(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Exhibit No. | Description |
99.1 |
AUTODESK, INC. | |
By: /s/ STEPHEN W. HOPE | |
Stephen W. Hope Vice President and Chief Accounting Officer (Principal Accounting Officer) |
Exhibit No. | Description |
99.1 |
• | Total ARR increased 28 percent to $3.22 billion; |
• | Total billings increased 55 percent to $1.01 billion; |
• | Total revenue increased 28 percent to $843 million; recurring revenue represents 96 percent of total; |
• | GAAP operating margin was 13 percent, up 11 percentage points; |
• | Non-GAAP operating margin was 27 percent, up 13 percentage points; |
• | GAAP diluted EPS was $0.30; Non-GAAP diluted EPS was $0.78; |
• | Cash flow from operating activities was $276 million; free cash flow was $267 million. |
• | Total ARR was $3.22 billion, an increase of 28 percent as reported, and on a constant currency basis. Acquisitions from the fourth quarter of last year contributed $113 million or 4 percentage points of the growth. On a sequential basis, total ARR increased 5 percent as reported, and 6 percent on a constant currency basis. |
• | Subscription plan ARR was $2.86 billion, an increase of 49 percent as reported, and 50 percent on a constant currency basis. Acquisitions from the fourth quarter of last year contributed $113 million or 6 percentage points of the growth. On a sequential basis, subscription plan ARR increased 8 percent as reported, and on a constant currency basis. Subscription plan ARR includes $597 million related to the maintenance-to-subscription (M2S) program. |
• | Maintenance plan ARR was $365 million, a decrease of 39 percent as reported, and 40 percent on a constant currency basis. On a sequential basis, maintenance plan ARR decreased 12 percent as reported, and on a constant currency basis. |
• | Core ARR increased 23 percent to $2.99 billion. On a sequential basis, core ARR increased 5 percent. |
• | Cloud ARR increased 164 percent to $232 million. Acquisitions from the fourth quarter of last year contributed $113 million or 128 percentage points of the growth. On a sequential basis, total cloud ARR increased 12 percent. |
• | Total billings increased 55 percent to $1.01 billion. |
• | Total revenue was $843 million, an increase of 28 percent as reported, and on a constant currency basis. Acquisitions from the fourth quarter of last year contributed $29 million or 4 percent of the growth. |
• | Net revenue retention rate was within the range of 110 to 120 percent. |
• | Total recurring revenue in the third quarter was 96 percent of total revenue, consistent with the third quarter last year. |
• | GAAP operating income was $111 million compared to $15 million in the third quarter last year. GAAP operating margin was 13 percent, up 11 percentage points. |
• | Total non-GAAP operating income was $225 million compared to $92 million in the third quarter last year. Non-GAAP operating margin was 27 percent, up 13 percentage points. |
• | GAAP diluted net income per share was $0.30, compared to GAAP diluted net loss per share of $(0.11) in the third quarter last year. |
• | Non-GAAP diluted net income per share was $0.78, compared to non-GAAP diluted net income per share of $0.29 in the third quarter last year. |
• | Deferred revenue increased 35 percent to $2.42 billion. Unbilled deferred revenue was $549 million, an increase of $99 million compared to the third quarter of last year. Remaining performance obligations (RPO), or the sum of total billed and unbilled deferred revenue, totaled $2.97 billion, an increase of 32 percent. Current RPO totaled $2.05 billion, up 23 percent. |
• | Cash flow from operating activities was $276 million, an increase of $237 million compared to the third quarter last year. Free cash flow was $267 million, an increase of $240 million compared to the third quarter last year. |
Three Months Ended October 31, 2019 | Three Months Ended October 31, 2018 | Change compared to prior fiscal year | Constant currency change compared to prior fiscal year | ||||||||||||||
(In millions, except percentages) | $ | % | % | ||||||||||||||
Net Revenue: | |||||||||||||||||
Americas | |||||||||||||||||
U.S. | $ | 287.3 | $ | 225.0 | $ | 62.3 | 28 | % | * | ||||||||
Other Americas | 62.0 | 43.5 | 18.5 | 43 | % | * | |||||||||||
Total Americas | 349.3 | 268.5 | 80.8 | 30 | % | 30 | % | ||||||||||
EMEA | 329.6 | 266.5 | 63.1 | 24 | % | 25 | % | ||||||||||
APAC | 163.8 | 125.9 | 37.9 | 30 | % | 31 | % | ||||||||||
Total Net Revenue | $ | 842.7 | $ | 660.9 | $ | 181.8 | 28 | % | 28 | % | |||||||
Emerging Economies | $ | 101.6 | $ | 80.7 | $ | 20.9 | 26 | % | 27 | % |
Three Months Ended | Change compared to prior fiscal year | |||||||||||||
(In millions, except percentages) | October 31, 2019 | October 31, 2018 | $ | % | ||||||||||
AEC | $ | 358.0 | $ | 263.8 | $ | 94.2 | 36 | % | ||||||
AutoCAD and AutoCAD LT | 245.4 | 190.6 | 54.8 | 29 | % | |||||||||
MFG | 182.2 | 158.5 | 23.7 | 15 | % | |||||||||
M&E | 50.6 | 43.6 | 7.0 | 16 | % | |||||||||
Other | 6.5 | 4.4 | 2.1 | 48 | % | |||||||||
$ | 842.7 | $ | 660.9 | $ | 181.8 | 28 | % |
FY20 Guidance Metrics | FY20 (ending January 31, 2020) |
Total ARR (in millions) | $3,405 - $3,445 Up 24% - 25% |
Billings (in millions) | $4,050 - $4,090 Up 50% - 51% |
Revenue (in millions) (1) | $3,255 - $3,270 Up 27% |
GAAP spend growth | Approx. 12% |
Non-GAAP spend growth (2) | Approx. 9% |
EPS GAAP | $0.80 - $0.85 |
EPS non-GAAP (3) | $2.74 - $2.79 |
Free cash flow (in millions) (4) | $1,300 - $1,340 |
Q4 FY20 Guidance Metrics | Q4 FY20 (ending January 31, 2020) |
Revenue (in millions) | $880 - $895 |
EPS GAAP | $0.42 - $0.47 |
EPS non-GAAP (1) | $0.86 - $0.91 |
Autodesk, Inc. | |||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||
(In millions, except per share data) | |||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(Unaudited) | |||||||||||||||
Net revenue: | |||||||||||||||
Subscription | $ | 715.0 | $ | 481.3 | $ | 1,974.5 | $ | 1,252.3 | |||||||
Maintenance | 91.2 | 150.1 | 306.7 | 497.7 | |||||||||||
Total subscription and maintenance revenue | 806.2 | 631.4 | 2,281.2 | 1,750.0 | |||||||||||
Other | 36.5 | 29.5 | 93.8 | 82.5 | |||||||||||
Total net revenue | 842.7 | 660.9 | 2,375.0 | 1,832.5 | |||||||||||
Cost of revenue: | |||||||||||||||
Cost of subscription and maintenance revenue | 54.2 | 54.8 | 166.9 | 159.3 | |||||||||||
Cost of other revenue | 16.9 | 13.9 | 48.6 | 39.0 | |||||||||||
Amortization of developed technology | 8.4 | 3.6 | 26.2 | 10.6 | |||||||||||
Total cost of revenue | 79.5 | 72.3 | 241.7 | 208.9 | |||||||||||
Gross profit | 763.2 | 588.6 | 2,133.3 | 1,623.6 | |||||||||||
Operating expenses: | |||||||||||||||
Marketing and sales | 330.7 | 297.6 | 960.8 | 863.1 | |||||||||||
Research and development | 213.0 | 181.0 | 634.0 | 534.6 | |||||||||||
General and administrative | 99.1 | 87.4 | 299.6 | 239.4 | |||||||||||
Amortization of purchased intangibles | 9.7 | 4.2 | 29.2 | 11.8 | |||||||||||
Restructuring and other exit costs, net | 0.1 | 3.7 | 0.5 | 40.0 | |||||||||||
Total operating expenses | 652.6 | 573.9 | 1,924.1 | 1,688.9 | |||||||||||
Income (loss) from operations | 110.6 | 14.7 | 209.2 | (65.3 | ) | ||||||||||
Interest and other expense, net | (14.2 | ) | (3.2 | ) | (37.7 | ) | (10.4 | ) | |||||||
Income (loss) before income taxes | 96.4 | 11.5 | 171.5 | (75.7 | ) | ||||||||||
Provision for income taxes | (29.7 | ) | (35.2 | ) | (88.8 | ) | (69.8 | ) | |||||||
Net income (loss) | $ | 66.7 | $ | (23.7 | ) | $ | 82.7 | $ | (145.5 | ) | |||||
Basic net income (loss) per share | $ | 0.30 | $ | (0.11 | ) | $ | 0.38 | $ | (0.67 | ) | |||||
Diluted net income (loss) per share | $ | 0.30 | $ | (0.11 | ) | $ | 0.37 | $ | (0.67 | ) | |||||
Weighted average shares used in computing basic net income (loss) per share | 219.7 | 218.9 | 219.6 | 218.7 | |||||||||||
Weighted average shares used in computing diluted net income (loss) per share | 221.9 | 218.9 | 222.1 | 218.7 |
Autodesk, Inc. | |||||||
Condensed Consolidated Balance Sheets | |||||||
(In millions) | |||||||
October 31, 2019 | January 31, 2019 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 956.2 | $ | 886.0 | |||
Marketable securities | 68.3 | 67.6 | |||||
Accounts receivable, net | 520.3 | 474.3 | |||||
Prepaid expenses and other current assets | 162.0 | 192.1 | |||||
Total current assets | 1,706.8 | 1,620.0 | |||||
Computer equipment, software, furniture and leasehold improvements, net | 151.5 | 149.7 | |||||
Operating lease right-of-use assets | 281.7 | — | |||||
Developed technologies, net | 79.2 | 105.6 | |||||
Goodwill | 2,443.6 | 2,450.8 | |||||
Deferred income taxes, net | 39.6 | 65.3 | |||||
Other assets | 334.2 | 337.8 | |||||
Total assets | $ | 5,036.6 | $ | 4,729.2 | |||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 106.1 | $ | 101.6 | |||
Accrued compensation | 257.9 | 280.8 | |||||
Accrued income taxes | 11.1 | 13.2 | |||||
Deferred revenue | 1,822.0 | 1,763.3 | |||||
Operating lease liabilities | 64.0 | — | |||||
Current portion of long-term notes payable, net | 449.4 | — | |||||
Other accrued liabilities | 129.7 | 142.3 | |||||
Total current liabilities | 2,840.2 | 2,301.2 | |||||
Long-term deferred revenue | 598.0 | 328.1 | |||||
Long-term operating lease liabilities | 239.8 | — | |||||
Long-term income taxes payable | 19.4 | 21.5 | |||||
Long-term deferred income taxes | 103.8 | 79.8 | |||||
Long-term notes payable, net | 1,290.3 | 2,087.7 | |||||
Other liabilities | 116.6 | 121.8 | |||||
Stockholders’ deficit: | |||||||
Common stock and additional paid-in capital | 2,225.1 | 2,071.5 | |||||
Accumulated other comprehensive loss | (156.3 | ) | (135.0 | ) | |||
Accumulated deficit | (2,240.3 | ) | (2,147.4 | ) | |||
Total stockholders’ deficit | (171.5 | ) | (210.9 | ) | |||
Total liabilities and stockholders' deficit | $ | 5,036.6 | $ | 4,729.2 |
Autodesk, Inc. | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(In millions) | |||||||
Nine Months Ended October 31, | |||||||
2019 | 2018 | ||||||
(Unaudited) | |||||||
Operating activities: | |||||||
Net income (loss) | $ | 82.7 | $ | (145.5 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation, amortization and accretion | 96.4 | 69.8 | |||||
Stock-based compensation expense | 257.4 | 175.5 | |||||
Deferred income taxes | 47.9 | 16.5 | |||||
Restructuring and other exit costs, net | 0.5 | 34.5 | |||||
Other operating activities | 10.8 | 14.8 | |||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | (47.2 | ) | 129.4 | ||||
Prepaid expenses and other current assets | 37.6 | 8.3 | |||||
Accounts payable and accrued liabilities | (94.2 | ) | (181.0 | ) | |||
Deferred revenue | 328.8 | (73.8 | ) | ||||
Accrued income taxes | (3.8 | ) | 17.1 | ||||
Net cash provided by operating activities | 716.9 | 65.6 | |||||
Investing activities: | |||||||
Purchases of marketable securities | (19.9 | ) | (135.3 | ) | |||
Sales of marketable securities | 22.4 | 61.3 | |||||
Maturities of marketable securities | 5.0 | 194.9 | |||||
Capital expenditures | (39.2 | ) | (49.4 | ) | |||
Acquisitions, net of cash acquired | — | (34.1 | ) | ||||
Other investing activities | (11.0 | ) | 2.3 | ||||
Net cash (used in) provided by investing activities | (42.7 | ) | 39.7 | ||||
Financing activities: | |||||||
Proceeds from issuance of common stock, net of issuance costs | 91.8 | 90.1 | |||||
Taxes paid related to net share settlement of equity awards | (79.9 | ) | (120.7 | ) | |||
Repurchase and retirement of common stock | (261.9 | ) | (261.3 | ) | |||
Repayment of debt | (350.0 | ) | — | ||||
Net cash used in financing activities | (600.0 | ) | (291.9 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (4.0 | ) | (15.7 | ) | |||
Net increase (decrease) in cash and cash equivalents | 70.2 | (202.3 | ) | ||||
Cash and cash equivalents at beginning of the period | 886.0 | 1,078.0 | |||||
Cash and cash equivalents at end of the period | $ | 956.2 | $ | 875.7 |
Autodesk, Inc. | |||||||||||||||
Reconciliation of GAAP financial measures to non-GAAP financial measures | |||||||||||||||
(In millions, except per share data) | |||||||||||||||
To supplement our consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP measures including non-GAAP net income per share, non-GAAP operating margin, non-GAAP spend, non-GAAP EPS and free cash flow. For our internal budgeting and resource allocation process and as a means to evaluate period-to-period comparisons, we use non-GAAP measures to supplement our consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain items that may have a material impact upon our future reported financial results. We use non-GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain expenses and charges that may not be indicative of our core business operating results. For the reasons set forth below, we believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. This allows investors and others to better understand and evaluate our operating results and future prospects in the same manner as management, compare financial results across accounting periods and to those of peer companies and to better understand the long-term performance of our core business. We also use some of these measures for purposes of determining company-wide incentive compensation. | |||||||||||||||
There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for or in isolation from, the directly comparable financial measures prepared in accordance with GAAP. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included in this presentation, and not to rely on any single financial measure to evaluate our business. | |||||||||||||||
The following table shows Autodesk's non-GAAP results reconciled to GAAP results included in this release. | |||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
GAAP cost of subscription and maintenance revenue | $ | 54.2 | $ | 54.8 | $ | 166.9 | $ | 159.3 | |||||||
Stock-based compensation expense | (3.1 | ) | (3.6 | ) | (10.1 | ) | (9.4 | ) | |||||||
Acquisition related costs | (0.3 | ) | — | (0.3 | ) | — | |||||||||
Non-GAAP cost of subscription and maintenance revenue | $ | 50.8 | $ | 51.2 | $ | 156.5 | $ | 149.9 | |||||||
GAAP cost of other revenue | $ | 16.9 | $ | 13.9 | $ | 48.6 | $ | 39.0 | |||||||
Stock-based compensation expense | (1.6 | ) | (1.3 | ) | (4.3 | ) | (3.0 | ) | |||||||
Non-GAAP cost of other revenue | $ | 15.3 | $ | 12.6 | $ | 44.3 | $ | 36.0 | |||||||
GAAP amortization of developed technology | $ | 8.4 | $ | 3.6 | $ | 26.2 | $ | 10.6 | |||||||
Amortization of developed technology | (8.4 | ) | (3.6 | ) | (26.2 | ) | (10.6 | ) | |||||||
Non-GAAP amortization of developed technology | $ | — | $ | — | $ | — | $ | — | |||||||
GAAP gross profit | $ | 763.2 | $ | 588.6 | $ | 2,133.3 | $ | 1,623.6 | |||||||
Stock-based compensation expense | 4.7 | 4.9 | 14.4 | 12.4 | |||||||||||
Amortization of developed technology | 8.4 | 3.6 | 26.2 | 10.6 | |||||||||||
Acquisition related costs | 0.3 | — | 0.3 | — | |||||||||||
Non-GAAP gross profit | $ | 776.6 | $ | 597.1 | $ | 2,174.2 | $ | 1,646.6 | |||||||
GAAP marketing and sales | $ | 330.7 | $ | 297.6 | $ | 960.8 | $ | 863.1 | |||||||
Stock-based compensation expense | (38.7 | ) | (27.8 | ) | (107.2 | ) | (77.7 | ) | |||||||
Acquisition related costs | (0.2 | ) | — | (0.3 | ) | — | |||||||||
Non-GAAP marketing and sales | $ | 291.8 | $ | 269.8 | $ | 853.3 | $ | 785.4 | |||||||
GAAP research and development | $ | 213.0 | $ | 181.0 | $ | 634.0 | $ | 534.6 | |||||||
Stock-based compensation expense | (30.8 | ) | (20.6 | ) | (88.3 | ) | (57.1 | ) | |||||||
Acquisition related costs | (1.8 | ) | — | (2.2 | ) | — | |||||||||
Non-GAAP research and development | $ | 180.4 | $ | 160.4 | $ | 543.5 | $ | 477.5 | |||||||
GAAP general and administrative | $ | 99.1 | $ | 87.4 | $ | 299.6 | $ | 239.4 | |||||||
Stock-based compensation expense | (19.8 | ) | (10.9 | ) | (47.5 | ) | (28.3 | ) | |||||||
CEO transition costs | — | — | — | 0.1 | |||||||||||
Acquisition related costs | (0.2 | ) | (1.8 | ) | (18.4 | ) | (4.3 | ) | |||||||
Non-GAAP general and administrative | $ | 79.1 | $ | 74.7 | $ | 233.7 | $ | 206.9 | |||||||
GAAP amortization of purchased intangibles | $ | 9.7 | $ | 4.2 | $ | 29.2 | $ | 11.8 | |||||||
Amortization of purchased intangibles | (9.7 | ) | (4.2 | ) | (29.2 | ) | (11.8 | ) | |||||||
Non-GAAP amortization of purchased intangibles | $ | — | $ | — | $ | — | $ | — | |||||||
GAAP restructuring and other exit costs, net | $ | 0.1 | $ | 3.7 | $ | 0.5 | $ | 40.0 | |||||||
Restructuring and other exit costs, net | (0.1 | ) | (3.7 | ) | (0.5 | ) | (40.0 | ) | |||||||
Non-GAAP restructuring and other exit costs, net | $ | — | $ | — | $ | — | $ | — | |||||||
GAAP operating expenses | $ | 652.6 | $ | 573.9 | $ | 1,924.1 | $ | 1,688.9 | |||||||
Stock-based compensation expense | (89.3 | ) | (59.3 | ) | (243.0 | ) | (163.1 | ) | |||||||
Amortization of purchased intangibles | (9.7 | ) | (4.2 | ) | (29.2 | ) | (11.8 | ) | |||||||
CEO transition costs | — | — | — | 0.1 | |||||||||||
Acquisition related costs | (2.2 | ) | (1.8 | ) | (20.9 | ) | (4.3 | ) | |||||||
Restructuring and other exit costs, net | (0.1 | ) | (3.7 | ) | (0.5 | ) | (40.0 | ) | |||||||
Non-GAAP operating expenses | $ | 551.3 | $ | 504.9 | $ | 1,630.5 | $ | 1,469.8 | |||||||
GAAP spend | $ | 732.1 | $ | 646.2 | $ | 2,165.8 | $ | 1,897.8 | |||||||
Stock-based compensation expense | (94.0 | ) | (64.2 | ) | (257.4 | ) | (175.5 | ) | |||||||
Amortization of developed technology | (8.4 | ) | (3.6 | ) | (26.2 | ) | (10.6 | ) | |||||||
Amortization of purchased intangibles | (9.7 | ) | (4.2 | ) | (29.2 | ) | (11.8 | ) | |||||||
CEO transition costs | — | — | — | 0.1 | |||||||||||
Acquisition related costs | (2.5 | ) | (1.8 | ) | (21.2 | ) | (4.3 | ) | |||||||
Restructuring and other exit costs, net | (0.1 | ) | (3.7 | ) | (0.5 | ) | (40.0 | ) | |||||||
Non-GAAP spend | $ | 617.4 | $ | 568.7 | $ | 1,831.3 | $ | 1,655.7 | |||||||
GAAP operating margin | 13 | % | 2 | % | 9 | % | (4 | )% | |||||||
Stock-based compensation expense | 11 | % | 10 | % | 11 | % | 10 | % | |||||||
Amortization of developed technology | 1 | % | 1 | % | 1 | % | 1 | % | |||||||
Amortization of purchased intangibles | 1 | % | 1 | % | 1 | % | 1 | % | |||||||
Acquisition related costs | — | % | — | % | 1 | % | — | % | |||||||
Restructuring and other exit costs, net | — | % | 1 | % | — | % | 2 | % | |||||||
Non-GAAP operating margin | 27 | % | 14 | % | 23 | % | 10 | % | |||||||
GAAP income (loss) from operations | $ | 110.6 | $ | 14.7 | $ | 209.2 | $ | (65.3 | ) | ||||||
Stock-based compensation expense | 94.0 | 64.2 | 257.4 | 175.5 | |||||||||||
Amortization of developed technology | 8.4 | 3.6 | 26.2 | 10.6 | |||||||||||
Amortization of purchased intangibles | 9.7 | 4.2 | 29.2 | 11.8 | |||||||||||
CEO transition costs | — | — | — | (0.1 | ) | ||||||||||
Acquisition related costs | 2.5 | 1.8 | 21.2 | 4.3 | |||||||||||
Restructuring and other exit costs, net | 0.1 | 3.7 | 0.5 | 40.0 | |||||||||||
Non-GAAP income from operations | $ | 225.3 | $ | 92.2 | $ | 543.7 | $ | 176.8 | |||||||
GAAP interest and other expense, net | $ | (14.2 | ) | $ | (3.2 | ) | $ | (37.7 | ) | $ | (10.4 | ) | |||
Loss (Gain) on strategic investments and dispositions, net | 0.4 | (2.9 | ) | 3.2 | (9.5 | ) | |||||||||
Restructuring and other exit costs, net | — | (5.8 | ) | — | (5.5 | ) | |||||||||
Non-GAAP interest and other expense, net | $ | (13.8 | ) | $ | (11.9 | ) | $ | (34.5 | ) | $ | (25.4 | ) | |||
GAAP provision for income taxes | $ | (29.7 | ) | $ | (35.2 | ) | $ | (88.8 | ) | $ | (69.8 | ) | |||
Discrete GAAP tax items | 0.3 | (3.6 | ) | 1.3 | (12.3 | ) | |||||||||
Income tax effect of non-GAAP adjustments | (8.7 | ) | 23.5 | (4.2 | ) | 53.3 | |||||||||
Non-GAAP provision for income tax | $ | (38.1 | ) | $ | (15.3 | ) | $ | (91.7 | ) | $ | (28.8 | ) | |||
GAAP net income (loss) | $ | 66.7 | $ | (23.7 | ) | $ | 82.7 | $ | (145.5 | ) | |||||
Stock-based compensation expense | 94.0 | 64.2 | 257.4 | 175.5 | |||||||||||
Amortization of developed technology | 8.4 | 3.6 | 26.2 | 10.6 | |||||||||||
Amortization of purchased intangibles | 9.7 | 4.2 | 29.2 | 11.8 | |||||||||||
CEO transition costs | — | — | — | (0.1 | ) | ||||||||||
Acquisition related costs | 2.5 | 1.8 | 21.2 | 4.3 | |||||||||||
Restructuring and other exit costs, net | 0.1 | (2.1 | ) | 0.5 | 34.5 | ||||||||||
Loss (Gain) on strategic investments and dispositions, net | 0.4 | (2.9 | ) | 3.2 | (9.5 | ) | |||||||||
Discrete GAAP tax items | 0.3 | (3.6 | ) | 1.3 | (12.3 | ) | |||||||||
Income tax effect of non-GAAP adjustments | (8.7 | ) | 23.5 | (4.2 | ) | 53.3 | |||||||||
Non-GAAP net income | $ | 173.4 | $ | 65.0 | $ | 417.5 | $ | 122.6 | |||||||
GAAP diluted net income (loss) per share | $ | 0.30 | $ | (0.11 | ) | $ | 0.37 | $ | (0.67 | ) | |||||
Stock-based compensation expense | 0.42 | 0.28 | 1.16 | 0.79 | |||||||||||
Amortization of developed technology | 0.04 | 0.02 | 0.12 | 0.06 | |||||||||||
Amortization of purchased intangibles | 0.04 | 0.02 | 0.13 | 0.05 | |||||||||||
Acquisition related costs | 0.02 | 0.01 | 0.10 | 0.02 | |||||||||||
Restructuring and other exit costs, net | — | — | — | 0.16 | |||||||||||
Loss (Gain) on strategic investments and dispositions, net | — | (0.01 | ) | 0.01 | (0.04 | ) | |||||||||
Discrete GAAP tax items | — | (0.02 | ) | 0.01 | (0.06 | ) | |||||||||
Income tax effect of non-GAAP adjustments | (0.04 | ) | 0.10 | (0.02 | ) | 0.24 | |||||||||
Non-GAAP diluted net income per share | $ | 0.78 | $ | 0.29 | $ | 1.88 | $ | 0.55 | |||||||
GAAP diluted shares used in per share calculation | 221.9 | 218.9 | 222.1 | 218.7 | |||||||||||
Shares included in non-GAAP net income per share, but excluded from GAAP net loss per share as they would have been anti-dilutive | — | 2.7 | — | 3.0 | |||||||||||
Non-GAAP diluted weighted average shares used in per share calculation | 221.9 | 221.6 | 222.1 | 221.7 |
Net cash provided by operating activities | Capital expenditures | Free cash flow | |||||||||
Fiscal year ending January 31, 2019 | $ | 377.1 | $ | (67.0 | ) | $ | 310.1 | ||||
Less nine months ending October 31, 2018 | 65.6 | (49.4 | ) | 16.2 | |||||||
Plus nine months ending October 31, 2019 | 716.9 | (39.2 | ) | 677.7 | |||||||
Last twelve months ending October 31, 2019 | $ | 1,028.4 | $ | (56.8 | ) | $ | 971.6 |
Net cash provided by operating activities | Capital expenditures | Free cash flow | |||||||||
Nine months ending October 31, 2019 | $ | 716.9 | $ | (39.2 | ) | $ | 677.7 | ||||
Less six months ending July 31, 2019 | 440.5 | (29.5 | ) | 411.0 | |||||||
Three months ending October 31, 2019 | $ | 276.4 | $ | (9.7 | ) | $ | 266.7 |
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
Cover Page |
Nov. 26, 2019 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | Nov. 26, 2019 |
Entity Registrant Name | Autodesk, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 000-14338 |
Entity Tax Identification Number | 94-2819853 |
Entity Address, Address Line One | 111 McInnis Parkway |
Entity Address, City or Town | San Rafael, |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94903 |
City Area Code | 415 |
Local Phone Number | 507-5000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | ADSK |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000769397 |
Amendment Flag | false |