AUTODESK, INC. ANNOUNCES FISCAL 2025 SECOND QUARTER RESULTS

 

____________________

(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








Reconciliation of GAAP financial measures to non-GAAP financial measures

(In millions, except per share data)













To supplement our condensed consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP
measures including non-GAAP operating margin, non-GAAP income from operations, non-GAAP diluted net income per share, and free cash flow.
For our internal budgeting and resource allocation process and as a means to evaluate period-to-period comparisons, we use non-GAAP measures
to supplement our condensed consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain
items that may have a material impact upon our future reported financial results. We use non-GAAP measures in making operating decisions
because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for
management by excluding certain expenses and charges that may not be indicative of our core business operating results.  For the reasons set forth
below, we believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to
key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the
analyst community to help them analyze the health of our business. This allows investors and others to better understand and evaluate our
operating results and future prospects in the same manner as management, compare financial results across accounting periods and to those of
peer companies and to better understand the long-term performance of our core business. We also use some of these measures for purposes of
determining company-wide incentive compensation


There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP 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. In addition, they are subject to inherent limitations as
they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. We compensate
for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in
our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for or in
isolation from, the directly comparable financial measures prepared in accordance with GAAP. We urge investors to review the reconciliation of our
non-GAAP financial measures to the comparable GAAP financial measures included in this presentation, and not to rely on any single financial
measure to evaluate our business









The following table shows Autodesk's GAAP results reconciled to non-GAAP results included in this release






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 %









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









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









Net cash provided by operating activities

$                212


$            135


$            706


$           858

Capital expenditures

(9)


(7)


(16)


(16)

Free cash flow

$                203


$            128


$            690


$           842


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