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(1) During the quarter ended April 30, 2024, the Company changed its presentation of the amortization of costs capitalized to obtain a contract with a customer in our Condensed Consolidated Statements of Cash Flows. Amortization of costs capitalized to obtain a contract with a customer were previously presented in "Changes in operating assets and liabilities, net of business combinations" and are now presented in "Adjustments to reconcile net income to net cash provided by operating activities." Accordingly, prior period amounts have been reclassified to conform to the current period presentation. These reclassifications did not impact total net cash provided by operating activities. The effect of the change on the Condensed Consolidated Statement of Cash Flows for the six months ended July 31, 2023 was $63 million. |
Autodesk, Inc |
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Reconciliation of GAAP financial measures to non-GAAP financial measures | |||||||
(In millions, except per share data) |
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To supplement our condensed consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP
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There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and
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The following table shows Autodesk's GAAP results reconciled to non-GAAP results included in this release | |||||||
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| Three Months Ended July 31, |
| Six Months Ended July 31, | ||||
| 2024 |
| 2023 |
| 2024 |
| 2023 |
| (Unaudited) |
| (Unaudited) | ||||
GAAP operating margin | 23 % |
| 19 % |
| 22 % |
| 18 % |
Stock-based compensation expense | 11 % |
| 15 % |
| 11 % |
| 14 % |
Amortization of developed technologies | 1 % |
| 1 % |
| 1 % |
| 1 % |
Amortization of purchased intangibles | 1 % |
| 1 % |
| 1 % |
| 1 % |
Acquisition-related costs | 1 % |
| — % |
| 1 % |
| — % |
Lease-related asset impairments and other charges | — % |
| 1 % |
| — % |
| — % |
Non-GAAP operating margin (1) | 37 % |
| 36 % |
| 36 % |
| 34 % |
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GAAP income from operations | $ 343 |
| $ 262 |
| $ 642 |
| $ 479 |
Stock-based compensation expense | 170 |
| 197 |
| 319 |
| 362 |
Amortization of developed technologies | 21 |
| 11 |
| 37 |
| 20 |
Amortization of purchased intangibles | 13 |
| 10 |
| 24 |
| 20 |
Acquisition-related costs | 13 |
| 2 |
| 28 |
| 5 |
Lease-related asset impairments and other charges | — |
| 7 |
| — |
| 7 |
Non-GAAP income from operations | $ 560 |
| $ 489 |
| $ 1,050 |
| $ 893 |
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GAAP diluted net income per share | $ 1.30 |
| $ 1.03 |
| $ 2.46 |
| $ 1.77 |
Stock-based compensation expense | 0.78 |
| 0.92 |
| 1.47 |
| 1.68 |
Amortization of developed technologies | 0.10 |
| 0.05 |
| 0.17 |
| 0.09 |
Amortization of purchased intangibles | 0.06 |
| 0.05 |
| 0.11 |
| 0.09 |
Acquisition-related costs | 0.06 |
| 0.01 |
| 0.13 |
| 0.02 |
Lease-related asset impairments and other charges | — |
| 0.03 |
| — |
| 0.03 |
Loss on strategic investments and dispositions, net | 0.03 |
| 0.07 |
| 0.03 |
| 0.07 |
Establishment of valuation allowance on deferred tax assets | — |
| — |
| 0.02 |
| — |
Discrete GAAP tax items | 0.01 |
| (0.09) |
| (0.06) |
| (0.12) |
Income tax effect of non-GAAP adjustments | (0.19) |
| (0.16) |
| (0.32) |
| (0.19) |
Non-GAAP diluted net income per share | $ 2.15 |
| $ 1.91 |
| $ 4.01 |
| $ 3.44 |
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Net cash provided by operating activities | $ 212 |
| $ 135 |
| $ 706 |
| $ 858 |
Capital expenditures | (9) |
| (7) |
| (16) |
| (16) |
Free cash flow | $ 203 |
| $ 128 |
| $ 690 |
| $ 842 |