Autodesk Reports Strong Third Quarter Results
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(1) Effective in second quarter of fiscal 2015, Autodesk elected to
present amortization of purchased customer relationships, trade
names, patents, and user lists as a separate line item within
operating expenses. As a result, amortization previously reflected
in “General and Administrative” expense was reclassified to
“Amortization of Purchased Intangibles" within Operating Expenses.
Prior period amounts have been revised to conform to the current
period presentation.
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Autodesk, Inc.
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Condensed Consolidated Balance Sheets
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(In millions)
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October 31, 2014
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January 31, 2014
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(Unaudited)
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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1,345.0
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$
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1,853.0
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Marketable securities
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556.4
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414.1
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Accounts receivable, net
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375.7
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423.7
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Deferred income taxes, net
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80.7
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56.8
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Prepaid expenses and other current assets
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100.9
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87.4
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Total current assets
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2,458.7
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2,835.0
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Marketable securities
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255.5
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277.3
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Computer equipment, software, furniture and leasehold improvements,
net
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160.4
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130.3
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Developed technologies, net
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97.2
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63.1
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Goodwill
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1,474.1
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1,009.9
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Deferred income taxes, net
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97.7
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131.1
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Other assets
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193.2
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148.3
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Total assets
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$
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4,736.8
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$
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4,595.0
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$
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99.1
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$
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84.5
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Accrued compensation
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195.3
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181.2
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Accrued income taxes
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38.3
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24.3
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Deferred revenue
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775.1
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696.2
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Other accrued liabilities
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85.5
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85.3
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Total current liabilities
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1,193.3
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1,071.5
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Deferred revenue
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231.1
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204.4
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Long term income taxes payable
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182.0
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211.8
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Long term notes payable, net of discount
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747.0
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746.4
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Other liabilities
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114.9
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99.4
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Stockholders’ equity:
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Preferred stock
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—
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—
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Common stock and additional paid-in capital
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1,731.2
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1,637.3
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Accumulated other comprehensive (loss)
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(1.3
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(0.6
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Retained earnings
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538.6
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624.8
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Total stockholders’ equity
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2,268.5
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2,261.5
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Total liabilities and stockholders' equity
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$
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4,736.8
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$
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4,595.0
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Autodesk, Inc.
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Condensed Consolidated Statements of Cash Flows
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(In millions)
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Nine Months Ended October 31,
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2014
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2013
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(Unaudited)
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Operating activities:
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Net income
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$
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70.3
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$
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174.9
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Adjustments to reconcile net income to net cash provided by
operating activities:
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Depreciation, amortization and accretion
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109.9
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95.7
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Stock-based compensation expense
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116.5
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96.1
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Excess tax benefits from stock-based compensation
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—
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0.8
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Restructuring charges, net
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3.1
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6.5
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Other operating activities
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9.5
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(3.1
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Changes in operating assets and liabilities, net of business
combinations
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141.6
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9.1
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Net cash provided by operating activities
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450.9
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380.0
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Investing activities:
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Purchases of marketable securities
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(899.0
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(969.8
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Sales of marketable securities
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160.7
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329.9
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Maturities of marketable securities
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623.2
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395.1
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Capital expenditures
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(60.0
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(55.0
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Acquisitions, net of cash acquired
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(603.8
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(68.0
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Other investing activities
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1.2
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(15.7
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Net cash used in investing activities
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(777.7
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(383.5
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Financing activities:
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Proceeds from issuance of common stock, net of issuance costs
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129.6
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183.4
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Repurchase and retirement of common stock
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(307.6
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(318.7
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Excess tax benefits from stock-based compensation
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—
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(0.8
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Other financing activities
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(1.7
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—
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Net cash used in financing activities
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(179.7
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(136.1
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Effect of exchange rate changes on cash and cash equivalents
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(1.5
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0.8
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Net decrease in cash and cash equivalents
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(508.0
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(138.8
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Cash and cash equivalents at beginning of fiscal year
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1,853.0
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1,612.2
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Cash and cash equivalents at end of period
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$
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1,345.0
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$
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1,473.4
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