EX-99.1 2 ai2814ex991.txt Exhibit 99.1 AUTODESK FIRST QUARTER EARNINGS PER SHARE INCREASE 72 PERCENT; RAISES GUIDANCE FOR SECOND QUARTER AND FISCAL YEAR SAN RAFAEL, Calif., May 19 /PRNewswire-FirstCall/ -- Autodesk, Inc. (Nasdaq: ADSK) today announced financial results for its first fiscal quarter ended April 30, 2005. For the first quarter, Autodesk reported net revenues of $355 million, a 19 percent increase over $298 million reported in the first quarter of the prior year. First quarter net income was $76 million, or $0.31 per diluted share, on a GAAP basis and $75 million, or $0.30 per diluted share on a non-GAAP basis. Non-GAAP net income excludes a $1 million benefit related to the successful resolution of tax audits for a prior year. Net income in the first quarter of the prior year was $43 million, or $0.18 per diluted share, on a GAAP basis, and $51 million, or $0.22 per diluted share on a non-GAAP basis. "Autodesk had another outstanding quarter," said Carol Bartz, Autodesk chairman and CEO. "In March, we launched the strongest product portfolio in the company's history, which included more than 25 products. Our customers are interested in quick implementation, ease of use and fast return on investment. Our results demonstrate that Autodesk is meeting those needs." Autodesk's performance was driven by strong growth in revenues from new seats and subscriptions, increasing penetration of its vertical and 3D products and continued improvement in profitability. First quarter revenues from new seats increased 22 percent over the prior year. Revenues from new seats of AutoCAD increased 26 percent over the prior year. Combined revenues from subscriptions and upgrades increased 19 percent over the first quarter of fiscal 2005. Consistent with company strategy, subscription revenues, which are called maintenance in the financial statements, increased 57 percent over last year. Combined revenues from subscriptions and upgrades continue to represent approximately one-third of total revenues. The company's vertical and 3D products continue to increase their market penetration. In the first quarter, revenues from Autodesk Map(R) 3D increased 25 percent over the prior year. Combined revenues from AutoCAD(R) Mechanical and AutoCAD(R) Electrical software increased 53 percent over last year. Revenues from new commercial seats of Autodesk(R) Inventor(R) Series, Autodesk Inventor Professional, Autodesk(R) Revit(R) Building, Autodesk AutoCAD(R) Revit(R) Series, and Autodesk Civil 3D(TM) software, increased 83 percent over the prior year. During the quarter Autodesk continued to improve its profitability. Operating margins increased to 26 percent on a GAAP and non-GAAP basis. Operating margins in the first quarter of fiscal 2005 were 18 percent on a GAAP basis and 21 percent on a non-GAAP basis. "I have never been more confident of our future opportunities," said Bartz. "We have already introduced outstanding new versions of our product portfolio. Our refreshed product line and our commitment to continue to improve our productivity and efficiency position the company for strong growth. We've got the right strategy, the right products and the right people to continue to grow this company faster and more profitably than our competitors." A reconciliation of the above non-GAAP operating margin, net income and EPS amounts to the corresponding GAAP amounts is provided at the end of this press release. Business Outlook The following statements are forward looking statements which are based on current expectations and which involve risks and uncertainties some of which are set forth below. Second Quarter Fiscal 2006 Net revenues for the second quarter of fiscal 2006 are currently expected to be in the range of $350 million to $360 million. Operating expenses are expected to increase in the second quarter due to increasing investments in growth initiatives. GAAP and non-GAAP earnings per diluted share are currently expected to be in the range of $0.22 to $0.24 per diluted share. Full Year Fiscal 2006 For fiscal year 2006, net revenues are currently expected to be in the range of $1.45 billion to $1.5 billion. GAAP and non-GAAP earnings per diluted share are expected to be in the range of $1.14 to $1.19. All fiscal 2006 EPS guidance ranges are based on the company's 20 percent estimated tax rate. The company currently believes that its effective tax rate will revert back to a 24 percent effective tax rate in fiscal year 2007. Safe Harbor Statement This press release contains forward-looking statements that involve risks and uncertainties, including statements in the paragraphs under "Business Outlook" above, statements regarding our expected effective tax rate and other statements regarding our anticipated performance. Factors that could cause actual results to differ materially include the following: general market and business conditions, the timing and degree of expected investments in growth opportunities, failure to successfully integrate new or acquired businesses and technologies, failure to achieve sufficient sell-through in our channels for new or existing products, failure of key new applications to achieve anticipated levels of customer acceptance, pricing pressure, failure to achieve continued cost reductions and productivity increases, failure to achieve continued migration from 2D products to 3D products, unanticipated changes in tax rates, failure to achieve continued success in technology advancements, changes in foreign currency exchange rates, the financial and business condition of our reseller and distribution channels, renegotiation or termination of royalty or intellectual property arrangements, interruptions or terminations in the business of the company's third party developers, failure to achieve continued migration from 2D products to 3D products, failure to grow lifecycle management or collaboration products, and unanticipated impact of accounting for technology acquisitions. Further information on potential factors that could affect the financial results of Autodesk are included in the company's report on Form 10-K for the year ended January 31, 2005 which is on file with the Securities and Exchange Commission. Autodesk will host its first quarter earnings announcement today at 5:00 p.m. EDT. The live announcement may be accessed at 800-901-5213 (passcode: 25271857). A replay of the call will be available at 4:00 p.m. PDT on our website at www.autodesk.com/investors or by dialing 888-286-8010 and reference 31289701 as the pass code. An audio webcast will also be available beginning at 5:00 p.m. EDT at www.autodesk.com/investors. A replay of this webcast will be maintained on our website for at least twelve months. About Autodesk Autodesk, Inc. is wholly focused on ensuring that great ideas are turned into reality. With six million users, Autodesk is the world's leading software and services company for the building, manufacturing, infrastructure, digital media, and wireless data services fields. Autodesk's solutions help customers create, manage, and share their data and digital assets more effectively. As a result, customers turn ideas into competitive advantage by becoming more productive, streamlining project efficiency, and maximizing profits. Founded in 1982, Autodesk is headquartered in San Rafael, California. For additional information about Autodesk, please visit www.autodesk.com. NOTE: Autodesk, AutoCAD, AutoCAD Electrical, AutoCAD Mechanical, Autodesk Inventor, Autodesk Map, Civil 3D and Revit are either trademarks or registered trademarks of Autodesk, Inc., in the United States and/or other countries. All other brand names, product names, or trademarks belong to their respective holders. Investors: Sue Pirri, sue.pirri@autodesk.com, 415-507-6467 John Clancy, john.clancy@autodesk.com, 415-507-6373 Press: Nicole Pack, nicole.pack@autodesk.com, 415-507-6282 Autodesk, Inc. Consolidated Statements of Income (In thousands, except per share data) Three Months Ended April 30, --------------------------- 2005 2004 ------------ ------------ (Unaudited) Net revenues: License and other $ 296,378 $ 260,509 Maintenance 58,741 37,367 Total net revenues 355,119 297,876 Costs and expenses: Cost of license and other revenues 38,693 37,585 Cost of maintenance revenues 4,814 4,287 Marketing and sales 127,397 109,279 Research and development 65,852 57,881 General and administrative 27,741 27,073 Restructuring -- 8,250 Total costs and expenses 264,497 244,355 Income from operations 90,622 53,521 Interest and other income, net 3,012 2,416 Income before income taxes 93,634 55,937 Provision for income taxes (17,556) (13,432) Net income $ 76,078 $ 42,505 Basic net income per share $ 0.33 $ 0.19 Diluted net income per share $ 0.31 $ 0.18 Shares used in computing basic net income per share 227,715 224,104 Shares used in computing diluted net income per share 249,272 238,565 Autodesk, Inc. Non-GAAP Consolidated Statements of Income (See non-GAAP adjustments listed in the tables below) (In thousands, except per share data) Three Months Ended April 30, --------------------------- 2005 2004 ------------ ------------ (Unaudited) Net revenues: License and other $ 296,378 $ 260,509 Maintenance 58,741 37,367 Total net revenues 355,119 297,876 Costs and expenses: Cost of license and other revenues 38,693 37,585 Cost of maintenance revenues 4,814 4,287 Marketing and sales 127,397 109,279 Research and development 65,852 57,881 General and administrative 27,741 27,073 Total costs and expenses 264,497 236,105 Income from operations 90,622 61,771 Interest and other income, net 3,012 2,416 Income before income taxes 93,634 64,187 Provision for income taxes (18,727) (12,838) Non-GAAP net income $ 74,907 $ 51,349 Basic non-GAAP net income per share $ 0.33 $ 0.23 Diluted non-GAAP net income per share $ 0.30 $ 0.22 Shares used in computing basic non-GAAP net income per share 227,715 224,104 Shares used in computing diluted non-GAAP net income per share 249,272 238,565 Three Months Ended April 30, --------------------------- 2005 2004 ------------ ------------ (Unaudited) A reconciliation between operating expenses on a GAAP basis and non-GAAP operating expenses is as follows: GAAP costs and expenses $ 264,497 $ 244,355 Restructuring -- (8,250) Non-GAAP costs and expenses $ 264,497 $ 236,105 A reconciliation between income from operations on a GAAP basis and non-GAAP income from operations is as follows: GAAP income from operations $ 90,622 $ 53,521 Restructuring -- 8,250 Non-GAAP income from operations $ 90,622 $ 61,771 A reconciliation between provision for income taxes on a GAAP basis and non-GAAP provision for income taxes is as follows: GAAP provision for income taxes $ (17,556) $ (13,432) Income tax effect on restructuring at the normalized rate -- (1,650) Dividends received deduction benefit -- 2,244 Non-recurring tax benefit (1,171) -- Non-GAAP provision for income taxes $ (18,727) $ (12,838) A reconciliation between net income on a GAAP basis and non-GAAP net income is as follows: GAAP net income $ 76,078 $ 42,505 Restructuring -- 8,250 Income tax effect on restructuring at the normalized rate -- (1,650) Dividends received deduction benefit -- 2,244 Non-recurring tax benefit (1,171) -- Non-GAAP net income $ 74,907 $ 51,349 A reconciliation between diluted net income per share on a GAAP basis and diluted non-GAAP net income per share is as follows: GAAP diluted net income per share $ 0.305 $ 0.178 Restructuring $ -- $ 0.035 Income tax effect on restructuring at the normalized rate $ -- $ (0.007) Dividends received deduction benefit $ -- $ 0.009 Non-recurring tax benefit $ (0.005) $ -- Non-GAAP diluted net income per share $ 0.300 $ 0.215 To supplement our consolidated financial statements presented on a GAAP basis, Autodesk uses non-GAAP measures of operating results, net income and net income per share, which are adjusted to exclude certain costs, expenses, gains and losses we believe appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of Autodesk's underlying operational results and trends and our marketplace performance. For example, the non-GAAP results are an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside of our core operating results. In addition, these adjusted non-GAAP results are among the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or diluted net income per share prepared in accordance with generally accepted accounting principles in the United States. Autodesk, Inc. Consolidated Balance Sheets (In thousands) April 30, January 31, 2005 2005 ------------ ------------ (Unaudited) (Audited) ASSETS: Current assets: Cash and cash equivalents $ 518,078 $ 517,654 Marketable securities 19,698 15,038 Accounts receivable, net 190,216 196,827 Inventories 14,724 12,545 Deferred income taxes 25,608 14,250 Prepaid expenses and other current assets 28,386 25,483 Total current assets 796,710 781,797 Computer equipment, software, furniture and leasehold improvements, at cost: Computer equipment, software and furniture 196,413 191,656 Leasehold improvements 32,490 32,586 Less accumulated depreciation (163,318) (154,676) Net 65,585 69,566 Purchased technologies and capitalized software, net 10,355 9,319 Goodwill 172,370 166,628 Deferred income taxes, net 116,793 105,061 Other assets 15,792 9,833 $ 1,177,605 $ 1,142,204 LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: Accounts payable $ 61,191 $ 46,234 Accrued compensation 72,942 140,622 Accrued income taxes 53,720 41,549 Deferred revenues 202,087 178,701 Other accrued liabilities 51,947 66,839 Total current liabilities 441,887 473,945 Deferred revenues 19,987 15,528 Other liabilities 4,940 4,653 Stockholders' equity: Preferred stock -- -- Common stock and additional paid-in capital 664,745 625,225 Accumulated other comprehensive loss (3,311) (2,843) Deferred compensation (138) (269) Retained earnings 49,495 25,965 Total stockholders' equity 710,791 648,078 $ 1,177,605 $ 1,142,204 Autodesk, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) Three Months Ended April 30, --------------------------- 2005 2004 ------------ ------------ (Unaudited) Operating Activities Net income $ 76,078 $ 42,505 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 12,585 12,502 Stock compensation expense 131 197 Net loss on fixed asset disposals 11 212 Tax benefits from employee stock plans 23,905 24,414 Restructuring related charges, net -- 4,326 Changes in operating assets and liabilities (47,448) (28,993) Net cash provided by operating activities 65,262 55,163 Investing Activities Net (purchases) sales and maturities of available-for-sale marketable securities (4,660) 30,757 Capital and other expenditures (5,534) (5,864) Business combinations, net of cash acquired (16,542) (6,500) Other investing activities 7 (843) Net cash (used in) provided by investing activities (26,729) 17,550 Financing activities Proceeds from issuance of common stock, net of issuance costs 40,129 104,934 Repurchases of common stock (73,656) (149,033) Dividends paid (3,406) (3,302) Net cash used in financing activities (36,933) (47,401) Effect of exchange rate changes on cash and cash equivalents (1,176) (3,414) Net increase in cash and cash equivalents 424 21,898 Cash and cash equivalents at beginning of year 517,654 282,249 Cash and cash equivalents at end of period $ 518,078 $ 304,147 Supplemental cash flow information: Net cash paid during the period for income taxes $ 4,248 $ 4,668
Fiscal Year 2006 QTR 1 QTR 2 QTR 3 QTR 4 YTD2006 ----------------------------------- ------------- ------------- ------------- ------------- ------------- Financial Statistics (in millions): Total net revenues $ 355.1 $ 355.1 License and other revenues $ 296.4 $ 296.4 Maintenance revenues $ 58.7 $ 58.7 Gross Margin 88% 88% GAAP Operating Expenses $ 264.5 $ 264.5 GAAP Operating Margin 26% 26% GAAP Net Income $ 76.1 $ 76.1 GAAP Net Income Per Share (diluted) $ 0.31 $ 0.31 Non-GAAP Operating Expenses (1) (2) $ 264.5 $ 264.5 Non-GAAP Operating Margin (1) (3) 26% 26% Non-GAAP Net Income (1) (4) $ 74.9 $ 74.9 Non-GAAP Net Income Per Share (diluted) (1) (5) $ 0.30 $ 0.30 Total Cash and Marketable Securities $ 537.8 $ 537.8 Days Sales Outstanding 48 48 Capital Expenditures $ 5.5 $ 5.5 Cash from Operations $ 65.3 $ 65.3 GAAP Depreciation and Amortization $ 12.6 $ 12.6 Revenue by Geography (in millions): Americas $ 130.5 $ 130.5 Europe $ 134.1 $ 134.1 Asia/Pacific $ 90.5 $ 90.5 Revenue by Division (in millions): Design Solutions Segment $ 313.2 $ 313.2 Manufacturing Solutions Division $ 59.1 $ 59.1 Infrastructure Solutions Division $ 39.3 $ 39.3 Building Solutions Group $ 37.1 $ 37.1 Platform Technology Group and other $ 177.7 $ 177.7 Media and Entertainment Segment $ 41.2 $ 41.2 Upgrade Revenue (in millions): Upgrade Revenue $ 64.6 $ 64.6 Deferred Maintenance Revenue (in millions): Deferred Maintenance Revenue Balance $ 166.1 $ 166.1 Operating Income (Loss) by Segment (in millions): Design Solutions $ 151.1 $ 151.1 Media and Entertainment $ 8.2 $ 8.2 Unallocated amounts $ (68.7) $ (68.7) Headcount: Headcount 3,661 3,661 Common Stock Statistics: Stock Outstanding Non-GAAP EPS Calculation -- diluted 249,272,000 249,272,000 Stock Repurchased 2,497,700 2,497,700 Installed Base Statistics: Total AutoCAD-based Installed Base 3,700,800 3,700,800 Total Inventor Installed Base 445,800 445,800
(1) To supplement our consolidated financial statements presented on a GAAP basis, Autodesk uses non-GAAP measures of operating results, net income and net income per share, which are adjusted to exclude certain costs, expenses, gains and losses we believe appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of Autodesk's underlying operational results and trends and our marketplace performance. For example, the non-GAAP results are an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside of our core operating results. In addition, these adjusted non-GAAP results are among the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or diluted net income per share prepared in accordance with generally accepted accounting principles in the United States. (2) GAAP Operating Expenses $ 264.5 $ -- $ -- $ -- $ 264.5 Non-GAAP Adjustment $ -- $ -- $ -- $ -- $ -- Non-GAAP Operating Expenses $ 264.5 $ -- $ -- $ -- $ 264.5 (3) GAAP Operating Margin 26% 0% 0% 0% 26% Non-GAAP Adjustment 0% 0% 0% 0% 0% Non-GAAP Operating Margin 26% 0% 0% 0% 26% (4) GAAP Net Income $ 76.1 $ -- $ -- $ -- $ 76.1 Non-recurring tax benefit $ (1.2) $ -- $ -- $ -- $ (1.2) Non-GAAP Net Income $ 74.9 $ -- $ -- $ -- $ 74.9 (5) GAAP Net Income Per Share (diluted) $ 0.305 $ -- $ -- $ -- $ 0.305 Non-recurring tax benefit $ (0.005) $ -- $ -- $ -- $ (0.005) Non-GAAP Net Income Per Share (diluted) $ 0.300 $ -- $ -- $ -- $ 0.300
Fiscal Year 2005 QTR 1 QTR 2 QTR 3 QTR 4 YTD2005 ----------------------------------- ------------- ------------- ------------- ------------- ------------- Financial Statistics (in millions): Total net revenues $ 297.9 $ 279.6 $ 300.2 $ 356.2 $ 1,233.8 License and other revenues $ 260.5 $ 238.5 $ 254.5 $ 303.7 $ 1,057.1 Maintenance revenues $ 37.4 $ 41.1 $ 45.7 $ 52.5 $ 176.7 Gross Margin 86% 86% 86% 88% 86% GAAP Operating Expenses $ 202.5 $ 190.0 $ 202.9 $ 234.0 $ 829.5 GAAP Operating Margin 18% 18% 18% 22% 19% GAAP Net Income $ 42.5 $ 39.2 $ 74.1 $ 65.8 $ 221.5 GAAP Net Income Per Share (diluted) (6) $ 0.18 $ 0.16 $ 0.30 $ 0.26 $ 0.90 Non-GAAP Operating Expenses (1)(2) $ 194.2 $ 186.3 $ 200.0 $ 222.2 $ 802.7 Non-GAAP Operating Margin (1) (3) 21% 19% 19% 25% 21% Non-GAAP Net Income (1) (4) $ 51.3 $ 44.2 $ 47.7 $ 75.2 $ 218.4 Non-GAAP Net Income Per Share (diluted) (1) (5) (6) $ 0.22 $ 0.18 $ 0.19 $ 0.30 $ 0.88 Total Cash and Marketable Securities $ 519.4 $ 571.7 $ 518.0 $ 532.7 $ 532.7 Days Sales Outstanding 43 51 50 50 50 Capital Expenditures $ 5.9 $ 9.9 $ 13.5 $ 11.5 $ 40.8 Cash from Operations $ 55.2 $ 83.5 $ 90.8 $ 143.7 $ 373.1 GAAP Depreciation and Amortization $ 12.5 $ 12.9 $ 13.2 $ 13.4 $ 52.0 Revenue by Geography (in millions): Americas $ 121.5 $ 115.1 $ 137.0 $ 137.3 $ 510.9 Europe $ 108.8 $ 98.9 $ 95.8 $ 140.2 $ 443.7 Asia/Pacific $ 67.6 $ 65.6 $ 67.4 $ 78.7 $ 279.2 Revenue by Division (in millions): Design Solutions Segment $ 260.2 $ 242.4 $ 256.4 $ 312.3 $ 1,071.3 Manufacturing Solutions Division $ 44.8 $ 44.2 $ 50.4 $ 60.3 $ 199.7 Infrastructure Solutions Division $ 35.5 $ 33.6 $ 35.8 $ 42.9 $ 147.8 Building Solutions Group $ 27.2 $ 28.8 $ 29.1 $ 39.2 $ 124.3 Platform Technology Group and other $ 152.7 $ 135.8 $ 141.1 $ 169.9 $ 599.5 Media and Entertainment Segment $ 37.6 $ 36.7 $ 43.1 $ 42.6 $ 160.0 Upgrade Revenue (in millions): Upgrade Revenue $ 66.2 $ 46.4 $ 55.8 $ 92.9 $ 261.3 Deferred Maintenance Revenue (in millions): Deferred Maintenance Revenue Balance $ 96.7 $ 107.1 $ 113.0 $ 140.8 $ 140.8 Operating Income (Loss) by Segment (in millions): Design Solutions $ 122.7 $ 105.2 $ 114.3 $ 147.1 $ 489.3 Media and Entertainment $ 3.3 $ 6.5 $ 6.9 $ 10.6 $ 27.3 Unallocated amounts $ (72.5) $ (62.3) $ (67.4) $ (79.5) $ (281.7) Headcount: Headcount 3,409 3,443 3,437 3,477 3,477 Common Stock Statistics (6): Stock Outstanding Non-GAAP EPS Calculation - diluted 238,565,000 250,607,000 248,045,000 252,674,000 246,977,000 Stock Repurchased 10,365,200 3,319,600 8,032,200 4,199,800 25,916,800 Installed Base Statistics: AutoCAD Total AutoCAD-based Installed Base* 3,469,400 3,514,600 3,571,800 3,618,000 3,618,000 Stand-alone AutoCAD 2,490,000 AutoCAD Mechanical 149,400 AutoCAD Map 203,700 Architectural Desktop 383,900 Land Desktop 109,900 * Includes prior period adjustment of approximately 28,000 seats AutoCAD LT Installed Base 2,677,900 Total Inventor Installed Base 306,600 349,500 388,800 422,900 422,900
(1) To supplement our consolidated financial statements presented on a GAAP basis, Autodesk uses non-GAAP measures of operating results, net income and net income per share, which are adjusted to exclude certain costs, expenses, gains and losses we believe appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of Autodesk's underlying operational results and trends and our marketplace performance. For example, the non-GAAP results are an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside of our core operating results. In addition, these adjusted non-GAAP results are among the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or diluted net income per share prepared in accordance with generally accepted accounting principles in the United States. (2) GAAP Operating Expenses $ 202.5 $ 190.0 $ 202.9 $ 234.0 $ 829.5 Restructuring $ (8.3) $ (3.7) $ (2.9) $ (11.8) $ (26.7) Non-GAAP Operating Expenses $ 194.2 $ 186.3 $ 200.0 $ 222.2 $ 802.7 (3) GAAP Operating Margin 18% 18% 18% 22% 19% Restructuring 3% 1% 1% 3% 2% Non-GAAP Operating Margin 21% 19% 19% 25% 21% (4) GAAP Net Income $ 42.505 $ 39.165 $ 74.070 $ 65.768 $ 221.508 Restructuring $ 8.250 $ 3.717 $ 2.922 $ 11.811 $ 26.700 Income tax effect on restructuring (7) $ (1.650) $ (0.744) $ (0.584) $ (2.363) $ (5.341) Dividends Received Deduction benefit for current fiscal year (7) $ 2.244 $ 2.054 $ (4.298) $ -- $ -- Dividends Received Deduction benefit for prior fiscal years (7) $ -- $ -- $ (15.540) $ -- $ (15.540) Non-recurring tax benefit $ -- $ -- $ (8.905) $ -- $ (8.905) Non-GAAP Net Income $ 51.349 $ 44.192 $ 47.665 $ 75.216 $ 218.422 (5) GAAP Net Income Per Share (diluted)(6) $ 0.178 $ 0.156 $ 0.299 $ 0.260 $ 0.897 Restructuring $ 0.035 $ 0.015 $ 0.012 $ 0.047 $ 0.108 Income tax effect on restructuring (7) $ (0.007) $ (0.003) $ (0.002) $ (0.009) $ (0.022) Dividends Received Deduction benefit for current fiscal year (7) $ 0.009 $ 0.008 $ (0.017) $ -- $ -- Dividends Received Deduction benefit for prior fiscal years (7) $ -- $ -- $ (0.064) $ -- $ (0.063) Non-recurring tax benefit $ -- $ -- $ (0.036) $ -- $ (0.036) Non-GAAP Net Income Per Share (diluted) (6) $ 0.215 $ 0.176 $ 0.192 $ 0.298 $ 0.884
(6) On November 16, 2004 the Board of Directors authorized a two-for-one stock split in the form of a stock dividend to stockholders of record as of December 6, 2004. Historical common stock statistics and per share amounts have been restated to reflect the effect of the stock split. (7) In the third quarter of fiscal 2005, Autodesk determined that its consolidated fiscal year effective income tax rate declined from 24% to 20%. For purposes of comparison, we have assumed the new estimated effective income tax rate of 20% in calculating our non-GAAP net income and non-GAAP earnings per share for each individual quarter of fiscal 2005. SOURCE Autodesk, Inc. -0- 05/19/2005 /CONTACT: investors, Sue Pirri, sue.pirri@autodesk.com, or +1-415-507-6467, or John Clancy, john.clancy@autodesk.com, or +1-415-507-6373, or press, Nicole Pack, nicole.pack@autodesk.com, or +1-415-507-6282, all of Autodesk, Inc./ /Web site: http://www.autodesk.com /