14% revenue growth and 36% EPS growth in fiscal 2012
SAN RAFAEL, Calif.--(BUSINESS WIRE)--Feb. 23, 2012--
Autodesk,
Inc. (NASDAQ: ADSK) today reported financial results for the fourth
quarter and full fiscal year 2012.
Fourth Quarter Fiscal 2012
-
Revenue was $592 million, an increase of 12 percent compared to the
fourth quarter of fiscal 2011.
-
GAAP operating margin was 15 percent, compared to 14 percent in the
fourth quarter of fiscal 2011.
-
Non-GAAP operating margin was 24 percent, compared to 20 percent in
the fourth quarter of fiscal 2011. A reconciliation of GAAP to
non-GAAP results is provided in the accompanying tables.
-
GAAP diluted earnings per share were $0.31, compared to $0.26 in the
fourth quarter of fiscal 2011.
-
Non-GAAP diluted earnings per share were $0.46, compared to $0.35 in
the fourth quarter of fiscal 2011.
-
Cash flow from operating activities was $175 million, compared to $176
million in the fourth quarter of fiscal 2011.
Full Year Fiscal 2012
-
Revenue was $2.22 billion, an increase of 14 percent compared to
fiscal 2011.
-
GAAP operating margin was 16 percent, compared to 14 percent in fiscal
2011.
-
Non-GAAP operating margin was 24 percent, compared to 21 percent in
fiscal 2011.
-
GAAP diluted earnings per share were $1.22, compared to $0.90 in
fiscal 2011.
-
Non-GAAP diluted earnings per share were $1.74, compared to $1.32 in
fiscal 2011.
-
Cash flow from operating activities was $574 million, compared to $541
million in fiscal 2011.
“Our strong fourth quarter performance capped a terrific year for
Autodesk,” said Carl
Bass, Autodesk president and CEO. “We finished the year with another
strong quarter of diversified revenue growth and increased
profitability. Demand for our suites, AutoCAD, and AutoCAD LT products
led to strong revenue growth across all of our geographies and record
revenues in the Americas. We also achieved record revenue in both our
Manufacturing and AEC business segments.”
“We’re proud of the strong revenue and profitability growth that we
delivered in fiscal 2012,” continued Bass. “We made progress on all of
our key initiatives including accelerating our cloud-based initiatives
and launching our new design and creation suites, which we believe
positions Autodesk for success in the future. We also unveiled our new
PLM initiative. As we kick off fiscal 2013, we aim to delight our
customers with our ever-improving product portfolio while delivering
continued revenue and profitability growth.”
Fourth Quarter Operational Overview
EMEA revenue was $234 million, an increase of 10 percent compared to the
fourth quarter last year as reported and 8 percent on a constant
currency basis. Revenue in the Americas was a record $226 million, an
increase of 17 percent compared to the fourth quarter last year. Revenue
in Asia Pacific was $133 million, an increase of 9 percent compared to
the fourth quarter last year as reported and 3 percent on a constant
currency basis. Revenue from emerging economies was $95 million, an
increase of 12 percent compared to the fourth quarter last year as
reported and 14 percent on a constant currency basis. Revenue from
emerging economies represented 16 percent of total revenue in the fourth
quarter.
Revenue from the Platform Solutions and Emerging Business segment was
$214 million, an increase of 18 percent compared to the fourth quarter
last year. Revenue from the Architecture, Engineering and Construction
business segment was a record $175 million, an increase of 8 percent
compared to the fourth quarter last year. Revenue from the Manufacturing
business segment was a record $148 million, an increase of 11 percent
compared to the fourth quarter last year. Revenue from the Media and
Entertainment business segment was $55 million, an increase of 7 percent
compared to the fourth quarter last year.
“Our strong fourth quarter results topped an excellent year of
consistent performance and growth,” said Mark
Hawkins, Autodesk executive vice president, chief financial officer.
“We generated strong growth in revenue from commercial new licenses,
record maintenance billings, and solid cash flow from operations. We
achieved strong operating margin expansion in the quarter, driven by
revenue growth and continued focus on cost controls. The operating
margin growth was consistent with the growth we’ve been able to achieve
over the past two years. With $1.6 billion in cash and marketable
securities, no debt and a record deferred revenue balance, we ended the
fiscal year with an exceptionally strong balance sheet.”
Business Outlook
The following statements are forward-looking statements that are based
on current expectations and assumptions, and involve risks and
uncertainties some of which are set forth below. Autodesk’s business
outlook for the first quarter and full year fiscal 2013 assumes a
continuation of the current economic environment and foreign exchange
currency rate environment.
First Quarter Fiscal 2013
|
1Q FY13 Guidance Metrics
|
|
|
|
1Q FY13 (ending April 30, 2012)
|
|
Revenue (in millions)
|
|
|
|
$575 to $590
|
|
EPS - GAAP
|
|
|
|
$0.29 to $0.31
|
|
EPS - Non-GAAP
|
|
|
|
$0.46 to $0.48
|
Non-GAAP earnings per diluted share exclude $0.10 related to stock-based
compensation expense and $0.07 for the amortization of acquisition
related intangibles, net of tax.
Full Year Fiscal 2013
Net revenue for fiscal 2013 is expected to increase by at least 10
percent compared to fiscal 2012. Autodesk anticipates fiscal 2013 GAAP
operating margin to increase by approximately 130 basis points and
non-GAAP operating margin to increase by approximately 200 basis points
compared to fiscal 2012. A reconciliation between the GAAP and non-GAAP
estimates for fiscal 2013 is provided in the tables following this press
release.
Both first quarter fiscal 2013 and full year fiscal 2013 outlooks assume
an effective tax rate of approximately 26.5 percent for both GAAP and
non-GAAP results. This rate does not include the federal R&D tax credit
benefit, which expired on December 31, 2011. The assumed effective tax
rate will be adjusted if or when there is a renewal of the tax credit.
Earnings Conference Call and Webcast
Autodesk will host its fourth quarter conference call today at 5:00 p.m.
ET. The live broadcast can be accessed at http://www.autodesk.com/investors.
Supplemental financial information and prepared remarks for the
conference call will be posted to the investor relations section of
Autodesk’s website simultaneously with this press release.
NOTE: The prepared remarks will not be read on the conference
call. The conference call will include only brief remarks followed by
questions and answers.
A replay of the broadcast will be available at 7:00 pm ET at http://www.autodesk.com/investors.
This replay will be maintained on Autodesk’s website for at least 12
months.
Safe Harbor Statement
This press release contains forward-looking statements that involve
risks and uncertainties, including statements regarding increased
shareholder value with continued revenue and profitability growth,
statements in the paragraphs under “Business Outlook” above, and other
statements regarding our expected strategies, market and products
positions, performance, and results. There are a significant number of
factors that could cause actual results to differ materially from
statements made in this press release, including: general market,
political, economic and business conditions, failure to maintain our
revenue growth and profitability, our performance in particular
geographies, including emerging economies, failure to successfully
incorporate sales of licenses of products suites into our overall sales
strategy, failure to successfully expand adoption of our products,
failure to maintain cost reductions and productivity increases or
otherwise control our expenses, slowing momentum in maintenance billings
or revenues, difficulties encountered in integrating new or acquired
businesses and technologies, the inability to identify and realize the
anticipated benefits of acquisitions, the financial and business
condition of our reseller and distribution channels, fluctuation in
foreign currency exchange rates, the success of our foreign currency
hedging program, failure to achieve sufficient sell-through in our
channels for new or existing products, pricing pressure, unexpected
fluctuations in our tax rate, the timing and degree of expected
investments in growth and efficiency opportunities, changes in the
timing of product releases and retirements, failure of key new
applications to achieve anticipated levels of customer acceptance,
failure to achieve continued success in technology advancements,
interruptions or terminations in the business of Autodesk consultants,
the expense and impact of legal or regulatory proceedings, and any
unanticipated accounting charges.
Further information on potential factors that could affect the financial
results of Autodesk are included in Autodesk’s report on Form 10-K for
the year ended January 31, 2011 and Forms 10-Q for the quarters ended
April 30, 2011, July 31, 2011 and October 31, 2011, which are on file
with the U.S. Securities and Exchange Commission. Autodesk does not
assume any obligation to update the forward-looking statements provided
to reflect events that occur or circumstances that exist after the date
on which they were made.
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 16 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 AutoCAD and AutoCAD LT 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.
© 2012 Autodesk, Inc. All rights reserved.
|
|
|
Autodesk, Inc.
|
|
Condensed Consolidated Statements of Operations
|
|
(In millions, except per share data)
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
January 31,
|
|
January 31,
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Net revenue:
|
|
|
|
|
|
|
|
|
|
License and other
|
|
$
|
370.2
|
|
|
$
|
329.6
|
|
|
$
|
1,357.6
|
|
|
$
|
1,172.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance
|
|
|
222.2
|
|
|
|
198.1
|
|
|
|
858.0
|
|
|
|
779.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
|
|
|
592.4
|
|
|
|
527.7
|
|
|
|
2,215.6
|
|
|
|
1,951.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
Cost of license and other revenue
|
|
|
48.3
|
|
|
|
40.2
|
|
|
|
187.1
|
|
|
|
162.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of maintenance revenue
|
|
|
9.2
|
|
|
|
8.2
|
|
|
|
42.0
|
|
|
|
34.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenue
|
|
|
57.5
|
|
|
|
48.4
|
|
|
|
229.1
|
|
|
|
196.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
534.9
|
|
|
|
479.3
|
|
|
|
1,986.5
|
|
|
|
1,755.2
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and sales
|
|
|
233.5
|
|
|
|
226.9
|
|
|
|
842.6
|
|
|
|
776.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
149.5
|
|
|
|
126.9
|
|
|
|
566.5
|
|
|
|
496.2
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
|
60.1
|
|
|
|
52.1
|
|
|
|
223.1
|
|
|
|
200.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
|
|
|
-
|
|
|
|
1.8
|
|
|
|
(1.3
|
)
|
|
|
10.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
443.1
|
|
|
|
407.7
|
|
|
|
1,630.9
|
|
|
|
1,483.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
91.8
|
|
|
|
71.6
|
|
|
|
355.6
|
|
|
|
271.4
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income, net
|
|
|
1.1
|
|
|
|
1.4
|
|
|
|
7.3
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
92.9
|
|
|
|
73.0
|
|
|
|
362.9
|
|
|
|
272.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
(20.9
|
)
|
|
|
(11.4
|
)
|
|
|
(77.6
|
)
|
|
|
(60.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
72.0
|
|
|
$
|
61.6
|
|
|
$
|
285.3
|
|
|
$
|
212.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share
|
|
$
|
0.32
|
|
|
$
|
0.27
|
|
|
$
|
1.25
|
|
|
$
|
0.93
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share
|
|
$
|
0.31
|
|
|
$
|
0.26
|
|
|
$
|
1.22
|
|
|
$
|
0.90
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in computing basic net income per
share
|
|
|
226.1
|
|
|
|
227.0
|
|
|
|
227.7
|
|
|
|
227.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in computing diluted net income per
share
|
|
|
231.5
|
|
|
|
235.0
|
|
|
|
233.3
|
|
|
|
234.2
|
|
|
|
|
Autodesk, Inc.
|
|
Condensed Consolidated Balance Sheets
|
|
(In millions)
|
|
|
|
|
|
|
January 31,
|
|
January 31,
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,156.9
|
|
$
|
1,075.1
|
|
|
|
Marketable securities
|
|
|
254.4
|
|
|
199.2
|
|
|
|
Accounts receivable, net
|
|
|
395.1
|
|
|
318.4
|
|
|
|
Deferred income taxes
|
|
|
30.1
|
|
|
56.8
|
|
|
|
Prepaid expenses and other current assets
|
|
|
59.4
|
|
|
64.8
|
|
|
Total current assets
|
|
|
1,895.9
|
|
|
1,714.3
|
|
|
|
|
|
|
|
|
|
Marketable securities
|
|
|
192.8
|
|
|
192.6
|
|
|
Computer equipment, software, furniture and leasehold improvements,
net
|
|
|
104.5
|
|
|
84.5
|
|
|
Purchased technologies, net
|
|
|
84.6
|
|
|
57.2
|
|
|
Goodwill
|
|
|
682.4
|
|
|
554.1
|
|
|
Deferred income taxes, net
|
|
|
135.8
|
|
|
90.7
|
|
|
Other assets
|
|
|
131.8
|
|
|
94.2
|
|
|
|
|
|
$
|
3,227.8
|
|
$
|
2,787.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
89.3
|
|
$
|
76.8
|
|
|
|
Accrued compensation
|
|
|
183.9
|
|
|
193.1
|
|
|
|
Accrued income taxes
|
|
|
14.4
|
|
|
28.6
|
|
|
|
Deferred revenue
|
|
|
582.3
|
|
|
496.2
|
|
|
|
Other accrued liabilities
|
|
|
84.2
|
|
|
75.1
|
|
|
Total current liabilities
|
|
|
954.1
|
|
|
869.8
|
|
|
|
|
|
|
|
|
|
Deferred revenue
|
|
|
136.9
|
|
|
91.7
|
|
|
Long term income taxes payable
|
|
|
174.8
|
|
|
139.1
|
|
|
Other liabilities
|
|
|
79.1
|
|
|
77.7
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
Preferred stock
|
|
|
-
|
|
|
-
|
|
|
|
Common stock and additional paid-in capital
|
|
|
1,365.4
|
|
|
1,267.2
|
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
5.9
|
|
|
(0.6
|
)
|
|
|
Retained earnings
|
|
|
511.6
|
|
|
342.7
|
|
|
Total stockholders' equity
|
|
|
1,882.9
|
|
|
1,609.3
|
|
|
|
|
|
$
|
3,227.8
|
|
$
|
2,787.6
|
|
|
|
|
Autodesk, Inc.
|
|
Condensed Consolidated Statements of Cash Flows
|
|
(In millions)
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
January 31,
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Operating activities:
|
|
|
|
|
|
|
Net income
|
|
$
|
285.3
|
|
|
$
|
212.0
|
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
115.5
|
|
|
|
105.4
|
|
|
|
Stock-based compensation expense
|
|
|
108.8
|
|
|
|
80.7
|
|
|
|
Excess tax benefits from stock-based compensation
|
|
|
(31.5
|
)
|
|
|
-
|
|
|
|
Restructuring (benefits) charges, net
|
|
|
(1.3
|
)
|
|
|
10.8
|
|
|
|
Changes in operating assets and liabilities, net of business
combinations
|
|
|
96.7
|
|
|
|
131.9
|
|
|
Net cash provided by operating activities
|
|
|
573.5
|
|
|
|
540.8
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
Purchases of marketable securities
|
|
|
(614.2
|
)
|
|
|
(507.2
|
)
|
|
|
Sales of marketable securities
|
|
|
149.5
|
|
|
|
135.3
|
|
|
|
Maturities of marketable securities
|
|
|
409.6
|
|
|
|
275.4
|
|
|
|
Capital Expenditures
|
|
|
(63.0
|
)
|
|
|
(28.3
|
)
|
|
|
Acquisitions, net of cash acquired
|
|
|
(221.7
|
)
|
|
|
(13.5
|
)
|
|
|
Other investing activities
|
|
|
(30.5
|
)
|
|
|
(4.0
|
)
|
|
Net cash used in investing activities
|
|
|
(370.3
|
)
|
|
|
(142.3
|
)
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
Proceeds from issuance of common stock, net of issuance costs
|
|
|
176.1
|
|
|
|
120.9
|
|
|
|
Repurchases of common stock
|
|
|
(327.4
|
)
|
|
|
(280.3
|
)
|
|
|
Excess tax benefits from stock-based compensation
|
|
|
31.5
|
|
|
|
-
|
|
|
Net cash used in financing activities
|
|
|
(119.8
|
)
|
|
|
(159.4
|
)
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(1.6
|
)
|
|
|
(2.7
|
)
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
81.8
|
|
|
|
236.4
|
|
|
Cash and cash equivalents at beginning of fiscal year
|
|
|
1,075.1
|
|
|
|
838.7
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
1,156.9
|
|
|
$
|
1,075.1
|
|
|
|
|
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, discrete tax provision
items 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 this
press release.
|
|
|
|
The following table shows Autodesk's non-GAAP results reconciled to
GAAP results included in this release.
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
January 31,
|
|
January 31,
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
GAAP cost of license and other revenue
|
|
$
|
48.3
|
|
|
$
|
40.2
|
|
|
$
|
187.1
|
|
|
$
|
162.2
|
|
|
Stock-based compensation expense
|
|
|
(1.1
|
)
|
|
|
(0.8
|
)
|
|
|
(3.9
|
)
|
|
|
(2.9
|
)
|
|
Amortization of developed technology
|
|
|
(10.3
|
)
|
|
|
(8.1
|
)
|
|
|
(38.0
|
)
|
|
|
(31.9
|
)
|
|
Non-GAAP cost of license and other revenue
|
|
$
|
36.9
|
|
|
$
|
31.3
|
|
|
$
|
145.2
|
|
|
$
|
127.4
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
534.9
|
|
|
$
|
479.3
|
|
|
$
|
1,986.5
|
|
|
$
|
1,755.2
|
|
|
Stock-based compensation expense
|
|
|
1.1
|
|
|
|
0.8
|
|
|
|
3.9
|
|
|
|
2.9
|
|
|
Amortization of developed technology
|
|
|
10.3
|
|
|
|
8.1
|
|
|
|
38.0
|
|
|
|
31.9
|
|
|
Non-GAAP gross profit
|
|
$
|
546.3
|
|
|
$
|
488.2
|
|
|
$
|
2,028.4
|
|
|
$
|
1,790.0
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP marketing and sales
|
|
$
|
233.5
|
|
|
$
|
226.9
|
|
|
$
|
842.6
|
|
|
$
|
776.0
|
|
|
Stock-based compensation expense
|
|
|
(13.5
|
)
|
|
|
(8.1
|
)
|
|
|
(48.3
|
)
|
|
|
(35.5
|
)
|
|
Non-GAAP marketing and sales
|
|
$
|
220.0
|
|
|
$
|
218.8
|
|
|
$
|
794.3
|
|
|
$
|
740.5
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development
|
|
$
|
149.5
|
|
|
$
|
126.9
|
|
|
$
|
566.5
|
|
|
$
|
496.2
|
|
|
Stock-based compensation expense
|
|
|
(10.5
|
)
|
|
|
(6.2
|
)
|
|
|
(38.1
|
)
|
|
|
(27.4
|
)
|
|
Non-GAAP research and development
|
|
$
|
139.0
|
|
|
$
|
120.7
|
|
|
$
|
528.4
|
|
|
$
|
468.8
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative
|
|
$
|
60.1
|
|
|
$
|
52.1
|
|
|
$
|
223.1
|
|
|
$
|
200.8
|
|
|
Stock-based compensation expense
|
|
|
(4.9
|
)
|
|
|
(3.3
|
)
|
|
|
(18.5
|
)
|
|
|
(14.9
|
)
|
|
Amortization of customer relationships and trade names
|
|
|
(8.3
|
)
|
|
|
(6.2
|
)
|
|
|
(32.3
|
)
|
|
|
(24.0
|
)
|
|
Non-GAAP general and administrative
|
|
$
|
46.9
|
|
|
$
|
42.6
|
|
|
$
|
172.3
|
|
|
$
|
161.9
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP restructuring charges
|
|
$
|
-
|
|
|
$
|
1.8
|
|
|
$
|
(1.3
|
)
|
|
$
|
10.8
|
|
|
Restructuring charges
|
|
|
-
|
|
|
|
(1.8
|
)
|
|
|
1.3
|
|
|
|
(10.8
|
)
|
|
Non-GAAP restructuring charges
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses
|
|
$
|
443.1
|
|
|
$
|
407.7
|
|
|
$
|
1,630.9
|
|
|
$
|
1,483.8
|
|
|
Stock-based compensation expense
|
|
|
(28.9
|
)
|
|
|
(17.6
|
)
|
|
|
(104.9
|
)
|
|
|
(77.8
|
)
|
|
Amortization of customer relationships and trade names
|
|
|
(8.3
|
)
|
|
|
(6.2
|
)
|
|
|
(32.3
|
)
|
|
|
(24.0
|
)
|
|
Restructuring charges
|
|
|
-
|
|
|
|
(1.8
|
)
|
|
|
1.3
|
|
|
|
(10.8
|
)
|
|
Non-GAAP operating expenses
|
|
$
|
405.9
|
|
|
$
|
382.1
|
|
|
$
|
1,495.0
|
|
|
$
|
1,371.2
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from operations
|
|
$
|
91.8
|
|
|
$
|
71.6
|
|
|
$
|
355.6
|
|
|
$
|
271.4
|
|
|
Stock-based compensation expense
|
|
|
30.0
|
|
|
|
18.4
|
|
|
|
108.8
|
|
|
|
80.7
|
|
|
Amortization of developed technology
|
|
|
10.3
|
|
|
|
8.1
|
|
|
|
38.0
|
|
|
|
31.9
|
|
|
Amortization of customer relationships and trade names
|
|
|
8.3
|
|
|
|
6.2
|
|
|
|
32.3
|
|
|
|
24.0
|
|
|
Restructuring charges
|
|
|
-
|
|
|
|
1.8
|
|
|
|
(1.3
|
)
|
|
|
10.8
|
|
|
Non-GAAP income from operations
|
|
$
|
140.4
|
|
|
$
|
106.1
|
|
|
$
|
533.4
|
|
|
$
|
418.8
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP provision for income taxes
|
|
$
|
(20.9
|
)
|
|
$
|
(11.4
|
)
|
|
$
|
(77.6
|
)
|
|
$
|
(60.0
|
)
|
|
Discrete GAAP tax provision items
|
|
|
0.6
|
|
|
|
(4.7
|
)
|
|
|
(6.8
|
)
|
|
|
(6.0
|
)
|
|
Income tax effect of non-GAAP adjustments
|
|
|
(15.1
|
)
|
|
|
(8.7
|
)
|
|
|
(50.9
|
)
|
|
|
(43.0
|
)
|
|
Non-GAAP provision for income tax
|
|
$
|
(35.4
|
)
|
|
$
|
(24.8
|
)
|
|
$
|
(135.3
|
)
|
|
$
|
(109.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
|
|
$
|
72.0
|
|
|
$
|
61.6
|
|
|
$
|
285.3
|
|
|
$
|
212.0
|
|
|
Stock-based compensation expense
|
|
|
30.0
|
|
|
|
18.4
|
|
|
|
108.8
|
|
|
|
80.7
|
|
|
Amortization of developed technology
|
|
|
10.3
|
|
|
|
8.1
|
|
|
|
38.0
|
|
|
|
31.9
|
|
|
Amortization of customer relationships and trade names
|
|
|
8.3
|
|
|
|
6.2
|
|
|
|
32.3
|
|
|
|
24.0
|
|
|
Restructuring charges
|
|
|
-
|
|
|
|
1.8
|
|
|
|
(1.3
|
)
|
|
|
10.8
|
|
|
Discrete GAAP tax provision items
|
|
|
0.6
|
|
|
|
(4.7
|
)
|
|
|
(6.8
|
)
|
|
|
(6.0
|
)
|
|
Income tax effect of non-GAAP adjustments
|
|
|
(15.1
|
)
|
|
|
(8.7
|
)
|
|
|
(50.9
|
)
|
|
|
(43.0
|
)
|
|
Non-GAAP net income
|
|
$
|
106.1
|
|
|
$
|
82.7
|
|
|
$
|
405.4
|
|
|
$
|
310.4
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net income per share (1)
|
|
$
|
0.31
|
|
|
$
|
0.26
|
|
|
$
|
1.22
|
|
|
$
|
0.90
|
|
|
Stock-based compensation expense
|
|
|
0.13
|
|
|
|
0.08
|
|
|
|
0.47
|
|
|
|
0.34
|
|
|
Amortization of developed technology
|
|
|
0.04
|
|
|
|
0.04
|
|
|
|
0.16
|
|
|
|
0.14
|
|
|
Amortization of customer relationships and trade names
|
|
|
0.04
|
|
|
|
0.02
|
|
|
|
0.14
|
|
|
|
0.10
|
|
|
Restructuring charges
|
|
|
-
|
|
|
|
0.01
|
|
|
|
(0.01
|
)
|
|
|
0.05
|
|
|
Discrete GAAP tax provision items
|
|
|
-
|
|
|
|
(0.02
|
)
|
|
|
(0.03
|
)
|
|
|
(0.03
|
)
|
|
Income tax effect of non-GAAP adjustments
|
|
|
(0.06
|
)
|
|
|
(0.04
|
)
|
|
|
(0.21
|
)
|
|
|
(0.18
|
)
|
|
Non-GAAP diluted net income per share (1)
|
|
$
|
0.46
|
|
|
$
|
0.35
|
|
|
$
|
1.74
|
|
|
$
|
1.32
|
|
|
|
|
(1) Earnings per share were computed independently for each of the
periods presented; therefore the sum of the earnings per share
amounts for the quarters may not equal the total for the year.
|
|
|
|
Autodesk
|
|
Other Supplemental Financial Information(a)
|
|
|
|
Fiscal Year 2012
|
|
QTR 1
|
|
QTR 2
|
|
QTR 3
|
|
QTR 4
|
|
YTD 2012
|
|
Financial Statistics ($ in millions, except per share data):
|
|
|
|
Total Net Revenue
|
|
$
|
528
|
|
|
$
|
546
|
|
|
$
|
549
|
|
|
$
|
592
|
|
|
$
|
2,216
|
|
|
License and Other Revenue
|
|
$
|
323
|
|
|
$
|
333
|
|
|
$
|
331
|
|
|
$
|
370
|
|
|
$
|
1,358
|
|
|
Maintenance Revenue
|
|
$
|
205
|
|
|
$
|
213
|
|
|
$
|
217
|
|
|
$
|
222
|
|
|
$
|
858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross Margin
|
|
|
90
|
%
|
|
|
89
|
%
|
|
|
89
|
%
|
|
|
90
|
%
|
|
|
90
|
%
|
|
Non-GAAP Gross Margin (1)(2)
|
|
|
91
|
%
|
|
|
91
|
%
|
|
|
91
|
%
|
|
|
92
|
%
|
|
|
92
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Expenses
|
|
$
|
395
|
|
|
$
|
394
|
|
|
$
|
399
|
|
|
$
|
443
|
|
|
$
|
1,631
|
|
|
GAAP Operating Margin
|
|
|
15
|
%
|
|
|
17
|
%
|
|
|
16
|
%
|
|
|
15
|
%
|
|
|
16
|
%
|
|
GAAP Net Income
|
|
$
|
69
|
|
|
$
|
71
|
|
|
$
|
73
|
|
|
$
|
72
|
|
|
$
|
285
|
|
|
GAAP Diluted Net Income Per Share (c)
|
|
$
|
0.29
|
|
|
$
|
0.30
|
|
|
$
|
0.32
|
|
|
$
|
0.31
|
|
|
$
|
1.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating Expenses (1)(3)
|
|
$
|
364
|
|
|
$
|
360
|
|
|
$
|
366
|
|
|
$
|
406
|
|
|
$
|
1,495
|
|
|
Non-GAAP Operating Margin (1)(4)
|
|
|
23
|
%
|
|
|
25
|
%
|
|
|
25
|
%
|
|
|
24
|
%
|
|
|
24
|
%
|
|
Non-GAAP Net Income (1)(5)
|
|
$
|
94
|
|
|
$
|
104
|
|
|
$
|
102
|
|
|
$
|
106
|
|
|
$
|
405
|
|
|
Non-GAAP Diluted Net Income Per Share (1)(6)(c)
|
|
$
|
0.40
|
|
|
$
|
0.44
|
|
|
$
|
0.44
|
|
|
$
|
0.46
|
|
|
$
|
1.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cash and Marketable Securities
|
|
$
|
1,526
|
|
|
$
|
1,553
|
|
|
$
|
1,534
|
|
|
$
|
1,604
|
|
|
$
|
1,604
|
|
|
Days Sales Outstanding
|
|
|
47
|
|
|
|
49
|
|
|
|
43
|
|
|
|
61
|
|
|
|
61
|
|
|
Capital Expenditures
|
|
$
|
23
|
|
|
$
|
17
|
|
|
$
|
9
|
|
|
$
|
14
|
|
|
$
|
63
|
|
|
Cash Flow from Operating Activities
|
|
$
|
128
|
|
|
$
|
132
|
|
|
$
|
138
|
|
|
$
|
175
|
|
|
$
|
574
|
|
|
GAAP Depreciation and Amortization
|
|
$
|
25
|
|
|
$
|
30
|
|
|
$
|
31
|
|
|
$
|
30
|
|
|
$
|
116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Maintenance Revenue Balance
|
|
$
|
543
|
|
|
$
|
566
|
|
|
$
|
553
|
|
|
$
|
633
|
|
|
$
|
633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Geography (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$
|
181
|
|
|
$
|
191
|
|
|
$
|
200
|
|
|
$
|
226
|
|
|
$
|
799
|
|
|
Europe, Middle East and Africa
|
|
$
|
215
|
|
|
$
|
212
|
|
|
$
|
202
|
|
|
$
|
234
|
|
|
$
|
862
|
|
|
Asia Pacific
|
|
$
|
132
|
|
|
$
|
143
|
|
|
$
|
146
|
|
|
$
|
133
|
|
|
$
|
555
|
|
|
% of Total Rev from Emerging Economies
|
|
|
15
|
%
|
|
|
16
|
%
|
|
|
16
|
%
|
|
|
16
|
%
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Segment (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
Platform Solutions and Emerging Business
|
|
$
|
211
|
|
|
$
|
199
|
|
|
$
|
210
|
|
|
$
|
214
|
|
|
$
|
833
|
|
|
Architecture, Engineering and Construction
|
|
$
|
141
|
|
|
$
|
158
|
|
|
$
|
152
|
|
|
$
|
175
|
|
|
$
|
626
|
|
|
Manufacturing
|
|
$
|
123
|
|
|
$
|
136
|
|
|
$
|
134
|
|
|
$
|
148
|
|
|
$
|
540
|
|
|
Media and Entertainment
|
|
$
|
53
|
|
|
$
|
54
|
|
|
$
|
53
|
|
|
$
|
55
|
|
|
$
|
216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
% of Total Rev from Flagship
|
|
|
61
|
%
|
|
|
56
|
%
|
|
|
57
|
%
|
|
|
56
|
%
|
|
|
58
|
%
|
|
% of Total Rev Suites
|
|
|
23
|
%
|
|
|
29
|
%
|
|
|
27
|
%
|
|
|
27
|
%
|
|
|
27
|
%
|
|
% of Total Rev New and Adjacent
|
|
|
15
|
%
|
|
|
15
|
%
|
|
|
16
|
%
|
|
|
17
|
%
|
|
|
16
|
%
|
|
% of Total Rev from AutoCAD and AutoCAD LT
|
|
|
37
|
%
|
|
|
31
|
%
|
|
|
31
|
%
|
|
|
32
|
%
|
|
|
33
|
%
|
|
Upgrade and Crossgrade Revenue (in millions)
|
|
$
|
53
|
|
|
$
|
41
|
|
|
$
|
37
|
|
|
$
|
54
|
|
|
$
|
185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
(3
|
)
|
|
$
|
8
|
|
|
$
|
12
|
|
|
$
|
12
|
|
|
$
|
29
|
|
|
FX Impact on Cost of Revenue and Total Operating Expenses
|
|
$
|
(9
|
)
|
|
$
|
(17
|
)
|
|
$
|
(12
|
)
|
|
$
|
(5
|
)
|
|
$
|
(43
|
)
|
|
FX Impact on Operating Income
|
|
$
|
(12
|
)
|
|
$
|
(9
|
)
|
|
$
|
-
|
|
|
$
|
7
|
|
|
$
|
(14
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin by Segment (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
Platform Solutions and Emerging Business
|
|
$
|
199
|
|
|
$
|
187
|
|
|
$
|
198
|
|
|
$
|
204
|
|
|
$
|
788
|
|
|
Architecture, Engineering and Construction
|
|
$
|
128
|
|
|
$
|
143
|
|
|
$
|
138
|
|
|
$
|
161
|
|
|
$
|
570
|
|
|
Manufacturing
|
|
$
|
113
|
|
|
$
|
124
|
|
|
$
|
122
|
|
|
$
|
136
|
|
|
$
|
496
|
|
|
Media and Entertainment
|
|
$
|
43
|
|
|
$
|
44
|
|
|
$
|
43
|
|
|
$
|
45
|
|
|
$
|
175
|
|
|
Unallocated amounts
|
|
$
|
(9
|
)
|
|
$
|
(10
|
)
|
|
$
|
(12
|
)
|
|
$
|
(11
|
)
|
|
$
|
(42
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Statistics (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding
|
|
|
230.5
|
|
|
|
228.8
|
|
|
|
226.6
|
|
|
|
225.9
|
|
|
|
225.9
|
|
|
Fully Diluted Weighted Average Shares Outstanding
|
|
|
237.1
|
|
|
|
236.6
|
|
|
|
230.7
|
|
|
|
231.5
|
|
|
|
233.3
|
|
|
Shares Repurchased
|
|
|
1.7
|
|
|
|
2.5
|
|
|
|
3.5
|
|
|
|
2.0
|
|
|
|
9.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Installed Base Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance Installed Base (e)
|
|
|
3,004,000
|
|
|
|
2,985,000
|
|
|
|
3,116,000
|
|
|
|
3,166,000
|
|
|
|
3,166,000
|
|
|
|
|
(a) Totals may not agree with the sum of the components due to
rounding.
|
|
(b) Effective in the second quarter of fiscal 2012, Autodesk changed
the way it calculates constant currency growth rates and foreign
currency impact on Total Net Revenue, and Cost of Revenue and Total
Operating Expenses. Under the new methodology, all hedging gains and
losses are removed from the calculation of constant currency growth
rates, where previously Autodesk had not excluded hedging gains and
losses from the prior period. Autodesk changed the way it calculates
foreign currency impact on Total Net Revenue, and Cost of Revenue
and Total Operating Expenses to include the impact of Autodesk's
hedging program on both the current and prior period. Autodesk
believes these changes are more useful to the users of Autodesk's
financial information as they more fully reflect the underlying
business growth rates and the impact of movements in foreign
currency on Autodesk's U.S. dollar financial results. All prior
period comparative information has been revised to conform to the
new methodology.
|
|
|
|
QTR 1
|
|
QTR 2
|
|
QTR 3
|
|
QTR 4
|
|
YTD 2012
|
|
Constant currency revenue growth
|
|
12%
|
|
14%
|
|
12%
|
|
10%
|
|
12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c) Earnings per share were computed independently for each of the
periods presented; therefore the sum of the earnings per share
amounts for the quarters may not equal the total for the year.
|
|
(d) Prior period amounts have been changed to conform to current
period presentation.
|
|
(e) Autodesk will no longer provide Maintenance Installed Base
beginning in FY 13
|
|
|
|
Autodesk
|
|
|
|
(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 2012
|
|
(2) GAAP Gross Margin
|
|
90%
|
|
89%
|
|
89%
|
|
90%
|
|
90%
|
|
Stock-based compensation expense
|
|
0%
|
|
0%
|
|
0%
|
|
0%
|
|
0%
|
|
Amortization of developed technology
|
|
1%
|
|
2%
|
|
2%
|
|
2%
|
|
2%
|
|
Non-GAAP Gross Margin
|
|
91%
|
|
91%
|
|
91%
|
|
92%
|
|
92%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) GAAP Operating Expenses
|
|
$ 395
|
|
$ 394
|
|
$ 399
|
|
$ 443
|
|
$ 1,631
|
|
Stock-based compensation expense
|
|
(25)
|
|
(26)
|
|
(25)
|
|
(29)
|
|
(105)
|
|
Amortization of customer relationships and trade names
|
|
(7)
|
|
(9)
|
|
(8)
|
|
(8)
|
|
(32)
|
|
Restructuring charges
|
|
-
|
|
1
|
|
-
|
|
-
|
|
1
|
|
Non-GAAP Operating Expenses
|
|
$ 364
|
|
$ 360
|
|
$ 366
|
|
$ 406
|
|
$ 1,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) GAAP Operating Margin
|
|
15%
|
|
17%
|
|
16%
|
|
15%
|
|
16%
|
|
Stock-based compensation expense
|
|
5%
|
|
5%
|
|
5%
|
|
5%
|
|
5%
|
|
Amortization of developed technology
|
|
2%
|
|
2%
|
|
2%
|
|
2%
|
|
2%
|
|
Amortization of customer relationships and trade names
|
|
1%
|
|
2%
|
|
2%
|
|
2%
|
|
1%
|
|
Restructuring charges
|
|
0%
|
|
0%
|
|
0%
|
|
0%
|
|
0%
|
|
Non-GAAP Operating Margin
|
|
23%
|
|
25%
|
|
25%
|
|
24%
|
|
24%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) GAAP Net Income
|
|
$ 69
|
|
$ 71
|
|
$ 73
|
|
$ 72
|
|
$ 285
|
|
Stock-based compensation expense
|
|
26
|
|
27
|
|
26
|
|
30
|
|
109
|
|
Amortization of developed technology
|
|
8
|
|
9
|
|
11
|
|
10
|
|
38
|
|
Amortization of customer relationships and trade names
|
|
7
|
|
9
|
|
8
|
|
8
|
|
32
|
|
Restructuring charges
|
|
-
|
|
(1)
|
|
-
|
|
-
|
|
(1)
|
|
Discrete GAAP tax provision items
|
|
(4)
|
|
1
|
|
(4)
|
|
1
|
|
(7)
|
|
Income tax effect of non-GAAP adjustments
|
|
(12)
|
|
(12)
|
|
(11)
|
|
(15)
|
|
(51)
|
|
Non-GAAP Net Income
|
|
$ 94
|
|
$ 104
|
|
$ 102
|
|
$ 106
|
|
$ 405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) GAAP Diluted Net Income Per Share
|
|
$ 0.29
|
|
$ 0.30
|
|
$ 0.32
|
|
$ 0.31
|
|
$ 1.22
|
|
Stock-based compensation expense
|
|
0.11
|
|
0.12
|
|
0.11
|
|
0.13
|
|
0.47
|
|
Amortization of developed technology
|
|
0.03
|
|
0.04
|
|
0.05
|
|
0.04
|
|
0.16
|
|
Amortization of customer relationships and trade names
|
|
0.03
|
|
0.04
|
|
0.03
|
|
0.04
|
|
0.14
|
|
Restructuring charges
|
|
-
|
|
(0.01)
|
|
-
|
|
-
|
|
(0.01)
|
|
Discrete GAAP tax provision items
|
|
(0.02)
|
|
0.01
|
|
(0.02)
|
|
-
|
|
(0.03)
|
|
Income tax effect of non-GAAP adjustments
|
|
(0.04)
|
|
(0.06)
|
|
(0.05)
|
|
(0.06)
|
|
(0.21)
|
|
Non-GAAP Diluted Net Income Per Share
|
|
$ 0.40
|
|
$ 0.44
|
|
$ 0.44
|
|
$ 0.46
|
|
$ 1.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation for Fiscal 2013:
|
|
The following is a reconciliation of anticipated fiscal 2013 GAAP
and non-GAAP operating margins:
|
|
|
|
|
|
|
|
FISCAL 2013
|
|
GAAP operating margin basis point improvement over prior year
|
|
130
|
|
|
Stock-based compensation expense
|
|
110
|
|
|
Amortization of purchased intangibles
|
|
(40
|
)
|
|
Non-GAAP operating margin basis point improvement over prior year
|
|
200
|
|
|
|
|
Reconciliation for Long Term Operating Margins:
|
|
Autodesk is not able to provide targets for our long term (ending
with fiscal year 2015) GAAP operating margins at this time because
of the difficulty of estimating certain items that are excluded
from non-GAAP that affect operating margin, such as charges
related to stock-based compensation expense and amortization of
acquisition related intangibles.
|
Source: Autodesk, Inc.
Autodesk, Inc.
David Gennarelli, 415-507-6033 (Investors)
david.gennarelli@autodesk.com
Noah
Cole, 503-707-3872 (Press)
noah.cole@autodesk.com
|
