SAN RAFAEL, Calif.,
Feb. 27, 2020 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK)
today reported financial results for the fourth quarter of fiscal
2020.
All growth rates are compared to the fourth quarter of fiscal
2019 unless otherwise noted. A reconciliation of GAAP to non-GAAP
results is provided in the accompanying tables. For definitions,
please view the Glossary of Terms later in this document.
- Total ARR increased 25 percent to $3.43
billion;
- Billings increased 43 percent to $1.49
billion;
- Total revenue increased 22 percent to $899 million; recurring revenue represents 95
percent of total;
- GAAP operating margin was 15 percent, up 9 percentage
points;
- Non-GAAP operating margin was 29 percent, up 10 percentage
points;
- GAAP diluted EPS was $0.59;
Non-GAAP diluted EPS was $0.92;
- Cash flow from operating activities was $698 million; free cash flow was $684 million.
"We ended fiscal 2020 on a very strong note with revenue,
earnings, and free cash flow coming in above expectations. We
are entering the sustainable growth phase of our subscription
journey with great momentum," said Andrew
Anagnost, Autodesk president and CEO. "Our construction
business had a landmark year, we continue to gain share in
manufacturing, and are making steady progress in monetizing
non-compliant users. We are highly confident in our long-term
growth drivers and fiscal 2023 targets."
"We delivered strong results across the board in fiscal 2020 and
are reiterating our fiscal 2021 and 2023 targets," said
Scott Herren, Autodesk CFO. "In
fiscal 2020, we delivered ARR growth of 25 percent while expanding
non-GAAP operating margin by 12 percentage points. Our resilient
business model combined with multiple growth drivers, positions us
well to deliver on our goals."
Fourth Quarter Fiscal 2020 Financial Highlights
- Total ARR was $3.43 billion, an
increase of 25 percent as reported, and 26 percent on a constant
currency basis. Acquisitions from the fourth quarter of last year
contributed $126 million or 3
percentage points of the growth. On a sequential basis, total ARR
increased 6 percent as reported, and 7 percent on a constant
currency basis.
- Subscription plan ARR was $3.11
billion, an increase of 41 percent as reported, and 43
percent on a constant currency basis. Acquisitions from the fourth
quarter of last year contributed $126
million or 4 percentage points of the growth. On a
sequential basis, subscription plan ARR increased 9 percent as
reported, and on a constant currency basis. Subscription plan ARR
includes $639 million related to the
maintenance-to-subscription (M2S) program.
- Maintenance plan ARR was $320
million, a decrease of 42 percent as reported, and 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 21 percent to $3.17
billion. On a sequential basis, core ARR increased 6
percent.
- Cloud ARR increased 102 percent to $255
million. Acquisitions from the fourth quarter of last year
contributed $126 million or 72
percentage points of the growth. On a sequential basis, total cloud
ARR increased 10 percent.
- Billings increased 43 percent to $1.49
billion.
- Total revenue was $899 million,
an increase of 22 percent as reported, and 23 percent on a constant
currency basis. Acquisitions from the fourth quarter of last year
contributed $32 million or 3
percentage points of the growth.
- Net revenue retention rate was within the range of 110 to 120
percent.
- Total recurring revenue in the fourth quarter was 95 percent of
total revenue, up 2 percentage points from the fourth quarter last
year.
- GAAP operating income was $134
million compared to $40
million in the fourth quarter last year. GAAP operating
margin was 15 percent, up 9 percentage points.
- Total non-GAAP operating income was $259
million compared to $139
million in the fourth quarter last year. Non-GAAP operating
margin was 29 percent, up 10 percentage points.
- GAAP diluted net income per share was $0.59, compared to GAAP diluted net income per
share of $0.29 in the fourth quarter
last year.
- Non-GAAP diluted net income per share was $0.92, compared to non-GAAP diluted net income
per share of $0.46 in the fourth
quarter last year.
- Deferred revenue increased 44 percent to $3.01 billion. Unbilled deferred revenue was
$550 million, a decrease of
$41 million compared to the fourth
quarter of last year. Remaining performance obligations (RPO), or
the sum of total billed and unbilled deferred revenue, totaled
$3.56 billion, an increase of 33
percent. Current RPO totaled $2.37
billion, up 23 percent.
- Cash flow from operating activities was $698 million, an increase of $387 million compared to the fourth quarter last
year. Free cash flow was $684
million, an increase of $390
million compared to the fourth quarter last year
Net Revenue by Geographic Area
|
Three Months
Ended January
31, 2020
|
|
Three Months
Ended January
31, 2019
|
|
Change
compared to prior fiscal year
|
|
Constant
currency
change compared
to prior fiscal year
|
(In millions,
except percentages)
|
|
|
$
|
|
%
|
|
%
|
Net
Revenue:
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
|
|
|
|
|
|
|
U.S.
|
$
|
304.6
|
|
|
$
|
248.5
|
|
|
$
|
56.1
|
|
|
23
|
%
|
|
*
|
Other
Americas
|
60.2
|
|
|
51.9
|
|
|
8.3
|
|
|
16
|
%
|
|
*
|
Total
Americas
|
364.8
|
|
|
300.4
|
|
|
64.4
|
|
|
21
|
%
|
|
22
|
%
|
EMEA
|
360.5
|
|
|
298.6
|
|
|
61.9
|
|
|
21
|
%
|
|
23
|
%
|
APAC
|
174.0
|
|
|
138.3
|
|
|
35.7
|
|
|
26
|
%
|
|
26
|
%
|
Total Net
Revenue
|
$
|
899.3
|
|
|
$
|
737.3
|
|
|
$
|
162.0
|
|
|
22
|
%
|
|
23
|
%
|
|
|
|
|
|
|
|
|
|
|
Emerging
Economies
|
$
|
109.3
|
|
|
$
|
87.3
|
|
|
$
|
22.0
|
|
|
25
|
%
|
|
26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Constant currency
data not provided at this level.
|
Net Revenue by Product Family
Our product offerings are focused in four primary product
families: Architecture, Engineering and Construction ("AEC"),
AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and
Entertainment ("M&E").
|
Three Months
Ended
|
|
Change compared
to
prior fiscal year
|
(In millions,
except percentages)
|
January 31,
2020
|
|
January 31,
2019
|
$
|
|
%
|
AEC
|
$
|
380.6
|
|
|
$
|
292.9
|
|
|
$
|
87.7
|
|
|
30
|
%
|
AutoCAD
and AutoCAD LT
|
258.3
|
|
|
209.0
|
|
|
49.3
|
|
|
24
|
%
|
MFG
|
201.8
|
|
|
176.2
|
|
|
25.6
|
|
|
15
|
%
|
M&E
|
52.3
|
|
|
54.9
|
|
|
(2.6)
|
|
|
(5)
|
%
|
Other
|
6.3
|
|
|
4.3
|
|
|
2.0
|
|
|
47
|
%
|
|
$
|
899.3
|
|
|
$
|
737.3
|
|
|
$
|
162.0
|
|
|
22
|
%
|
Fiscal 2020 Financial Highlights
- Billings increased 55 percent to $4.19
billion, up 46 percent adjusted for the impact of ASC 606 in
fiscal 2019.
- Total revenue increased 27 percent to $3.27 billion. Total revenue includes a
$106 million contribution from the
fourth quarter fiscal 2019 acquisitions, and 4 percentage
points.
- Recurring revenue increased to 96 percent, compared to 95
percent in fiscal 2019.
- Total subscriptions increased 539,000 from fiscal 2019 to 4.87
million at the end of fiscal 2020. Acquisitions from fourth quarter
of fiscal 2019 added 79,000 subscriptions during the year and
contributed 205,000 to the year-end balance.
- Subscription plan subscriptions increased 934,000 from the end
of fiscal 2019 to 4.47 million at the end of fiscal 2020.
Subscription plan subscriptions benefited from 70,000 maintenance
subscribers that converted to product subscription under the
maintenance-to-subscription program. Acquisitions from fourth
quarter of fiscal 2019 contributed 205,000 to the year-end
balance.
- Total ARPS increased 11 percent to $704. Included in total ARPS is the negative
impact of $4 from the fourth quarter
fiscal 2019 acquisitions.
- GAAP operating income (loss) was $343
million compared to $(25)
million last year. GAAP operating margin was 10 percent, up
11 percentage points.
- Total non-GAAP operating income was $803
million compared to $316
million last year. Non-GAAP operating margin was 25 percent,
up 12 percentage points.
- Cash flow from operating activities increased to $1.42 billion, compared to $377 million in fiscal 2019. Free cash flow
increased to $1.36 billion, compared
to $310 million in fiscal 2019.
Net Revenue by Geographic Area
|
Fiscal Year
Ended January
31, 2020
|
|
Fiscal Year
Ended January
31, 2019
|
|
Change
compared to prior fiscal year
|
|
Constant
currency
change compared
to prior fiscal year
|
(In millions,
except percentages)
|
|
|
$
|
|
%
|
|
%
|
Net
Revenue:
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
|
|
|
|
|
|
|
U.S.
|
$
|
1,108.9
|
|
|
$
|
874.6
|
|
|
$
|
234.3
|
|
|
27
|
%
|
|
*
|
Other
Americas
|
226.9
|
|
|
175.3
|
|
|
51.6
|
|
|
29
|
%
|
|
*
|
Total
Americas
|
1,335.8
|
|
|
1,049.9
|
|
|
285.9
|
|
|
27
|
%
|
|
27
|
%
|
EMEA
|
1,303.5
|
|
|
1,034.3
|
|
|
269.2
|
|
|
26
|
%
|
|
26
|
%
|
APAC
|
635.0
|
|
|
485.6
|
|
|
149.4
|
|
|
31
|
%
|
|
32
|
%
|
Total Net
Revenue
|
$
|
3,274.3
|
|
|
$
|
2,569.8
|
|
|
$
|
704.5
|
|
|
27
|
%
|
|
28
|
%
|
|
|
|
|
|
|
|
|
|
|
Emerging
Economies
|
$
|
396.2
|
|
|
$
|
307.4
|
|
|
$
|
88.8
|
|
|
29
|
%
|
|
29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Constant
currency data not provided at this level.
|
Net Revenue by Product Family
Our product offerings are focused in four primary product
families: AEC, AutoCAD and AutoCAD LT, MFG, and M&E.
|
Fiscal Year
Ended
|
|
Change compared to prior
fiscal year
|
(In millions,
except percentages)
|
January 31,
2020
|
|
January 31,
2019
|
$
|
|
%
|
AEC
|
$
|
1,377.1
|
|
|
$
|
1,021.6
|
|
|
$
|
355.5
|
|
|
35
|
%
|
AutoCAD and AutoCAD
LT
|
948.2
|
|
|
731.8
|
|
|
216.4
|
|
|
30
|
%
|
MFG
|
726.1
|
|
|
616.2
|
|
|
109.9
|
|
|
18
|
%
|
M&E
|
199.2
|
|
|
182.0
|
|
|
17.2
|
|
|
9
|
%
|
Other
|
23.7
|
|
|
18.2
|
|
|
5.5
|
|
|
30
|
%
|
|
$
|
3,274.3
|
|
|
$
|
2,569.8
|
|
|
704.5
|
|
|
27
|
%
|
Business Outlook
The following are forward-looking statements based on current
expectations and assumptions, and involve risks and uncertainties,
some of which are set forth below under "Safe Harbor
Statement." Autodesk's business outlook for the first quarter
and full year fiscal 2021 takes into consideration the current
economic environment and foreign exchange currency rate
environment. A reconciliation between the fiscal 2021 GAAP
and non-GAAP estimates is provided below or in the tables following
this press release.
First Quarter Fiscal 2021
Q1 FY21 Guidance
Metrics
|
Q1
FY21
(ending April 30,
2020)
|
Revenue (in
millions)
|
$880 -
$895
|
EPS
GAAP
|
$0.34 -
$0.40
|
EPS non-GAAP
(1)
|
$0.80 -
$0.86
|
|
|
(1) Non-GAAP earnings
per diluted share excludes $0.43 related to stock-based
compensation expense, $0.08 for the amortization of
acquisition-related intangibles, $0.01 for acquisition-related
costs, partially offset by ($0.06) related to a GAAP-only tax
benefit.
|
Full Year Fiscal 2021
FY21 Guidance
Metrics
|
FY21
(ending January
31, 2021)
|
Billings (in
millions) (1)
|
$4,635 -
$4,715
Up 11% -
13%
|
Revenue (in
millions) (1)
|
$3,930 -
$3,990
Up 20% -
22%
|
GAAP operating
margin
|
18.5% -
19.5%
|
Non-GAAP operating
margin (2)
|
29.5% -
30.5%
|
EPS
GAAP
|
$2.40 -
$2.63
|
EPS non-GAAP
(3)
|
$4.21 -
$4.44
|
Free cash flow (in
millions) (4)
|
$1,630 -
$1,690
|
|
|
(1) Excluding the
approximately $15 million impact of foreign currency exchange rates
and hedge gains/losses, billings guidance would be $4,650 - $4,730
million and revenue guidance would be $3,945 - $4,005
million.
|
(2) Non-GAAP
operating margin excludes approximately 9% related to stock-based
compensation expense, approximately 2% for the amortization of
acquisition-related intangibles, and less than 1% related to
acquisition-related costs.
|
(3) Non-GAAP earnings
per diluted share excludes $1.65 related to stock-based
compensation expense, $0.29 for the amortization of
acquisition-related intangibles, $0.04 related to
acquisition-related costs, partially offset by ($0.17) related to a
GAAP-only tax benefit.
|
(4) Free cash flow is
cash flow from operating activities less approximately $105 million
of capital expenditures.
|
The first quarter and full year fiscal 2021 outlook assume a
projected annual effective tax rate of 21 percent and 16 percent
for GAAP and non-GAAP results, respectively. Shifts in
geographic profitability continue to impact the annual effective
tax rate due to significant differences in tax rates in various
jurisdictions. Thus, assumptions for the annual effective tax
rate are evaluated regularly and may change based on the projected
geographic mix of earnings.
Earnings Conference Call and Webcast
Autodesk will host its fourth quarter conference call today at
5:00 p.m. ET. The live broadcast can
be accessed at http://www.autodesk.com/investor. A transcript of
the opening commentary will also be available following the
conference call.
A replay of the broadcast will be available at 7:00 p.m. ET at http://www.autodesk.com/investor.
This replay will be maintained on Autodesk's website for at least
12 months.
Investor Presentation Details
An investor presentation providing additional information can be
found at http://www.autodesk.com/investor.
Key Performance Metrics
In order to help better understand our financial performance we
use several key performance metrics including billings, recurring
revenue, ARR, net revenue retention rate ("NR3"), ARPS, and
subscriptions. These metrics are key performance metrics and should
be viewed independently of revenue and deferred revenue. These
metrics are not intended to be combined with those items. We use
these metrics to monitor the strength of our recurring business. We
believe these metrics are useful to investors because they can help
in monitoring the long-term health of our business. Our
determination and presentation of these metrics may differ from
that of other companies. The presentation of these metrics is meant
to be considered in addition to, not as a substitute for or in
isolation from, our financial measures prepared in accordance with
GAAP.
Glossary of Terms
Annualized Recurring Revenue (ARR): Represents the
annualized value of total monthly recurring revenue for the
preceding three months. "Maintenance plan ARR" captures ARR
relating to traditional maintenance attached to perpetual licenses.
"Subscription plan ARR" captures ARR relating to subscription
offerings. Refer to the definition of recurring revenue below for
more details on what is included within ARR. Recurring revenue
acquired with the acquisition of a business is captured when total
subscriptions are captured in our systems and may cause variability
in the comparison of this calculation.
Annualized Revenue Per Subscription (ARPS): Is
calculated by dividing ARR by Total Subscriptions.
Billings: Total revenue plus the net change in deferred
revenue from the beginning to the end of the period.
Cloud Service Offerings: Represents individual term-based
offerings deployed through web browser technologies or in a hybrid
software and cloud configuration. Cloud service offerings that are
bundled with other product offerings are not captured as a separate
cloud service offering.
Constant Currency (CC) Growth Rates: We attempt to
represent the changes in the underlying business operations by
eliminating fluctuations caused by changes in foreign currency
exchange rates as well as eliminating hedge gains or losses
recorded within the current and comparative periods. We calculate
constant currency growth rates by (i) applying the applicable prior
period exchange rates to current period results and (ii) excluding
any gains or losses from foreign currency hedge contracts that are
reported in the current and comparative periods.
Core Business: Represents the combination of
maintenance, product subscription, and EBAs.
Enterprise Business Agreements (EBAs): Represents
programs providing enterprise customers with token-based access or
a fixed maximum number of seats to a broad pool of Autodesk
products over a defined contract term.
Free Cash Flow: Cash flow from operating
activities minus capital expenditures.
Maintenance Plan: Our maintenance plans provide our
customers with a cost effective and predictable budgetary option to
obtain the productivity benefits of our new releases and
enhancements when and if released during the term of their
contracts. Under our maintenance plans, customers are eligible to
receive unspecified upgrades when and if available, and technical
support. We recognize maintenance revenue over the term of the
agreements, generally one year.
Net Revenue Retention Rate (NR3): Measures the
year-over-year change in ARR for the population of customers that
existed one year ago ("base customers"). Net revenue
retention rate is calculated by dividing the current period ARR
related to base customers by the total ARR from one year ago
related to the same base customers. ARR is based on USD
reported revenue, and fluctuations caused by changes in foreign
currency exchange rates and hedge gains or losses have not been
eliminated. ARR related to acquired companies is excluded
from the calculation for at least one year from integration.
Other Revenue: Consists of revenue from consulting,
training and other services, and is recognized over time as the
services are performed. Other Revenue also includes software
license revenue from the sale of products that do not incorporate
substantial cloud services and is recognized up front.
Product Subscription: Provides customers the
most flexible, cost-effective way to access and manage 3D design,
engineering, and entertainment software tools. Our product
subscriptions currently represent a hybrid of desktop and cloud
functionality, which provides a device-independent, collaborative
design workflow for designers and their stakeholders.
Recurring Revenue: Consists of the revenue for the
period from our traditional maintenance plans and revenue from our
subscription plan offerings. It excludes subscription revenue
related to consumer product offerings, select Creative Finishing
product offerings, education offerings, and third party products.
Recurring revenue acquired with the acquisition of a business is
captured when total subscriptions are captured in our systems and
may cause variability in the comparison of this
calculation.
Remaining Performance Obligations: The sum of total
short-term, long-term, and unbilled deferred revenue. Current
remaining performance obligations is the amount of revenue we
expect to recognize in the next twelve months.
Spend: The sum of cost of revenue and operating
expenses.
Subscription Plan: Comprises our term-based product
subscriptions, cloud service offerings, and EBAs. Subscriptions
represent a combined hybrid offering of desktop software and cloud
functionality which provides a device-independent, collaborative
design workflow for designers and their stakeholders. With
subscription, customers can use our software anytime, anywhere, and
get access to the latest updates to previous versions.
Subscription Revenue: Includes subscription fees from
product subscriptions, cloud service offerings, and EBAs.
Total Subscriptions: Consists of subscriptions from
our maintenance plans and subscription plan offerings that are
active and paid as of the fiscal year end date. For certain cloud
service offerings and EBAs, subscriptions represent the monthly
average activity reported within the last three months of the
fiscal quarter end date. Total subscriptions do not include
education offerings, consumer product offerings, select Creative
Finishing product offerings, Autodesk Buzzsaw, Autodesk
Constructware, and third party products. Subscriptions
acquired with the acquisition of a business are captured once the
data conforms to our subscription count methodology and when added,
may cause variability in comparison of this calculation.
Unbilled Deferred Revenue: Unbilled deferred revenue
represents contractually stated or committed orders under early
renewal and multi-year billing plans for subscription, services and
maintenance for which the associated deferred revenue has not been
recognized. Under FASB Accounting Standards Codification ("ASC")
Topic 606, unbilled deferred revenue is not included as a
receivable or deferred revenue on our Condensed Consolidated
Balance Sheet.
Safe Harbor Statement
This press release contains forward-looking statements that
involve risks and uncertainties, including quotations from
management, statements in the paragraphs under "Business Outlook"
above and other statements about our short-term and long-term
goals, and other statements regarding our strategies, market and
product positions, performance and results. There are a significant
number of factors that could cause actual results to differ
materially from statements made in this press release, including:
failure to achieve our revenue and profitability objectives;
failure to successfully manage transitions to new business models
and markets; failure to maintain cost reductions or otherwise
control our expenses; difficulty in predicting revenue from new
businesses and the potential impact on our financial results from
changes in our business models; general market, political,
economic, and business conditions; any imposition of new tariffs or
trade barriers; the impact of non-cash charges on our financial
results; fluctuation in foreign currency exchange rates; the
success of our foreign currency hedging program; our performance in
particular geographies, including emerging economies; the ability
of governments around the world to meet their financial and debt
obligations, and finance infrastructure projects; weak or negative
growth in the industries we serve; slowing momentum in subscription
billings or revenues; difficulties encountered in integrating new
or acquired businesses and technologies; the inability to identify
and realize the anticipated benefits of acquisitions; the financial
and business condition of our reseller and distribution channels;
dependence on and the timing of large transactions; pricing
pressure; unexpected fluctuations in our annual effective tax rate;
significant effects of tax legislation and judicial or
administrative interpretation of tax regulations, including the Tax
Cuts and Jobs Act; the timing and degree of expected investments in
growth and efficiency opportunities; changes in the timing of
product releases and retirements; and any unanticipated accounting
charges. Our estimates as to tax rate are based on current tax law,
including current interpretations of the Tax Cuts and Jobs Act, and
could be affected by changing interpretations of that Act, as well
as additional legislation and guidance around that Act.
Further information on potential factors that could affect the
financial results of Autodesk are included in Autodesk's reports on
Form 10-K and Form 10-Q, which are on file with the U.S. Securities
and Exchange Commission. Autodesk disclaims any obligation to
update the forward-looking statements provided to reflect events
that occur or circumstances that exist after the date on which they
were made.
About Autodesk
Autodesk makes software for people who make things. If you've
ever driven a high-performance car, admired a towering skyscraper,
used a smartphone, or watched a great film, chances are you've
experienced what millions of Autodesk customers are doing with our
software. Autodesk gives you the power to make anything. For more
information visit autodesk.com or follow @autodesk.
Autodesk uses its investors.autodesk.com website as a means of
disclosing material non-public information, announcing upcoming
investor conferences and for complying with its disclosure
obligations under Regulation FD. Accordingly, you should monitor
our investor relations website in addition to following our press
releases, SEC filings and public conference calls and webcasts.
Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are
registered trademarks of Autodesk, Inc., and/or its subsidiaries
and/or affiliates in the USA
and/or other countries. All other brand names, product names or
trademarks belong to their respective holders. Autodesk reserves
the right to alter product and service offerings, and
specifications and pricing at any time without notice, and is not
responsible for typographical or graphical errors that may appear
in this document.
© 2020 Autodesk, Inc. All rights reserved.
Autodesk,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
January 31,
|
|
Fiscal Year Ended
January 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
(Unaudited)
|
Net
revenue:
|
|
|
|
|
|
|
|
Subscription
|
$
|
777.4
|
|
|
$
|
550.0
|
|
|
$
|
2,751.9
|
|
|
$
|
1,802.3
|
|
Maintenance
|
79.9
|
|
|
137.4
|
|
|
386.6
|
|
|
635.1
|
|
Total subscription and maintenance revenue
|
857.3
|
|
|
687.4
|
|
|
3,138.5
|
|
|
2,437.4
|
|
Other
|
42.0
|
|
|
49.9
|
|
|
135.8
|
|
|
132.4
|
|
Total net
revenue
|
899.3
|
|
|
737.3
|
|
|
3,274.3
|
|
|
2,569.8
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
Cost of subscription
and maintenance revenue
|
57.0
|
|
|
56.7
|
|
|
223.9
|
|
|
216.0
|
|
Cost of other
revenue
|
17.9
|
|
|
15.4
|
|
|
66.5
|
|
|
54.4
|
|
Amortization of
developed technology
|
8.3
|
|
|
4.9
|
|
|
34.5
|
|
|
15.5
|
|
Total cost of
revenue
|
83.2
|
|
|
77.0
|
|
|
324.9
|
|
|
285.9
|
|
Gross
profit
|
816.1
|
|
|
660.3
|
|
|
2,949.4
|
|
|
2,283.9
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Marketing and
sales
|
349.5
|
|
|
320.8
|
|
|
1,310.3
|
|
|
1,183.9
|
|
Research and
development
|
217.1
|
|
|
190.4
|
|
|
851.1
|
|
|
725.0
|
|
General and
administrative
|
106.0
|
|
|
100.7
|
|
|
405.6
|
|
|
340.1
|
|
Amortization of
purchased intangibles
|
9.7
|
|
|
6.2
|
|
|
38.9
|
|
|
18.0
|
|
Restructuring and
other exit costs, net
|
—
|
|
|
1.9
|
|
|
0.5
|
|
|
41.9
|
|
Total operating
expenses
|
682.3
|
|
|
620.0
|
|
|
2,606.4
|
|
|
2,308.9
|
|
Income (loss) from
operations
|
133.8
|
|
|
40.3
|
|
|
343.0
|
|
|
(25.0)
|
|
Interest and other
expense, net
|
(10.5)
|
|
|
(7.3)
|
|
|
(48.2)
|
|
|
(17.7)
|
|
Income (loss) before
income taxes
|
123.3
|
|
|
33.0
|
|
|
294.8
|
|
|
(42.7)
|
|
Benefit (provision)
for income taxes
|
8.5
|
|
|
31.7
|
|
|
(80.3)
|
|
|
(38.1)
|
|
Net income
(loss)
|
$
|
131.8
|
|
|
$
|
64.7
|
|
|
$
|
214.5
|
|
|
$
|
(80.8)
|
|
Basic net income
(loss) per share
|
$
|
0.60
|
|
|
$
|
0.30
|
|
|
$
|
0.98
|
|
|
$
|
(0.37)
|
|
Diluted net income
(loss) per share
|
$
|
0.59
|
|
|
$
|
0.29
|
|
|
$
|
0.96
|
|
|
$
|
(0.37)
|
|
Weighted average
shares used in computing basic net income (loss) per
share
|
220.0
|
|
|
219.2
|
|
|
219.7
|
|
|
218.9
|
|
Weighted average
shares used in computing diluted net income (loss) per
share
|
222.5
|
|
|
221.3
|
|
|
222.5
|
|
|
218.9
|
|
Autodesk,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(In
millions)
|
|
|
|
|
|
January 31,
2020
|
|
January 31,
2019
|
|
(Unaudited)
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
1,774.7
|
|
|
$
|
886.0
|
|
Marketable
securities
|
69.0
|
|
|
67.6
|
|
Accounts receivable,
net
|
652.3
|
|
|
474.3
|
|
Prepaid expenses and
other current assets
|
163.3
|
|
|
192.1
|
|
Total current
assets
|
2,659.3
|
|
|
1,620.0
|
|
Marketable
securities
|
—
|
|
|
—
|
|
Computer equipment,
software, furniture and leasehold improvements, net
|
161.7
|
|
|
149.7
|
|
Operating lease
right-of-use assets
|
438.8
|
|
|
—
|
|
Developed
technologies, net
|
70.9
|
|
|
105.6
|
|
Goodwill
|
2,445.0
|
|
|
2,450.8
|
|
Deferred income
taxes, net
|
56.4
|
|
|
65.3
|
|
Other
assets
|
347.2
|
|
|
337.8
|
|
Total
assets
|
$
|
6,179.3
|
|
|
$
|
4,729.2
|
|
LIABILITIES AND
STOCKHOLDERS' DEFICIT
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
83.7
|
|
|
$
|
101.6
|
|
Accrued
compensation
|
272.1
|
|
|
280.8
|
|
Accrued income
taxes
|
21.2
|
|
|
13.2
|
|
Deferred
revenue
|
2,176.1
|
|
|
1,763.3
|
|
Operating lease
liabilities
|
48.1
|
|
|
—
|
|
Current portion of
long-term notes payable, net
|
449.7
|
|
|
—
|
|
Other accrued
liabilities
|
168.3
|
|
|
142.3
|
|
Total current
liabilities
|
3,219.2
|
|
|
2,301.2
|
|
Long-term deferred
revenue
|
831.0
|
|
|
328.1
|
|
Long-term operating
lease liabilities
|
411.7
|
|
|
—
|
|
Long-term income
taxes payable
|
19.1
|
|
|
21.5
|
|
Long-term deferred
income taxes
|
82.5
|
|
|
79.8
|
|
Long-term notes
payable, net
|
1,635.1
|
|
|
2,087.7
|
|
Other
liabilities
|
119.8
|
|
|
121.8
|
|
Stockholders'
deficit:
|
|
|
|
Common stock and
additional paid-in capital
|
2,317.0
|
|
|
2,071.5
|
|
Accumulated other
comprehensive loss
|
(160.3)
|
|
|
(135.0)
|
|
Accumulated
deficit
|
(2,295.8)
|
|
|
(2,147.4)
|
|
Total stockholders'
deficit
|
(139.1)
|
|
|
(210.9)
|
|
Total liabilities and
stockholders' deficit
|
$
|
6,179.3
|
|
|
$
|
4,729.2
|
|
Autodesk,
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(In
millions)
|
|
|
|
|
|
Fiscal Year Ended
January 31,
|
|
2020
|
|
2019
|
|
(Unaudited)
|
Operating
activities:
|
|
|
|
Net income
(loss)
|
$
|
214.5
|
|
|
$
|
(80.8)
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
Depreciation,
amortization and accretion
|
127.3
|
|
|
95.2
|
|
Stock-based
compensation expense
|
362.4
|
|
|
249.5
|
|
Deferred income
taxes
|
10.3
|
|
|
(6.8)
|
|
Restructuring and
other exit costs, net
|
0.5
|
|
|
31.7
|
|
Other operating
activities
|
(11.9)
|
|
|
2.2
|
|
Changes in operating
assets and liabilities, net of acquisitions:
|
|
|
|
Accounts
receivable
|
(178.5)
|
|
|
(25.4)
|
|
Prepaid expenses and
other current assets
|
58.5
|
|
|
7.5
|
|
Accounts payable and
accrued liabilities
|
(90.8)
|
|
|
(58.5)
|
|
Deferred
revenue
|
916.7
|
|
|
197.0
|
|
Accrued income
taxes
|
6.1
|
|
|
(34.5)
|
|
Net cash provided by
operating activities
|
1,415.1
|
|
|
377.1
|
|
Investing
activities:
|
|
|
|
Purchases of
marketable securities
|
(19.9)
|
|
|
(138.2)
|
|
Sales of marketable
securities
|
22.4
|
|
|
319.6
|
|
Maturities of
marketable securities
|
5.0
|
|
|
211.4
|
|
Capital
expenditures
|
(53.2)
|
|
|
(67.0)
|
|
Acquisitions, net of
cash acquired
|
—
|
|
|
(1,040.2)
|
|
Other investing
activities
|
(11.6)
|
|
|
4.0
|
|
Net cash used in
investing activities
|
(57.3)
|
|
|
(710.4)
|
|
Financing
activities:
|
|
|
|
Proceeds from
issuance of common stock, net of issuance costs
|
93.7
|
|
|
90.9
|
|
Taxes paid related to
net share settlement of equity awards
|
(112.5)
|
|
|
(143.4)
|
|
Repurchase and
retirement of common stock
|
(442.5)
|
|
|
(293.5)
|
|
Proceeds from debt,
net of discount
|
498.9
|
|
|
500.0
|
|
Repayment of
debt
|
(500.0)
|
|
|
—
|
|
Other financing
activities
|
(4.4)
|
|
|
(2.1)
|
|
Net cash (used in)
provided by financing activities
|
(466.8)
|
|
|
151.9
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(2.3)
|
|
|
(10.6)
|
|
Net increase
(decrease) in cash and cash equivalents
|
888.7
|
|
|
(192.0)
|
|
Cash and cash
equivalents at beginning of the period
|
886.0
|
|
|
1,078.0
|
|
Cash and cash
equivalents at end of the period
|
$
|
1,774.7
|
|
|
$
|
886.0
|
|
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 non-GAAP 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. (1)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
January
31,
|
|
Fiscal Year Ended
January 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
GAAP cost of
subscription and maintenance revenue
|
$
|
57.0
|
|
|
$
|
56.7
|
|
|
$
|
223.9
|
|
|
$
|
216.0
|
|
Stock-based
compensation expense
|
(3.7)
|
|
|
(3.7)
|
|
|
(13.8)
|
|
|
(13.1)
|
|
Acquisition related
costs
|
(0.2)
|
|
|
—
|
|
|
(0.5)
|
|
|
—
|
|
Non-GAAP cost of
subscription and maintenance revenue
|
$
|
53.1
|
|
|
$
|
53.0
|
|
|
$
|
209.6
|
|
|
$
|
202.9
|
|
|
|
|
|
|
|
|
|
GAAP cost of other
revenue
|
$
|
17.9
|
|
|
$
|
15.4
|
|
|
$
|
66.5
|
|
|
$
|
54.4
|
|
Stock-based
compensation expense
|
(1.5)
|
|
|
(1.5)
|
|
|
(5.8)
|
|
|
(4.5)
|
|
Non-GAAP cost of
other revenue
|
$
|
16.4
|
|
|
$
|
13.9
|
|
|
$
|
60.7
|
|
|
$
|
49.9
|
|
|
|
|
|
|
|
|
|
GAAP amortization of
developed technology
|
$
|
8.3
|
|
|
$
|
4.9
|
|
|
$
|
34.5
|
|
|
$
|
15.5
|
|
Amortization of
developed technology
|
(8.3)
|
|
|
(4.9)
|
|
|
(34.5)
|
|
|
(15.5)
|
|
Non-GAAP amortization
of developed technology
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
$
|
816.1
|
|
|
$
|
660.3
|
|
|
$
|
2,949.4
|
|
|
$
|
2,283.9
|
|
Stock-based
compensation expense
|
5.2
|
|
|
5.2
|
|
|
19.6
|
|
|
17.6
|
|
Amortization of
developed technology
|
8.3
|
|
|
4.9
|
|
|
34.5
|
|
|
15.5
|
|
Acquisition related
costs
|
0.2
|
|
|
—
|
|
|
0.5
|
|
|
—
|
|
Non-GAAP gross
profit
|
$
|
829.8
|
|
|
$
|
670.4
|
|
|
$
|
3,004.0
|
|
|
$
|
2,317.0
|
|
|
|
|
|
|
|
|
|
GAAP marketing and
sales
|
$
|
349.5
|
|
|
$
|
320.8
|
|
|
$
|
1,310.3
|
|
|
$
|
1,183.9
|
|
Stock-based
compensation expense
|
(41.8)
|
|
|
(31.7)
|
|
|
(149.0)
|
|
|
(109.4)
|
|
Acquisition related
costs
|
(0.7)
|
|
|
—
|
|
|
(1.0)
|
|
|
—
|
|
Non-GAAP marketing
and sales
|
$
|
307.0
|
|
|
$
|
289.1
|
|
|
$
|
1,160.3
|
|
|
$
|
1,074.5
|
|
|
|
|
|
|
|
|
|
GAAP research and
development
|
$
|
217.1
|
|
|
$
|
190.4
|
|
|
$
|
851.1
|
|
|
$
|
725.0
|
|
Stock-based
compensation expense
|
(32.5)
|
|
|
(25.4)
|
|
|
(120.8)
|
|
|
(82.5)
|
|
Acquisition related
costs
|
(1.1)
|
|
|
—
|
|
|
(3.3)
|
|
|
—
|
|
Non-GAAP research and
development
|
$
|
183.5
|
|
|
$
|
165.0
|
|
|
$
|
727.0
|
|
|
$
|
642.5
|
|
|
|
|
|
|
|
|
|
GAAP general and
administrative
|
$
|
106.0
|
|
|
$
|
100.7
|
|
|
$
|
405.6
|
|
|
$
|
340.1
|
|
Stock-based
compensation expense
|
(25.5)
|
|
|
(11.7)
|
|
|
(73.0)
|
|
|
(40.0)
|
|
CEO transition
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
Acquisition related
costs
|
(0.1)
|
|
|
(11.9)
|
|
|
(18.5)
|
|
|
(16.2)
|
|
Non-GAAP general and
administrative
|
$
|
80.4
|
|
|
$
|
77.1
|
|
|
$
|
314.1
|
|
|
$
|
284.0
|
|
|
|
|
|
|
|
|
|
GAAP amortization of
purchased intangibles
|
$
|
9.7
|
|
|
$
|
6.2
|
|
|
$
|
38.9
|
|
|
$
|
18.0
|
|
Amortization of
purchased intangibles
|
(9.7)
|
|
|
(6.2)
|
|
|
(38.9)
|
|
|
(18.0)
|
|
Non-GAAP amortization
of purchased intangibles
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
GAAP restructuring
and other exit costs, net
|
$
|
—
|
|
|
$
|
1.9
|
|
|
$
|
0.5
|
|
|
$
|
41.9
|
|
Restructuring and
other exit costs, net
|
—
|
|
|
(1.9)
|
|
|
(0.5)
|
|
|
(41.9)
|
|
Non-GAAP
restructuring and other exit costs, net
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
$
|
682.3
|
|
|
$
|
620.0
|
|
|
$
|
2,606.4
|
|
|
$
|
2,308.9
|
|
Stock-based
compensation expense
|
(99.8)
|
|
|
(68.8)
|
|
|
(342.8)
|
|
|
(231.9)
|
|
Amortization of
purchased intangibles
|
(9.7)
|
|
|
(6.2)
|
|
|
(38.9)
|
|
|
(18.0)
|
|
CEO transition
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
Acquisition related
costs
|
(1.9)
|
|
|
(11.9)
|
|
|
(22.8)
|
|
|
(16.2)
|
|
Restructuring and
other exit costs, net
|
—
|
|
|
(1.9)
|
|
|
(0.5)
|
|
|
(41.9)
|
|
Non-GAAP operating
expenses
|
$
|
570.9
|
|
|
$
|
531.2
|
|
|
$
|
2,201.4
|
|
|
$
|
2,001.0
|
|
|
|
|
|
|
|
|
|
GAAP spend
|
$
|
765.5
|
|
|
$
|
697.0
|
|
|
$
|
2,931.3
|
|
|
$
|
2,594.8
|
|
Stock-based
compensation expense
|
(105.0)
|
|
|
(74.0)
|
|
|
(362.4)
|
|
|
(249.5)
|
|
Amortization of
developed technology
|
(8.3)
|
|
|
(4.9)
|
|
|
(34.5)
|
|
|
(15.5)
|
|
Amortization of
purchased intangibles
|
(9.7)
|
|
|
(6.2)
|
|
|
(38.9)
|
|
|
(18.0)
|
|
CEO transition
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
Acquisition related
costs
|
(2.1)
|
|
|
(11.9)
|
|
|
(23.3)
|
|
|
(16.2)
|
|
Restructuring and
other exit costs, net
|
—
|
|
|
(1.9)
|
|
|
(0.5)
|
|
|
(41.9)
|
|
Non-GAAP
spend
|
$
|
640.4
|
|
|
$
|
598.1
|
|
|
$
|
2,471.7
|
|
|
$
|
2,253.8
|
|
|
|
|
|
|
|
|
|
GAAP operating
margin
|
15
|
%
|
|
5
|
%
|
|
10
|
%
|
|
(1)
|
%
|
Stock-based
compensation expense
|
12
|
%
|
|
10
|
%
|
|
11
|
%
|
|
10
|
%
|
Amortization of
developed technology
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
Amortization of
purchased intangibles
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
CEO transition
costs
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Acquisition related
costs
|
—
|
%
|
|
2
|
%
|
|
1
|
%
|
|
1
|
%
|
Restructuring and
other exit costs, net
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
1
|
%
|
Non-GAAP operating
margin
|
29
|
%
|
|
19
|
%
|
|
25
|
%
|
|
12
|
%
|
|
|
|
|
|
|
|
|
GAAP income (loss)
from operations
|
$
|
133.8
|
|
|
$
|
40.3
|
|
|
$
|
343.0
|
|
|
$
|
(25.0)
|
|
Stock-based
compensation expense
|
105.0
|
|
|
74.0
|
|
|
362.4
|
|
|
249.5
|
|
Amortization of
developed technology
|
8.3
|
|
|
4.9
|
|
|
34.5
|
|
|
15.5
|
|
Amortization of
purchased intangibles
|
9.7
|
|
|
6.2
|
|
|
38.9
|
|
|
18.0
|
|
CEO transition
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1)
|
|
Acquisition related
costs
|
2.1
|
|
|
11.9
|
|
|
23.3
|
|
|
16.2
|
|
Restructuring and
other exit costs, net
|
—
|
|
|
1.9
|
|
|
0.5
|
|
|
41.9
|
|
Non-GAAP income from
operations
|
$
|
258.9
|
|
|
$
|
139.2
|
|
|
$
|
802.6
|
|
|
$
|
316.0
|
|
|
|
|
|
|
|
|
|
GAAP interest and
other expense, net
|
$
|
(10.5)
|
|
|
$
|
(7.3)
|
|
|
$
|
(48.2)
|
|
|
$
|
(17.7)
|
|
(Gain) loss on
strategic investments and dispositions, net
|
—
|
|
|
(3.0)
|
|
|
3.2
|
|
|
(12.5)
|
|
Restructuring and
other exit costs, net
|
—
|
|
|
(4.7)
|
|
|
—
|
|
|
(10.2)
|
|
Non-GAAP interest and
other expense, net
|
$
|
(10.5)
|
|
|
$
|
(15.0)
|
|
|
$
|
(45.0)
|
|
|
$
|
(40.4)
|
|
|
|
|
|
|
|
|
|
GAAP provision for
income taxes
|
$
|
8.5
|
|
|
$
|
31.7
|
|
|
$
|
(80.3)
|
|
|
$
|
(38.1)
|
|
Discrete GAAP tax
items
|
0.8
|
|
|
(2.3)
|
|
|
2.1
|
|
|
(14.6)
|
|
Release of valuation
allowance on deferred tax assets (2)
|
(40.4)
|
|
|
(16.8)
|
|
|
(40.4)
|
|
|
(16.8)
|
|
Income tax effect of
non-GAAP adjustments
|
(13.6)
|
|
|
(36.1)
|
|
|
(17.8)
|
|
|
17.2
|
|
Non-GAAP provision
for income tax
|
$
|
(44.7)
|
|
|
$
|
(23.5)
|
|
|
$
|
(136.4)
|
|
|
$
|
(52.3)
|
|
|
|
|
|
|
|
|
|
GAAP net income
(loss)
|
$
|
131.8
|
|
|
$
|
64.7
|
|
|
$
|
214.5
|
|
|
$
|
(80.8)
|
|
Stock-based
compensation expense
|
105.0
|
|
|
74.0
|
|
|
362.4
|
|
|
249.5
|
|
Amortization of
developed technology
|
8.3
|
|
|
4.9
|
|
|
34.5
|
|
|
15.5
|
|
Amortization of
purchased intangibles
|
9.7
|
|
|
6.2
|
|
|
38.9
|
|
|
18.0
|
|
CEO transition
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1)
|
|
Acquisition related
costs
|
2.1
|
|
|
11.9
|
|
|
23.3
|
|
|
16.2
|
|
Restructuring and
other exit costs, net
|
—
|
|
|
(2.8)
|
|
|
0.5
|
|
|
31.7
|
|
Loss (Gain) on
strategic investments and dispositions, net
|
—
|
|
|
(3.0)
|
|
|
3.2
|
|
|
(12.5)
|
|
Discrete GAAP tax
items
|
0.8
|
|
|
(2.3)
|
|
|
2.1
|
|
|
(14.6)
|
|
Release of valuation
allowance on deferred tax assets (2)
|
(40.4)
|
|
|
(16.8)
|
|
|
(40.4)
|
|
|
(16.8)
|
|
Income tax effect of
non-GAAP adjustments
|
(13.6)
|
|
|
(36.1)
|
|
|
(17.8)
|
|
|
17.2
|
|
Non-GAAP net
income
|
$
|
203.7
|
|
|
$
|
100.7
|
|
|
$
|
621.2
|
|
|
$
|
223.3
|
|
|
|
|
|
|
|
|
|
GAAP diluted net
income (loss) per share
|
$
|
0.59
|
|
|
$
|
0.29
|
|
|
$
|
0.96
|
|
|
$
|
(0.37)
|
|
Stock-based
compensation expense
|
0.47
|
|
|
0.33
|
|
|
1.63
|
|
|
1.12
|
|
Amortization of
developed technology
|
0.04
|
|
|
0.02
|
|
|
0.16
|
|
|
0.08
|
|
Amortization of
purchased intangibles
|
0.04
|
|
|
0.03
|
|
|
0.17
|
|
|
0.08
|
|
CEO transition
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquisition related
costs
|
0.01
|
|
|
0.05
|
|
|
0.11
|
|
|
0.07
|
|
Restructuring and
other exit costs, net
|
—
|
|
|
(0.01)
|
|
|
—
|
|
|
0.14
|
|
Loss (Gain) on
strategic investments and dispositions, net
|
—
|
|
|
(0.01)
|
|
|
0.01
|
|
|
(0.05)
|
|
Discrete GAAP tax
items
|
0.01
|
|
|
—
|
|
|
0.01
|
|
|
(0.06)
|
|
Release of valuation
allowance on deferred tax assets (2)
|
(0.18)
|
|
|
(0.08)
|
|
|
(0.18)
|
|
|
(0.08)
|
|
Income tax effect of
non-GAAP adjustments
|
(0.06)
|
|
|
(0.16)
|
|
|
(0.08)
|
|
|
0.08
|
|
Non-GAAP diluted net
income per share
|
$
|
0.92
|
|
|
$
|
0.46
|
|
|
$
|
2.79
|
|
|
$
|
1.01
|
|
|
|
|
|
|
|
|
|
GAAP diluted shares
used in per share calculation
|
222.5
|
|
|
221.3
|
|
|
222.5
|
|
|
218.9
|
|
Shares included in
non-GAAP net income per share, but excluded from GAAP net loss per
share as they would have been anti-dilutive
|
—
|
|
|
—
|
|
|
—
|
|
|
3.1
|
|
Non-GAAP diluted
weighted average shares used in per share calculation
|
222.5
|
|
|
221.3
|
|
|
222.5
|
|
|
222.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Totals may not sum
due to rounding.
|
(2)
|
Fiscal year 2019
balances previously presented in "Discrete GAAP tax
items."
|
Reconciliation of
GAAP net cash provided by operating activities to non-GAAP free
cash flow
|
|
|
Net cash
provided by
operating
activities
|
|
Capital
expenditures
|
|
Free cash
flow
|
Three months ending
January 31, 2020
|
$
|
698.2
|
|
|
$
|
(14.0)
|
|
|
$
|
684.2
|
|
Three months ending
January 31, 2019
|
$
|
311.5
|
|
|
$
|
(17.6)
|
|
|
$
|
293.9
|
|
|
|
|
|
|
|
Fiscal year ending
January 31, 2020
|
$
|
1,415.1
|
|
|
$
|
(53.2)
|
|
|
$
|
1,361.9
|
|
Fiscal year ending
January 31, 2019
|
$
|
377.1
|
|
|
$
|
(67.0)
|
|
|
$
|
310.1
|
|
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SOURCE Autodesk, Inc.