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Stock-based Compensation Expense (Tables)

3 Months Ended

Apr. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

A summary of stock option activity for the three months ended April 30, 2019 is as follows:



	Number of shares (in millions)		Weighted average exercise price per share		Weighted average remaining contractual term (in years)	Aggregate intrinsic value (1) (in millions)
Options outstanding at January 31, 2019	0.8		$	23.95
Exercised	(0.1	)	24.72
Options outstanding at April 30, 2019	0.7		$	23.92	7.5	$	115.2
Options vested and exercisable at April 30, 2019	0.2		$	34.91	3.5	$	22.7
Shares available for grant at April 30, 2019	—

_______________

(1)

Represents the total pre-tax intrinsic value, based on Autodesk’s closing stock price of $178.21 per share as of April 30, 2019.

Intrinsic value of options exercised

The following table summarizes information about the pre-tax intrinsic value of options exercised during the three months ended April 30, 2019 and 2018:



(in millions)	Three months ended April 30,
	2019		2018
Pre-tax intrinsic value of options exercised (1)	$	8.4	$	3.4

——————

(1)

The intrinsic value of options exercised is calculated as the difference between the exercise price of the option and the market value of the stock on the date of exercise.

Schedule of summary of restricted stock activity

A summary of restricted stock activity for the three months ended April 30, 2019, is as follows:



	Unvested restricted stock units		Weighted average grant date fair value per share
	(in thousands)
Unvested restricted stock units at January 31, 2019	4,287.4		$	120.07
Granted	904.8		157.69
Vested	(429.6	)	117.08
Canceled/Forfeited	(104.5	)	123.87
Performance Adjustment (1)	23.8		156.69
Unvested restricted stock units at April 30, 2019	4,681.9		$	127.70

_______________


(1)	Based on Autodesk's financial results and relative total stockholder return for the fiscal 2019 performance period. The performance stock units were attained at rates ranging from 105.2% to 122.5% of the target award.

Schedule of summary of the ESPP activity

A summary of the ESPP activity for the three months ended April 30, 2019 and 2018, is as follows:



	Three months ended April 30,
	2019		2018
Issued shares (in millions)	0.5		0.5
Average price of issued shares	$	99.46	$	88.45
Weighted average grant date fair value of awards granted under the ESPP (1)	$	52.41	$	37.64

_______________

(1)

Calculated as of the award grant date using the Black-Scholes Merton (“BSM") option pricing model.

Schedule of stock-based compensation expense

The following table summarizes stock-based compensation expense for the three months ended April 30, 2019 and 2018, respectively, as follows:



	Three months ended April 30,
	2019			2018
Cost of subscription and maintenance revenue	$	3.6		$	2.7
Cost of other revenue	1.3			0.8
Marketing and sales	32.5			24.0
Research and development	26.7			17.8
General and administrative	11.1			9.1
Stock-based compensation expense related to stock awards and ESPP purchases	75.2			54.4
Tax benefit	(0.2		)	(0.4		)
Stock-based compensation expense related to stock awards and ESPP purchases, net of tax	$	75.0		$	54.0

Schedule of assumptions to estimate the fair value of stock-based awards

Autodesk uses the following assumptions to estimate the fair value of stock-based awards:



	Three months ended April 30, 2019		Three months ended April 30, 2018
	Performance Stock Unit	ESPP	Performance Stock Unit	ESPP
Range of expected volatilities	36.3%	36.6 - 39.7%	35.7%	33.5 - 37.5%
Range of expected lives (in years)	N/A	.5 - 2.0	N/A	0.5 - 2.0
Expected dividends	—%	—%	—%	—%
Range of risk-free interest rates	2.5%	2.4 - 2.5%	2.0%	1.9 - 2.3%