Autodesk Breaks Record With $538M Revenue in Q3
Revenue up 18% with $85M profit
 SAN
RAFAEL, CA, Nov 16, 2007 - Autodesk, Inc. (Nasdaq: ADSK) today reported
record revenues of $538 million for the third quarter of fiscal 2008, an
increase of 18 percent over the third quarter of fiscal 2007. Third quarter
net income was $85 million, or $0.35 per diluted share, on a GAAP basis and
$117 million, or $0.49 per diluted share, on a non-GAAP basis. Net income in
the third quarter of the prior year was $58 million, or $0.24 per diluted
share on a GAAP basis, and $86 million, or $0.35 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."Strong execution delivered yet
another quarter of record revenue," said Carl Bass, Autodesk president and
CEO. "Our success is ongoing because Autodesk solutions enable our customers
to address important secular trends such as globalization, the need for new
and improved infrastructure and the emergence of building information
modeling as a new paradigm. These trends will continue to drive customers to
rapidly adopt our industry leading solutions."
Operational Highlights
Autodesk's performance in the third quarter of fiscal 2008 was driven by
strong increases in revenue from its model-based 3D and 2D vertical design
products, revenue in the emerging economies, and revenue from new seats.
Design segment revenues increased 20 percent over the third quarter of
fiscal 2007 to $467 million. Combined revenues from the Company's
model-based 3D products, Inventor, Revit, Civil 3D and it's newly acquired
NavisWorks software increased 32 percent over the third quarter of fiscal
2007 to $130 million and comprised 24 percent of total revenues. Autodesk
shipped over 21,400 commercial seats of Revit, over 13,400 commercial seats
of Inventor and nearly 8,200 commercial seats of Civil 3D. In addition,
revenues from 2D vertical products increased 22 percent compared to the
third 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 31 percent over the third quarter of
fiscal 2007 to $92 million and represented 17 percent of total revenues.
Revenues from new seats increased by 20 percent compared to the third
quarter of fiscal 2007. Revenues from new seats of Revit, AutoCAD
Architecture and AutoCAD Mechanical were particularly strong, increasing 49
percent, 44 percent and 39 percent, respectively, compared to the third
quarter of last year.
Upgrade revenue and maintenance revenue from subscriptions combined
increased 15 percent over the third quarter of fiscal 2007 to $186 million.
Maintenance revenue from subscriptions increased 29 percent compared to the
third quarter of fiscal 2007 to $143 million, or 26 percent of revenue.
Deferred maintenance revenue from subscriptions increased $10 million
sequentially and $101 million compared to the third quarter of fiscal 2007.
Total upgrade revenues decreased 16 percent compared to the third quarter of
fiscal 2007, as expected.
Other Financial Highlights From The Quarter Ended October 31,
2007
- Cash, cash equivalents and marketable securities were $873 million.
- Total backlog increased $8 million sequentially to $441 million.
Deferred maintenance revenues from subscription increased $10 million
sequentially to $366 million. Unshipped product orders decreased $4
million sequentially to $17 million.
- Channel inventory remained below three weeks.
- Days sales outstanding, or DSO, was 51 days.
- Cash from operating activities was $161 million.
- $77 million was received from employees for the issuance of
4.1 million shares under employee stock plans during the quarter.
- $138 million was used to repurchase 3.0 million shares under the
company's previously existing share repurchase plan. 6.2 million shares
remain under the existing share repurchase authorization.
- There were approximately 230 million total shares outstanding,
240 million diluted GAAP basis shares outstanding and 241 million
diluted non-GAAP basis shares outstanding in the third quarter. A
reconciliation between GAAP and non-GAAP results is provided at the end
of this press release.
- Revenues in the Americas increased 12 percent over the third quarter
of fiscal 2007 to $218 million.
- Revenues in EMEA increased 27 percent over the third quarter
of fiscal 2007 to $203 million.
- Revenues in Asia Pacific increased 14 percent over the third
quarter of fiscal 2007 to $118 million.
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.
Fourth Quarter Fiscal 2008
Net revenues for the fourth quarter are expected to be between $575
million and $585 million. 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 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 $2.148
billion and $2.158 billion. Full year GAAP earnings per diluted share are
expected to be in the range of $1.50 and $1.52. Non-GAAP earnings per
diluted share are expected to be in the range of $1.89 and $1.91 and exclude
$0.28 related to stock-based compensation expense, $0.06 for the
amortization of acquisition related intangibles, $0.03 reimbursement to
employees for tax issues arising from the voluntary stock option review,
$0.01 for an investment impairment and $0.01 for in-process research and
development.
First Quarter Fiscal 2009
Net revenues for the first quarter of fiscal 2009 are expected to be in
the range of $575 million and $585 million. 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 $0.50 and $0.52 and exclude
$0.06 related to stock-based compensation expense and $0.02 for the
amortization of acquisition related intangibles.
Full Year Fiscal 2009
For fiscal year 2009, net revenues are expected to be between $2.425
billion and $2.475 billion. Full year GAAP earnings per diluted share are
expected to be in the range of $1.84 and $1.90. Non-GAAP earnings per
diluted share are expected to be in the range of $2.20 and $2.26 and exclude
$0.28 related to stock-based compensation expense and $0.08 for the
amortization of acquisition related intangibles.
See Also:
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 anticipated market trends and other
statements regarding our expected performance and results. Other factors
that could cause actual results to differ materially include the following:
general market and business conditions, our performance in particular
geographies, including emerging economies, difficulties encountered in
integrating new or acquired businesses and technologies, fluctuation in
foreign currency exchange rates, unexpected fluctuations in our tax rate,
the timing and degree of expected investments in growth opportunities,
slowing momentum in maintenance or subscription revenues, failure to achieve
sufficient sell-through in our channels for new or existing products,
pricing pressure, failure to achieve continued cost reductions and
productivity increases, failure to achieve continued migration from 2D
products to 3D products, changes in the timing of product releases and
retirements, failure of key new applications to achieve anticipated levels
of customer acceptance, failure to achieve continued success in technology
advancements, the financial and business condition of our reseller and
distribution channels, interruptions or terminations in the business of the
Company's consultants or third party developers, 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 reports on Form 10-K for
the year ended January 31, 2007 and Form 10-Q for the quarter ended July 31,
2007 which are on file with the Securities and Exchange Commission. Autodesk
does not assume 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.
Earnings Conference Call and Webcast
Autodesk will host its third quarter conference call today at 5:00 p.m.
EST. The live announcement may be accessed at
http://www.autodesk.com/investors or by dialing 866-700-0133 or
617-213-8831 (pass code: 99767233). An audio webcast or podcast of the call
will be available at 7:00 pm EST 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 EST by dialing 888-286-8010 or
617-801-6888 (pass code: 80971692).
Autodesk, Inc.
Consolidated Statements of Income
(In millions, except per share data)
Three Months Ended Nine Months Ended
October 31, October 31,
2007 2006 2007 2006
(Unaudited) (Unaudited)
Net revenues:
License and other $395.8 $346.3 $1,172.6 $1,041.2
Maintenance 142.6 110.5 400.2 301.2
Total net revenues 538.4 456.8 1,572.8 1,342.4
Cost of license and other revenues 49.7 54.5 149.8 155.6
Cost of maintenance revenues 1.9 1.8 6.3 6.4
Total cost of revenues 51.6 56.3 156.1 162.0
Gross margin 486.8 400.5 1,416.7 1,180.4
Operating Expenses:
Marketing and sales 208.9 177.1 600.1 515.0
Research and development 123.2 108.9 352.9 306.3
General and administrative 49.1 45.9 142.2 129.1
Total operating expenses 381.2 331.9 1,095.2 950.4
Income from operations 105.6 68.6 321.5 230.0
Interest and other income, net 4.4 6.0 17.6 12.3
Income before income taxes 110.0 74.6 339.1 242.3
Provision for income taxes (25.2) (16.6) (79.4) (49.0)
Net income $84.8 $58.0 $259.7 $193.3
Basic net income per share $0.37 $0.25 $1.13 $0.84
Diluted net income per share $0.35 $0.24 $1.07 $0.80
Shares used in computing basic
net income per share 229.4 230.9 230.3 230.6
Shares used in computing diluted
net income per share 239.9 242.0 242.5 243.1
Autodesk, Inc.
Condensed Consolidated Balance Sheets
(In millions)
October 31, January 31,
2007 2007
(Unaudited) (Unaudited)
ASSETS:
Current assets:
Cash and cash equivalents $828.3 $665.9
Marketable securities 44.3 112.0
Accounts receivable, net 299.2 301.3
Deferred income taxes 99.8 78.1
Prepaid expenses and other current assets 48.7 32.4
Total current assets 1,320.3 1,189.7
Computer equipment, software, furniture
and leasehold improvements, net 68.7 65.6
Purchased technologies, net 60.0 51.3
Goodwill 390.8 355.3
Deferred income taxes, net 69.3 59.8
Other assets 81.9 75.8
$1,991.0 $1,797.5
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $77.2 $61.0
Accrued compensation 121.7 120.7
Accrued income taxes 2.0 23.6
Deferred revenues 343.9 311.4
Other accrued liabilities 63.3 57.5
Total current liabilities 608.1 574.2
Deferred revenues 80.0 67.4
Long term income taxes payable 77.1 -
Other liabilities 47.0 40.9
Commitments and contingencies - -
Stockholders' equity:
Preferred stock - -
Common stock and additional paid-in
capital 987.9 908.3
Accumulated other comprehensive income (loss) 11.8 (3.6)
Retained earnings 179.1 210.3
Total stockholders' equity 1,178.8 1,115.0
$1,991.0 $1,797.5
Autodesk, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
Nine Months Ended
October 31,
2007 2006
(Unaudited)
Operating Activities
Net income $259.7 $193.3
Adjustments to reconcile net income to
net cash provided by operating activities:
Charge for acquired in-process research
and development 3.6 -
Depreciation and amortization 44.1 39.2
Stock-based compensation expense 73.1 76.0
Tax benefits from employee stock plans - 4.5
Restructuring related charges, net - 1.1
Changes in operating assets and liabilities,
net of business combinations 109.0 71.7
Net cash provided by operating activities 489.5 385.8
Investing Activities
Purchases of available-for-sale marketable
securities (727.9) (315.5)
Sales and maturities of available-
for-sale marketable securities 795.5 325.2
Business combinations, net of cash acquired (66.0) (52.5)
Acquisition of equity investment - (12.5)
Capital and other expenditures (29.1) (25.4)
Other investing activities - 2.3
Net cash used in investing activities (27.5) (78.4)
Financing activities
Proceeds from issuance of common stock,
net of issuance costs 160.7 74.1
Repurchases of common stock (463.5) (154.4)
Net cash used in financing activities (302.8) (80.3)
Effect of exchange rate changes on cash and
cash equivalents 3.2 0.6
Net increase in cash and cash equivalents 162.4 227.7
Cash and cash equivalents at beginning of year 665.9 287.2
Cash and cash equivalents at end of period $828.3 $514.9
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 Nine Months Ended
October 31, October 31,
2007 2006 2007 2006
(Unaudited) (Unaudited)
GAAP cost of license and other
revenues $49.7 $54.5 $149.8 $155.6
SFAS 123R stock-based compensation
expense (2.1) (1.9) (3.8) (4.1)
Employee tax reimbursements related
to stock option review - - (1.1) -
Amortization of developed technology (3.1) (1.7) (7.3) (4.9)
Non-GAAP cost of license and other
revenues $44.5 $50.9 $137.6 $146.6
GAAP gross margin $486.8 $400.5 $1,416.7 $1,180.4
SFAS 123R stock-based compensation
expense 2.1 1.9 3.8 4.1
Employee tax reimbursements related
to stock option review - - 1.1 -
Amortization of developed technology 3.1 1.7 7.3 4.9
Non-GAAP gross margin $492.0 $404.1 $1,428.9 $1,189.4
GAAP marketing and sales $208.9 $177.1 $600.1 $515.0
SFAS 123R stock-based compensation
expense (16.2) (15.3) (31.3) (34.0)
Employee tax reimbursements related
to stock option review - - (4.8) -
Non-GAAP marketing and sales $192.7 $161.8 $564.0 $481.0
GAAP research and development $123.2 $108.9 $352.9 $306.3
SFAS 123R stock-based compensation
expense (12.6) (11.1) (23.9) (25.0)
Employee tax reimbursements related
to stock option review - - (4.4) -
In-process research and development (2.5) - (3.6) -
Non-GAAP research and development $108.1 $97.8 $321.0 $281.3
GAAP general and administrative $49.1 $45.9 $142.2 $129.1
SFAS 123R stock-based compensation
expense (6.4) (5.9) (14.1) (12.9)
Employee tax reimbursements related
to stock option review - - (1.7) -
Litigation accrual - - - (5.0)
Amortization of customer
relationships and trademarks (2.3) (1.9) (6.2) (5.9)
Non-GAAP general and administrative $40.4 $38.1 $120.2 $105.3
GAAP operating expenses $381.2 $331.9 $1,095.2 $950.4
SFAS 123R stock-based compensation
expense (35.2) (32.3) (69.3) (71.9)
Employee tax reimbursements related
to stock option review - - (10.9) -
Litigation accrual - - - (5.0)
Amortization of customer
relationships and trademarks (2.3) (1.9) (6.2) (5.9)
In-process research and development (2.5) - (3.6) -
Non-GAAP operating expenses $341.2 $297.7 $1,005.2 $867.6
GAAP income from operations $105.6 $68.6 $321.5 $230.0
SFAS 123R stock-based compensation
expense 37.3 34.2 73.1 76.0
Employee tax reimbursements related
to stock option review - - 12.0 -
Litigation accrual - - - 5.0
Amortization of developed technology 3.1 1.7 7.3 4.9
Amortization of customer
relationships and trademarks 2.3 1.9 6.2 5.9
In-process research and development 2.5 - 3.6 -
Non-GAAP income from operations $150.8 $106.4 $423.7 $321.8
GAAP interest and other income, net $4.4 $6.0 $17.6 $12.3
Investment impairment 4.0 - 4.0 -
Non-GAAP interest and other income,
net $8.4 $6.0 $21.6 $12.3
GAAP provision for income taxes $(25.2) $(16.6) $(79.4) $(49.0)
Income tax effect on difference
between GAAP and non-GAAP total
costs and expenses at a normalized
rate (16.9) (9.5) (33.6) (23.1)
Non-GAAP provision for income taxes $(42.1) $(26.1) $(113.0) $(72.1)
GAAP net income $84.8 $58.0 $259.7 $193.3
SFAS 123R stock-based compensation
expense 37.3 34.2 73.1 76.0
Employee tax reimbursements related
to stock option review - - 12.0 -
Investment impairment 4.0 - 4.0 -
Litigation accrual - - - 5.0
Amortization of developed technology 3.1 1.7 7.3 4.9
Amortization of customer
relationships and trademarks 2.3 1.9 6.2 5.9
In-process research and development 2.5 - 3.6 -
Income tax effect on difference
between GAAP and non-GAAP total
costs and expenses at a normalized
rate (16.9) (9.5) (33.6) (23.1)
Non-GAAP net income $117.1 $86.3 $332.3 $262.0
GAAP diluted net income per share $0.35 $0.24 $1.07 $0.80
SFAS 123R stock-based compensation
expense 0.16 0.14 0.30 0.31
Employee tax reimbursements related
to stock option review - - 0.05 -
Investment impairment 0.02 - 0.02 -
Litigation accrual - - - 0.02
Amortization of developed technology 0.01 0.01 0.03 0.02
Amortization of customer
relationships and trademarks 0.01 0.01 0.02 0.02
In-process research and development 0.01 - 0.01 -
Income tax effect on difference
between GAAP and non-GAAP total
costs and expenses at a normalized
rate (0.07) (0.05) (0.14) (0.10)
Non-GAAP diluted net income per
share $0.49 $0.35 $1.36 $1.07
GAAP diluted shares used in per
share calculation 239,908 242,029 242,455 243,003
Impact of SFAS 123R
on diluted shares 1,328 1,286 1,312 1,666
Non-GAAP diluted shares used in per
share calculation 241,236 243,315 243,767 244,669
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, non-GAAP interest and
other income, net 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, investment impairment 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.
Other Supplemental Financial Information
Fiscal Year 2008 QTR 1 QTR 2 QTR 3 QTR 4 YTD 2008
Financial Statistics
(in millions):
Total net revenues $508 $526 $538 $1,573
License and other
revenues $383 $394 $396 $1,173
Maintenance revenues $125 $132 $143 $400
Gross Margin - GAAP 90% 90% 90% 90%
Gross Margin - Non-GAAP 90% 91% 91% 91%
GAAP Operating Expenses $355 $359 $381 $1,095
GAAP Operating Margin 20% 22% 20% 20%
GAAP Net Income $83 $92 $85 $260
GAAP Diluted Net
Income Per Share $0.34 $0.38 $0.35 $1.07
Non-GAAP Operating
Expenses (1)(2) $328 $336 $341 $1,005
Non-GAAP Operating
Margin (1)(3) 26% 27% 28% 27%
Non-GAAP Net
Income (1)(4) $107 $108 $117 $332
Non-GAAP Diluted
Net Income Per
Share (1)(5) $0.44 $0.44 $0.49 $1.36
Total Cash and
Marketable
Securities $964 $827 $873 $873
Days Sales Outstanding 47 48 51 51
Capital Expenditures $7 $11 $11 $29
Cash from Operations $192 $136 $161 $489
GAAP Depreciation
and Amortization $14 $15 $15 $44
Revenue by Geography
(in millions):
Americas $185 $195 $218 $598
Europe $206 $204 $203 $613
Asia/Pacific $117 $127 $118 $362
Revenue by Division
(in millions):
Design Solutions
Segment $445 $459 $468 $1,372
Platform Solutions
and Emerging
Business Division $251 $241 $242 $734
Architecture,
Engineering and
Construction
Division $100 $119 $124 $343
Manufacturing
Solutions Division $94 $99 $102 $295
Media and Entertainment
Segment $59 $62 $67 $188
Other $4 $5 $4 $13
Other Revenue
Statistics:
% of Total Rev from
AutoCAD, AutoCAD
upgrades and AutoCAD LT 43% 38% 37% 39%
% of Total Rev from
3D design products 21% 23% 24% 23%
% of Total Rev from
Emerging Economies 14% 15% 17% 16%
Upgrade Revenue
(in millions) $71 $46 $43 $160
Deferred Maintenance
Revenue (in millions):
Deferred Maintenance
Revenue Balance $343 $356 $366 $366
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 $16 $47
FX Impact on Total
Operating Expenses $(5) $(5) $(5) $(15)
FX Impact on
Total Net Income $14 $7 $11 $32
Operating Income
(Loss) by Segment
(in millions):
Design Solutions $190 $198 $207 $595
Media and
Entertainment $21 $22 $24 $67
Unallocated amounts $(109) $(106) $(125) $(340)
Common Stock
Statistics:
GAAP Shares
Outstanding 231,166,000 229,331,000 230,416,000 230,416,000
GAAP Fully
Diluted Shares
Outstanding 243,848,000 242,986,000 239,908,000 242,455,000
Shares
Repurchased - 7,062,000 3,001,000 10,063,000
Installed Base
Statistics:
Total AutoCAD-
based Installed
Base 4,162,000 4,213,000 4,268,000 4,268,000
Total Inventor
Installed Base 699,000 722,000 747,000 747,000
Total Subscription
Installed Base 1,295,000 1,329,000 1,387,000 1,387,000
Fiscal Year 2008 QTR 1 QTR 2 QTR 3 QTR 4 YTD 2008
(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, non-GAAP interest
and other income, net 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, investment impairment 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 $381 $1,095
Stock-based
compensation expense (14) (20) (35) (69)
Tax impact of stock
option review (11) - - (11)
Amortization of
customer
relationships
and trademarks (2) (2) (2) (6)
In-process research
and development - (1) (3) (4)
Non-GAAP Operating
Expenses $328 $336 $341 $1,005
(3) GAAP Operating
Margin 20% 22% 20% 20%
Stock-based
compensation expense 3% 4% 7% 5%
Tax impact of stock
option review 2% 0% 0% 1%
Amortization
of developed
technology 1% 0% 1% 1%
Amortization of
customer
relationships and
trademarks 0% 1% 0% 0%
In-process research
and development 0% 0% 1% 0%
Non-GAAP Operating
Margin 26% 27% 28% 27%
(4) GAAP Net Income $83 $92 $85 $260
Stock-based
compensation
expense 15 21 37 73
Tax impact of stock
option review 12 - - 12
Investment
impairment - - 4 4
Amortization
of developed
technology 2 2 3 7
Amortization of
customer
relationships and
trademarks 2 2 2 6
In-process research
and development - 1 3 4
Income tax effect on
difference between
GAAP and non-GAAP
total costs and
expenses at the
normalized rate (7) (10) (17) (34)
Non-GAAP Net
Income $107 $108 $117 $332
(5) GAAP Diluted
Net Income Per
Share $0.34 $0.38 $0.35 $1.07
Stock-based
compensation
expense 0.06 0.09 0.16 0.30
Tax impact of
stock option
review 0.05 - - 0.05
Investment
impairment - - 0.02 0.02
Amortization
of developed
technology 0.01 0.01 0.01 0.03
Amortization
of customer
relationships
and trademarks 0.01 - 0.01 0.02
In-process
research and
development - - 0.01 0.01
Income tax effect
on difference
between GAAP and
non-GAAP total
costs and expenses
at the normalized
rate (0.03) (0.04) (0.07) (0.14)
Non-GAAP Diluted
Net Income Per
Share $0.44 $0.44 $0.49 $1.36
SOURCE: Autodesk, Inc.
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 1000 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.
--------
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