares authorized | 2,243,086 | |
Stock option grants | (3,053,970 | ) |
Cancellations | 1,032,670 | |
Available as of October 31, 2017 | 870,833 | |
Available as of January 31, 2018 | 1,671,553 | |
Additional shares authorized | 1,750,000 | |
Stock option grants | (3,727,214 | ) |
Cancellations | 1,367,647 | |
Available as of October 31, 2018 | 1,061,986 |
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | |||||||
Outstanding at January 31, 2017 | 8,215,663 | $ | 1.73 | 8.86 | $ | 4,522 | ||||
Granted | 3,053,970 | 2.23 | ||||||||
Exercised | (284,851 | ) | 1.77 | |||||||
Canceled or expired | (1,032,670 | ) | 2.08 | |||||||
Outstanding at October 31, 2017 | 9,952,112 | $ | 1.84 | 8.53 | $ | 3,847 | ||||
Options vested and expected to vest as of October 31, 2017 | 8,981,271 | $ | 1.81 | 8.46 | $ | 3,744 | ||||
Options exercisable as of October 31, 2017 | 3,589,557 | $ | 1.49 | 7.8 | $ | 2,670 |
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | |||||||
Outstanding at January 31, 2018 | 9,025,423 | $ | 1.83 | 8.3 | $ | 3,570 | ||||
Granted | 3,727,214 | 2.39 | ||||||||
Exercised | (779,339 | ) | 1.34 | |||||||
Canceled or expired | (1,367,647 | ) | 2.07 | |||||||
Outstanding at October 31, 2018 | 10,605,651 | $ | 2.03 | 8.25 | $ | 13,966 | ||||
Options vested and expected to vest as of October 31, 2018 | 9,608,930 | $ | 2.00 | 8.14 | $ | 12,962 | ||||
Options exercisable as of October 31, 2018 | 4,585,975 | $ | 1.69 | 7.23 | $ | 7,599 |
Options Outstanding | Options Exercisable | |||||||||||||||||
Exercise Price | Number of Options Outstanding | Weighted Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | Number of Options | Weighted Average Exercise Price | |||||||||||||
$ | 0.12 | 63,000 | 5.21 | $ | 0.12 | 63,000 | $ | 0.12 | ||||||||||
$ | 0.82 | 729,161 | 5.97 | $ | 0.82 | 729,161 | $ | 0.82 | ||||||||||
$ | 0.85 | 659,175 | 6.23 | $ | 0.85 | 621,018 | $ | 0.85 | ||||||||||
$ | 0.9 | 302,823 | 6.54 | $ | 0.90 | 257,207 | $ | 0.90 | ||||||||||
$ | 0.92 | 171,087 | 6.91 | $ | 0.92 | 140,565 | $ | 0.92 | ||||||||||
$ | 2.03 | 646,102 | 7.96 | $ | 2.03 | 338,120 | $ | 2.03 | ||||||||||
$ | 2.17 | 814,575 | 9.04 | $ | 2.17 | 170,822 | $ | 2.17 | ||||||||||
$ | 2.22 | 2,951,794 | 9.56 | $ | 2.22 | 80,617 | $ | 2.22 | ||||||||||
$ | 2.24 | 1,703,716 | 8.50 | $ | 2.24 | 709,227 | $ | 2.24 | ||||||||||
$ | 2.33 | 2,030,906 | 7.37 | $ | 2.33 | 1,470,651 | $ | 2.33 | ||||||||||
$ | 3.35 | 533,312 | 9.85 | $ | 3.35 | 5,587 | $ | 3.35 | ||||||||||
10,605,651 | 4,585,975 |
Nine Months Ended October 31, | |||||||
2018 | 2017 | ||||||
Cost of revenues | $ | 33 | $ | 22 | |||
Research and development | 490 | 451 | |||||
Sales and marketing | 801 | 716 | |||||
General and administrative | 530 | 369 | |||||
$ | 1,854 | $ | 1,558 |
Nine Months Ended October 31, | |||
2018 | 2017 | ||
Fair value of common stock | $ 2.22 - $ 3.35 | $ 2.17 - $ 2.24 | |
Expected volatility | 49.90% - 52.16% | 52.70% - 54.37% | |
Expected dividend yield | —% | —% | |
Risk-free rate | 2.77% - 3.01% | 1.85% - 2.01% | |
Expected term (in years) | 5.57 - 6.75 | 5.74 - 6.82 |
6. | Subsequent events |
Historical | ||||||||||||||||||
Autodesk (As reported) | PlanGrid (As adjusted) | Pro Forma Adjustments (Footnote 3) | Pro Forma Combined | |||||||||||||||
Assets | ||||||||||||||||||
Current assets: | ||||||||||||||||||
Cash and cash equivalents | $ | 875.7 | $ | 12.1 | $ | (273.2 | ) | (a), (b) | $ | 614.6 | ||||||||
Marketable securities | 202.5 | 18.8 | — | 221.3 | ||||||||||||||
Accounts receivable, net | 309.0 | 9.4 | (1.0 | ) | (c) | 317.4 | ||||||||||||
Prepaid expenses and other current assets | 202.8 | 2.7 | — | 205.5 | ||||||||||||||
Total current assets | 1,590.0 | 43.0 | (274.2 | ) | 1,358.8 | |||||||||||||
Marketable securities | 114.8 | — | — | 114.8 | ||||||||||||||
Computer equipment, software, furniture, and leasehold improvements, net | 144.7 | 0.9 | — | 145.6 | ||||||||||||||
Developed technologies, net | 19.8 | — | 78.0 | (g) | 97.8 | |||||||||||||
Goodwill | 1,645.3 | — | 586.0 | (h) | 2,231.3 | |||||||||||||
Deferred income taxes, net | 71.7 | — | — | 71.7 | ||||||||||||||
Other assets | 188.1 | 3.3 | 115.1 | (g) | 306.5 | |||||||||||||
Total assets | $ | 3,774.4 | $ | 47.2 | $ | 504.9 | $ | 4,326.5 | ||||||||||
Liabilities and stockholders’ deficit | ||||||||||||||||||
Current liabilities: | ||||||||||||||||||
Accounts payable | $ | 88.6 | $ | 1.1 | $ | — | $ | 89.7 | ||||||||||
Accrued compensation | 208.3 | 1.4 | 1.5 | (i), (e) | 211.2 | |||||||||||||
Accrued income taxes | 44.6 | 0.8 | — | 45.4 | ||||||||||||||
Deferred revenue | 1,517.6 | 36.2 | (10.3 | ) | (f) | 1,543.5 | ||||||||||||
Current portion of long-term notes payable, net | — | — | — | — | ||||||||||||||
Other accrued liabilities | 126.4 | 2.3 | 8.6 | (d), (n) | 137.3 | |||||||||||||
Total current liabilities | 1,985.5 | 41.8 | (0.2 | ) | 2,027.1 | |||||||||||||
Long-term deferred revenue | 274.5 | 0.3 | (0.1 | ) | (f) | 274.7 | ||||||||||||
Long-term income taxes payable | 40.9 | — | — | 40.9 | ||||||||||||||
Long-term deferred income taxes | 96.5 | — | — | (m) | 96.5 | |||||||||||||
Long-term notes payable, net | 1,587.8 | — | 499.2 | (b) | 2,087.0 | |||||||||||||
Long-term other liabilities | 127.5 | 0.1 | — | 127.6 | ||||||||||||||
Commitments and contingencies | — | — | — | — | ||||||||||||||
Redeemable convertible preferred stock | — | 81.7 | (81.7 | ) | (k) | — | ||||||||||||
Stockholders’ deficit: | ||||||||||||||||||
Common stock and additional paid-in capital | 2,009.1 | 9.2 | (4.0 | ) | (j), (l) | 2,014.3 | ||||||||||||
Accumulated other comprehensive loss | (157.5 | ) | — | — | (157.5 | ) | ||||||||||||
Accumulated deficit | (2,189.9 | ) | (85.9 | ) | 91.7 | (d), (e), (l), (m) | (2,184.1 | ) | ||||||||||
Total stockholders’ deficit | (338.3 | ) | (76.7 | ) | 87.7 | (327.3 | ) | |||||||||||
Total liabilities and stockholders’ deficit | $ | 3,774.4 | $ | 47.2 | $ | 504.9 | $ | 4,326.5 |
Historical | ||||||||||||||||||
Autodesk, Inc. (As reported) | PlanGrid, Inc. (As adjusted) | Pro Forma Adjustments (Footnote 4) | Pro Forma Combined | |||||||||||||||
Net revenue: | ||||||||||||||||||
Subscription | $ | 1,252.3 | $ | 51.1 | $ | — | $ | 1,303.4 | ||||||||||
Maintenance | 497.7 | — | — | $ | 497.7 | |||||||||||||
Total subscription and maintenance revenue | 1,750.0 | 51.1 | — | 1,801.1 | ||||||||||||||
Other | 82.5 | 1.3 | — | $ | 83.8 | |||||||||||||
Total net revenue | 1,832.5 | 52.4 | — | 1,884.9 | ||||||||||||||
Cost of revenue: | ||||||||||||||||||
Cost of subscription and maintenance revenue | 159.3 | 5.1 | — | $ | 164.4 | |||||||||||||
Cost of other revenue | 39.0 | 0.9 | — | $ | 39.9 | |||||||||||||
Amortization of developed technology | 10.6 | 0.7 | 13.9 | (c) | $ | 25.2 | ||||||||||||
Total cost of revenue | 208.9 | 6.7 | 13.9 | 229.5 | ||||||||||||||
Gross profit | 1,623.6 | 45.7 | (13.9 | ) | 1,655.4 | |||||||||||||
Operating expenses: | ||||||||||||||||||
Marketing and sales | 863.1 | 33.3 | 8.1 | (a), (d), (h), (j) | $ | 904.5 | ||||||||||||
Research and development | 534.6 | 16.1 | 9.4 | (a), (b), (h), (j) | $ | 560.1 | ||||||||||||
General and administrative | 239.4 | 9.2 | 24.1 | (a), (e), (g), (h), (j) | $ | 272.7 | ||||||||||||
Amortization of purchased intangibles | 11.8 | — | 18.4 | (c) | $ | 30.2 | ||||||||||||
Restructuring and other exit costs, net | 40.0 | — | — | $ | 40.0 | |||||||||||||
Total operating expenses | 1,688.9 | 58.6 | 60.0 | 1,807.5 | ||||||||||||||
Loss from operations | (65.3 | ) | (12.9 | ) | (73.9 | ) | (152.1 | ) | ||||||||||
Interest and other (expense) income, net | (10.4 | ) | 0.3 | (18.5 | ) | (f) | $ | (28.6 | ) | |||||||||
Loss before income taxes | (75.7 | ) | (12.6 | ) | (92.4 | ) | (180.7 | ) | ||||||||||
Provision for income taxes | (69.8 | ) | (0.1 | ) | — | $ | (69.9 | ) | ||||||||||
Net loss | $ | (145.5 | ) | $ | (12.7 | ) | $ | (92.4 | ) | $ | (250.6 | ) | ||||||
Net loss per share, basic and diluted | $ | (0.67 | ) | (i) | $ | (1.15 | ) | |||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 218.7 | 0.1 | (i) | 218.8 |
Historical | ||||||||||||||||||||
Autodesk, Inc. (As reported) | PlanGrid, Inc. (As adjusted) | Pro Forma Adjustments (Footnote 4) | Pro Forma Combined | |||||||||||||||||
Net revenue: | ||||||||||||||||||||
Subscription | $ | 894.3 | $ | 46.4 | $ | — | $ | 940.7 | ||||||||||||
Maintenance | 989.6 | — | — | $ | 989.6 | |||||||||||||||
Total subscription and maintenance revenue | 1,883.9 | 46.4 | — | 1,930.3 | ||||||||||||||||
Other | 172.7 | 1.2 | — | $ | 173.9 | |||||||||||||||
Total net revenue | 2,056.6 | 47.6 | — | 2,104.2 | ||||||||||||||||
Cost of revenue: | ||||||||||||||||||||
Cost of subscription and maintenance revenue | 214.4 | 4.6 | — | $ | 219.0 | |||||||||||||||
Cost of other revenue | 72.6 | 1.2 | — | $ | 73.8 | |||||||||||||||
Amortization of developed technology | 16.4 | 0.5 | 19.0 | (c) | $ | 35.9 | ||||||||||||||
Total cost of revenue | 303.4 | 6.3 | 19.0 | 328.7 | ||||||||||||||||
Gross profit | 1,753.2 | 41.3 | (19.0 | ) | 1,775.5 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Marketing and sales | 1,087.3 | 34.9 | 18.3 | (a), (h), (j) | $ | 1,140.5 | ||||||||||||||
Research and development | 755.5 | 19.3 | 12.0 | (a), (b), (h), (j) | $ | 786.8 | ||||||||||||||
General and administrative | 305.2 | 7.2 | 33.8 | (a), (e), (h), (j) | $ | 346.2 | ||||||||||||||
Amortization of purchased intangibles | 20.2 | — | 24.5 | (c) | $ | 44.7 | ||||||||||||||
Restructuring and other exit costs, net | 94.1 | — | — | $ | 94.1 | |||||||||||||||
Total operating expenses | 2,262.3 | 61.4 | 88.6 | 2,412.3 | ||||||||||||||||
(Loss) income from operations | (509.1 | ) | (20.1 | ) | (107.6 | ) | (636.8 | ) | ||||||||||||
Interest and other (expense) income, net | (48.2 | ) | 0.4 | (24.6 | ) | (f) | $ | (72.4 | ) | |||||||||||
Loss before income taxes | (557.3 | ) | (19.7 | ) | (132.2 | ) | (709.2 | ) | ||||||||||||
Provision for income taxes | (9.6 | ) | — | — | $ | (9.6 | ) | |||||||||||||
Net loss | $ | (566.9 | ) | $ | (19.7 | ) | $ | (132.2 | ) | $ | (718.8 | ) | ||||||||
Net loss per share, basic and diluted | $ | (2.58 | ) | (i) | $ | (3.27 | ) | |||||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 219.5 | (i) | 219.5 |
Preliminary Purchase Consideration | ||||
Cash paid to common and preferred PlanGrid stockholders, and vested option holders | $ | 772.4 | ||
Fair value of assumed PlanGrid stock options and restricted stock awards attributable to pre-combination services | 5.2 | |||
Total preliminary purchase consideration | $ | 777.6 |
Assets acquired: | |||
Cash and cash equivalents | $ | 12.1 | |
Marketable securities | 18.8 | ||
Trade and other receivables, net | 8.4 | ||
Prepaid expenses and other current assets | 2.7 | ||
Property and equipment, net | 0.9 | ||
Developed technology, net | 78.0 | ||
Other assets | 118.4 | ||
Total assets acquired | $ | 239.3 | |
Liabilities assumed: | |||
Accounts payable | $ | 1.1 | |
Accrued compensation | 2.2 | ||
Accrued income tax | 0.8 | ||
Deferred revenue | 25.9 | ||
Other accrued liabilities | 3.8 | ||
Long-term deferred revenue | 0.2 | ||
Long-term deferred income tax | 13.6 | ||
Long-term other liabilities | 0.1 | ||
Total liabilities assumed | 47.7 | ||
Net assets acquired, excluding goodwill (a) | 191.6 | ||
Total preliminary purchase consideration (b) | 777.6 | ||
Estimated goodwill (b-a) | $ | 586.0 |
Estimated Fair Values | Estimated Useful Lives | |||||
Trade name | $ | 20.0 | 5.0 | |||
Developed technology | 78.0 | 4.0 | ||||
Customer relationships | 76.0 | 8.0 | ||||
Backlog | 22.0 | 2.0 | ||||
Total acquisition-related intangible assets | $ | 196.0 |
a) | Reflects cash paid for the Merger of $772.4 million. |
b) | Reflects $500.0 million from a term loan entered into by Autodesk in connection with the consummation of the PlanGrid acquisition less the debt issuances costs of $0.8 million. Refer to Exhibit 10.2 of the 8-K filed on December 20, 2018. The Company entered into a Term Loan Agreement (the “Term Loan Agreement”) by and among the Company, the lenders from time to time party thereto and Citibank, as agent, which provided for a delayed draw term loan facility in the aggregate principal amount of $500 million. The Term Loan bears interest at a per annum rate equal to the rate at which dollar deposits are offered in the London interbank market, plus a margin of 1.125% per annum. |
c) | Reflects an increase in the PlanGrid allowance for doubtful accounts to align with Autodesk's accounting policies. |
d) | Reflects the accrual of $7.1 million of estimated transaction costs incurred by Autodesk. Transaction costs do not have a continuing impact and are therefore not presented in the Unaudited Pro Forma Condensed Combined Statement of Operations. |
e) | Reflects the expected $0.7 million of incremental expense for non-recurring compensation relating to various severance and transition arrangements entered into in connection with the Merger that are not reflected in the unaudited pro forma condensed combined financial statements. The payment of these arrangements is contingent on the employees providing service over the transition periods, which is expected to be completed within six months, and therefore does not have a continuing impact on the financial statements. |
f) | Reflects the reduction of deferred revenue of $10.3 million and long-term deferred revenue of $0.1 million to represent the preliminary estimated fair value of the obligations assumed by Autodesk. |
g) | Reflects $193.1 million increase in estimated fair value of PlanGrid’s identified intangible assets. Refer to Note 2 for the intangible assets recognized and the associated useful lives. |
h) | Reflects the estimated goodwill arising from the acquisition. |
i) | Reflects the adjustment to record employer payroll taxes payable of $0.8 million related to the purchase consideration paid to vested option holders. |
j) | Reflects the fair value of the replacement awards issued by Autodesk attributable to pre-combination services and included in the purchase consideration of $5.2 million. |
k) | Reflects the elimination of PlanGrid's redeemable convertible preferred stock, which was settled in the Merger. Each share of preferred stock of PlanGrid issued and outstanding immediately prior to the effective time was converted into the right to receive the applicable consideration calculated as set forth in the Merger Agreement, without interest, and was automatically cancelled and retired and ceased to exist. |
l) | Reflects the elimination of PlanGrid's historical equity. |
m) | In connection with the acquisition of PlanGrid, a deferred tax liability of $13.6 million was established for the book/tax basis differences related to non-goodwill intangible assets. The net deferred tax liability from this acquisition created an additional source of income to realize Autodesk's pre-existing deferred tax assets. As the Company continues to maintain a full valuation allowance against its deferred tax assets, this additional source of income resulted in the release of a portion of the Company’s previously recorded valuation allowance against deferred tax assets. The release of the valuation allowance resulted in a tax benefit equal to the acquired deferred tax liability. Because the acquisition is assumed to have occured on October 31, 2018 for purposes of the pro forma balance sheet, an adjustment of $13.6 million was made to the accumulated deficit to reflect the tax benefit, offsetting the acquired deferred tax liability. No adjustment is reflected in the pro forma statement of operations as the tax benefit resulting from the release of the valuation allowance does not have a continuing impact. |
n) | Reflects the accrual of $1.5 million of estimated transaction costs incurred by PlanGrid. |
a) | Reflects the net impact to stock-based compensation expense expected to be incurred by Autodesk based on the preliminary estimated fair values and vesting periods of awards assumed and new awards granted as a result of the Merger: |
Nine months ended October 31, 2018 | ||||||||||||
Marketing and Sales | Research and Development | General and administrative | ||||||||||
(in millions) | ||||||||||||
Reversal of PlanGrid's historical stock-based compensation expense | $ | (0.8 | ) | $ | (0.6 | ) | $ | (0.5 | ) | |||
Post-combination stock-based compensation expense for replacement awards | 6.0 | 4.7 | 4.0 | |||||||||
Post-combination stock-based compensation expense for retention awards | $ | 5.0 | $ | 3.0 | $ | 1.4 | ||||||
Net stock-based compensation expense adjustment | $ | 10.2 | $ | 7.1 | $ | 4.9 | ||||||
Year ended January 31, 2018 | ||||||||||||
Marketing and Sales | Research and Development | General and administrative | ||||||||||
(in millions) | ||||||||||||
Reversal of PlanGrid's historical stock-based compensation expense | $ | (1.0 | ) | $ | (0.5 | ) | $ | (0.5 | ) | |||
Post-combination stock-based compensation expense for replacement awards | 12.0 | 5.7 | 6.0 | |||||||||
Post-combination stock-based compensation expense for retention awards | $ | 6.3 | $ | 4.4 | $ | 1.9 | ||||||
Net stock-based compensation expense adjustment | $ | 17.3 | $ | 9.6 | $ | 7.4 |
b) | Reflects a increase of $1.6 million and $1.7 million to expense for the nine months ended October 31, 2018 and the fiscal year ended January 31, 2018, respectively, to expense historical PlanGrid internally developed software costs. The costs would not have been capitalized in accordance with Autodesk's internal use software accounting policy. |
c) | Reflects the net impact as a result of the elimination of historical amortization expense related to PlanGrid's existing intangible assets and the recognition of amortization expense related to the acquired intangible assets based on the preliminary estimated fair values and useful lives expected to be recorded as a result of the Merger. For preliminary estimated intangible asset values and the associated useful lives, see Note 2. |
Nine months ended October 31, 2018 | Year ended January 31, 2018 | |||||||||||||||
Amortization of developed technology | Amortization of purchased intangibles | Amortization of developed technology | Amortization of purchased intangibles | |||||||||||||
(in millions) | ||||||||||||||||
Reversal of PlanGrid's historical intangible assets amortization expense | $ | (0.7 | ) | $ | — | $ | (0.5 | ) | $ | — | ||||||
Amortization of acquired identifiable intangible assets | 14.6 | 18.4 | 19.5 | 24.5 | ||||||||||||
Net intangible asset amortization expense adjustment | $ | 13.9 | $ | 18.4 | $ | 19.0 | $ | 24.5 |
d) | Reflects a reduction of $3.3 million to expense for the nine months ended October 31, 2018 related to the impact of capitalizing sales commissions in accordance with Autodesk’s sales commission policy under Topic 340-40. PlanGrid historically expensed sales commissions as incurred. Other impacts of reflecting PlanGrid's historical results under Topic 606 were not material (see Note 1). |
e) | Reflects compensation expense of $19.6 million and $26.1 million during the nine months ended October 31, 2018 and the fiscal year ended January 31, 2018, respectively, related to deferred payments to be made to certain key PlanGrid employees if they continue to provide services to Autodesk post acquisition. |
f) | Reflects $13.6 million and $18.1 million of interest expense during the nine months ended October 31, 2018 and the fiscal year ended January 31, 2018, respectively, associated with term loan entered into by Autodesk in connection with the Merger. In addition, it reflects $0.3 million and $0.4 million of debt issuance cost amortization during the nine months ended October 31, 2018 and the fiscal year ended January 31, 2018, respectively, associated with the term loan. It also reflects $4.6 million and $6.1 million estimated reduction to interest income due to the net decrease in Autodesk's cash balance of $273.0 million used to fund the acquisition during the nine months ended October 31, 2018 and the fiscal year ended January 31, 2018, respectively (see Note 3 (a) and (b)). The interest rates used for the new Autodesk debt for purposes of the pro forma condensed combined financial information reflect the debt commitment related to the debt financing for the transaction. The interest rates for the Term Loan, which is set as LIBOR plus 1.125%, is assumed to be 3.628% both for the nine months ended October 31, 2018, and for the year ended January 31, 2018. A 1/8 percent increase or decrease in the interest rates assumed above would result in an aggregate increase or decrease to interest expense of $0.6 million and $0.5 million for the nine months ended October 31, 2018 and for the year ended January 31, 2018, respectively. |
g) | Reflects the elimination of approximately $0.7 million of transaction costs as they are not expected to be recurring. |
h) | Reflects the estimated compensation expense expected to be incurred by Autodesk based on the PlanGrid's employees participation in Autodesk's 401(k) plan. Eligible employees may contribute up to 75% of their pretax salary, subject to limitations mandated by the Internal Revenue Service. Autodesk makes voluntary cash contributions and matches a portion of employee contributions in cash. |
Marketing and Sales | Research and Development | General and administrative | ||||||||||
(in millions) | ||||||||||||
Nine months ended October 31, 2018 | ||||||||||||
Estimated 401(k) compensation expense | $ | 0.5 | $ | 0.3 | $ | 0.1 | ||||||
Year ended January 31, 2018 | ||||||||||||
Estimated 401(k) compensation expense | $ | 0.5 | $ | 0.3 | $ | 0.1 |
i) | Basic and diluted net loss per share has been calculated by dividing the net loss for the period by the weighted-average common shares outstanding. The adjustment for shares used in computing net loss per share gives effect to the number of awards assumed and new awards granted as part of the Merger that we expect to vest during the periods presented. The following table shows the calculation of basic and diluted net loss per share (in millions, except per share data): |
Nine months ended October 31, 2018 | ||||||||||||||||
Autodesk (As reported) | PlanGrid (As adjusted) | Total Adjustments | Pro Forma Combined | |||||||||||||
Net loss | $ | (145.5 | ) | $ | (12.7 | ) | $ | (92.4 | ) | $ | (250.6 | ) | ||||
Net loss per share, basic and diluted | $ | (0.67 | ) | $ | (1.15 | ) | ||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 218.7 | 0.1 | 218.8 | |||||||||||||
Year ended January 31, 2018 | ||||||||||||||||
Autodesk | PlanGrid | Total | Pro Forma | |||||||||||||
(As reported) | (As adjusted) | Adjustments | Combined | |||||||||||||
Net loss | $ | (566.9 | ) | $ | (19.7 | ) | $ | (132.2 | ) | $ | (718.8 | ) | ||||
Net loss per share, basic and diluted | $ | (2.58 | ) | $ | (3.27 | ) | ||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 219.5 | — | 219.5 |
j) | Reflects the estimated compensation expense expected to be incurred by Autodesk based on the PlanGrid's employees participation in Autodesk's sabbatical plan. Eligible employees accrue six weeks of sabbatical over four years of employment. |
Marketing and Sales | Research and Development | General and administrative | ||||||||||
Nine months ended October 31, 2018 | ||||||||||||
(in millions) | ||||||||||||
Estimated sabbatical compensation expense | $ | 0.7 | $ | 0.4 | $ | 0.2 | ||||||
Year ended January 31, 2018 | ||||||||||||
Estimated sabbatical compensation expense | $ | 0.5 | $ | 0.4 | $ | 0.2 |