Autodesk Reports Record Fourth Quarter Revenue

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Autodesk, Inc.
Condensed Consolidated Statements of Operations
(In millions, except per share data)

	Three Months Ended January 31,						Twelve Months Ended January 31,
	2013			2012			2013			2012
	(Unaudited)			(Unaudited)			(Unaudited)
Net revenue:
License and other	$	372.0		$	370.2		$	1,390.6		$	1,357.6
Maintenance	234.9			222.2			921.6			858.0
Total net revenue	606.9			592.4			2,312.2			2,215.6
Cost of revenue:
Cost of license and other revenue	52.4			48.3			198.1			187.1
Cost of maintenance revenue	9.6			9.2			40.4			42.0
Total cost of revenue	62.0			57.5			238.5			229.1
Gross profit	544.9			534.9			2,073.7			1,986.5
Operating expenses:
Marketing and sales	236.0			233.5			875.5			842.6
Research and development	149.4			149.5			600.0			566.5
General and administrative	67.7			60.1			248.4			223.1
Restructuring charges (benefits), net	7.2			—			43.9			(1.3		)
Total operating expenses	460.3			443.1			1,767.8			1,630.9
Income from operations	84.6			91.8			305.9			355.6
Interest and other income, net	1.5			1.1			4.1			7.3
Income before income taxes	86.1			92.9			310.0			362.9
Provision for income taxes	(11.6		)	(20.9		)	(62.6		)	(77.6		)
Net income	$	74.5		$	72.0		$	247.4		$	285.3
Basic net income per share	$	0.33		$	0.32		$	1.09		$	1.25
Diluted net income per share	$	0.32		$	0.31		$	1.07		$	1.22
Weighted average shares used in computing basic net income per share	224.1			226.1			226.4			227.7
Weighted average shares used in computing diluted net income per share	229.6			231.5			231.7			233.3


Autodesk, Inc.
Condensed Consolidated Balance Sheets
(In millions)

	January 31,			January 31,
	2013			2012
	(Unaudited)

ASSETS
Current assets:
Cash and cash equivalents	$	1,612.2		$	1,156.9
Marketable securities	342.1			254.4
Accounts receivable, net	495.1			395.1
Deferred income taxes	42.2			30.1
Prepaid expenses and other current assets	60.8			59.4
Total current assets	2,552.4			1,895.9
Marketable securities	411.1			192.8
Computer equipment, software, furniture and leasehold improvements, net	114.9			104.5
Purchased technologies, net	76.0			84.6
Goodwill	871.5			682.4
Deferred income taxes, net	122.8			135.8
Other assets	159.7			131.8
	$	4,308.4		$	3,227.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	94.2		$	89.3
Accrued compensation	189.6			183.9
Accrued income taxes	13.9			14.4
Deferred revenue	647.0			582.3
Other accrued liabilities	99.0			84.2
Total current liabilities	1,043.7			954.1
Deferred revenue	187.6			136.9
Long term income taxes payable	194.2			174.8
Long term notes payable, net of discount	745.6			—
Other liabilities	94.1			79.1
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—			—
Common stock and additional paid-in capital	1,449.8			1,365.4
Accumulated other comprehensive (loss) income	(5.7		)	5.9
Retained earnings	599.1			511.6
Total stockholders’ equity	2,043.2			1,882.9
	$	4,308.4		$	3,227.8


Autodesk, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)

	Twelve Months Ended January 31,
	2013			2012
	(Unaudited)
Operating activities:
Net income	$	247.4		$	285.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	127.8			115.5
Stock-based compensation expense	156.3			108.8
Excess tax benefits from stock-based compensation	(12.9		)	(31.5		)
Restructuring charges (benefits), net	43.9			(1.3		)
Other operating activities	6.7			(0.3		)
Changes in operating assets and liabilities, net of business combinations	(10.1		)	97.0
Net cash provided by operating activities	559.1			573.5
Investing activities:
Purchases of marketable securities	(1,397.7		)	(614.2		)
Sales of marketable securities	332.9			149.5
Maturities of marketable securities	764.8			409.6
Capital expenditures	(56.4		)	(63.0		)
Acquisitions, net of cash acquired	(263.7		)	(221.7		)
Other investing activities	(27.1		)	(30.5		)
Net cash used in investing activities	(647.2		)	(370.3		)
Financing activities:
Proceeds from issuance of common stock, net of issuance costs	220.2			176.1
Repurchases of common stock	(431.2		)	(327.4		)
Draws on line of credit	110.0			—
Proceeds from debt, net of discount	745.6			—
Repayments of line of credit	(110.0		)	—
Excess tax benefits from stock-based compensation	12.9			31.5
Other financing activities	(6.1		)	—
Net cash provided by (used in) financing activities	541.4			(119.8		)
Effect of exchange rate changes on cash and cash equivalents	2.0			(1.6		)
Net increase in cash and cash equivalents	455.3			81.8
Cash and cash equivalents at beginning of fiscal year	1,156.9			1,075.1
Cash and cash equivalents at end of fiscal year	$	1,612.2		$	1,156.9

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