Autodesk Q2 Revenues Up 17% to $526M With $92M Profit
 SAN
RAFAEL, CA, Aug 17, 2007 - Autodesk, Inc. (NASDAQ: ADSK) today
reported record quarterly revenues of $526 million, an increase of 17
percent over the second quarter of the prior fiscal year. Second quarter net
income was $92 million, or $0.38 per diluted share, on a GAAP basis and $108
million, or $0.44 per diluted share, on a non-GAAP basis. Net income in the
second quarter of the prior year was $87 million, or $0.36 per diluted share
on a GAAP basis, and $96 million, or $0.39 per diluted share on a non-GAAP
basis. A reconciliation between GAAP and non-GAAP results is provided at the
end of this press release.
"During the second quarter, we executed extremely well -- driving
widespread adoption of our 3D and 2D tools, continuing to increase new seat
revenue, and increasing sales and emerging economies," said Carl Bass,
Autodesk president and CEO. "We have been able to grow significantly by
addressing our customers' competitive challenges. Our numbers demonstrate
that we continue to win market share as our revenues have increased
significantly faster than our competitors. As a result, we are again raising
our guidance for fiscal 2008, to reflect our confidence in our financial
performance for the remainder of the fiscal year."
Operational Highlights
Autodesk's performance in the second quarter was driven by strong
increases in revenue from model-based 3D and 2D vertical design products,
revenue in the emerging economies, and revenue from new seats.
The Company's model-based 3D products and 2D vertical products continue
to increase their market penetration. As expected, the changes in dealer
incentives implemented in the first quarter of fiscal 2008 are increasing
focus on selling model-based 3D and 2D vertical products.
Combined revenues from the Company's model-based 3D products, Inventor,
Revit and Civil 3D software, increased 34 percent over the second quarter of
fiscal 2007 to $122 million and comprised 23 percent of total revenues. In
total, Autodesk shipped more than 39,000 commercial seats of 3D in the
quarter including 21,000 seats of Revit, 11,000 seats of Inventor and 7,200
seats of Civil 3D. Revenues from 2D vertical products increased 22 percent
compared to the second quarter of fiscal 2007.
Once again, emerging economies contributed robust growth in revenues.
Revenues from the emerging economies in Asia Pacific, Eastern Europe, the
Middle East and Latin America increased 37 percent over the second quarter
of fiscal 2007 to $82 million and represented 15 percent of total revenues.
Revenues from new seats increased by 17 percent compared to the second
quarter of last year. Revenues from new seats of Revit and AutoCAD
Mechanical were particularly strong, increasing 56 percent and 54 percent,
respectively, compared to the second quarter of last year.
Upgrade revenue and maintenance revenue from subscriptions combined
increased 16 percent over the second quarter of fiscal 2007 to $178 million.
Maintenance revenue from subscriptions increased 27 percent compared to the
second quarter of fiscal 2007 to $132 million. Deferred maintenance revenue
from subscription increased $12 million sequentially and $100 million
compared to the second quarter of fiscal 2007. Total upgrade revenues
decreased 7 percent compared to the second quarter of fiscal 2007, as
expected. Crossgrade revenue, which is included in total upgrade revenue,
increased 29 percent over the second quarter of last year.
OTHER FINANCIAL HIGHLIGHTS FROM THE QUARTER ENDED JULY 31, 2007
- Cash, cash equivalents and marketable securities were $827 million.
- Total backlog increased $15 million sequentially to $433 million.
Deferred maintenance revenues from subscription increased $12 million
sequentially to $356 million. Unshipped product orders increased $2
million sequentially to $21 million.
- Channel inventory decreased slightly from April 30, 2007, and was
below the normal range of three to four weeks.
- DSO was 48 days.
- Capital expenditures were $11 million.
- $84 million was received from employees for the issuance of 5.2
million shares under employee stock plans during the quarter
- 7.1 million shares were repurchased for $325 million under the
Company's previously existing share repurchase plan. 9.2 million shares
remain under the share repurchase authorization.
- There were approximately 229 million total shares outstanding and
243 million diluted GAAP basis shares outstanding and 244 million
diluted non-GAAP basis shares outstanding in the second quarter.
- Revenues in the Americas increased 16 percent over the second
quarter of fiscal 2007 to $195 million.
- Revenues in EMEA increased 17 percent over the second quarter of
fiscal 2007 to $204 million.
- Revenues in Asia Pacific increased 18 percent over the second
quarter of fiscal 2007 to $127 million. Revenues in Japan increased 5
percent compared to the same quarter of last year.
Business OutlookThe 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.
Third Quarter Fiscal 2008
Net revenues for the third quarter of fiscal 2008 are expected to be in
the range of $530 million to $540 million. GAAP earnings per diluted share
are expected to be in the range of $0.34 and $0.36. Non-GAAP earnings per
diluted share are expected to be in the range of $0.47 and $0.49 and exclude
$0.11 related to stock based compensation expense as required by SFAS 123R
and $0.02 for the amortization of acquisition related intangibles.
Fourth Quarter Fiscal 2008
Net revenues for the fourth quarter are expected to be between $575M and
$585M. GAAP earnings per diluted share are expected to be in the range of
$0.42 and $0.44. Non-GAAP earnings per diluted share are expected to be in
the range of $0.52 and $0.54 and exclude $0.08 related to stock based
compensation expense as required by SFAS 123R and $0.02 for the amortization
of acquisition related intangibles.
Full Year Fiscal 2008
For fiscal year 2008, net revenues are expected to be between $2.14
billion and $2.16 billion. Full year GAAP earnings per diluted share are
expected to be in the range of $1.48 and $1.52. Non-GAAP earnings per
diluted share are expected to be in the range of $1.87 and $1.91 and exclude
$0.29 related to stock based compensation expense as required by SFAS 123R,
$0.04 reimbursement to employees for tax issues arising from the voluntary
stock option review and $0.06 for the amortization of acquisition related
intangibles.
Earnings Conference Call and Webcast
Autodesk will host its second quarter conference call today at 5:00 p.m.
EDT. The live announcement may be accessed at
http://www.autodesk.com/investors or by dialing 800-638-4817 or
617-614-3943 (passcode: 94897365). An audio webcast or podcast of the call
will be available at 7:00 pm EDT at
http://www.autodesk.com/investors. This replay will be maintained on our
website for at least twelve months. An audio replay will also be available
for one month beginning at 7:00 pm EDT by dialing 888-286-8010 or
617-801-6888 (passcode: 38088167).
About Autodesk
Autodesk, Inc. is the world leader in 2D and 3D design software for the
manufacturing, building and construction, and media and entertainment
markets. Since its introduction of AutoCAD software in 1982, Autodesk has
developed the broadest portfolio of state-of-the-art digital prototyping
solutions to help customers experience their ideas before they are real.
Fortune 1,000 companies rely on Autodesk for the tools to visualize,
simulate and analyze real-world performance early in the design process to
save time and money, enhance quality and foster innovation. For additional
information about Autodesk, visit
http://www.autodesk.com/.
Autodesk, Inc.
Consolidated Statements of Income
(In millions, except per share data)
Three Months Ended Six Months Ended
July 31, July 31,
2007 2006 2007 2006
(Unaudited) (Unaudited)
Net revenues:
License and other $393.6 $345.5 $776.7 $694.9
Maintenance 132.3 104.1 257.7 190.7
Total net revenues 525.9 449.6 1,034.4 885.6
Cost of license and other revenues 49.6 53.6 100.1 101.1
Cost of maintenance revenues 2.3 2.2 4.4 4.6
Total cost of revenues 51.9 55.8 104.5 105.7
Gross margin 474.0 393.8 929.9 779.9
Operating Expenses:
Marketing and sales 198.8 167.5 391.3 337.9
Research and development 114.9 98.0 229.6 197.4
General and administrative 45.8 26.2 93.1 83.2
Total operating expenses 359.5 291.7 714.0 618.5
Income from operations 114.5 102.1 215.9 161.4
Interest and other income, net 3.4 2.8 13.2 6.3
Income before income taxes 117.9 104.9 229.1 167.7
Provision for income taxes (26.3) (18.1) (54.2) (32.4)
Net income $91.6 $86.8 $174.9 $135.3
Basic net income per share $0.40 $0.38 $0.76 $0.59
Diluted net income per share $0.38 $0.36 $0.72 $0.55
Shares used in computing basic
net income per share 230.3 230.5 230.8 230.4
Shares used in computing diluted
net income per share 243.0 243.1 243.7 244.1
Autodesk, Inc.
Condensed Consolidated Balance Sheets
(In millions)
July 31, January 31,
2007 2007
(Unaudited) (Audited)
ASSETS:
Current assets:
Cash and cash equivalents $774.9 $665.9
Marketable securities 52.0 112.0
Accounts receivable, net 278.4 301.3
Deferred income taxes 112.6 78.1
Prepaid expenses and other current
assets 47.0 32.4
Total current assets 1,264.9 1,189.7
Computer equipment, software,
furniture and leasehold
improvements, net 66.5 65.6
Purchased technologies, net 51.2 51.3
Goodwill 365.7 355.3
Deferred income taxes, net 51.8 59.8
Other assets 78.0 75.8
$1,878.1 $1,797.5
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $77.1 $61.0
Accrued compensation 102.5 120.7
Accrued income taxes 14.6 23.6
Deferred revenues 335.5 311.4
Other accrued liabilities 67.8 57.5
Total current liabilities 597.5 574.2
Deferred revenues 76.4 67.4
Long term income taxes payable 46.2 -
Other liabilities 45.3 40.9
Commitments and contingencies - -
Stockholders' equity:
Preferred stock - -
Common stock and additional paid-in
capital 927.5 908.3
Accumulated other comprehensive
income (loss) 4.5 (3.6)
Retained earnings 180.7 210.3
Total stockholders' equity 1,112.7 1,115.0
$1,878.1 $1,797.5
Autodesk, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
Six Months Ended
July 31,
2007 2006
(Unaudited)
Operating Activities
Net income $174.9 $135.3
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 28.6 26.0
Stock-based compensation
expense 35.9 41.7
Restructuring related charges,
net - 1.1
Charge for acquired in-process
research and development 1.0 -
Changes in operating assets
and liabilities, net of
business
combinations 87.8 48.8
Net cash provided by operating
activities 328.2 252.9
Investing Activities
Purchases of available-for-sale
marketable securities (705.7) (209.8)
Sales and maturities of available-
for-sale marketable securities 765.7 272.9
Business combinations, net of cash
acquired (21.3) (43.5)
Acquisition of equity investment - (12.5)
Capital and other expenditures (18.2) (18.4)
Other investing activities - (0.3)
Net cash provided by (used in)
investing activities 20.5 (11.6)
Financing activities
Proceeds from issuance of common
stock, net of issuance costs 83.8 64.2
Repurchases of common stock (325.1) (154.4)
Net cash used in financing activities (241.3) (90.2)
Effect of exchange rate changes on
cash and cash equivalents 1.6 0.8
Net increase in cash and cash
equivalents 109.0 151.9
Cash and cash equivalents at
beginning of year 665.9 287.2
Cash and cash equivalents at end of
period $774.9 $439.1
Supplemental cash flow information:
Net cash paid during the period for
income taxes $23.5 $8.7
Supplemental non-cash investing
activity:
Notes payable as partial
consideration in business combinations $2.6 $-
Autodesk, Inc.
Non-GAAP Consolidated Statements of Income
(See non-GAAP adjustments listed on the accompanying tables)
(In millions, except per share data)
Three Months Ended Six Months Ended
July 31, July 31,
2007 2006 2007 2006
(Unaudited) (Unaudited)
Net revenues:
License and other $393.6 $345.5 $776.7 $694.9
Maintenance 132.3 104.1 257.7 190.7
Total net revenues 525.9 449.6 1,034.4 885.6
Cost of license and other revenues 46.4 50.7 93.1 95.7
Cost of maintenance revenues 2.3 2.2 4.4 4.6
Total cost of revenues 48.7 52.9 97.5 100.3
Gross margin 477.2 396.7 936.9 785.3
Operating Expenses:
Marketing and sales 189.8 157.9 371.3 319.2
Research and development 107.4 91.0 212.9 183.5
General and administrative 39.3 33.3 79.8 67.2
Total operating expenses 336.5 282.2 664.0 569.9
Income from operations 140.7 114.5 272.9 215.4
Interest and other income, net 3.4 2.8 13.2 6.3
Income before income taxes 144.1 117.3 286.1 221.7
Provision for income taxes (35.7) (21.6) (70.9) (46.1)
Net income $108.4 $95.7 $215.2 $175.6
Basic net income per share $0.47 $0.41 $0.93 $0.76
Diluted net income per share $0.44 $0.39 $0.88 $0.71
Shares used in computing basic
net income per share 230.3 230.5 230.8 230.4
Shares used in computing diluted
net income per share 244.3 244.6 245.0 245.9
Autodesk, Inc.
Reconciliation of GAAP financial measures to non-GAAP financial measures
(In millions)
The following table shows Autodesk's non-GAAP results reconciled to GAAP
results included in this release.
Three Months Ended Six Months Ended
July 31, July 31,
2007 2006 2007 2006
(Unaudited) (Unaudited)
GAAP cost of license and other
revenues $49.6 $53.6 $100.1 $101.1
SFAS 123R stock-based compensation
expense (1.1) (1.3) (1.7) (2.2)
Employee tax reimbursements related
to stock option review - - (1.1) -
Amortization of developed technology (2.1) (1.6) (4.2) (3.2)
Non-GAAP cost of license and other
revenues $46.4 $50.7 $93.1 $95.7
GAAP gross margin $474.0 $393.8 $929.9 $779.9
SFAS 123R stock-based compensation
expense 1.1 1.3 1.7 2.2
Employee tax reimbursements related
to stock option review - - 1.1 -
Amortization of developed technology 2.1 1.6 4.2 3.2
Non-GAAP gross margin $477.2 $396.7 $936.9 $785.3
GAAP marketing and sales $198.8 $167.5 $391.3 $337.9
SFAS 123R stock-based compensation
expense (9.0) (9.6) (15.2) (18.7)
Employee tax reimbursements related
to stock option review - - (4.8) -
Non-GAAP marketing and sales $189.8 $157.9 $371.3 $319.2
GAAP research and development $114.9 $98.0 $229.6 $197.4
SFAS 123R stock-based compensation
expense (6.5) (7.0) (11.3) (13.9)
Employee tax reimbursements related
to stock option review - - (4.4) -
In-process research and development (1.0) - (1.0) -
Non-GAAP research and development $107.4 $91.0 $212.9 $183.5
GAAP general and administrative $45.8 $26.2 $93.1 $83.2
SFAS 123R stock-based compensation
expense (4.5) (2.8) (7.7) (7.4)
Employee tax reimbursements related
to stock option review - - (1.7) -
Litigation accrual - 11.8 - (5.0)
Amortization of customer
relationships and trademarks (2.0) (1.9) (3.9) (3.6)
Non-GAAP general and administrative $39.3 $33.3 $79.8 $67.2
GAAP operating expenses $359.5 $291.7 $714.0 $618.5
SFAS 123R stock-based compensation
expense (20.0) (19.4) (34.2) (40.0)
Employee tax reimbursements related
to stock option review - - (10.9) -
Litigation accrual - 11.8 - (5.0)
Amortization of customer
relationships and trademarks (2.0) (1.9) (3.9) (3.6)
In-process research and development (1.0) - (1.0) -
Non-GAAP operating expenses $336.5 $282.2 $664.0 $569.9
GAAP income from operations $114.5 $102.1 $215.9 $161.4
SFAS 123R stock-based compensation
expense 21.1 20.7 35.9 42.2
Employee tax reimbursements related
to stock option review - - 12.0 -
Litigation accrual - (11.8) - 5.0
Amortization of developed technology 2.1 1.6 4.2 3.2
Amortization of customer
relationships and trademarks 2.0 1.9 3.9 3.6
In-process research and development 1.0 - 1.0 -
Non-GAAP income from operations $140.7 $114.5 $272.9 $215.4
GAAP provision for income taxes $(26.3) $(18.1) $(54.2) $(32.4)
Income tax effect on difference
between GAAP and non-GAAP total
costs and expenses at a normalized
rate (9.4) (3.5) (16.7) (13.7)
Non-GAAP provision for income taxes $(35.7) $(21.6) $(70.9) $(46.1)
GAAP net income $91.6 $86.8 $174.9 $135.3
SFAS 123R stock-based compensation
expense 21.1 20.7 35.9 42.2
Employee tax reimbursements related
to stock option review - - 12.0 -
Litigation accrual - (11.8) - 5.0
Amortization of developed technology 2.1 1.6 4.2 3.2
Amortization of customer
relationships and trademarks 2.0 1.9 3.9 3.6
In-process research and development 1.0 - 1.0 -
Income tax effect on difference
between GAAP and non-GAAP total
costs and expenses at a normalized
rate (9.4) (3.5) (16.7) (13.7)
Non-GAAP net income $108.4 $95.7 $215.2 $175.6
GAAP diluted net income per share $0.38 $0.36 $0.72 $0.55
SFAS 123R stock-based compensation
expense 0.09 0.08 0.15 0.18
Employee tax reimbursements related
to stock option review - - 0.05 -
Litigation accrual - (0.05) - 0.02
Amortization of developed technology 0.01 0.01 0.02 0.01
Amortization of customer
relationships and trademarks - - 0.02 0.01
In-process research and development - - - -
Income tax effect on difference
between GAAP and non-GAAP total
costs and expenses at a normalized
rate (0.04) (0.01) (0.07) (0.06)
Non-GAAP diluted net income per share $0.44 $0.39 $0.88 $0.71
GAAP diluted shares used in earnings
per share calculation 242,986 243,119 243,665 244,025
Impact of SFAF123R on diluted shares 1,340 1,524 1,317 1,844
Non-GAAP diluted shares
used in earnings per share
calculation 244,326 244,643 244,982 245,869
Autodesk, Inc.
Non-GAAP Results Disclosure
(In millions)
To supplement our consolidated financial statements presented on a GAAP
basis, Autodesk provides investors with certain non-GAAP measures
including non-GAAP net income, non-GAAP net income per share, non-GAAP
cost of license and other revenues, non-GAAP gross margin, non-GAAP
operating expenses, non-GAAP income from operations and non-GAAP
provision for income taxes. These non-GAAP financial measures are
adjusted to exclude certain costs, expenses, gains and losses, including
stock based compensation expense, employee tax reimbursements related to
our stock option review, litigation expenses, in-process research and
development expenses, restructuring expenses, amortization of purchased
intangibles, and income tax expenses. See our reconciliation of GAAP
financial measures to non-GAAP financial measures herein. We believe
these exclusions are appropriate to enhance an overall understanding of
our past financial performance and also our prospects for the future, as
well as to facilitate comparisons with our historical operating results.
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 our core operating results. In
addition, these non-GAAP financial measures are among the primary
indicators management uses as a basis for our planning and forecasting of
future periods.
There are limitations in using non-GAAP financial measures because the
non-GAAP financial measures are not prepared in accordance with generally
accepted accounting principles 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. The
presentation of this additional information is not meant to be considered
in isolation or as a substitute for the directly comparable financial
measures prepared in accordance with generally accepted accounting
principles in the United States. Investors should review the
reconciliation of the non-GAAP financial measures to their most directly
comparable GAAP financial measures as provided in the tables accompanying
this press release.
Fact Sheet
Fiscal Year 2008 QTR 1 QTR 2 QTR 3 QTR 4 YTD2008
Financial Statistics
(in millions):
Total net revenues $508 $526 $1,034
License and other
revenues $383 $394 $777
Maintenance
revenues $125 $132 $257
Gross Margin - GAAP 90% 90% 90%
Gross Margin - Non-GAAP 90% 91% 91%
GAAP Operating Expenses $355 $359 $714
GAAP Operating Margin 20% 22% 21%
GAAP Net Income $83 $92 $175
GAAP Diluted Net Income
Per Share $0.34 $0.38 $0.72
Non-GAAP Operating
Expenses (1)(2) $327 $337 $664
Non-GAAP Operating
Margin (1)(3) 26% 27% 26%
Non-GAAP Net Income
(1)(4) $107 $108 $215
Non-GAAP Diluted Net
Income Per Share
(1)(5) $0.44 $0.44 $0.88
Total Cash and
Marketable Securities $964 $827 $827
Days Sales Outstanding 47 48 48
Capital Expenditures $7 $11 $18
Cash from Operations $192 $136 $328
GAAP Depreciation and
Amortization $14 $15 $29
Revenue by Geography
(in millions):
Americas $185 $195 $380
Europe $206 $204 $410
Asia/Pacific $117 $127 $244
Revenue by Division (in
millions):
Design Solutions Segment $445 $459 $904
Platform Solutions
and Emerging Business
Division $251 $241 $492
Architecture, Engineering
and Construction
Division $100 $119 $219
Manufacturing Solutions
Division $94 $99 $193
Media and Entertainment
Segment $59 $62 $121
Other $4 $5 $9
Other Revenue
Statistics:
% of Total Rev from
AutoCAD, AutoCAD
upgrades and AutoCAD
LT 43% 38% 40%
% of Total Rev from 3D
design products 21% 23% 22%
% of Total Rev from
Emerging Economies 14% 15% 15%
Upgrade Revenue (in
millions) $71 $46 $117
Deferred Maintenance
Revenue (in millions):
Deferred Maintenance
Revenue Balance $343 $356 $356
Favorable (Unfavorable)
Impact of U.S. Dollar
Translation Relative
to Foreign Currencies
Compared to Comparable
Prior Year Period (in
millions):
FX Impact on Total Net
Revenues $19 $12 $31
FX Impact on Total
Operating Expenses $(5) $(5) $(10)
FX Impact on Total Net
Income $14 $7 $21
Operating Income (Loss)
by Segment (in millions):
Design Solutions $205 $212 $417
Media and Entertainment $21 $22 $43
Unallocated amounts $(125) $(119) $(244)
Common Stock
Statistics:
GAAP Shares Outstanding 231,166,000 229,331,000 229,331,000
GAAP Fully Diluted
Shares Outstanding 243,848,000 242,986,000 243,665,000
Shares Repurchased - 7,062,000 7,062,000
Installed Base
Statistics:
Total AutoCAD-based
Installed Base 4,162,000 4,213,000 4,213,000
Total Inventor
Installed Base 699,000 722,000 722,000
Total Subscription
Installed Base 1,295,000 1,329,000 1,329,000
Fiscal Year 2008 QTR 1 QTR 2 QTR 3 QTR 4 YTD2008
(1) To supplement our consolidated financial statements presented on a
GAAP basis, Autodesk provides investors with certain non-GAAP measures
including non-GAAP net income, non-GAAP net income per share, non-GAAP
cost of license and other revenues, non-GAAP gross margin, non-GAAP
operating expenses, non-GAAP income from operations and non-GAAP provision
for income taxes. These non-GAAP financial measures are adjusted to
exclude certain costs, expenses, gains and losses, including stock based
compensation expense, employee tax reimbursements related to our stock
option review, litigation expenses, in-process research and development
expenses, restructuring expenses, amortization of purchased intangibles,
and income tax expenses. See our reconciliation of GAAP financial
measures to non-GAAP financial measures herein. We believe these
exclusions are appropriate to enhance an overall understanding of our
past financial performance and also our prospects for the future, as well
as to facilitate comparisons with our historical operating results. 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 our core operating results. In addition, these
non-GAAP financial measures are among the primary indicators management
uses as a basis for our planning and forecasting of future periods.
There are limitations in using non-GAAP financial measures because the
non-GAAP financial measures are not prepared in accordance with generally
accepted accounting principles 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. The
presentation of this additional information is not meant to be considered
in isolation or as a substitute for the directly comparable financial
measures prepared in accordance with generally accepted accounting
principles in the United States. Investors should review the
reconciliation of the non-GAAP financial measures to their most directly
comparable GAAP financial measures as provided in the tables accompanying
this press release.
(2) GAAP Operating Expenses $355 $359 $714
Stock-based
compensation
expense (14) (20) (34)
Tax impact of
stock option
review (11) - (11)
Amortization of
customer
relationships and
trademarks (2) (2) (4)
In-process
research and
development - (1) (1)
Non-GAAP Operating
Expenses $328 $336 $664
(3) GAAP Operating
Margin 20% 22% 21%
Stock-based
compensation
expense 3% 4% 3%
Tax impact of
stock option
review 2% 0% 1%
Amortization of
developed
technology 1% 0% 1%
Amortization of
customer
relationships and
trademarks 0% 1% 0%
In-process
research and
development 0% 0% 0%
Non-GAAP Operating
Margin 26% 27% 26%
(4) GAAP Net Income $83 $92 $175
Stock-based
compensation
expense 15 21 36
Tax impact of
stock option
review 12 - 12
Amortization of
developed
technology 2 2 4
Amortization of
customer
relationships and
trademarks 2 2 4
In-process
research and
development - 1 1
Income tax effect
on difference
between GAAP and
non-GAAP
total costs and
expenses at the
normalized rate (7) (10) (17)
Non-GAAP Net
Income $107 $108 $215
(5) GAAP Diluted Net
Income Per Share $0.34 $0.38 $0.72
Stock-based
compensation
expense 0.06 0.09 0.15
Tax impact of
stock option
review 0.05 - 0.05
Amortization of
developed
technology 0.01 0.01 0.02
Amortization of
customer
relationships and
trademarks 0.01 - 0.01
In-process
research and
development - - -
Income tax effect
on difference
between GAAP and
non-GAAP
total costs and
expenses at the
normalized rate (0.03) (0.04) (0.07)
Non-GAAP Diluted
Net Income Per
Share $0.44 $0.44 $0.88
SOURCE: Autodesk,
Inc. |
|
--------
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