About Autodesk
Autodesk, Inc., is a leader in 3D design, engineering and entertainment software. Customers across the manufacturing, architecture, building, construction, and media and entertainment industries – including the last 15 Academy Award winners for Best Visual Effects – use Autodesk software to design, visualize, and simulate their ideas. Since its introduction of AutoCAD software in 1982, Autodesk continues to develop the broadest portfolio of state-of-the-art software for global markets. For additional information about Autodesk, visit www.autodesk.com.
Autodesk and AutoCAD are registered trademarks or trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. Academy Award is a registered trademark of the Academy of Motion Picture Arts and Sciences. All other brand names, product names, or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document. © 2010 Autodesk, Inc. All rights reserved.
| Autodesk, Inc. | |||||||||||||||||||||
| Consolidated Statements of Operations | |||||||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||
| October 31, | October 31, | ||||||||||||||||||||
| 2010 | 2009 | 2010 | 2009 | ||||||||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||||||||
| Net revenue: | |||||||||||||||||||||
| License and other | $ | 282.0 | $ | 236.1 | $ | 842.5 | $ | 710.7 | |||||||||||||
| Maintenance | 194.7 | 180.8 | 581.6 | 546.9 | |||||||||||||||||
| Total net revenue | 476.7 | 416.9 | 1,424.1 | 1,257.6 | |||||||||||||||||
| Cost of revenue: | |||||||||||||||||||||
| Cost of license and other revenue | 40.3 | 41.7 | 122.0 | 130.6 | |||||||||||||||||
| Cost of maintenance revenue | 8.2 | 3.3 | 26.2 | 16.8 | |||||||||||||||||
| Total cost of revenue |
48.5 |
45.0 | 148.2 | 147.4 | |||||||||||||||||
| Gross profit | 428.2 | 371.9 | 1,275.9 | 1,110.2 | |||||||||||||||||
| Operating expenses: | |||||||||||||||||||||
| Marketing and sales | 185.1 | 180.3 | 549.1 | 540.6 | |||||||||||||||||
| Research and development | 122.8 | 109.3 | 369.3 | 340.7 | |||||||||||||||||
| General and administrative | 51.1 | 51.1 | 148.7 | 150.6 | |||||||||||||||||
| Restructuring charges | - | 4.9 | 9.0 | 47.8 | |||||||||||||||||
| Impairment of goodwill | - | - | - | 21.0 | |||||||||||||||||
| Total operating expenses | 359.0 | 345.6 | 1,076.1 | 1,100.7 | |||||||||||||||||
| Income from operations | 69.2 | 26.3 | 199.8 | 9.5 | |||||||||||||||||
| Interest and other income (expense), net | 2.5 | 5.7 | (0.8 | ) | 16.5 | ||||||||||||||||
| Income before income taxes | 71.7 | 32.0 | 199.0 | 26.0 | |||||||||||||||||
| Provision for income taxes | (18.1 | ) | (2.5 | ) | (48.6 | ) | (18.1 | ) | |||||||||||||
| Net income | $ | 53.6 | $ | 29.5 | $ | 150.4 | $ | 7.9 | |||||||||||||
| Basic net income per share | $ | 0.24 | $ | 0.13 | $ | 0.66 | $ | 0.03 | |||||||||||||
| Diluted net income per share | $ | 0.23 | $ | 0.13 | $ | 0.64 | $ | 0.03 | |||||||||||||
| Shares used in computing basic | |||||||||||||||||||||
| net income per share | 226.5 | 229.6 | 227.9 | 228.5 | |||||||||||||||||
| Shares used in computing diluted | |||||||||||||||||||||
| net income per share | 232.4 | 232.9 | 233.4 | 231.1 | |||||||||||||||||
| Autodesk, Inc. | ||||||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||||||
| (In millions) | ||||||||||||||
| October 31, | January 31, | |||||||||||||
| 2010 | 2010 | |||||||||||||
| (Unaudited) | ||||||||||||||
| ASSETS: | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 904.3 | $ | 838.7 | ||||||||||
| Marketable securities | 232.5 | 161.9 | ||||||||||||
| Accounts receivable, net | 240.1 | 277.4 | ||||||||||||
| Deferred income taxes | 44.7 | 44.2 | ||||||||||||
| Prepaid expenses and other current assets | 49.2 | 57.4 | ||||||||||||
| Total current assets | 1,470.8 | 1,379.6 | ||||||||||||
| Marketable securities | 199.8 | 125.6 | ||||||||||||
| Computer equipment, software, furniture and leasehold improvements, net | 84.8 | 101.6 | ||||||||||||
| Purchased technologies, net | 65.3 | 88.0 | ||||||||||||
| Goodwill | 549.7 | 542.9 | ||||||||||||
| Deferred income taxes, net | 107.7 | 101.9 | ||||||||||||
| Other assets | 103.0 | 107.6 | ||||||||||||
| $ | 2,581.1 | $ | 2,447.2 | |||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 86.1 | $ | 67.8 | ||||||||||
| Accrued compensation | 131.4 | 115.6 | ||||||||||||
| Accrued income taxes | 28.3 | 8.4 | ||||||||||||
| Deferred revenue | 430.0 | 444.6 | ||||||||||||
| Other accrued liabilities | 58.9 | 67.6 | ||||||||||||
| Total current liabilities | 734.7 | 704.0 | ||||||||||||
| Deferred revenue | 77.1 | 71.9 | ||||||||||||
| Long term income taxes payable | 139.2 | 127.2 | ||||||||||||
| Other liabilities | 74.0 | 70.6 | ||||||||||||
| Commitments and contingencies | ||||||||||||||
| Stockholders' equity: | ||||||||||||||
| Preferred stock | - | - | ||||||||||||
| Common stock and additional paid-in capital | 1,242.1 | 1,204.3 | ||||||||||||
| Accumulated other comprehensive income (loss) | (4.0 | ) | (3.5 | ) | ||||||||||
| Retained earnings | 318.0 | 272.7 | ||||||||||||
| Total stockholders' equity | 1,556.1 | 1,473.5 | ||||||||||||
| $ | 2,581.1 | $ | 2,447.2 | |||||||||||
| Autodesk, Inc. | |||||||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||||||
| (In millions) | |||||||||||||||
| Nine Months Ended | |||||||||||||||
| October 31, | |||||||||||||||
| 2010 | 2009 | ||||||||||||||
| (Unaudited) | |||||||||||||||
| Operating activities: | |||||||||||||||
| Net income | $ | 150.4 | $ | 7.9 | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 79.6 | 84.4 | |||||||||||||
| Stock-based compensation expense | 62.3 | 74.7 | |||||||||||||
| Impairment of goodwill | - | 21.0 | |||||||||||||
| Restructuring charges, net | 9.0 | 47.8 | |||||||||||||
|
Gain on disposition of assets |
- | (2.3 | ) | ||||||||||||
| Changes in operating assets and liabilities,
net of business combinations |
63.6 | (112.3 | ) | ||||||||||||
| Net cash provided by operating activities | 364.9 | 121.2 | |||||||||||||
| Investing activities: | |||||||||||||||
| Purchases of marketable securities | (425.8 | ) | (409.9 | ) | |||||||||||
| Sales of marketable securities | 85.9 | 8.1 | |||||||||||||
| Maturities of marketable securities | 201.3 | 126.5 | |||||||||||||
| Capital expenditures | (18.1 | ) | (30.2 | ) |
|
||||||||||
| Purchases of equity investments | (3.5 | ) | (10.0 | ) | |||||||||||
| Business combinations, net of cash acquired | (8.5 | ) | (3.6 | ) | |||||||||||
| Other investing activities | (0.5 | ) | - | ||||||||||||
| Net cash used in investing activities | (169.2 | ) | (319.1 | ) | |||||||||||
| Financing activities: | |||||||||||||||
| Proceeds from issuance of common stock, net of issuance costs | 76.4 | 67.5 | |||||||||||||
| Repurchases of common stock | (204.1 | ) | (39.4 | ) | |||||||||||
| Draws on line of credit | - | 2.2 | |||||||||||||
| Repayments of line of credit | - | (54.3 | ) | ||||||||||||
| Net cash used in financing activities | (127.7 | ) | (24.0 | ) | |||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (2.4 | ) | 2.8 | ||||||||||||
| Net increase (decrease) in cash and cash equivalents | 65.6 | (219.1 | ) | ||||||||||||
| Cash and cash equivalents at beginning of fiscal year | 838.7 | 917.6 | |||||||||||||
| Cash and cash equivalents at end of period | $ | 904.3 | $ | 698.5 | |||||||||||
| Autodesk, Inc. | ||||||||||||||||||||||||
| Reconciliation of GAAP financial measures to non-GAAP financial measures | ||||||||||||||||||||||||
| (In millions, except per share data) | ||||||||||||||||||||||||
|
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 revenue, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP income from operations 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, amortization of purchased intangibles, restructuring charges, goodwill impairment, establishment of a valuation allowance on certain deferred tax assets and related 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. |
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|
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. |
||||||||||||||||||||||||
| 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, | |||||||||||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||||||||||
| GAAP cost of license and other revenue | $ | 40.3 | $ | 41.7 | $ | 122.0 | $ | 130.6 | ||||||||||||||||
| Stock-based compensation expense | (0.6 | ) | (1.1 | ) | (2.1 | ) | (2.4 | ) | ||||||||||||||||
| Amortization of developed technology | (8.4 | ) | (8.7 | ) | (23.8 | ) | (25.3 | ) | ||||||||||||||||
| Non-GAAP cost of license and other revenue | $ | 31.3 | $ | 31.9 | $ | 96.1 | $ | 102.9 | ||||||||||||||||
| GAAP gross profit | $ | 428.2 | $ | 371.9 | $ | 1,275.9 | $ | 1,110.2 | ||||||||||||||||
| Stock-based compensation expense | 0.6 | 1.1 | 2.1 | 2.4 | ||||||||||||||||||||
| Amortization of developed technology | 8.4 | 8.7 | 23.8 | 25.3 | ||||||||||||||||||||
| Non-GAAP gross profit | $ | 437.2 | $ | 381.7 | $ | 1,301.8 | $ | 1,137.9 | ||||||||||||||||
| GAAP marketing and sales | $ | 185.1 | $ | 180.3 | $ | 549.1 | $ | 540.6 | ||||||||||||||||
| Stock-based compensation expense | (7.6 | ) | (13.5 | ) | (27.4 | ) | (32.5 | ) | ||||||||||||||||
| Non-GAAP marketing and sales | $ | 177.5 | $ | 166.8 | $ | 521.7 | $ | 508.1 | ||||||||||||||||
| GAAP research and development | $ | 122.8 | $ | 109.3 | $ | 369.3 | $ | 340.7 | ||||||||||||||||
| Stock-based compensation expense | (5.7 | ) | (9.5 | ) | (21.2 | ) | (23.7 | ) | ||||||||||||||||
| Non-GAAP research and development | $ | 117.1 | $ | 99.8 | $ | 348.1 | $ | 317.0 | ||||||||||||||||
| GAAP general and administrative | $ | 51.1 | $ | 51.1 | $ | 148.7 | $ | 150.6 | ||||||||||||||||
| Stock-based compensation expense | (3.1 | ) | (6.2 | ) | (11.6 | ) | (16.1 | ) | ||||||||||||||||
| Amortization of customer relationships and
trade names |
(5.7 | ) | (6.4 | ) | (17.8 | ) | (19.5 | ) | ||||||||||||||||
| Non-GAAP general and administrative | $ | 42.3 | $ | 38.5 | $ | 119.3 | $ | 115.0 | ||||||||||||||||
| GAAP impairment of goodwill | $ | - | $ | - | $ | - | $ | 21.0 | ||||||||||||||||
| Impairment of goodwill | - | - | - | (21.0 | ) | |||||||||||||||||||
| Non-GAAP impairment of goodwill | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
| GAAP restructuring charges | $ | - | $ | 4.9 | $ | 9.0 | $ | 47.8 | ||||||||||||||||
| Restructuring charges | - | (4.9 | ) | (9.0 | ) | (47.8 | ) | |||||||||||||||||
| Non-GAAP restructuring charges | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
| GAAP operating expenses | $ | 359.0 | $ | 345.6 | $ | 1,076.1 | $ | 1,100.7 | ||||||||||||||||
| Stock-based compensation expense | (16.4 | ) | (29.2 | ) | (60.2 | ) | (72.3 | ) | ||||||||||||||||
| Amortization of customer relationships and
trade names |
(5.7 | ) | (6.4 | ) | (17.8 | ) | (19.5 | ) | ||||||||||||||||
| Impairment of goodwill | - | - | - | (21.0 | ) | |||||||||||||||||||
| Restructuring charges | - | (4.9 | ) | (9.0 | ) | (47.8 | ) | |||||||||||||||||
| Non-GAAP operating expenses | $ | 336.9 | $ | 305.1 | $ | 989.1 | $ | 940.1 | ||||||||||||||||
| GAAP income from operations | $ | 69.2 | $ | 26.3 | $ | 199.8 | $ | 9.5 | ||||||||||||||||
| Stock-based compensation expense | 17.0 | 30.3 | 62.3 | 74.7 | ||||||||||||||||||||
| Amortization of developed technology | 8.4 | 8.7 | 23.8 | 25.3 | ||||||||||||||||||||
| Amortization of customer relationships and
trade names |
5.7 | 6.4 | 17.8 | 19.5 | ||||||||||||||||||||
| Impairment of goodwill | - | - | - | 21.0 | ||||||||||||||||||||
| Restructuring charges | - | 4.9 | 9.0 | 47.8 | ||||||||||||||||||||
| Non-GAAP income from operations | $ | 100.3 | $ | 76.6 | $ | 312.7 | $ | 197.8 | ||||||||||||||||
| GAAP provision for income taxes | $ | (18.1 | ) | $ | (2.5 | ) | $ | (48.6 | ) | $ | (18.1 | ) | ||||||||||||
| Establishment of valuation allowance on
deferred tax assets |
- | - | - | 21.0 | ||||||||||||||||||||
| Discrete GAAP tax provision items (1) | 0.3 | (7.8 | ) | (1.3 | ) | (9.4 | ) | |||||||||||||||||
| Income tax effect of non-GAAP adjustments | (10.0 | ) | (10.7 | ) | (34.3 | ) | (48.0 | ) | ||||||||||||||||
| Non-GAAP provision for income tax | $ | (27.8 | ) | $ | (21.0 | ) | $ | (84.2 | ) | $ | (54.5 | ) | ||||||||||||
| GAAP net income | $ | 53.6 | $ | 29.5 | $ | 150.4 | $ | 7.9 | ||||||||||||||||
| Stock-based compensation expense | 17.0 | 30.3 | 62.3 | 74.7 | ||||||||||||||||||||
| Amortization of developed technology | 8.4 | 8.7 | 23.8 | 25.3 | ||||||||||||||||||||
| Amortization of customer relationships and
trade names |
5.7 | 6.4 | 17.8 | 19.5 | ||||||||||||||||||||
| Impairment of goodwill | - | - | - | 21.0 | ||||||||||||||||||||
| Restructuring charges | - | 4.9 | 9.0 | 47.8 | ||||||||||||||||||||
| Establishment of valuation allowance on
deferred tax assets |
- | - | - | 21.0 | ||||||||||||||||||||
| Discrete GAAP tax provision items (1) | 0.3 | (7.8 | ) | (1.3 | ) | (9.4 | ) | |||||||||||||||||
| Income tax effect of non-GAAP adjustments | (10.0 | ) | (10.7 | ) | (34.3 | ) | (48.0 | ) | ||||||||||||||||
| Non-GAAP net income | $ | 75.0 | $ | 61.3 | $ | 227.7 | $ | 159.8 | ||||||||||||||||
| GAAP diluted net income per share | $ | 0.23 | $ | 0.13 | $ | 0.64 | $ | 0.03 | ||||||||||||||||
| Stock-based compensation expense | 0.07 | 0.13 | 0.26 | 0.33 | ||||||||||||||||||||
| Amortization of developed technology | 0.04 | 0.04 | 0.10 | 0.11 | ||||||||||||||||||||
| Amortization of customer relationships and
trade names |
0.02 | 0.02 | 0.08 | 0.08 | ||||||||||||||||||||
| Impairment of goodwill | - | - | - | 0.09 | ||||||||||||||||||||
| Restructuring charges | - | 0.02 | 0.04 | 0.21 | ||||||||||||||||||||
| Establishment of valuation allowance on
deferred tax assets |
- | - | - | 0.09 | ||||||||||||||||||||
| Discrete GAAP tax provision items (1) | - | (0.03 | ) | (0.01 | ) | (0.03 | ) | |||||||||||||||||
| Income tax effect of non-GAAP adjustments | (0.04 | ) | (0.05 | ) | (0.14 | ) | (0.22 | ) | ||||||||||||||||
| Non-GAAP diluted net income per share | $ | 0.32 | $ | 0.26 | $ | 0.97 | $ | 0.69 | ||||||||||||||||
| (1) Effective in the second quarter of fiscal 2011, Autodesk began excluding certain discrete GAAP tax provision items for purposes of its non-GAAP financial measures. Prior period non-GAAP income tax expense amounts have been revised to conform to the current period presentation. | ||||||||||||||||||||||||
| Other Supplemental Financial Information (a) | ||||||||||||||||||||||||||||
| Fiscal Year 2011 | QTR 1 | QTR 2 | QTR 3 | QTR 4 | YTD 2011 | |||||||||||||||||||||||
| Financial Statistics ($ in millions, except per share data): | ||||||||||||||||||||||||||||
| Total Net Revenue | $ | 475 | $ | 473 | $ | 477 | $ | 1,424 | ||||||||||||||||||||
| License and Other Revenue | $ | 280 | $ | 281 | $ | 282 | $ | 842 | ||||||||||||||||||||
| Maintenance Revenue | $ | 195 | $ | 192 | $ | 195 | $ | 582 | ||||||||||||||||||||
| GAAP Gross Margin | 89 | % | 90 | % | 90 | % | 90 | % | ||||||||||||||||||||
| Non-GAAP Gross Margin (1)(2) | 91 | % | 92 | % | 92 | % | 91 | % | ||||||||||||||||||||
| GAAP Operating Expenses | $ | 373 | $ | 345 | $ | 359 | $ | 1,076 | ||||||||||||||||||||
| GAAP Operating Margin | 11 | % | 17 | % | 15 | % | 14 | % | ||||||||||||||||||||
| GAAP Net Income | $ | 37 | $ | 60 | $ | 54 | $ | 150 | ||||||||||||||||||||
| GAAP Diluted Net Income Per Share | $ | 0.16 | $ | 0.25 | $ | 0.23 | $ | 0.64 | ||||||||||||||||||||
| Non-GAAP Operating Expenses (1)(3) | $ | 336 | $ | 317 | $ | 337 | $ | 989 | ||||||||||||||||||||
| Non-GAAP Operating Margin (1)(4) | 20 | % | 25 | % | 21 | % | 22 | % | ||||||||||||||||||||
| Non-GAAP Net Income (1)(5) | $ | 68 | $ | 85 | $ | 75 | $ | 228 | ||||||||||||||||||||
| Non-GAAP Diluted Net Income Per Share (1)(6) | $ | 0.29 | $ | 0.36 | $ | 0.32 | $ | 0.97 | ||||||||||||||||||||
| Total Cash and Marketable Securities | $ | 1,239 | $ | 1,271 | $ | 1,337 | $ | 1,337 | ||||||||||||||||||||
| Days Sales Outstanding | 42 | 44 | 46 | 46 | ||||||||||||||||||||||||
| Capital Expenditures | $ | 6 | $ | 5 | $ | 7 | $ | 18 | ||||||||||||||||||||
|
Cash Flow from Operating Activities |
$ | 139 | $ | 112 | $ | 114 | $ | 365 | ||||||||||||||||||||
| GAAP Depreciation and Amortization | $ | 27 | $ | 26 | $ | 27 | $ | 80 | ||||||||||||||||||||
| Deferred Maintenance Revenue Balance | $ | 492 | $ | 473 | $ | 450 | $ | 450 | ||||||||||||||||||||
| Revenue by Geography (in millions): | ||||||||||||||||||||||||||||
| Americas | $ | 161 | $ | 168 | $ | 179 | $ | 509 | ||||||||||||||||||||
| Europe, Middle East and Africa | $ | 199 | $ | 189 | $ | 183 | $ | 570 | ||||||||||||||||||||
| Asia Pacific | $ | 115 | $ | 116 | $ | 115 | $ | 345 | ||||||||||||||||||||
| Revenue by Segment (in millions): | ||||||||||||||||||||||||||||
| Platform Solutions and Emerging Business | $ | 184 | $ | 177 | $ | 174 | $ | 535 | ||||||||||||||||||||
| Architecture, Engineering and Construction | $ | 137 | $ | 133 | $ | 136 | $ | 406 | ||||||||||||||||||||
| Manufacturing | $ | 108 | $ | 113 | $ | 117 | $ | 337 | ||||||||||||||||||||
| Media and Entertainment | $ | 46 | $ | 50 | $ | 50 | $ | 146 | ||||||||||||||||||||
| Other Revenue Statistics: | ||||||||||||||||||||||||||||
| % of Total Rev from AutoCAD and AutoCAD LT | 36 | % | 34 | % | 33 | % | 34 | % | ||||||||||||||||||||
| % of Total Rev from Model-based Design Products (c) | 29 | % | 30 | % | 30 | % | 30 | % | ||||||||||||||||||||
| % of Total Rev from Emerging Economies | 14 | % | 15 | % | 16 | % | 15 | % | ||||||||||||||||||||
|
Upgrade and Crossgrade Revenue (d) (in millions) |
$ | 51 | $ | 18 | $ | 32 | $ | 101 | ||||||||||||||||||||
| Favorable (Unfavorable) Impact of U.S. Dollar Translation Relative to Foreign Currencies Compared to Comparable Prior Year Period (b) (in millions): | ||||||||||||||||||||||||||||
| FX Impact on Total Net Revenue | $ | 21 | $ | 5 | $ | (4 | ) | $ | 22 | |||||||||||||||||||
| FX Impact on Total Operating Expenses | $ | (11 | ) | $ | - | $ | (1 | ) | $ | (12 | ) | |||||||||||||||||
| FX Impact on Operating Income | $ | 10 | $ | 5 | $ | (5 | ) | $ | 10 | |||||||||||||||||||
| Gross Margin by Segment (in millions): | ||||||||||||||||||||||||||||
| Platform Solutions and Emerging Business | $ | 173 | $ | 168 | $ | 164 | $ | 505 | ||||||||||||||||||||
| Architecture, Engineering and Construction | $ | 123 | $ | 122 | $ | 124 | $ | 369 | ||||||||||||||||||||
| Manufacturing | $ | 100 | $ | 105 | $ | 110 | $ | 315 | ||||||||||||||||||||
| Media and Entertainment | $ | 36 | $ | 38 | $ | 39 | $ | 113 | ||||||||||||||||||||
| Unallocated amounts | $ | (9 | ) | $ | (9 | ) | $ | (9 | ) | $ | (26 | ) | ||||||||||||||||
| Common Stock Statistics: | ||||||||||||||||||||||||||||
| Common Shares Outstanding | 229,400,000 | 227,200,000 | 227,100,000 | 227,100,000 | ||||||||||||||||||||||||
| Fully Diluted Weighted Average Shares Outstanding | 234,600,000 | 233,800,000 | 232,400,000 | 233,400,000 | ||||||||||||||||||||||||
| Shares Repurchased | 2,000,000 | 2,500,000 | 2,500,000 | 7,000,000 | ||||||||||||||||||||||||
| Installed Base Statistics: | ||||||||||||||||||||||||||||
| Maintenance Installed Base | 2,383,000 | 2,631,000 | 2,813,000 | 2,813,000 | ||||||||||||||||||||||||
| (a) Totals may not agree with the sum of the components due to rounding. | ||||||||||||||||||||||||||||
|
(b) Includes favorable (unfavorable) revenue impact from Autodesk's hedging program during the fiscal quarter. |
||||||||||||||||||||||||||||
|
(c) Effective in the third quarter of fiscal 2011, Autodesk has added Inventor LT to the Model-based Design Products Category. Prior periods have been revised to conform to adjust for the change. |
||||||||||||||||||||||||||||
|
(d) Upgrade and Crossgrade Revenue was previously reported as "Upgrade Revenue." There has been no change in the calculation of this metric. |
||||||||||||||||||||||||||||
| (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 revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP total spend, non-GAAP income from operations 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, restructuring charges, amortization of purchased intangibles and related 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 Autodesk's press release. | ||||||||||||||||||||||||||||
| QTR 1 | QTR 2 | QTR 3 | QTR 4 | YTD 2011 | ||||||||||||||||||||||||
| (2) GAAP Gross Margin | 89 | % | 90 | % | 90 | % | 90 | % | ||||||||||||||||||||
| Stock-based compensation expense | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||||||||||||||
| Amortization of developed technology | 2 | % | 2 | % | 2 | % | 1 | % | ||||||||||||||||||||
| Non-GAAP Gross Margin | 91 | % | 92 | % | 92 | % | 91 | % | ||||||||||||||||||||
| (3) GAAP Operating Expenses | $ | 373 | $ | 345 | $ | 359 | $ | 1,076 | ||||||||||||||||||||
| Stock-based compensation expense | (24 | ) | (20 | ) | (16 | ) | (60 | ) | ||||||||||||||||||||
| Amortization of customer relationships and trade names | (6 | ) | (6 | ) | (6 | ) | (18 | ) | ||||||||||||||||||||
| Restructuring charges | (7 | ) | (2 | ) | - | (9 | ) | |||||||||||||||||||||
| Non-GAAP Operating Expenses | $ | 336 | $ | 317 | $ | 337 | $ | 989 | ||||||||||||||||||||
| (4) GAAP Operating Margin | 11 | % | 17 | % | 15 | % | 14 | % | ||||||||||||||||||||
| Stock-based compensation expense | 5 | % | 5 | % | 3 | % | 4 | % | ||||||||||||||||||||
| Amortization of developed technology | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||||||||||
| Amortization of customer relationships and trade names | 1 | % | 1 | % | 1 | % | 1 | % | ||||||||||||||||||||
| Restructuring charges | 1 | % | 0 | % | 0 | % | 1 | % | ||||||||||||||||||||
| Non-GAAP Operating Margin | 20 | % | 25 | % | 21 | % | 22 | % | ||||||||||||||||||||
| (5) GAAP Net Income | $ | 37 | $ | 60 | $ | 54 | $ | 150 | ||||||||||||||||||||
| Stock-based compensation expense | 24 | 21 | 17 | 62 | ||||||||||||||||||||||||
| Amortization of developed technology | 8 | 8 | 8 | 24 | ||||||||||||||||||||||||
| Amortization of customer relationships and trade names | 6 | 6 | 6 | 18 | ||||||||||||||||||||||||
| Restructuring charges | 7 | 2 | - | 9 | ||||||||||||||||||||||||
| Discrete GAAP tax provision items (7) | (2 | ) | - | - | (1 | ) | ||||||||||||||||||||||
| Income tax effect of non-GAAP adjustments | (12 | ) | (12 | ) | (10 | ) | (34 | ) | ||||||||||||||||||||
| Non-GAAP Net Income | $ | 68 | $ | 85 | $ | 75 | $ | 228 | ||||||||||||||||||||
| (6) GAAP Diluted Net Income Per Share | $ | 0.16 | $ | 0.25 | $ | 0.23 | $ | 0.64 | ||||||||||||||||||||
| Stock-based compensation expense | 0.10 | 0.09 | 0.07 | 0.26 | ||||||||||||||||||||||||
| Amortization of developed technology | 0.03 | 0.03 | 0.04 | 0.10 | ||||||||||||||||||||||||
| Amortization of customer relationships and trade names | 0.03 | 0.03 | 0.02 | 0.08 | ||||||||||||||||||||||||
| Restructuring charges | 0.03 | 0.01 | - | 0.04 | ||||||||||||||||||||||||
| Discrete GAAP tax provision items (7) | (0.01 | ) | - | - | (0.01 | ) | ||||||||||||||||||||||
| Income tax effect of non-GAAP adjustments | (0.05 | ) | (0.05 | ) | (0.04 | ) | (0.14 | ) | ||||||||||||||||||||
| Non-GAAP Diluted Net Income Per Share | $ | 0.29 | $ | 0.36 | $ | 0.32 | $ | 0.97 | ||||||||||||||||||||
| (7) Effective in the second quarter of fiscal 2011, Autodesk began excluding certain discrete GAAP tax provision items for purposes of its non-GAAP financial measures. Prior period non-GAAP income tax expense, net income and earnings per share amounts have been revised to conform to the current period presentation. | ||||||||||||||||||||||||||||
| GAAP total spend (Cost of revenue plus Total operating expenses) | $ | 424 | $ | 393 | $ | 407 | $ | 1,224 | ||||||||||||||||||||
| Stock-based compensation expense | (24 | ) | (21 | ) | (17 | ) | (62 | ) | ||||||||||||||||||||
| Amortization of developed technology | (8 | ) | (8 | ) | (8 | ) | (24 | ) | ||||||||||||||||||||
| Amortization of customer relationships and trademarks | (6 | ) | (6 | ) | (6 | ) | (18 | ) | ||||||||||||||||||||
| Restructuring charges | (7 | ) | (2 | ) | - | (9 | ) | |||||||||||||||||||||
| Non-GAAP total spend (Cost of revenue plus Total operating expenses) | $ | 379 | $ | 356 | $ | 376 | $ | 1,111 | ||||||||||||||||||||
| Fiscal Year 2010 | QTR 1 | QTR 2 | QTR 3 | QTR 4 | YTD 2010 | |||||||||||||||||||||||||
| Financial Statistics ($ in millions, except per share data): | ||||||||||||||||||||||||||||||
| Total net revenue | $ | 426 | $ | 415 | $ | 417 | $ | 456 | $ | 1,714 | ||||||||||||||||||||
| License and other revenue | $ | 244 | $ | 231 | $ | 236 | $ | 270 | $ | 981 | ||||||||||||||||||||
| Maintenance revenue | $ | 182 | $ | 184 | $ | 181 | $ | 186 | $ | 733 | ||||||||||||||||||||
| GAAP Gross Margin | 88 | % | 88 | % | 89 | % | 90 | % | 89 | % | ||||||||||||||||||||
| Non-GAAP Gross Margin (1)(2) | 90 | % | 90 | % | 92 | % | 92 | % | 91 | % | ||||||||||||||||||||
| GAAP Operating Expenses | $ | 393 | $ | 362 | $ | 346 | $ | 356 | $ | 1,456 | ||||||||||||||||||||
| GAAP Operating Margin | -5 | % | 1 | % | 6 | % | 12 | % | 4 | % | ||||||||||||||||||||
| GAAP Net Income (Loss) | $ | (32 | ) | $ | 10 | $ | 30 | $ | 50 | $ | 58 | |||||||||||||||||||
| GAAP Diluted Net Income (Loss) Per Share | $ | (0.14 | ) | $ | 0.05 | $ | 0.13 | $ | 0.21 | $ | 0.25 | |||||||||||||||||||
| Non-GAAP Operating Expenses (1)(3) | $ | 327 | $ | 308 | $ | 305 | $ | 331 | $ | 1,271 | ||||||||||||||||||||
| Non-GAAP Operating Margin (1)(4) | 13 | % | 16 | % | 18 | % | 20 | % | 17 | % | ||||||||||||||||||||
| Non-GAAP Net Income (1)(5) | $ | 42 | $ | 56 | $ | 61 | $ | 69 | $ | 229 | ||||||||||||||||||||
| Non-GAAP Diluted Net Income Per Share (1)(6) | $ | 0.18 | $ | 0.24 | $ | 0.26 | $ |
0.30 |
$ |
0.99 |
||||||||||||||||||||
| Total Cash and Marketable Securities | $ | 966 | $ | 1,029 | $ | 1,054 | $ | 1,126 | $ | 1,126 | ||||||||||||||||||||
| Days Sales Outstanding | 49 | 49 | 47 | 55 | 55 | |||||||||||||||||||||||||
| Capital Expenditures | $ | 14 | $ | 11 | $ | 6 | $ | 9 | $ | 39 | ||||||||||||||||||||
|
Cash Flow from Operating Activities |
$ | 27 | $ | 47 | $ | 47 | $ | 126 | $ | 247 | ||||||||||||||||||||
| GAAP Depreciation and Amortization | $ | 27 | $ | 28 | $ | 29 | $ | 27 | $ | 111 | ||||||||||||||||||||
| Deferred Maintenance Revenue Balance | $ | 469 | $ | 444 | $ | 420 | $ | 464 | $ | 464 | ||||||||||||||||||||
| Revenue by Geography (in millions): | ||||||||||||||||||||||||||||||
| Americas | $ | 163 | $ | 159 | $ | 164 | $ | 168 | $ | 655 | ||||||||||||||||||||
| Europe, Middle East and Africa | $ | 167 | $ | 157 | $ | 159 | $ | 188 | $ | 671 | ||||||||||||||||||||
| Asia Pacific | $ | 96 | $ | 99 | $ | 94 | $ | 100 | $ | 388 | ||||||||||||||||||||
| Revenue by Segment (in millions): | ||||||||||||||||||||||||||||||
| Platform Solutions and Emerging Business | $ | 156 | $ | 150 | $ | 154 | $ | 165 | $ | 624 | ||||||||||||||||||||
| Architecture, Engineering and Construction | $ | 128 | $ | 123 | $ | 125 | $ | 137 | $ | 514 | ||||||||||||||||||||
| Manufacturing | $ | 94 | $ | 95 | $ | 90 | $ | 108 | $ | 387 | ||||||||||||||||||||
| Media and Entertainment | $ | 48 | $ | 47 | $ | 48 | $ | 46 | $ | 189 | ||||||||||||||||||||
| Other | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||
| Other Revenue Statistics: | ||||||||||||||||||||||||||||||
| % of Total Rev from AutoCAD and AutoCAD LT | 33 | % | 31 | % | 32 | % | 31 | % | 32 | % | ||||||||||||||||||||
| % of Total Rev from Model-based Design Products (c) | 29 | % | 29 | % | 29 | % | 30 | % | 29 | % | ||||||||||||||||||||
| % of Total Rev from Emerging Economies | 14 | % | 15 | % | 15 | % | 16 | % | 15 | % | ||||||||||||||||||||
|
Upgrade and Crossgrade Revenue (d) (in millions) |
$ | 43 | $ | 26 | $ | 26 | $ | 37 | $ | 133 | ||||||||||||||||||||
|
Favorable (Unfavorable) Impact of U.S. Dollar Translation Relative to Foreign Currencies Compared to Comparable Prior Year Period (b) (in millions): |
||||||||||||||||||||||||||||||
| FX Impact on Total Net Revenue | $ | (30 | ) | $ | (30 | ) | $ | (16 | ) | $ | 9 | $ | (66 | ) | ||||||||||||||||
| FX Impact on Total Operating Expenses | $ | 22 | $ | 14 | $ | 2 | $ | (10 | ) | $ | 28 | |||||||||||||||||||
| FX Impact on Operating Income (Loss) | $ | (8 | ) | $ | (16 | ) | $ | (14 | ) | $ | (1 | ) | $ | (38 | ) | |||||||||||||||
| Gross Margin by Segment (in millions): | ||||||||||||||||||||||||||||||
| Platform Solutions and Emerging Business | $ | 146 | $ | 140 | $ | 147 | $ | 157 | $ | 590 | ||||||||||||||||||||
| Architecture, Engineering and Construction | $ | 116 | $ | 110 | $ | 113 | $ | 125 | $ | 465 | ||||||||||||||||||||
| Manufacturing | $ | 86 | $ | 88 | $ | 84 | $ | 101 | $ | 359 | ||||||||||||||||||||
| Media and Entertainment | $ | 34 | $ | 36 | $ | 38 | $ | 37 | $ | 144 | ||||||||||||||||||||
| Unallocated amounts | $ | (9 | ) | $ | (9 | ) | $ | (10 | ) | $ | (8 | ) | $ | (36 | ) | |||||||||||||||
| Common Stock Statistics: | ||||||||||||||||||||||||||||||
| Common Shares Outstanding | 228,200,000 | 229,600,000 | 229,700,000 | 228,900,000 | 228,900,000 | |||||||||||||||||||||||||
| GAAP Fully Diluted Weighted Average Shares Outstanding | 227,100,000 | 232,300,000 | 232,900,000 | 233,200,000 | 232,100,000 | |||||||||||||||||||||||||
| Shares Repurchased | - | - | 1,700,000 | 1,000,000 | 2,700,000 | |||||||||||||||||||||||||
| Installed Base Statistics: | ||||||||||||||||||||||||||||||
|
Maintenance Installed Base (e) |
1,719,000 | 2,299,000 | 2,236,000 | 2,250,000 | 2,250,000 | |||||||||||||||||||||||||
| (a) Totals may not agree with the sum of the components due to rounding. | ||||||||||||||||||||||||||||||
| (b) Includes favorable (unfavorable) revenue impact from Autodesk's hedging program during the fiscal quarter. | ||||||||||||||||||||||||||||||
|
(c) Effective in the third quarter of fiscal 2011, Autodesk has added Inventor LT to the Model-based Design Products Category. Prior periods have been revised to conform to adjust for this change. |
||||||||||||||||||||||||||||||
|
(d) Upgrade and Crossgrade Revenue was previously reported as "Upgrade Revenue." There has been no change in the calculation of this metric. |
||||||||||||||||||||||||||||||
|
(e) The second quarter of fiscal 2010 maintenance installed base includes a one-time adjustment of 581,000 educational seats for users migrated to a standard educational maintenance plan. These users were not previously captured in Autodesk's maintenance installed base. |
||||||||||||||||||||||||||||||
|
(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 revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP total spend, non-GAAP income from operations 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, restructuring charges, amortization of purchased intangibles, goodwill impairment, establishment of a valuation allowance on certain deferred tax assets and related 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 Autodesk's press release. | ||||||||||||||||||||||||||||||
| QTR 1 | QTR 2 | QTR 3 | QTR 4 | YTD 2010 | ||||||||||||||||||||||||||
| (2) GAAP Gross Margin | 88 | % | 88 | % | 89 | % | 90 | % | 89 | % | ||||||||||||||||||||
| Stock-based compensation expense | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||||||||||||||
| Amortization of developed technology | 2 | % | 2 | % | 3 | % | 2 | % | 2 | % | ||||||||||||||||||||
| Non-GAAP Gross Margin | 90 | % | 90 | % | 92 | % | 92 | % | 91 | % | ||||||||||||||||||||
| (3) GAAP Operating Expenses | $ | 393 | $ | 362 | $ | 346 | $ | 356 | $ | 1,456 | ||||||||||||||||||||
| Stock-based compensation expense | (22 | ) | (21 | ) | (30 | ) | (19 | ) | (91 | ) | ||||||||||||||||||||
| Amortization of customer relationships and trade names | (6 | ) | (7 | ) | (6 | ) | (6 | ) | (25 | ) | ||||||||||||||||||||
| Restructuring charges | (17 | ) | (26 | ) | (5 | ) | - | (48 | ) | |||||||||||||||||||||
| Impairment of goodwill | (21 | ) | - | - | - | (21 | ) | |||||||||||||||||||||||
| Non-GAAP Operating Expenses | $ | 327 | $ | 308 | $ | 305 | $ | 331 | $ | 1,271 | ||||||||||||||||||||
| (4) GAAP Operating Margin | -5 | % | 1 | % | 6 | % | 12 | % | 4 | % | ||||||||||||||||||||
| Stock-based compensation expense | 5 | % | 5 | % | 7 | % | 4 | % | 5 | % | ||||||||||||||||||||
| Amortization of developed technology | 2 | % | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||||||||||
| Amortization of customer relationships and trade names | 2 | % | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||||||||||
| Restructuring charges | 4 | % | 6 | % | 1 | % | 0 | % | 3 | % | ||||||||||||||||||||
| Impairment of goodwill | 5 | % | 0 | % | 0 | % | 0 | % | 1 | % | ||||||||||||||||||||
| Non-GAAP Operating Margin | 13 | % | 16 | % | 18 | % | 20 | % | 17 | % | ||||||||||||||||||||
| (5) GAAP Net Income (Loss) | $ | (32 | ) | $ | 10 | $ | 30 | $ | 50 | $ | 58 | |||||||||||||||||||
| Stock-based compensation expense | 23 | 21 | 30 | 19 | 93 | |||||||||||||||||||||||||
| Amortization of developed technology | 8 | 8 | 9 | 8 | 33 | |||||||||||||||||||||||||
| Amortization of customer relationships and trade names | 6 | 7 | 6 | 6 | 26 | |||||||||||||||||||||||||
| Establishment of valuation allowance on deferred tax assets | 21 | - | - | - | 21 | |||||||||||||||||||||||||
| Impairment of goodwill | 21 | - | - | - | 21 | |||||||||||||||||||||||||
| Restructuring charges | 17 | 26 | 5 | - | 48 | |||||||||||||||||||||||||
| Discrete GAAP tax provision items (7) | (1 | ) | - | (8 | ) | (4 | ) | (13 | ) | |||||||||||||||||||||
| Income tax effect of non-GAAP adjustments | (21 | ) | (16 | ) | (11 | ) | (10 | ) | (58 | ) | ||||||||||||||||||||
| Non-GAAP Net Income | $ | 42 | $ | 56 | $ | 61 | $ | 69 | $ | 229 | ||||||||||||||||||||
| (6) GAAP Diluted Net Income (Loss) Per Share | $ | (0.14 | ) | $ | 0.05 | $ | 0.13 | $ | 0.21 | $ | 0.25 | |||||||||||||||||||
| Stock-based compensation expense | 0.10 | 0.09 | 0.13 | 0.08 | 0.40 | |||||||||||||||||||||||||
| Amortization of developed technology | 0.04 | 0.03 | 0.04 | 0.03 | 0.14 | |||||||||||||||||||||||||
| Amortization of customer relationships and trade names | 0.03 | 0.03 | 0.02 | 0.03 | 0.11 | |||||||||||||||||||||||||
| Establishment of valuation allowance on deferred tax assets | 0.09 | - | - | - | 0.09 | |||||||||||||||||||||||||
| Impairment of goodwill | 0.09 | - | - | - | 0.09 | |||||||||||||||||||||||||
| Restructuring charges | 0.07 | 0.11 | 0.02 | - | 0.21 | |||||||||||||||||||||||||
| Discrete GAAP tax provision items (7) | - | - | (0.03 | ) |
(0.01 |
) |
(0.04 |
) | ||||||||||||||||||||||
| Income tax effect of non-GAAP adjustments | (0.10 | ) | (0.07 | ) | (0.05 | ) | (0.04 | ) | (0.26 | ) | ||||||||||||||||||||
| Non-GAAP Diluted Net Income Per Share | $ | 0.18 | $ | 0.24 | $ | 0.26 | $ |
0.30 |
$ |
0.99 |
||||||||||||||||||||
|
(7) Effective in the second quarter of fiscal 2011, Autodesk began excluding certain discrete GAAP tax provision items for purposes of its non-GAAP financial measures. Prior period non-GAAP income tax expense, net income and earnings per share amounts have been revised to conform to the current period presentation. |
||||||||||||||||||||||||||||||
| GAAP total spend (Cost of revenue plus Total operating expenses) | $ | 445 | $ | 412 | $ | 391 | $ | 400 | $ | 1,648 | ||||||||||||||||||||
| Stock-based compensation expense | (23 | ) | (21 | ) | (30 | ) | (19 | ) | (93 | ) | ||||||||||||||||||||
| Amortization of developed technology | (8 | ) | (8 | ) | (9 | ) | (8 | ) | (33 | ) | ||||||||||||||||||||
| Amortization of customer relationships and trademarks | (6 | ) | (7 | ) | (6 | ) | (6 | ) | (25 | ) | ||||||||||||||||||||
| Impairment of goodwill | (21 | ) | - | - | - | (21 | ) | |||||||||||||||||||||||
| Restructuring charges | (17 | ) | (26 | ) | (5 | ) | - | (48 | ) | |||||||||||||||||||||
| Non-GAAP total spend (Cost of revenue plus Total operating expenses) | $ | 370 | $ | 350 | $ | 340 | $ | 367 | $ | 1,427 | ||||||||||||||||||||
