(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 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
AUTODESK, INC. | |||||
By: /s/ STEPHEN W. HOPE | |||||
Stephen W. Hope Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) |
Three Months Ended October 31, 2023 | Three Months Ended October 31, 2022 | Change compared to prior fiscal year | Constant currency change compared to prior fiscal year | ||||||||||||||||||||||||||
(In millions, except percentages) | $ | % | % | ||||||||||||||||||||||||||
Net Revenue: | |||||||||||||||||||||||||||||
Americas | |||||||||||||||||||||||||||||
U.S. | $ | 520 | $ | 447 | $ | 73 | 16 | % | * | ||||||||||||||||||||
Other Americas | 120 | 94 | 26 | 28 | % | * | |||||||||||||||||||||||
Total Americas | 640 | 541 | 99 | 18 | % | 19 | % | ||||||||||||||||||||||
EMEA | 516 | 476 | 40 | 8 | % | 11 | % | ||||||||||||||||||||||
APAC | 258 | 263 | (5) | (2) | % | 3 | % | ||||||||||||||||||||||
Total Net Revenue | $ | 1,414 | $ | 1,280 | $ | 134 | 10 | % | 13 | % | |||||||||||||||||||
Three Months Ended October 31, 2023 | Three Months Ended October 31, 2022 | Change compared to prior fiscal year | |||||||||||||||||||||
(In millions, except percentages) | $ | % | |||||||||||||||||||||
AEC | $ | 675 | $ | 575 | $ | 100 | 17 | % | |||||||||||||||
AutoCAD and AutoCAD LT | 372 | 354 | 18 | 5 | % | ||||||||||||||||||
MFG | 269 | 254 | 15 | 6 | % | ||||||||||||||||||
M&E | 73 | 78 | (5) | (6) | % | ||||||||||||||||||
Other | 25 | 19 | 6 | 32 | % | ||||||||||||||||||
Total Net Revenue | $ | 1,414 | $ | 1,280 | $ | 134 | 10 | % | |||||||||||||||
Q4 FY24 Guidance Metrics | Q4 FY24 (ending January 31, 2024) | ||||
Revenue (in millions) | $1,422 - $1,437 | ||||
EPS GAAP | $0.99 - $1.05 | ||||
EPS non-GAAP (1) | $1.91 - $1.97 |
FY24 Guidance Metrics | FY24 (ending January 31, 2024) | ||||
Billings (in millions) (1) | $5,075 - $5,175 Down 12% - 11% | ||||
Revenue (in millions) (2) | $5,450 - $5,465 Up approx. 9% | ||||
GAAP operating margin | Approx. flat year over year | ||||
Non-GAAP operating margin (3) | Approx. flat year over year | ||||
EPS GAAP | $3.88 - $3.94 | ||||
EPS non-GAAP (4) | $7.43 - $7.49 | ||||
Free cash flow (in millions) (5) | $1,200 - $1,260 |
Autodesk, Inc. | |||||||||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Subscription | $ | 1,314 | $ | 1,188 | $ | 3,777 | $ | 3,437 | |||||||||||||||
Maintenance | 12 | 16 | 40 | 51 | |||||||||||||||||||
Total subscription and maintenance revenue | 1,326 | 1,204 | 3,817 | 3,488 | |||||||||||||||||||
Other | 88 | 76 | 211 | 199 | |||||||||||||||||||
Total net revenue | 1,414 | 1,280 | 4,028 | 3,687 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of subscription and maintenance revenue | 94 | 86 | 285 | 253 | |||||||||||||||||||
Cost of other revenue | 21 | 19 | 62 | 59 | |||||||||||||||||||
Amortization of developed technologies | 12 | 15 | 34 | 44 | |||||||||||||||||||
Total cost of revenue | 127 | 120 | 381 | 356 | |||||||||||||||||||
Gross profit | 1,287 | 1,160 | 3,647 | 3,331 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Marketing and sales | 439 | 454 | 1,344 | 1,306 | |||||||||||||||||||
Research and development | 339 | 311 | 1,021 | 906 | |||||||||||||||||||
General and administrative | 165 | 129 | 438 | 377 | |||||||||||||||||||
Amortization of purchased intangibles | 10 | 10 | 31 | 30 | |||||||||||||||||||
Total operating expenses | 953 | 904 | 2,834 | 2,619 | |||||||||||||||||||
Income from operations | 334 | 256 | 813 | 712 | |||||||||||||||||||
Interest and other expense, net | (14) | (14) | (14) | (43) | |||||||||||||||||||
Income before income taxes | 320 | 242 | 799 | 669 | |||||||||||||||||||
Provision for income taxes | (79) | (44) | (175) | (139) | |||||||||||||||||||
Net income | $ | 241 | $ | 198 | $ | 624 | $ | 530 | |||||||||||||||
Basic net income per share | $ | 1.13 | $ | 0.92 | $ | 2.92 | $ | 2.44 | |||||||||||||||
Diluted net income per share | $ | 1.12 | $ | 0.91 | $ | 2.89 | $ | 2.43 | |||||||||||||||
Weighted average shares used in computing basic net income per share | 214 | 216 | 214 | 217 | |||||||||||||||||||
Weighted average shares used in computing diluted net income per share | 216 | 217 | 216 | 218 |
Autodesk, Inc. | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(In millions) | |||||||||||
October 31, 2023 | January 31, 2023 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,526 | $ | 1,947 | |||||||
Marketable securities | 428 | 125 | |||||||||
Accounts receivable, net | 579 | 961 | |||||||||
Prepaid expenses and other current assets | 406 | 308 | |||||||||
Total current assets | 2,939 | 3,341 | |||||||||
Long-term marketable securities | 219 | 102 | |||||||||
Computer equipment, software, furniture and leasehold improvements, net | 128 | 144 | |||||||||
Operating lease right-of-use assets | 237 | 245 | |||||||||
Intangible assets, net | 411 | 407 | |||||||||
Goodwill | 3,604 | 3,625 | |||||||||
Deferred income taxes, net | 1,122 | 1,014 | |||||||||
Long-term other assets | 566 | 560 | |||||||||
Total assets | $ | 9,226 | $ | 9,438 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 127 | $ | 102 | |||||||
Accrued compensation | 378 | 358 | |||||||||
Accrued income taxes | 64 | 33 | |||||||||
Deferred revenue | 3,120 | 3,203 | |||||||||
Operating lease liabilities | 71 | 85 | |||||||||
Other accrued liabilities | 152 | 219 | |||||||||
Total current liabilities | 3,912 | 4,000 | |||||||||
Long-term deferred revenue | 903 | 1,377 | |||||||||
Long-term operating lease liabilities | 294 | 300 | |||||||||
Long-term income taxes payable | 161 | 164 | |||||||||
Long-term deferred income taxes | 31 | 32 | |||||||||
Long-term notes payable, net | 2,283 | 2,281 | |||||||||
Long-term other liabilities | 160 | 139 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock and additional paid-in capital | 3,678 | 3,325 | |||||||||
Accumulated other comprehensive loss | (257) | (185) | |||||||||
Accumulated deficit | (1,939) | (1,995) | |||||||||
Total stockholders’ equity | 1,482 | 1,145 | |||||||||
Total liabilities and stockholders' equity | $ | 9,226 | $ | 9,438 |
Autodesk, Inc. | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(In millions) | |||||||||||
Nine Months Ended October 31, | |||||||||||
2023 | 2022 | ||||||||||
(Unaudited) | |||||||||||
Operating activities: | |||||||||||
Net income | $ | 624 | $ | 530 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | 102 | 113 | |||||||||
Stock-based compensation expense | 544 | 493 | |||||||||
Deferred income taxes | (116) | (98) | |||||||||
Lease-related asset impairments | 7 | 21 | |||||||||
Other | (15) | 13 | |||||||||
Changes in operating assets and liabilities, net of business combinations: | |||||||||||
Accounts receivable | 380 | 70 | |||||||||
Prepaid expenses and other assets | (51) | 1 | |||||||||
Accounts payable and other liabilities | (77) | (76) | |||||||||
Deferred revenue | (551) | 14 | |||||||||
Accrued income taxes | 29 | 79 | |||||||||
Net cash provided by operating activities | 876 | 1,160 | |||||||||
Investing activities: | |||||||||||
Purchases of marketable securities | (944) | (199) | |||||||||
Sales and maturities of marketable securities | 529 | 302 | |||||||||
Capital expenditures | (21) | (32) | |||||||||
Purchases of intangible assets | (25) | (6) | |||||||||
Business combinations, net of cash acquired | (44) | (96) | |||||||||
Other investing activities | (19) | (53) | |||||||||
Net cash used in investing activities | (524) | (84) | |||||||||
Financing activities: | |||||||||||
Proceeds from issuance of common stock, net of issuance costs | 130 | 124 | |||||||||
Taxes paid related to net share settlement of equity awards | (153) | (127) | |||||||||
Repurchases of common stock | (730) | (894) | |||||||||
Net cash used in financing activities | (753) | (897) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (20) | (42) | |||||||||
Net decrease in cash and cash equivalents | (421) | 137 | |||||||||
Cash and cash equivalents at beginning of period | 1,947 | 1,528 | |||||||||
Cash and cash equivalents at end of period | $ | 1,526 | $ | 1,665 | |||||||
Supplemental cash flow disclosure: | |||||||||||
Non-cash financing activities: | |||||||||||
Fair value of common stock issued to settle liability-classified restricted common stock | $ | 9 | $ | 8 | |||||||
Fair value of common stock issued related to business combinations | $ | — | $ | 10 |
Autodesk, Inc. | |||||||||||||||||||||||
Reconciliation of GAAP financial measures to non-GAAP financial measures | |||||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||||
To supplement our condensed consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP measures including non-GAAP operating margin, non-GAAP income from operations, non-GAAP diluted net income per share, 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 condensed 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 GAAP results reconciled to non-GAAP results included in this release. | |||||||||||||||||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||
GAAP operating margin | 24 | % | 20 | % | 20 | % | 19 | % | |||||||||||||||
Stock-based compensation expense | 13 | % | 13 | % | 13 | % | 13 | % | |||||||||||||||
Amortization of developed technologies | 1 | % | 1 | % | 1 | % | 1 | % | |||||||||||||||
Amortization of purchased intangibles | 1 | % | 1 | % | 1 | % | 1 | % | |||||||||||||||
Acquisition-related costs | 1 | % | — | % | — | % | — | % | |||||||||||||||
Lease-related asset impairments and other charges | — | % | 1 | % | — | % | 1 | % | |||||||||||||||
Non-GAAP operating margin (1) | 39 | % | 36 | % | 36 | % | 35 | % | |||||||||||||||
GAAP income from operations | $ | 334 | $ | 256 | $ | 813 | $ | 712 | |||||||||||||||
Stock-based compensation expense | 181 | 172 | 543 | 496 | |||||||||||||||||||
Amortization of developed technologies | 11 | 14 | 31 | 41 | |||||||||||||||||||
Amortization of purchased intangibles | 10 | 10 | 30 | 30 | |||||||||||||||||||
Acquisition-related costs | 11 | 1 | 16 | 7 | |||||||||||||||||||
Lease-related asset impairments and other charges | — | 12 | 7 | 20 | |||||||||||||||||||
Non-GAAP income from operations | $ | 547 | $ | 465 | $ | 1,440 | $ | 1,306 | |||||||||||||||
GAAP diluted net income per share | $ | 1.12 | $ | 0.91 | $ | 2.89 | $ | 2.43 | |||||||||||||||
Stock-based compensation expense | 0.84 | 0.79 | 2.52 | 2.28 | |||||||||||||||||||
Amortization of developed technologies | 0.05 | 0.06 | 0.14 | 0.19 | |||||||||||||||||||
Amortization of purchased intangibles | 0.05 | 0.05 | 0.14 | 0.14 | |||||||||||||||||||
Acquisition-related costs | 0.05 | — | 0.07 | 0.03 | |||||||||||||||||||
Lease-related asset impairments and other charges | — | 0.06 | 0.03 | 0.09 | |||||||||||||||||||
Loss (gain) on strategic investments and dispositions, net | 0.05 | (0.03) | 0.12 | (0.04) | |||||||||||||||||||
Discrete GAAP tax items | 0.03 | 0.01 | (0.08) | (0.02) | |||||||||||||||||||
Income tax effect of non-GAAP adjustments | (0.12) | (0.15) | (0.32) | (0.32) |
Non-GAAP diluted net income per share | $ | 2.07 | $ | 1.70 | $ | 5.51 | $ | 4.78 | |||||||||||||||
Net cash provided by operating activities | $ | 18 | $ | 469 | $ | 876 | $ | 1,160 | |||||||||||||||
Capital expenditures | (5) | (9) | (21) | (32) | |||||||||||||||||||
Free cash flow | $ | 13 | $ | 460 | $ | 855 | $ | 1,128 | |||||||||||||||
Cover Page |
Nov. 21, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 21, 2023 |
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 | One Market Street, Ste. 400 |
Entity Address, City or Town | San Francisco, |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94105 |
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 |
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end
QQ0D"55I>[&7*9Z[9:Z\T6L[B969[% 6X7;
M::A1&OU0?#H:(09=3[QV-E2\8&:.9TWM5NOE]GRGLS5\M9ZPJ7M?Q.V;Q.TX
M23(1?X70O?YNA*XKG-Z6MY[0Z7M7"=V*M, :%Q^;418T4-A5Q(!^9W6M^*21
M&LL"0P9K]N;55D(>N2#6_]INO6ZWU=GYNLK5S==Z_9W[+[/U6NV=KZO>/3ZQ
MO=U6O__0Q;L-+/! 4?U[SYQ]]>,OMUOUM\
MMR1@Z;''#D,NCC^>'%S^>GYT\6SCMXVC\\SZ12J5!*=-%2IF7C>/DE9_: -+UXXCL\N!=XH9NN;GQ%
MV&V1HU6FTFL41D53GSH#&1HD3^U*NO(B:*0[X%0Y+I15!DOD5+\$=HRQ>96B
MD4D7W))MLCGW3@LUE8)RO20LLMI4FDB>JE7J]:Q^M2''<-FI]&IZUC]17&:W
MGW7 8\HY2CB2?8LE/T1R1I;_PSVV9%%@H3A9FM] 6>EHV4I<
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M86XGBL[GN">.\WR6R:PTA<%OW&@QX[,IIRCBBE-@9FYIJF
K:VM@AU;&SYT31P6ZL30_XMK5T.^C>TMGS^G';6;E"M
MS2R+J:_ /RYD7ESG1=T7/R]-WCC+;Q9E<7^6*SU-4!32B&* 4!@!(N,(, D)
M2(1.XS32,)&)F]CWCC=2X3
IX,YO_]^O_W^SR=[Z=CP37L3L0/!(
M."P.I7?#_NF(\)8UFWK4I3]_".3--&*==J?+_ND'M_*.J^>1C%SQ6S+/K[^H
M?__Z"WWDU['O//SVJR/OF'3^ZP.?"7$634IN= 24'D)QLHR9L9?,*]F,HV0R3N1^2/706")='8#ANS3G1
MM-!>O,+'H8_>T,?35+@+(O@,URN"/4CBRA64MK-+^L:C-&%MRHI1?TZ#9$5S
M?B.:8SA@MTT^@06?>>/X3+VWK9+!US!%\[M@8LU9]IEM_M9AA^-O7@IT[_
M-'FRV25$3B7*J6'/"=X]D?"0^8KAWD79O]YZG"]+1/W>8 L1]4[[.Q/1XAOI
MD:,4R!E_@8O2'D3@8=)W*MP%YM+U8X==B^!.PI'YA,$5H6QQ6^ .8T\?1_A =5#"M-LHM));$B9_+V
M8 UDB
M3ID6=&-+=?A;U8GK?JYI2WI4]#,60YI.F!!T(&D3NG(
._33/> $"IYHS5S1LP9V:]-;PG." G(7^A&:?C;D7>__4I_J!V,
M\:'>3/(LV Q+T;.7;WU+8J;FO4V-0P%JFA$D,EADH,E1@J*86V5;[DLJJ,K(W7
MT/YW+$.)6FPS$"Z/*%0;1L916"^SS1CWN\+MYQ^'':MS;FC%T(JA%4,KAE:,
M,EOVD77QR?XI>"A2-9:'H8B8G,VY#&;"BT+&X2-^-!4!LZ<\N*FE?W8_-G-,
M-K/QK!C/BJ$2PU$,K1B.4B+U]FA7O/0NL2F1KUP)-I
MZ5<)/)F+-"J"IP)=+'6Q<\TE#0>3ND8Y-W@R>#J3-*)23HQES48
MQT&M\+1?'-D4$L! A0#% @ D(!U5PW)#(9S
M"@ 2UX !4 ( !N"$ &%D