================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
May 19, 2005
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AUTODESK, INC.
(Exact name of registrant as specified in its charter)
Delaware 000-14338 94-2819853
---------------------------- ------------------------ -------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
111 McInnis Parkway
San Rafael, California 94903
(Address of principal executive offices, including zip code)
(415) 507-5000 (Registrant's
telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On May 19, 2005, Autodesk, Inc. issued a press release reporting its
results for the three months ended April 30, 2005. The press release is filed
herewith as Exhibit 99.1 and is incorporated herein by reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
EXHIBIT NO. DESCRIPTION
- ----------- -----------------------------------------------------------------
99.1 Press Release, dated as of May 19, 2005, entitled "Autodesk First
Quarter Earnings Per Share Increase 72 Percent; Raises Guidance
for Second Quarter and Fiscal Year."
2
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 hereunto duly authorized.
AUTODESK, INC.
By: /s/ Alfred J. Castino
-------------------------
Alfred J. Castino
Senior Vice President and
Chief Financial Officer
Date: May 19, 2005
3
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
- ----------- -----------------------------------------------------------------
99.1 Press Release, dated as of May 19, 2005, entitled "Autodesk First
Quarter Earnings Per Share Increase 72 Percent; Raises Guidance
for Second Quarter and Fiscal Year."
4
Exhibit 99.1
AUTODESK FIRST QUARTER EARNINGS PER SHARE INCREASE 72 PERCENT;
RAISES GUIDANCE FOR SECOND QUARTER AND FISCAL YEAR
SAN RAFAEL, Calif., May 19 /PRNewswire-FirstCall/ -- Autodesk, Inc. (Nasdaq:
ADSK) today announced financial results for its first fiscal quarter ended April
30, 2005. For the first quarter, Autodesk reported net revenues of $355 million,
a 19 percent increase over $298 million reported in the first quarter of the
prior year.
First quarter net income was $76 million, or $0.31 per diluted share, on a
GAAP basis and $75 million, or $0.30 per diluted share on a non-GAAP basis.
Non-GAAP net income excludes a $1 million benefit related to the successful
resolution of tax audits for a prior year. Net income in the first quarter of
the prior year was $43 million, or $0.18 per diluted share, on a GAAP basis, and
$51 million, or $0.22 per diluted share on a non-GAAP basis.
"Autodesk had another outstanding quarter," said Carol Bartz, Autodesk
chairman and CEO. "In March, we launched the strongest product portfolio in the
company's history, which included more than 25 products. Our customers are
interested in quick implementation, ease of use and fast return on investment.
Our results demonstrate that Autodesk is meeting those needs."
Autodesk's performance was driven by strong growth in revenues from new
seats and subscriptions, increasing penetration of its vertical and 3D products
and continued improvement in profitability.
First quarter revenues from new seats increased 22 percent over the prior
year. Revenues from new seats of AutoCAD increased 26 percent over the prior
year.
Combined revenues from subscriptions and upgrades increased 19 percent over
the first quarter of fiscal 2005. Consistent with company strategy, subscription
revenues, which are called maintenance in the financial statements, increased 57
percent over last year. Combined revenues from subscriptions and upgrades
continue to represent approximately one-third of total revenues.
The company's vertical and 3D products continue to increase their market
penetration. In the first quarter, revenues from Autodesk Map(R) 3D increased 25
percent over the prior year. Combined revenues from AutoCAD(R) Mechanical and
AutoCAD(R) Electrical software increased 53 percent over last year. Revenues
from new commercial seats of Autodesk(R) Inventor(R) Series, Autodesk Inventor
Professional, Autodesk(R) Revit(R) Building, Autodesk AutoCAD(R) Revit(R)
Series, and Autodesk Civil 3D(TM) software, increased 83 percent over the prior
year.
During the quarter Autodesk continued to improve its profitability.
Operating margins increased to 26 percent on a GAAP and non-GAAP basis.
Operating margins in the first quarter of fiscal 2005 were 18 percent on a GAAP
basis and 21 percent on a non-GAAP basis.
"I have never been more confident of our future opportunities," said Bartz.
"We have already introduced outstanding new versions of our product portfolio.
Our refreshed product line and our commitment to continue to improve our
productivity and efficiency position the company for strong growth. We've got
the right strategy, the right products and the right people to continue to grow
this company faster and more profitably than our competitors."
A reconciliation of the above non-GAAP operating margin, net income and EPS
amounts to the corresponding GAAP amounts is provided at the end of this press
release.
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.
Second Quarter Fiscal 2006
Net revenues for the second quarter of fiscal 2006 are currently expected to
be in the range of $350 million to $360 million. Operating expenses are expected
to increase in the second quarter due to increasing investments in growth
initiatives. GAAP and non-GAAP earnings per diluted share are currently expected
to be in the range of $0.22 to $0.24 per diluted share.
Full Year Fiscal 2006
For fiscal year 2006, net revenues are currently expected to be in the range
of $1.45 billion to $1.5 billion. GAAP and non-GAAP earnings per diluted share
are expected to be in the range of $1.14 to $1.19.
All fiscal 2006 EPS guidance ranges are based on the company's 20 percent
estimated tax rate. The company currently believes that its effective tax rate
will revert back to a 24 percent effective tax rate in fiscal year 2007.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks
and uncertainties, including statements in the paragraphs under "Business
Outlook" above, statements regarding our expected effective tax rate and other
statements regarding our anticipated performance. Factors that could cause
actual results to differ materially include the following: general market and
business conditions, the timing and degree of expected investments in growth
opportunities, failure to successfully integrate new or acquired businesses and
technologies, failure to achieve sufficient sell-through in our channels for new
or existing products, failure of key new applications to achieve anticipated
levels of customer acceptance, pricing pressure, failure to achieve continued
cost reductions and productivity increases, failure to achieve continued
migration from 2D products to 3D products, unanticipated changes in tax rates,
failure to achieve continued success in technology advancements, changes in
foreign currency exchange rates, the financial and business condition of our
reseller and distribution channels, renegotiation or termination of royalty or
intellectual property arrangements, interruptions or terminations in the
business of the company's third party developers, failure to achieve continued
migration from 2D products to 3D products, failure to grow lifecycle management
or collaboration products, and unanticipated impact of accounting for technology
acquisitions.
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, 2005 which is on file with the Securities and Exchange
Commission.
Autodesk will host its first quarter earnings announcement today at 5:00
p.m. EDT. The live announcement may be accessed at 800-901-5213 (passcode:
25271857). A replay of the call will be available at 4:00 p.m. PDT on our
website at www.autodesk.com/investors or by dialing 888-286-8010 and reference
31289701 as the pass code. An audio webcast will also be available beginning at
5:00 p.m. EDT at www.autodesk.com/investors. A replay of this webcast will be
maintained on our website for at least twelve months.
About Autodesk
Autodesk, Inc. is wholly focused on ensuring that great ideas are turned
into reality. With six million users, Autodesk is the world's leading software
and services company for the building, manufacturing, infrastructure, digital
media, and wireless data services fields. Autodesk's solutions help customers
create, manage, and share their data and digital assets more effectively. As a
result, customers turn ideas into competitive advantage by becoming more
productive, streamlining project efficiency, and maximizing profits. Founded in
1982, Autodesk is headquartered in San Rafael, California. For additional
information about Autodesk, please visit www.autodesk.com.
NOTE: Autodesk, AutoCAD, AutoCAD Electrical, AutoCAD Mechanical, Autodesk
Inventor, Autodesk Map, Civil 3D and Revit are either trademarks or 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.
Investors: Sue Pirri, sue.pirri@autodesk.com, 415-507-6467
John Clancy, john.clancy@autodesk.com, 415-507-6373
Press: Nicole Pack, nicole.pack@autodesk.com, 415-507-6282
Autodesk, Inc.
Consolidated Statements of Income
(In thousands, except per share data)
Three Months Ended
April 30,
---------------------------
2005 2004
------------ ------------
(Unaudited)
Net revenues:
License and other $ 296,378 $ 260,509
Maintenance 58,741 37,367
Total net revenues 355,119 297,876
Costs and expenses:
Cost of license and other revenues 38,693 37,585
Cost of maintenance revenues 4,814 4,287
Marketing and sales 127,397 109,279
Research and development 65,852 57,881
General and administrative 27,741 27,073
Restructuring -- 8,250
Total costs and expenses 264,497 244,355
Income from operations 90,622 53,521
Interest and other income, net 3,012 2,416
Income before income taxes 93,634 55,937
Provision for income taxes (17,556) (13,432)
Net income $ 76,078 $ 42,505
Basic net income per share $ 0.33 $ 0.19
Diluted net income per share $ 0.31 $ 0.18
Shares used in computing basic
net income per share 227,715 224,104
Shares used in computing diluted
net income per share 249,272 238,565
Autodesk, Inc.
Non-GAAP Consolidated Statements of Income
(See non-GAAP adjustments listed in the tables below)
(In thousands, except per share data)
Three Months Ended
April 30,
---------------------------
2005 2004
------------ ------------
(Unaudited)
Net revenues:
License and other $ 296,378 $ 260,509
Maintenance 58,741 37,367
Total net revenues 355,119 297,876
Costs and expenses:
Cost of license and other revenues 38,693 37,585
Cost of maintenance revenues 4,814 4,287
Marketing and sales 127,397 109,279
Research and development 65,852 57,881
General and administrative 27,741 27,073
Total costs and expenses 264,497 236,105
Income from operations 90,622 61,771
Interest and other income, net 3,012 2,416
Income before income taxes 93,634 64,187
Provision for income taxes (18,727) (12,838)
Non-GAAP net income $ 74,907 $ 51,349
Basic non-GAAP net income per share $ 0.33 $ 0.23
Diluted non-GAAP net income per share $ 0.30 $ 0.22
Shares used in computing basic
non-GAAP net income per share 227,715 224,104
Shares used in computing diluted
non-GAAP net income per share 249,272 238,565
Three Months Ended
April 30,
---------------------------
2005 2004
------------ ------------
(Unaudited)
A reconciliation between operating
expenses on a GAAP basis and non-GAAP
operating expenses is as follows:
GAAP costs and expenses $ 264,497 $ 244,355
Restructuring -- (8,250)
Non-GAAP costs and expenses $ 264,497 $ 236,105
A reconciliation between income from
operations on a GAAP basis and non-GAAP
income from operations is as follows:
GAAP income from operations $ 90,622 $ 53,521
Restructuring -- 8,250
Non-GAAP income from operations $ 90,622 $ 61,771
A reconciliation between provision for
income taxes on a GAAP basis and
non-GAAP provision for income taxes is
as follows:
GAAP provision for income taxes $ (17,556) $ (13,432)
Income tax effect on restructuring at
the normalized rate -- (1,650)
Dividends received deduction benefit -- 2,244
Non-recurring tax benefit (1,171) --
Non-GAAP provision for income taxes $ (18,727) $ (12,838)
A reconciliation between net income on a
GAAP basis and non-GAAP net income
is as follows:
GAAP net income $ 76,078 $ 42,505
Restructuring -- 8,250
Income tax effect on restructuring at
the normalized rate -- (1,650)
Dividends received deduction benefit -- 2,244
Non-recurring tax benefit (1,171) --
Non-GAAP net income $ 74,907 $ 51,349
A reconciliation between diluted net
income per share on a GAAP basis and
diluted non-GAAP net income per share
is as follows:
GAAP diluted net income per share $ 0.305 $ 0.178
Restructuring $ -- $ 0.035
Income tax effect on restructuring at
the normalized rate $ -- $ (0.007)
Dividends received deduction benefit $ -- $ 0.009
Non-recurring tax benefit $ (0.005) $ --
Non-GAAP diluted net income per share $ 0.300 $ 0.215
To supplement our consolidated financial statements presented on a GAAP basis,
Autodesk uses non-GAAP 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 non-GAAP
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 non-GAAP 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)
April 30, January 31,
2005 2005
------------ ------------
(Unaudited) (Audited)
ASSETS:
Current assets:
Cash and cash equivalents $ 518,078 $ 517,654
Marketable securities 19,698 15,038
Accounts receivable, net 190,216 196,827
Inventories 14,724 12,545
Deferred income taxes 25,608 14,250
Prepaid expenses and other current
assets 28,386 25,483
Total current assets 796,710 781,797
Computer equipment, software,
furniture and leasehold improvements,
at cost:
Computer equipment, software and
furniture 196,413 191,656
Leasehold improvements 32,490 32,586
Less accumulated depreciation (163,318) (154,676)
Net 65,585 69,566
Purchased technologies and
capitalized software, net 10,355 9,319
Goodwill 172,370 166,628
Deferred income taxes, net 116,793 105,061
Other assets 15,792 9,833
$ 1,177,605 $ 1,142,204
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 61,191 $ 46,234
Accrued compensation 72,942 140,622
Accrued income taxes 53,720 41,549
Deferred revenues 202,087 178,701
Other accrued liabilities 51,947 66,839
Total current liabilities 441,887 473,945
Deferred revenues 19,987 15,528
Other liabilities 4,940 4,653
Stockholders' equity:
Preferred stock -- --
Common stock and additional paid-in
capital 664,745 625,225
Accumulated other comprehensive
loss (3,311) (2,843)
Deferred compensation (138) (269)
Retained earnings 49,495 25,965
Total stockholders' equity 710,791 648,078
$ 1,177,605 $ 1,142,204
Autodesk, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
Three Months Ended
April 30,
---------------------------
2005 2004
------------ ------------
(Unaudited)
Operating Activities
Net income $ 76,078 $ 42,505
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 12,585 12,502
Stock compensation expense 131 197
Net loss on fixed asset
disposals 11 212
Tax benefits from employee
stock plans 23,905 24,414
Restructuring related charges,
net -- 4,326
Changes in operating assets
and liabilities (47,448) (28,993)
Net cash provided by operating
activities 65,262 55,163
Investing Activities
Net (purchases) sales and
maturities of available-for-sale
marketable securities (4,660) 30,757
Capital and other expenditures (5,534) (5,864)
Business combinations, net of cash
acquired (16,542) (6,500)
Other investing activities 7 (843)
Net cash (used in) provided by
investing activities (26,729) 17,550
Financing activities
Proceeds from issuance of common
stock, net of issuance costs 40,129 104,934
Repurchases of common stock (73,656) (149,033)
Dividends paid (3,406) (3,302)
Net cash used in financing activities (36,933) (47,401)
Effect of exchange rate changes on
cash and cash equivalents (1,176) (3,414)
Net increase in cash and cash
equivalents 424 21,898
Cash and cash equivalents at
beginning of year 517,654 282,249
Cash and cash equivalents at end of
period $ 518,078 $ 304,147
Supplemental cash flow information:
Net cash paid during the period for
income taxes $ 4,248 $ 4,668
Fiscal Year 2006 QTR 1 QTR 2 QTR 3 QTR 4 YTD2006
- ----------------------------------- ------------- ------------- ------------- ------------- -------------
Financial Statistics
(in millions):
Total net revenues $ 355.1 $ 355.1
License and other
revenues $ 296.4 $ 296.4
Maintenance revenues $ 58.7 $ 58.7
Gross Margin 88% 88%
GAAP Operating Expenses $ 264.5 $ 264.5
GAAP Operating Margin 26% 26%
GAAP Net Income $ 76.1 $ 76.1
GAAP Net Income Per Share
(diluted) $ 0.31 $ 0.31
Non-GAAP Operating Expenses
(1) (2) $ 264.5 $ 264.5
Non-GAAP Operating Margin
(1) (3) 26% 26%
Non-GAAP Net Income (1) (4) $ 74.9 $ 74.9
Non-GAAP Net Income Per
Share (diluted) (1) (5) $ 0.30 $ 0.30
Total Cash and Marketable
Securities $ 537.8 $ 537.8
Days Sales Outstanding 48 48
Capital Expenditures $ 5.5 $ 5.5
Cash from Operations $ 65.3 $ 65.3
GAAP Depreciation and
Amortization $ 12.6 $ 12.6
Revenue by Geography (in millions):
Americas $ 130.5 $ 130.5
Europe $ 134.1 $ 134.1
Asia/Pacific $ 90.5 $ 90.5
Revenue by Division (in millions):
Design Solutions Segment $ 313.2 $ 313.2
Manufacturing Solutions
Division $ 59.1 $ 59.1
Infrastructure
Solutions
Division $ 39.3 $ 39.3
Building Solutions
Group $ 37.1 $ 37.1
Platform
Technology Group
and other $ 177.7 $ 177.7
Media and Entertainment
Segment $ 41.2 $ 41.2
Upgrade Revenue (in millions):
Upgrade Revenue $ 64.6 $ 64.6
Deferred Maintenance Revenue
(in millions):
Deferred Maintenance Revenue
Balance $ 166.1 $ 166.1
Operating Income (Loss) by
Segment (in millions):
Design Solutions $ 151.1 $ 151.1
Media and Entertainment $ 8.2 $ 8.2
Unallocated amounts $ (68.7) $ (68.7)
Headcount:
Headcount 3,661 3,661
Common Stock Statistics:
Stock Outstanding
Non-GAAP EPS Calculation
-- diluted 249,272,000 249,272,000
Stock Repurchased 2,497,700 2,497,700
Installed Base Statistics:
Total AutoCAD-based
Installed Base 3,700,800 3,700,800
Total Inventor Installed
Base 445,800 445,800
(1) To supplement our consolidated financial statements presented on a GAAP
basis, Autodesk uses non-GAAP 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 non-GAAP 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 non-GAAP 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.
(2) GAAP Operating Expenses $ 264.5 $ -- $ -- $ -- $ 264.5
Non-GAAP Adjustment $ -- $ -- $ -- $ -- $ --
Non-GAAP Operating Expenses $ 264.5 $ -- $ -- $ -- $ 264.5
(3) GAAP Operating Margin 26% 0% 0% 0% 26%
Non-GAAP Adjustment 0% 0% 0% 0% 0%
Non-GAAP Operating Margin 26% 0% 0% 0% 26%
(4) GAAP Net Income $ 76.1 $ -- $ -- $ -- $ 76.1
Non-recurring tax benefit $ (1.2) $ -- $ -- $ -- $ (1.2)
Non-GAAP Net Income $ 74.9 $ -- $ -- $ -- $ 74.9
(5) GAAP Net Income Per Share
(diluted) $ 0.305 $ -- $ -- $ -- $ 0.305
Non-recurring tax benefit $ (0.005) $ -- $ -- $ -- $ (0.005)
Non-GAAP Net Income Per Share
(diluted) $ 0.300 $ -- $ -- $ -- $ 0.300
Fiscal Year 2005 QTR 1 QTR 2 QTR 3 QTR 4 YTD2005
- ----------------------------------- ------------- ------------- ------------- ------------- -------------
Financial Statistics
(in millions):
Total net revenues $ 297.9 $ 279.6 $ 300.2 $ 356.2 $ 1,233.8
License and other
revenues $ 260.5 $ 238.5 $ 254.5 $ 303.7 $ 1,057.1
Maintenance revenues $ 37.4 $ 41.1 $ 45.7 $ 52.5 $ 176.7
Gross Margin 86% 86% 86% 88% 86%
GAAP Operating Expenses $ 202.5 $ 190.0 $ 202.9 $ 234.0 $ 829.5
GAAP Operating Margin 18% 18% 18% 22% 19%
GAAP Net Income $ 42.5 $ 39.2 $ 74.1 $ 65.8 $ 221.5
GAAP Net Income
Per Share
(diluted) (6) $ 0.18 $ 0.16 $ 0.30 $ 0.26 $ 0.90
Non-GAAP Operating
Expenses (1)(2) $ 194.2 $ 186.3 $ 200.0 $ 222.2 $ 802.7
Non-GAAP Operating
Margin (1) (3) 21% 19% 19% 25% 21%
Non-GAAP Net Income
(1) (4) $ 51.3 $ 44.2 $ 47.7 $ 75.2 $ 218.4
Non-GAAP Net Income Per
Share (diluted)
(1) (5) (6) $ 0.22 $ 0.18 $ 0.19 $ 0.30 $ 0.88
Total Cash and Marketable
Securities $ 519.4 $ 571.7 $ 518.0 $ 532.7 $ 532.7
Days Sales Outstanding 43 51 50 50 50
Capital Expenditures $ 5.9 $ 9.9 $ 13.5 $ 11.5 $ 40.8
Cash from Operations $ 55.2 $ 83.5 $ 90.8 $ 143.7 $ 373.1
GAAP Depreciation and
Amortization $ 12.5 $ 12.9 $ 13.2 $ 13.4 $ 52.0
Revenue by Geography
(in millions):
Americas $ 121.5 $ 115.1 $ 137.0 $ 137.3 $ 510.9
Europe $ 108.8 $ 98.9 $ 95.8 $ 140.2 $ 443.7
Asia/Pacific $ 67.6 $ 65.6 $ 67.4 $ 78.7 $ 279.2
Revenue by Division
(in millions):
Design Solutions
Segment $ 260.2 $ 242.4 $ 256.4 $ 312.3 $ 1,071.3
Manufacturing
Solutions
Division $ 44.8 $ 44.2 $ 50.4 $ 60.3 $ 199.7
Infrastructure
Solutions
Division $ 35.5 $ 33.6 $ 35.8 $ 42.9 $ 147.8
Building Solutions
Group $ 27.2 $ 28.8 $ 29.1 $ 39.2 $ 124.3
Platform Technology
Group and other $ 152.7 $ 135.8 $ 141.1 $ 169.9 $ 599.5
Media and
Entertainment
Segment $ 37.6 $ 36.7 $ 43.1 $ 42.6 $ 160.0
Upgrade Revenue
(in millions):
Upgrade Revenue $ 66.2 $ 46.4 $ 55.8 $ 92.9 $ 261.3
Deferred Maintenance
Revenue
(in millions):
Deferred Maintenance
Revenue Balance $ 96.7 $ 107.1 $ 113.0 $ 140.8 $ 140.8
Operating Income (Loss)
by Segment
(in millions):
Design Solutions $ 122.7 $ 105.2 $ 114.3 $ 147.1 $ 489.3
Media and
Entertainment $ 3.3 $ 6.5 $ 6.9 $ 10.6 $ 27.3
Unallocated amounts $ (72.5) $ (62.3) $ (67.4) $ (79.5) $ (281.7)
Headcount:
Headcount 3,409 3,443 3,437 3,477 3,477
Common Stock Statistics (6):
Stock Outstanding
Non-GAAP EPS
Calculation
- diluted 238,565,000 250,607,000 248,045,000 252,674,000 246,977,000
Stock
Repurchased 10,365,200 3,319,600 8,032,200 4,199,800 25,916,800
Installed Base Statistics:
AutoCAD
Total AutoCAD-based
Installed
Base* 3,469,400 3,514,600 3,571,800 3,618,000 3,618,000
Stand-alone
AutoCAD 2,490,000
AutoCAD Mechanical 149,400
AutoCAD Map 203,700
Architectural Desktop 383,900
Land Desktop 109,900
* Includes prior period
adjustment of approximately
28,000 seats
AutoCAD LT Installed Base 2,677,900
Total Inventor
Installed
Base 306,600 349,500 388,800 422,900 422,900
(1) To supplement our consolidated financial statements presented on a GAAP
basis, Autodesk uses non-GAAP 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 non-GAAP 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 non-GAAP 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.
(2) GAAP Operating
Expenses $ 202.5 $ 190.0 $ 202.9 $ 234.0 $ 829.5
Restructuring $ (8.3) $ (3.7) $ (2.9) $ (11.8) $ (26.7)
Non-GAAP Operating
Expenses $ 194.2 $ 186.3 $ 200.0 $ 222.2 $ 802.7
(3) GAAP Operating
Margin 18% 18% 18% 22% 19%
Restructuring 3% 1% 1% 3% 2%
Non-GAAP Operating
Margin 21% 19% 19% 25% 21%
(4) GAAP Net Income $ 42.505 $ 39.165 $ 74.070 $ 65.768 $ 221.508
Restructuring $ 8.250 $ 3.717 $ 2.922 $ 11.811 $ 26.700
Income tax effect
on restructuring (7) $ (1.650) $ (0.744) $ (0.584) $ (2.363) $ (5.341)
Dividends Received
Deduction benefit
for current fiscal
year (7) $ 2.244 $ 2.054 $ (4.298) $ -- $ --
Dividends Received
Deduction benefit
for prior fiscal
years (7) $ -- $ -- $ (15.540) $ -- $ (15.540)
Non-recurring tax
benefit $ -- $ -- $ (8.905) $ -- $ (8.905)
Non-GAAP Net Income $ 51.349 $ 44.192 $ 47.665 $ 75.216 $ 218.422
(5) GAAP Net Income
Per Share
(diluted)(6) $ 0.178 $ 0.156 $ 0.299 $ 0.260 $ 0.897
Restructuring $ 0.035 $ 0.015 $ 0.012 $ 0.047 $ 0.108
Income tax effect
on restructuring (7) $ (0.007) $ (0.003) $ (0.002) $ (0.009) $ (0.022)
Dividends Received
Deduction benefit
for current fiscal
year (7) $ 0.009 $ 0.008 $ (0.017) $ -- $ --
Dividends Received
Deduction benefit
for prior fiscal
years (7) $ -- $ -- $ (0.064) $ -- $ (0.063)
Non-recurring tax
benefit $ -- $ -- $ (0.036) $ -- $ (0.036)
Non-GAAP Net Income
Per Share (diluted) (6) $ 0.215 $ 0.176 $ 0.192 $ 0.298 $ 0.884
(6) On November 16, 2004 the Board of Directors authorized a two-for-one stock
split in the form of a stock dividend to stockholders of record as of
December 6, 2004. Historical common stock statistics and per share amounts
have been restated to reflect the effect of the stock split.
(7) In the third quarter of fiscal 2005, Autodesk determined that its
consolidated fiscal year effective income tax rate declined from 24% to
20%. For purposes of comparison, we have assumed the new estimated
effective income tax rate of 20% in calculating our non-GAAP net income and
non-GAAP earnings per share for each individual quarter of fiscal 2005.
SOURCE Autodesk, Inc.
-0- 05/19/2005
/CONTACT: investors, Sue Pirri, sue.pirri@autodesk.com, or
+1-415-507-6467, or John Clancy, john.clancy@autodesk.com, or +1-415-507-6373,
or press, Nicole Pack, nicole.pack@autodesk.com, or +1-415-507-6282, all of
Autodesk, Inc./
/Web site: http://www.autodesk.com /
