View:
================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
----------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
February 26, 2004
Date of Report (date of earliest event reported)
----------
Autodesk, Inc.
(Exact name of Registrant as specified in its charter)
Delaware 000-14338 94-2819853
-------- --------- ----------
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification Number)
111 McInnis Parkway
San Rafael, California 94903
----------------------------
(Address of principal executive offices)
(415) 507-5000
--------------
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
================================================================================
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
- ----------- -----------
99.1 Press Release, dated as of February 26, 2004, entitled "Autodesk
Fourth Quarter Revenues Increase 51 Percent, EPS Increases 700
Percent".
Item 12. Results of Operations and Financial Condition
On February 26, 2004, Autodesk, Inc. issued a press release reporting its
results for the three months and fiscal year ended January 31, 2004. The press
release is attached as Exhibit 99.1.
This information shall not be deemed "filed" for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
incorporated by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set forth by specific
reference in such a filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AUTODESK, INC.
By:/s/ ALFRED J. CASTINO
------------------------------------
Alfred J. Castino
Senior Vice President and Chief Financial Officer
Date: February 26, 2004
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
99.1 Press Release, dated as of February 26, 2004, entitled "Autodesk
Fourth Quarter Revenues Increase 51 Percent, EPS Increases 700
Percent".
Exhibit 99.1
Autodesk Fourth Quarter Revenues Increase 51 Percent
EPS Increases 700 percent
SAN RAFAEL, Calif., Feb. 26 /PRNewswire-FirstCall/ -- Autodesk, Inc.
(Nasdaq: ADSK), the world's leading design software and digital content
company, today announced financial results for its fourth quarter and fiscal
year ended January 31, 2004. For the fourth quarter, Autodesk reported net
revenues of $295 million, a 51 percent increase over $196 million reported in
the fourth quarter of fiscal 2003.
Fourth quarter net income was $58 million or $0.48 per diluted share on a
GAAP basis, and $53 million or $0.45 per diluted share on a pro-forma basis.
Pro-forma net income excludes both the positive effect of a tax benefit of
$7 million from the successful completion of an IRS audit of a previous year,
and a $3 million restructuring charge. Net income in the fourth quarter of
fiscal 2003 was $6 million or $0.06 per diluted share on a GAAP basis, and $8
million or $0.07 per diluted share on a pro-forma basis. Pro-forma net income
in the fourth quarter of fiscal 2003 excludes both a $7 million restructuring
charge and the positive effect of a tax benefit of $4 million from closure of
a prior year tax audit.
"I am pleased with the company's outstanding performance during the
quarter," said Carol Bartz, Autodesk chairman and CEO. "We saw strong growth
across all divisions and all markets. Today's results clearly demonstrate that
our strategies are working, our product offering has never been better and,
most importantly, our customers are satisfied."
Autodesk's strong performance was driven by a significant increase in
upgrade revenues, the continuing success of the company's subscription
program, and the company's commitment to improving profitability.
During the quarter, the company retired its AutoCAD 2000-based products.
Upgrade revenues increased 160 percent over the fourth quarter of fiscal 2003,
to $100 million. In addition to strong growth in upgrade revenues, revenues
from new seats grew 17 percent over the fourth quarter of fiscal 2003.
Subscription revenues, called Maintenance on the financial statements,
increased 52 percent over the same quarter of the prior year, to $33 million.
Subscription bookings increased 44 percent over the fourth quarter of fiscal
2003, as customers continue to recognize the value of the subscription program
and the quick return on investment of Autodesk products.
During the quarter, Autodesk continued to deliver on its commitment to
improve profitability. Operating margins improved 19 percentage points over
the fourth quarter of fiscal 2003, to 20 percent on a GAAP basis. Pro-forma
operating margins, which exclude the $3 million restructuring charge, were
21 percent in the quarter. These results demonstrate the significant leverage
in the company's operating margin and substantial progress toward the target
operating margin range of 18 to 20 percent on an annual basis. Annual
operating margins were 11 percent on a GAAP basis and 12 percent on a
pro-forma basis, excluding the impact of the $3 million restructuring charge.
"We are very optimistic about the coming year," said Bartz. "Our product
line up has never been better. We have significant new releases of all major
products coming at the same time or earlier than they were released last year,
beginning with the new release of our AutoCAD 2005 family of products next
month. In addition, we plan to introduce several significant new products,
including Civil 3D for our Infrastructure customers, and new Linux-based
releases for our Media customers. We have just begun our restructuring
efforts and are firmly committed to improving profitability. We are on track
to perform and execute. As a result, I have never been more enthusiastic
heading into a new fiscal year."
Net revenues for fiscal 2004 were $952 million, an increase of 15 percent
compared to $825 million in fiscal 2003. Net income for fiscal 2004 was
$120 million or $1.04 per diluted share on a GAAP basis, and $96 million or
$0.83 per diluted share on a pro-forma basis. Fiscal 2004 pro-forma results
exclude the $3 million restructuring charge and the positive effects of tax
benefits totaling $27 million. Net income in fiscal 2003 was $32 million or
$0.28 per diluted share on a GAAP basis, and $47 million or $0.41 per diluted
share on a pro-forma basis. Fiscal 2003 pro-forma results exclude $26 million
in restructuring charges and the positive effect of the tax benefit of
$4 million.
Operating Expense Presentation
During the quarter, the company changed its allocation of certain costs,
primarily information technology costs. This change has no impact to margins
or profits. The company's results prepared under the new allocation
methodology are attached to this press release and are available at
www.autodesk.com/investor.
Business Outlook
The following statements are forward looking statements which are based on
current expectations and which involve risks and uncertainties some of which
are set forth below.
Q1 Fiscal 2005
Net revenues for the first quarter of fiscal 2005 are expected to be in
the range of $240 million to $250 million. Earnings per diluted share for the
first quarter of fiscal year 2005 are expected to be in the range of $0.12 to
$0.17 on a GAAP basis and $0.16 to $0.21 on a pro forma basis.
Full Year Fiscal 2005
For 2005, annual net revenue is expected to be in the range of $990
million to $1,010 million. Earnings per diluted share for the full year are
expected to be in the range of $0.94 to $1.04 on a GAAP basis and $1.15 to
$1.25 on a pro-forma basis. Fourth quarter fiscal 2005 operating margins are
expected to be at least in the mid-20 percent range.
The company remains committed to achieving its target 18 to 20 percent
operating margins for subsequent annual periods beginning in fiscal year 2006.
A reconciliation of the above non-GAAP net income and EPS amounts to the
corresponding GAAP net income and EPS amounts is provided at the end of this
press release.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks
and uncertainties, including statements in the paragraphs under "Business
Outlook," above and other statements regarding our anticipated performance.
Factors that could cause actual results to differ materially include the
following: general market and business conditions, failure of key new
applications to achieve anticipated levels of customer acceptance, failure to
achieve sufficient sell-through in our channels for new or existing products,
pricing pressure, failure to achieve anticipated cost reductions, delays in
the release of new products and services, failure to achieve continued success
in technology advancements, changes in accounting rules, failure to
successfully integrate new or acquired businesses, financial and business
condition of our reseller and distribution channels, renegotiation or
termination of royalty or intellectual property arrangements, and failure to
grow lifecycle management or collaboration products.
Further information on potential factors that could affect the financial
results of Autodesk are included in the company's report on Form 10-K, for the
year ended January 31, 2003, form 10-Q for the quarter ended October 31, 2003,
and form 8-K filed November 26, 2003, which are on file with the Securities
and Exchange Commission.
Autodesk will host a conference call at 800-299-8538 (passcode: 67893682)
today and an audio webcast on the fourth quarter and year end results
beginning at 5:00 p.m. Eastern Time at www.Autodesk.com/investor. A replay of
this webcast will be maintained on our website for at least twelve months.
About Autodesk
Autodesk is the world's leading design software and digital content
company, offering customers progressive business solutions through powerful
technology products and services. Autodesk helps customers in the building,
manufacturing, infrastructure, digital media, and wireless data services
fields increase the value of their digital design data and improve
efficiencies across their entire project lifecycle management processes. For
more information, contact any Authorized Autodesk Reseller, call Autodesk at
800-964-6432, or visit www.autodesk.com. Discreet product information is
available at 800-869-3504 or via the Web at www.discreet.com.
Autodesk, Inc.
Reconciliation of diluted net income per share on a GAAP basis to
non-GAAP diluted net income per share
Unaudited
Three months Fiscal year
ended ended
April 30, 2004 January 31, 2005
Low end High end Low end High end
of range of range of range of range
Diluted net income per share on a
GAAP basis $0.12 $0.17 $0.94 $1.04
Restructure costs 0.05 0.05 0.28 0.28
Income tax effect (0.01) (0.01) (0.07) (0.07)
Non-GAAP diluted net income per share $0.16 $0.21 $1.15 $1.25
NOTE: Autodesk, AutoCAD and Discreet are registered trademarks, of
Autodesk, Inc., in the United States and/or other countries. All other brand
names, product names, or trademarks belong to their respective holders.
CONTACT: Investors, Sue Pirri, sue.pirri@autodesk.com, +1-415-507-6467,
or Marlene Peterson, marlene.peterson@autodesk.com, +1-415-507-6732, or Media,
Shannon Hart, shannon.hart@autodesk.com, +1-415-507-6241, or Nicole Pack,
nicole.pack@autodesk.com, +1-415-507-6282, all of Autodesk, Inc.
Autodesk, Inc.
Consolidated Statements of Income
(In thousands, except per share data)
Three Months Ended Year Ended
January 31, January 31,
2004 2003 2004 2003
(Unaudited) (Unaudited) (Audited)
Net revenues:
License and other $262,119 $173,674 $836,737 $748,944
Maintenance 33,191 21,842 114,906 76,001
Total net
revenues 295,310 195,516 951,643 824,945
Costs and expenses: (A)
Cost of license and
other revenues 32,535 31,813 132,727 135,687
Cost of maintenance
revenues 4,696 2,968 15,401 10,123
Marketing and sales 115,652 87,267 393,234 357,667
Research and
development 55,102 44,250 209,349 190,252
General and
administrative 25,949 20,642 90,990 80,068
Amortization of
purchased intangibles 444 26 522 299
Restructuring and
other 3,183 7,324 3,183 25,887
Total costs and
expenses 237,561 194,290 845,406 799,983
Income from operations 57,749 1,226 106,237 24,962
Interest and other
income, net 8,812 2,321 16,959 13,504
Income before income
taxes 66,561 3,547 123,196 38,466
Income tax (provision)
benefit (8,961) 2,866 (2,880) (6,562)
Net income $57,600 $6,413 $120,316 $31,904
Basic net income per
share $0.52 $0.06 $1.08 $0.28
Diluted net income per
share $0.48 $0.06 $1.04 $0.28
Shares used in computing
basic net income per
share 111,465 112,619 111,497 113,035
Shares used in
computing diluted
net income per share 119,837 114,161 115,652 114,775
(A) Autodesk previously classified Information Technology and other
corporate service costs that benefit the entire organization as
General and Administrative expenses in our Consolidated Statements of
Income.During the fourth quarter of fiscal 2004, Autodesk re-evaluated
its cost allocation methodology and reclassified these costs to other
functional areas of the business that benefit from these services.As a
result, fiscal 2004 General and Administrative expenses have been
reduced by $46.4 million and fiscal 2004 total Cost of Revenues,
Marketing and Sales and Research and Development have been increased
by $5.1 million, $23.6 million and $17.7 million, respectively. This
reclassification has no impact on Autodesk's total income from
operations or net income.Fiscal 2003 balances have been reclassified
to conform to the 2004 presentation. The effect of this adjustment on
previously reported consolidated financial statements for the three
months ended and fiscal year ended January 31, 2003 is as follows (in
thousands):
As reported As reclassified
Three Months Three Months
Ended Year Ended Ended Year Ended
January 31, January 31, January 31, January 31,
2003 2003 2003 2003
Cost of revenues: (i)
License and other $31,813 $135,687
Maintenance 2,968 10,123
Total cost of
revenues $33,425 $140,162 34,781 145,810
Marketing and sales 80,474 331,721 87,267 357,667
Research and
development 39,957 172,985 44,250 190,252
General and
administrative 33,084 128,929 20,642 80,068
Income from operations 1,226 24,962 1,226 24,962
(i) Prior to fiscal 2004, Autodesk did not report separate components of
cost of revenues.
Autodesk, Inc.
Pro Forma Consolidated Statements of Income
(See pro forma adjustments listed in the tables below)
(In thousands, except per share data)
Three Months Ended Year Ended
January 31, January 31,
2004 2003 2004 2003
(Unaudited) (Unaudited)
Net revenues:
License and other $262,119 $173,674 $836,737 $748,944
Maintenance 33,191 21,842 114,906 76,001
Total net revenues 295,310 195,516 951,643 824,945
Costs and expenses: (A)
Cost of license and
other revenues 32,535 31,813 132,727 135,687
Cost of maintenance
revenues 4,696 2,968 15,401 10,123
Marketing and sales 115,652 87,267 393,234 357,667
Research and
development 55,102 44,250 209,349 190,252
General and
administrative 25,949 20,642 90,990 80,068
233,934 186,940 841,701 773,797
Income from operations 61,376 8,576 109,942 51,148
Interest and other
income, net 8,812 2,321 16,959 13,504
Income before income
taxes 70,188 10,897 126,901 64,652
Provision for income
taxes (16,845) (2,942) (30,438) (17,456)
Pro forma net income $53,343 $7,955 $96,463 $47,196
Basic pro forma net
income per share $0.48 $0.07 $0.87 $0.42
Diluted pro forma net
income per share $0.45 $0.07 $0.83 $0.41
Shares used in computing
basic pro forma net
income per share 111,465 112,619 111,497 113,035
Shares used in
computing diluted
pro forma net income
per share 119,837 114,161 115,652 114,775
(A) Autodesk previously classified Information Technology and other
corporate service costs that benefit the entire organization as
General and Administrative expenses in our Consolidated Statements of
Income.During the fourth quarter of fiscal 2004, Autodesk
re-evaluated its cost allocation methodology and reclassified these
costs to other functional areas of the business that benefit from
these services.As a result, fiscal 2004 General and Administrative
expenses have been reduced by $46.4 million and fiscal 2004 total Cost
of Revenues, Marketing and Sales and Research and Development have
been increased by $5.1 million, $23.6 million and $17.7 million,
respectively.This reclassification has no impact on Autodesk's total
income from operations or net income.Fiscal 2003 balances have been
reclassified to conform to the 2004 presentation. The effect of this
adjustment on previously reported consolidated financial statements
for the three months ended and fiscal year ended January 31, 2003 is
as follows (in thousands):
As reported As reclassified
Three Months Three Months
Ended Year Ended Ended Year Ended
January 31, January 31, January 31, January 31,
2003 2003 2003 2003
Cost of revenues: (i)
License and other $31,813 $135,687
Maintenance 2,968 10,123
Total cost of
revenues $33,425 $140,162 34,781 145,810
Marketing and sales 80,474 331,721 87,267 357,667
Research and
development 39,957 172,985 44,250 190,252
General and
administrative 33,084 128,929 20,642 80,068
Pro forma income from
operations 8,576 51,148 8,576 51,148
(i) Prior to fiscal 2004, Autodesk did not report separate components of
cost of revenues.
Three Months Ended Year Ended
January 31, January 31,
2004 2003 2004 2003
(Unaudited) (Unaudited)
A reconciliation between operating expenses on a GAAP basis and pro forma
operating expenses is as follows:
GAAP costs and
expenses $237,561 $ 194,290 $845,406 $799,983
Amortization of
purchased intangibles (444) (26) (522) (299)
Restructuring and
other (3,183) (7,324) (3,183) (25,887)
Pro forma costs and
expenses $233,934 $186,940 $841,701 $773,797
A reconciliation between income from operations on a GAAP basis and
pro forma income from operations is as follows:
GAAP income from
operations $57,749 $1,226 $106,237 $24,962
Amortization of
purchased intangibles 444 26 522 299
Restructuring and other 3,183 7,324 3,183 25,887
Pro forma income from
operations $61,376 $8,576 $109,942 $51,148
A reconciliation between (provision) benefit for income taxes on a GAAP
basis and pro forma provision for income taxes is as follows:
GAAP (provision)
benefit for income
taxes $(8,961) $2,866 $(2,880) $(6,562)
Non-recurring tax
benefit (7,013) (3,824) (26,687) (3,824)
Income tax effect of
pro forma adjustments (871) (1,984) (871) (7,070)
Pro forma provision
for income taxes $(16,845) $(2,942) $ (30,438) $(17,456)
A reconciliation between net income on a GAAP basis and pro forma net
income is as follows:
GAAP net income $57,600 $6,413 $ 120,316 $31,904
Amortization of
purchased intangibles 444 26 522 299
Restructuring and other 3,183 7,324 3,183 25,887
Non-recurring tax benefit(7,013) (3,824) (26,687) (3,824)
Income tax effect of pro
forma adjustments (871) (1,984) (871) (7,070)
Pro forma net income $53,343 $7,955 $96,463 $47,196
A reconciliation between diluted net income per share on a GAAP basis
and diluted pro forma net income per share is as follows:
GAAP diluted net
income per share $0.48 $0.06 $1.04 $0.28
Amortization of
purchased intangibles $0.00 $0.00 $0.00 $0.00
Restructuring and other $0.03 $0.06 $0.03 $0.23
Non-recurring tax
benefit $(0.06) $(0.03) $(0.23) $(0.04)
Income tax effect of
pro forma adjustments $0.00 $(0.02) $(0.01) $(0.06)
Pro forma diluted net
income per share $0.45 $0.07 $0.83 $0.41
To supplement our consolidated financial statements presented on a GAAP
basis, Autodesk uses pro forma measures of operating results, net income
and net income per share, which are adjusted to exclude certain costs,
expenses, gains and losses we believe appropriate to enhance an overall
understanding of our past financial performance and also our prospects for
the future. 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 pro forma results are an
indication of our baseline performance before gains, losses or other
charges that are considered by management to be outside of our core
operating results. In addition, these adjusted pro forma results are among
the primary indicators management uses as a basis for our planning and
forecasting of future periods. The presentation of this additional
information is not meant to be considered in isolation or as a substitute
for net income or diluted net income per share prepared in accordance with
generally accepted accounting principles in the United States.
Autodesk, Inc.
Consolidated Balance Sheets
(In thousands)
January 31, January 31,
2004 2003
(Unaudited) (Audited)
ASSETS:
Current assets:
Cash and cash equivalents $282,249 $186,377
Marketable securities 81,275 60,643
Accounts receivable, net 166,816 132,803
Inventories 17,365 12,284
Deferred income taxes 25,410 28,923
Prepaid expenses and other current
assets 24,137 28,602
Total current assets 597,252 449,632
Marketable securities 165,976 164,029
Computer equipment, software, furniture and leasehold improvements, at
cost:
Computer equipment, software and
furniture 206,319 210,900
Leasehold improvements 34,526 32,913
Less accumulated depreciation (174,371) (167,691)
Net 66,474 76,122
Purchased technologies and
capitalized software, net 19,378 30,125
Goodwill, net 160,094 155,945
Other assets 7,986 7,797
$1,017,160 $883,650
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $52,307 $45,122
Accrued compensation 92,830 44,869
Accrued income taxes 50,695 39,802
Deferred revenues 127,276 93,241
Other accrued liabilities 61,814 86,994
Total current liabilities 384,922 310,028
Deferred income taxes, net 7,849 1,678
Other liabilities 2,746 2,736
Stockholders' equity:
Preferred stock -- --
Common stock and additional paid-in
capital 473,673 479,874
Accumulated other comprehensive
loss (4,754) (11,568)
Deferred compensation (451) (2,185)
Retained earnings 153,175 103,087
Total stockholders' equity 621,643 569,208
$1,017,160 $883,650
Autodesk, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
January 31, January 31,
2004 2003
(Unaudited) (Audited)
Operating Activities
Net income $120,316 $31,904
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 50,292 48,844
Write-downs of cost method
investments 596 3,436
Net loss on fixed asset
disposals -- 940
Restructuring related charges,
net 3,183 25,887
Changes in operating assets
and liabilities 45,364 (24,777)
Net cash provided by operating
activities 219,751 86,234
Investing Activities
Net sales and maturities of
marketable securities (24,039) 123,005
Acquisitions, net of cash acquired (5,150) (145,231)
Capital and other expenditures (25,852) (36,103)
Other investing activities (3,951) (6,689)
Net cash used in investing activities (58,992) (65,018)
Financing activities
Repayment of notes payable and
borrowings - (210)
Repurchases of common stock (178,463) (64,817)
Proceeds from issuance of common
stock 115,733 74,088
Dividends paid (13,408) (13,566)
Net cash used in financing activities (76,138) (4,505)
Effect of exchange rate changes on
cash and cash equivalents 11,251 11,979
Net increase in cash and cash
equivalents 95,872 28,690
Cash and cash equivalents at
beginning of year 186,377 157,687
Cash and cash equivalents at end of
year $282,249 $186,377
Supplemental cash flow information:
Net cash (received) paid during the
year for income taxes $(19,329) $19,315
Fiscal Year
2004 QTR 1 QTR 2 QTR 3 QTR 4 YTD2004
Financial
Statistics
(in millions):
Net Revenues $210.8 $211.7 $233.9 $295.3 $951.6
Gross Margin 82% 83% 84% 87% 84%
GAAP Operating
Expenses (F) $165.9 $161.7 $169.3 $200.3 $697.3
GAAP Operating
Margin 3% 7% 12% 20% 11%
GAAP Net Income $7.5 $32.6 $22.6 $57.6 $120.3
GAAP Earnings
Per Share
(diluted) $0.07 $0.29 $0.20 $0.48 $1.04
Pro Forma
Operating
Expenses
(A) (B) (F) $165.9 $161.7 $169.3 $196.7 $693.6
Pro Forma
Operating
Margin (A) (C) 3% 7% 12% 21% 12%
Pro Forma Net
Income (A) (D) $7.5 $12.9 $22.6 $53.4 $96.5
Pro Forma
Earnings
Per Share
(diluted)
(A) (E) $0.07 $0.11 $0.20 $0.45 $0.83
Total Cash and
Marketable
Securities $401.8 $411.9 $453.2 $529.5 $529.5
Days Sales
Outstanding 58 59 51 51 51
Capital
Expenditures $4.1 $9.8 $4.9 $7.1 $25.9
Cash from
Operations $17.3 $30.3 $53.0 $119.1 $219.7
GAAP
Depreciation
and
Amortization $12.3 $11.8 $11.8 $14.4 $50.3
Revenue by Geography (in millions):
Americas $92.1 $84.8 $104.9 $127.8 $409.6
Europe $68.1 $79.1 $77.6 $ 112.4 $337.2
Asia/Pacific $50.6 $47.8 $51.3 $55.1 $204.8
Revenue by Division (in millions):
Design
Solutions
Group $172.6 $180.9 $200.4 $258.2 $812.0
Manufacturing
Solutions
Division $30.1 $29.1 $33.3 $47.0 $139.5
Infrastructure
Solutions
Division
(formerly
GIS) $22.7 $25.5 $28.9 $38.2 $115.2
Building
Solutions
Group $15.9 $16.3 $20.8 $27.3 $80.3
Platform
Technology
Group &
Other $ 103.9 $ 110.0 $ 117.4 $ 145.7 $477.0
Discreet $38.2 $30.8 $33.5 $37.1 $139.6
Upgrade revenue (in millions):
Upgrade revenue $30.6 $46.0 $57.6 $99.8 $234.0
Operating Income (Loss) by Segment (in millions) (G):
Design
Solutions $54.4 $61.3 $80.3 $ 118.9 $314.9
Discreet $0.7 $(1.6) $(1.1) $5.1 $3.1
Unallocated
amounts $(48.5) $(45.8) $(51.3) $(66.2) $(211.8)
Headcount:
Headcount 3,551 3,564 3,537 3,493 3,493
Common Stock Statistics:
Stock Outstanding
(Pro Forma EPS
Calculation-
diluted) 113,446,000 113,460,000 114,166,000 119,837,000 115,652,000
Stock Re-
purchased 2,001,000 1,000,100 1,999,300 4,061,000 9,061,400
AutoCAD Statistics:
Upgrade Revenue of
AutoCAD-based
Products
(in millions) $16.6 $29.1 $43.7 $70.4 $159.8
Total
AutoCAD-based
Installed
Base 3,271,800 3,305,200 3,353,800 3,394,600 3,394,600
Stand-alone
AutoCAD 2,368,000
AutoCAD
Mechanical 139,000
AutoCAD Map 190,000
Architectural
Desktop 336,000
Land Desktop 110,000
AutoCAD LT Statistics:
Installed Base 2,430,000
(A) To supplement our consolidated financial statements presented on a
GAAP basis, Autodesk uses pro forma measures of operating results, net
income and net income per share, which are adjusted to exclude certain
costs, expenses, gains and losses we believe appropriate to enhance an
overall understanding of our past financial performance and also our
prospects for the future. 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 pro forma
results are an indication of our baseline performance before gains,
losses or other charges that are considered by management to be
outside of our core operating results. In addition, these adjusted pro
forma results are among the primary indicators management uses as a
basis for our planning and forecasting of future periods. The
presentation of this additional information is not meant to be
considered in isolation or as a substitute for net income or diluted
net income per share prepared in accordance with generally accepted
accounting principles in the United States.
(B) GAAP Operating
Expenses $165.9 $161.7 $169.3 $200.3 $697.3
Amortization
of purchased
intangibles $-- $-- $-- $(0.4) $(0.5)
Restructuring
and other $-- $-- $-- $(3.2) $(3.2)
Pro Forma
Operating
Expenses $165.9 $ 161.7 $169.3 $196.7 $693.6
(C) GAAP Operating
Margin 3% 7% 12% 20% 11%
Amortization
of purchased
intangibles 0% 0% 0% 0% 0%
Restructuring
and other 0% 0% 0% 1% 1%
Pro Forma
Operating
Margin 3% 7% 12% 21% 12%
(D) GAAP Net
Income $7.5 $32.6 $22.6 $57.6 $120.3
Amortization
of purchased
intangibles $-- $-- $-- $0.4 $0.5
Restructuring
and other $-- $-- $-- $3.2 $3.2
Non-recurring
tax benefit $-- $(19.7) $-- $(7.0) $(26.7)
Income tax
effect $-- $-- $-- $(0.8) $(0.8)
Pro Forma
Net Income $7.5 $12.9 $22.6 $53.4 $96.5
(E) GAAP Earnings
Per Share
(diluted) $0.07 $0.29 $0.20 $0.48 $1.04
Amortization
of purchased
intangibles $-- $-- $-- $-- $--
Restructuring
and other $-- $-- $-- $0.03 $0.03
Non-recurring
tax benefit $-- $(0.18) $- $(0.06) $(0.23)
Income tax
effect $-- $-- $-- $-- $(0.01)
Pro Forma
Earnings
Per Share
(diluted) $0.07 $0.11 $0.20 $0.45 $0.83
(F) In the fourth quarter of fiscal 2004, Autodesk began to allocate its
information systems and certain corporate activities from general and
administrative to the business divisions they support.For purposes of
comparisonwith the fourth quarter of fiscal 2004, operating expenses
have been reclassified to reflect this allocation.
(G) In the first quarter of fiscal 2004, Autodesk modified its segment
disclosure.For purposes of comparison with fiscal 2004, the segment
data has been revised to reflect the current segment reporting.
SOURCE Autodesk, Inc.
-0- 02/26/2004
/CONTACT: Investors, Sue Pirri, sue.pirri@autodesk.com, +1-415-507-6467,
or Marlene Peterson, marlene.peterson@autodesk.com, +1-415-507-6732, or Media,
Shannon Hart, shannon.hart@autodesk.com, +1-415-507-6241, or Nicole Pack,
nicole.pack@autodesk.com, +1-415-507-6282, all of Autodesk, Inc./
/Web site: http://www.autodesk.com /
(ADSK)
CO: Autodesk, Inc.
ST: California
IN: CPR STW ITE
SU: ERN CCA ERP