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
Date of
Report (Date of earliest event reported)
February 26,
2009
Autodesk,
Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
000-14338
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94-2819853
|
||
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(State
or other jurisdiction of
incorporation)
|
(Commission
File Number)
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(IRS
Employer
Identification
No.)
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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):
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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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
February 26, 2009, Autodesk, Inc. issued a press release reporting
financial results for the fourth quarter and fiscal year ended January 31,
2009. The press release is furnished herewith as Exhibit 99.1
and is incorporated herein by reference.
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.
Non-GAAP Financial
Measures
To
supplement Autodesk’s consolidated financial statements presented on a GAAP
basis, the press release furnished herewith as Exhibit 99.1 provides
investors with certain non-GAAP measures, including historical non-GAAP net
earnings and historical and future non-GAAP net earnings per diluted share. For
our internal budgeting and resource allocation process, Autodesk’s management
uses these non-GAAP measures that do not include: (a) the stock-based
compensation impact of SFAS 123R, (b) amortization of purchased intangibles and
purchases of technology that result in in-process research and development
expense, (c) certain payments to employees for tax issues arising from
Autodesk’s voluntary stock option review, (d) asset impairments, (e) investment
impairments, (f) restructuring charges and (g) the income tax effects on the
difference between GAAP and non-GAAP costs and expenses. Autodesk’s management
uses these non-GAAP measures in making operating decisions because we believe
the measures provide meaningful supplemental information regarding Autodesk’s
earning potential. In addition, these non-GAAP financial measures facilitate
comparisons to competitors’ historical results and operating
guidance.
As
described above, Autodesk excludes the following items from its non-GAAP
measures:
A. Stock
compensation impact of SFAS 123R. These expenses consist of expenses for
employee stock-based compensation under SFAS 123R. Autodesk excludes stock-based
compensation expenses from our non-GAAP measures primarily because they are
non-cash expenses and management finds it useful to exclude certain non-cash
charges to assess the appropriate level of various operating expenses to assist
in budgeting, planning and forecasting future periods. Further, as Autodesk
applies SFAS 123R, we believe that it is useful to investors to understand the
impact of the application of SFAS 123R to our results of
operations.
B.
Amortization of purchased intangibles and in-process research and development
expenses. Autodesk incurs amortization of acquisition-related purchased
intangible assets and charges related to in-process research and development,
primarily in connection with its acquisition of certain businesses and
technologies. The amortization of purchased intangibles from business
combinations varies depending on the level of acquisition activity and
management finds it useful to exclude these variable charges to assess the
appropriate level of various operating expenses to assist in budgeting, planning
and forecasting future periods.
C.
Reimbursement to employees for tax issues arising from the voluntary stock
option review. This expense consists of payments made to our employees relating
to tax payments they may incur as a result of our voluntary stock option review.
Autodesk excludes these payments from our non-GAAP measures primarily
because they are non-recurring items and management finds it useful to
exclude these charges to assess the appropriate level of various operating
expenses to assist in budgeting, planning and forecasting future
periods.
D. Asset
impairments. This is a non-cash charge to write-down goodwill and intangible
assets to fair value when there was an indication that the asset was impaired.
As explained above, management finds it useful to exclude certain non-cash
charges to assess the appropriate level of various operating expenses to assist
in budgeting, planning and forecasting future periods.
E.
Investment impairments. This is a non-cash charge to write-down an investment to
fair value when there was an indication that the investment was impaired. As
explained above, management finds it useful to exclude certain non-cash charges
to assess the appropriate level of various operating expenses to assist in
budgeting, planning and forecasting future periods.
F.
Restructuring charges. These expenses are associated with realigning our
business strategies based on current economic conditions. In connection with
these restructuring actions, we recognize costs related to termination benefits
for former employees whose positions were eliminated, and the closure of
facilities and cancelation of certain contracts. We exclude these charges
because these expenses are not reflective of ongoing operating results in the
current period.
G. Income
tax effects. The income tax effects that are excluded from the non-GAAP measures
relate to the tax impact on the difference between GAAP and non-GAAP costs and
expenses, primarily due to differences in the timing of when income tax benefits
are recognized for stock compensation and purchased intangibles for GAAP and
non-GAAP measures.
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. In addition, 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. Management compensates for these limitations by
analyzing current and future results on a GAAP basis as well as a non-GAAP basis
and also by providing GAAP measures in our earnings release. The presentation of
non-GAAP financial 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.
The non-GAAP financial measures are meant to supplement, and be viewed in
conjunction with, GAAP financial measures. Investors should review the
information regarding non-GAAP financial measures provided in our press
release.
Item
2.06. Material Impairments.
On
February 25, 2009, Autodesk concluded that it will be required to record an
impairment charge to reduce the carrying value of its goodwill and intangible
assets, primarily in its Media and Entertainment segment, largely as a result of
a sustained decline in its market capitalization and a decline in its forecasted
future cash flows from its Media and Entertainment segment. Autodesk expects to
record a material non-cash charge in the fiscal quarter ended January 31, 2009
of $129 million, consisting of $128 million of goodwill and $1 million of
intangible assets.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
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Exhibit
No.
|
Description
|
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99.1
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Press
release dated as of February 26, 2009, entitled “Autodesk Reports
Fourth Quarter and Full Year Fiscal 2009 Financial
Results.”
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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.
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AUTODESK,
INC.
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|||
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By:
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/s/ Carl Bass | |
| Carl Bass | |||
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Chief
Executive Officer, President and Interim Chief Financial
Officer
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|||
Date: February 26,
2009
EXHIBIT
INDEX
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Exhibit
No.
|
Description
|
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99.1
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Press
release dated as of February 26, 2009, entitled “Autodesk Reports
Fourth Quarter and Full Year Fiscal 2009 Financial
Results.”
|
Exhibit
99.1
Autodesk
Reports Fourth Quarter And Full Year Fiscal 2009 Financial Results
SAN
RAFAEL, Calif., Feb. 26 /PRNewswire-FirstCall/ -- Autodesk, Inc.
(Nasdaq: ADSK) today reported revenue of $490 million for the fourth quarter of
fiscal 2009, a decrease of 18 percent over the fourth quarter of fiscal
2008. GAAP diluted loss per share in the fourth quarter was $0.47,
compared to earnings of $0.40 per diluted share in the fourth quarter last
year. Non-GAAP diluted earnings per share in the fourth quarter were
$0.31, compared to $0.52 per diluted share in the fourth quarter last
year. Non-GAAP diluted earnings per share exclude a pre-tax
impairment charge of $0.56 related primarily to a reduction in the carrying of
goodwill in the company’s Media and Entertainment business segment, $0.18 for
restructuring charges, $0.08 related to stock-based compensation expense, $0.11
for the amortization of acquisition related intangibles and in-process research
and development, and the offsetting tax impact of $0.15 related to these
items.
For
fiscal 2009, revenue was a record $2.315 billion, an increase of 7 percent
compared to fiscal 2008. Fiscal 2009 net income was $184 million, or
$0.80 per diluted share, on a GAAP basis and $448 million, or $1.95 per diluted
share, on a non-GAAP basis. A reconciliation between GAAP and
non-GAAP results is provided at the end of this press release.
“We have
much to be proud of in fiscal 2009, including achieving record annual revenue
results, expanding our market presence into new territories, and adding several
new and exciting technologies to our portfolio of world-class products,” said
Carl Bass,
Autodesk president and CEO. “While the global economic conditions in
the first and second half of fiscal 2009 were very divergent, we are taking
actions to reduce our cost structure to better fit the realities of today’s
economic conditions. Our strong market position and best-in-class
products give us confidence that Autodesk will emerge from this downturn better
positioned and more operationally efficient.”
Operational
Overview
Combined
revenue from Autodesk's model-based 3D design solutions decreased 1 percent over
the fourth quarter of fiscal 2008 to $144 million and comprised 29 percent of
total revenue for the quarter. Autodesk shipped approximately 30,000
new commercial seats of its model-based 3D design products including
approximately 6,100 seats of 3D manufacturing products, and 24,000 seats of its
3D Architecture Engineering and Construction products.
EMEA
revenue was $219 million, a decrease of 16 percent as reported over the fourth
quarter of fiscal 2008, and a decrease of 8 percent on a constant currency
basis. Revenue in Asia Pacific was $99 million, a decrease of 25
percent as reported year-over-year, and a 28 percent decrease on a constant
currency basis. Revenue in the Americas decreased 17 percent to $172
million compared to the fourth quarter of fiscal 2008. Revenue from
emerging economies decreased 31 percent, compared to the fourth quarter of
fiscal 2008 to $80 million and represented 16 percent of total
revenue.
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. Given the uncertainty of the current markets, Autodesk
is only providing guidance for its fiscal first quarter of 2010 at this
time.
First
Quarter Fiscal 2010
Net
revenue for the first quarter of fiscal 2010 is expected to be in the range of
$400 million and $440 million. GAAP loss per diluted share is
expected to be in the range of $0.20 and $0.08. Non-GAAP earnings per
diluted share are expected to be in the range of $0.00 and $0.12 and excludes
$0.07 related to restructuring charges, $0.08 related to stock-based
compensation expense and $0.05 for the amortization of acquisition related
intangibles. The GAAP EPS range assumes a tax rate of 31% and the non-GAAP EPS
range assumes a tax rate of 27%.
In
addition, operating cash flow for the first quarter is expected to be negative
as a result of lower revenues combined with cash outlays in the quarter for
payments of the annual employee incentive plan and payments relating to the
restructuring plan.
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 anticipated market trends and other statements
regarding our expected investments, strategies, performance and
results. Other factors that could cause actual results to differ
materially include the following: general market and business
conditions, our performance in particular geographies, including emerging
economies, the financial and business condition of our reseller and distribution
channels, fluctuation in foreign currency exchange rates, failure to achieve
planned cost reductions and productivity increases, difficulties encountered in
integrating new or acquired businesses and technologies, the inability to
identify and realize the anticipated benefits of acquisitions, unexpected
fluctuations in our tax rate, the timing and degree of expected investments in
growth opportunities, slowing momentum in maintenance revenues, failure to
achieve sufficient sell-through in our channels for new or existing products,
pricing pressure, failure to achieve continued migration from 2D products to 3D
products, 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, and unanticipated impact of accounting for technology
acquisitions.
Further
information on potential factors that could affect the financial results of
Autodesk are included in Autodesk reports on Form 10-K for the year ended
January 31, 2008 and our Forms 10-Q for the quarters ended April 30, 2008, July
31, 2008, and October 31, 2008, which are on file with the 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.
Earnings
Conference Call and Webcast
Autodesk
will host its fourth quarter conference call today at 5:00 p.m. EST. The
live broadcast can be accessed at http://www.autodesk.com/investors.
A replay of the broadcast will be available at 7:00 pm EST at http://www.autodesk.com/investors.
This replay will be maintained on our website for at least twelve
months.
About
Autodesk
Autodesk, Inc. is a
world leader in 2D and 3D design software
for the manufacturing, construction, and media and entertainment markets. Since
its introduction of AutoCAD software in 1982, Autodesk has developed the
broadest portfolio of state-of-the-art Digital Prototyping solutions to help
customers experience their ideas before they are built. Fortune 1000 companies
rely on Autodesk for the tools to visualize, simulate and analyze real-world
performance early in the design process to save time and money, enhance quality
and foster innovation. For additional information about Autodesk, visit
www.autodesk.com.
Autodesk
and AutoCAD, are registered trademarks or trademarks of Autodesk, Inc., and/or
its subsidiaries and/or affiliates in the USA and/or other countries. All other
brand names, product names, or trademarks belong to their respective holders.
Autodesk reserves the right to alter product offerings and specifications at any
time without notice, and is not responsible for typographical or graphical
errors that may appear in this document.
© 2009
Autodesk, Inc. All rights reserved.
|
Investors:
|
David
Gennarelli, david.gennarelli@autodesk.com,
415-507-6033
|
|
Press:
|
Pam
Pollace, pam.pollace@autodesk.com,
415-547-2441
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Colleen
Rubart, colleen.rubart@autodesk.com,
415-547-2368
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Autodesk,
Inc.
Consolidated
Statements of Operations
(In
millions, except per share data)
|
Three
Months Ended
|
Fiscal
Year Ended
|
|||||||||||||||
|
January
31,
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January
31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
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(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
Net
revenue:
|
||||||||||||||||
|
License
and other
|
$ | 310.0 | $ | 446.0 | $ | 1,603.4 | $ | 1,618.6 | ||||||||
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Maintenance
|
179.8 | 153.0 | 711.8 | 553.3 | ||||||||||||
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Total
net revenue
|
489.8 | 599.0 | 2,315.2 | 2,171.9 | ||||||||||||
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Cost
of license and other revenue
|
46.0 | 48.7 | 210.2 | 199.1 | ||||||||||||
|
Cost
of maintenance revenue
|
2.5 | 2.2 | 8.9 | 8.6 | ||||||||||||
|
Total
cost of revenue
|
48.5 | 50.9 | 219.1 | 207.7 | ||||||||||||
|
Gross
margin
|
441.3 | 548.1 | 2,096.1 | 1,964.2 | ||||||||||||
|
Operating
Expenses:
|
||||||||||||||||
|
Marketing
and sales
|
218.0 | 243.8 | 900.7 | 847.7 | ||||||||||||
|
Research
and development
|
138.7 | 134.3 | 576.1 | 490.5 | ||||||||||||
|
General
and administrative
|
49.3 | 45.9 | 205.7 | 180.4 | ||||||||||||
|
Impairment
of goodwill and intangibles
|
128.9 | - | 128.9 | - | ||||||||||||
|
Restructuring
|
40.2 | - | 40.2 | - | ||||||||||||
|
Total
operating expenses
|
575.1 | 424.0 | 1,851.6 | 1,518.6 | ||||||||||||
|
Income
(loss) from operations
|
(133.8 | ) | 124.1 | 244.5 | 445.6 | |||||||||||
|
Interest
and other income (expense), net
|
(1.8 | ) | 6.8 | 8.0 | 24.4 | |||||||||||
|
Income
(loss) before income taxes
|
(135.6 | ) | 130.9 | 252.5 | 470.0 | |||||||||||
|
Income
tax (provision) benefit
|
30.3 | (34.4 | ) | (68.9 | ) | (113.8 | ) | |||||||||
|
Net
income (loss)
|
$ | (105.3 | ) | $ | 96.5 | $ | 183.6 | $ | 356.2 | |||||||
|
Basic
net income (loss) per share
|
$ | (0.47 | ) | $ | 0.42 | $ | 0.81 | $ | 1.55 | |||||||
|
Diluted
net income (loss) per share
|
$ | (0.47 | ) | $ | 0.40 | $ | 0.80 | $ | 1.47 | |||||||
|
Shares
used in computing basic net income (loss) per
share
|
226.3 | 230.2 | 225.5 | 230.3 | ||||||||||||
|
Shares
used in computing diluted net income (loss) per share
|
226.3 | 239.4 | 230.1 | 242.0 | ||||||||||||
Autodesk,
Inc.
Condensed
Consolidated Balance Sheets
(In
millions)
|
January 31,
|
January 31,
|
|||||||
|
2009
|
2008
|
|||||||
|
(Unaudited)
|
||||||||
|
ASSETS:
|
||||||||
|
Current
assets:
|
||||||||
|
Cash
and cash equivalents
|
$ | 917.6 | $ | 917.9 | ||||
|
Marketable
securities
|
63.5 | 31.4 | ||||||
|
Accounts
receivable, net
|
316.5 | 386.5 | ||||||
|
Deferred
income taxes
|
31.1 | 98.1 | ||||||
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Prepaid
expenses and other current assets
|
59.3 | 47.9 | ||||||
|
Total
current assets
|
1,388.0 | 1,481.8 | ||||||
|
Marketable
securities
|
7.6 | 8.4 | ||||||
|
Computer
equipment, software, furniture and leasehold improvements,
net
|
120.6 | 80.2 | ||||||
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Purchased
technologies, net
|
113.3 | 64.4 | ||||||
|
Goodwill
|
542.5 | 443.4 | ||||||
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Deferred
income taxes, net
|
125.7 | 54.6 | ||||||
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Other
assets
|
123.0 | 79.4 | ||||||
| $ | 2,420.7 | $ | 2,212.2 | |||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY:
|
||||||||
|
Current
liabilities:
|
||||||||
|
Accounts
payable
|
$ | 62.4 | $ | 79.3 | ||||
|
Accrued
compensation
|
124.3 | 146.2 | ||||||
|
Accrued
income taxes
|
16.7 | 14.4 | ||||||
|
Deferred
revenue
|
438.8 | 400.7 | ||||||
|
Borrowings
under line of credit
|
52.1 | - | ||||||
|
Other
accrued liabilities
|
105.8 | 89.7 | ||||||
|
Total
current liabilities
|
800.1 | 730.3 | ||||||
|
Deferred
revenue
|
113.3 | 105.4 | ||||||
|
Long
term income taxes payable
|
116.9 | 86.5 | ||||||
|
Long
term deferred income taxes
|
22.7 | 3.3 | ||||||
|
Other
liabilities
|
57.0 | 56.2 | ||||||
|
Commitments
and contingencies
|
||||||||
|
Stockholders'
equity:
|
||||||||
|
Preferred
stock
|
- | - | ||||||
|
Common
stock and additional paid-in capital
|
1,080.4 | 998.3 | ||||||
|
Accumulated
other comprehensive income (loss)
|
(11.2 | ) | 13.8 | |||||
|
Retained
earnings
|
241.5 | 218.4 | ||||||
|
Total
stockholders' equity
|
1,310.7 | 1,230.5 | ||||||
| $ | 2,420.7 | $ | 2,212.2 | |||||
Autodesk,
Inc.
Condensed
Consolidated Statements of Cash Flows
(In
millions)
|
Fiscal Year Ended
|
||||||||
|
January 31,
|
||||||||
|
2009
|
2008
|
|||||||
|
(Unaudited)
|
||||||||
|
Operating
Activities
|
||||||||
|
Net
income
|
$ | 183.6 | $ | 356.2 | ||||
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
|
Depreciation
and amortization
|
91.8 | 61.3 | ||||||
|
Stock-based
compensation expense
|
89.5 | 99.3 | ||||||
|
Charge
for acquired in-process research and development
|
26.9 | 5.5 | ||||||
|
Impairment
of goodwill and intangibles
|
128.9 | - | ||||||
|
Restructuring
related charges, net
|
38.9
|
- | ||||||
|
Changes
in operating assets and liabilities, net
of business combinations
|
34.2
|
186.2 | ||||||
|
Net
cash provided by operating activities
|
593.9 | 708.5 | ||||||
|
Investing
Activities
|
||||||||
|
Purchases
of marketable securities
|
(118.6 | ) | (727.0 | ) | ||||
|
Sales
of marketable securities
|
83.4 | 799.1 | ||||||
|
Business
combinations, net of cash acquired
|
(364.5 | ) | (114.5 | ) | ||||
|
Capital
and other expenditures
|
(78.4 | ) | (43.3 | ) | ||||
|
Net
cash used in investing activities
|
(478.1 | ) | (85.7 | ) | ||||
|
Financing
activities
|
||||||||
|
Proceeds
from borrowings on line of credit
|
912.4 | - | ||||||
|
Repayments
of borrowings on line of credit
|
(860.3 | ) | - | |||||
|
Proceeds
from issuance of common stock, net of issuance costs
|
90.1 | 187.3 | ||||||
|
Repurchases
of common stock
|
(256.6 | ) | (563.0 | ) | ||||
|
Net
cash used in financing activities
|
(114.4 | ) | (375.7 | ) | ||||
|
Effect
of exchange rate changes on cash and cash equivalents
|
(1.7 | ) | 4.9 | |||||
|
Net
increase (decrease)
in cash and cash equivalents
|
(0.3 | ) | 252.0 | |||||
|
Cash
and cash equivalents at beginning of fiscal year
|
917.9 | 665.9 | ||||||
|
Cash
and cash equivalents at end of period
|
$ | 917.6 | $ | 917.9 | ||||
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 margin, non-GAAP operating expenses, non-GAAP income
from operations, non-GAAP interest and other income, net 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, employee tax reimbursements related to our stock option
review, in-process
research and development expenses, restructuring expenses, amortization of
purchased intangibles, asset impairment 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
|
Fiscal Year Ended
|
|||||||||||||||
|
January 31,
|
January 31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
GAAP
cost of license and other revenue
|
$ | 46.0 | $ | 48.7 | $ | 210.2 | $ | 199.1 | ||||||||
|
SFAS
123R stock-based compensation expense
|
(0.5 | ) | (1.2 | ) | (3.6 | ) | (5.0 | ) | ||||||||
|
Amortization
of developed technology
|
(7.9 | ) | (3.4 | ) | (23.2 | ) | (10.7 | ) | ||||||||
|
Employee
tax reimbursements related to stock option review
|
- | (0.1 | ) | - | (1.2 | ) | ||||||||||
|
Non-GAAP
cost of license and other revenue
|
$ | 37.6 | $ | 44.0 | $ | 183.4 | $ | 182.2 | ||||||||
|
GAAP
gross margin
|
$ | 441.3 | $ | 548.1 | $ | 2,096.1 | $ | 1,964.2 | ||||||||
|
SFAS
123R stock-based compensation expense
|
0.5 | 1.2 | 3.6 | 5.0 | ||||||||||||
|
Amortization
of developed technology
|
7.9 | 3.4 | 23.2 | 10.7 | ||||||||||||
|
Employee
tax reimbursements related to stock option review
|
- | 0.1 | - | 1.2 | ||||||||||||
|
Non-GAAP
gross margin
|
$ | 449.7 | $ | 552.8 | $ | 2,122.9 | $ | 1,981.1 | ||||||||
|
GAAP
marketing and sales
|
$ | 218.0 | $ | 243.8 | $ | 900.7 | $ | 847.7 | ||||||||
|
SFAS
123R stock-based compensation expense
|
(8.6 | ) | (11.8 | ) | (39.2 | ) | (43.1 | ) | ||||||||
|
Employee
tax reimbursements related to stock option review
|
- | (0.6 | ) | - | (5.4 | ) | ||||||||||
|
Non-GAAP
marketing and sales
|
$ | 209.4 | $ | 231.4 | $ | 861.5 | $ | 799.2 | ||||||||
|
GAAP
research and development
|
$ | 138.7 | $ | 134.3 | $ | 576.1 | $ | 490.5 | ||||||||
|
SFAS
123R stock-based compensation expense
|
(6.0 | ) | (8.5 | ) | (29.3 | ) | (32.4 | ) | ||||||||
|
In-process
research and development
|
(8.9 | ) | (1.9 | ) | (26.9 | ) | (5.5 | ) | ||||||||
|
Employee
tax reimbursements related to stock option review
|
- | (0.8 | ) | - | (5.2 | ) | ||||||||||
|
Non-GAAP
research and development
|
$ | 123.8 | $ | 123.1 | $ | 519.9 | $ | 447.4 | ||||||||
|
GAAP
general and administrative
|
$ | 49.3 | $ | 45.9 | $ | 205.7 | $ | 180.4 | ||||||||
|
SFAS
123R stock-based compensation expense
|
(3.6 | ) | (4.7 | ) | (17.5 | ) | (18.8 | ) | ||||||||
|
Amortization
of customer relationships and trademarks
|
(6.9 | ) | (3.2 | ) | (23.4 | ) | (9.4 | ) | ||||||||
|
Employee
tax reimbursements related to stock option review
|
- | (0.3 | ) | - | (2.0 | ) | ||||||||||
|
Non-GAAP
general and administrative
|
$ | 38.8 | $ | 37.7 | $ | 164.8 | $ | 150.2 | ||||||||
|
GAAP
Impairment of goodwill and intangibles
|
$ | 128.9 | $ | - | $ | 128.9 | $ | - | ||||||||
|
Impairment
of goodwill and intangibles
|
(128.9 | ) | - | (128.9 | ) | - | ||||||||||
|
Non-GAAP
Impairment of goodwill and intangibles
|
$ | - | $ | - | $ | - | $ | - | ||||||||
|
GAAP
Restructuring
|
$ | 40.2 | $ | - | $ | 40.2 | $ | - | ||||||||
|
Restructuring
|
(40.2 | ) | - | (40.2 | ) | - | ||||||||||
|
Non-GAAP
Restructuring
|
$ | - | $ | - | $ | - | $ | - | ||||||||
|
GAAP
operating expenses
|
$ | 575.1 | $ | 424.0 | $ | 1,851.6 | $ | 1,518.6 | ||||||||
|
SFAS
123R stock-based compensation expense
|
(18.2 | ) | (25.0 | ) | (86.0 | ) | (94.3 | ) | ||||||||
|
Employee
tax reimbursements related to
stock
option review
|
- | (1.7 | ) | - | (12.6 | ) | ||||||||||
|
Amortization
of customer relationships and trademarks
|
(6.9 | ) | (3.2 | ) | (23.4 | ) | (9.4 | ) | ||||||||
|
In-process
research and development
|
(8.9 | ) | (1.9 | ) | (26.9 | ) | (5.5 | ) | ||||||||
|
Impairment
of goodwill and intangibles
|
(128.9 | ) | - | (128.9 | ) | - | ||||||||||
|
Restructuring
|
(40.2 | ) | - | (40.2 | ) | - | ||||||||||
|
Non-GAAP
operating expenses
|
$ | 372.0 | $ | 392.2 | $ | 1,546.2 | $ | 1,396.8 | ||||||||
|
GAAP
income (loss) from operations
|
$ | (133.8 | ) | $ | 124.1 | $ | 244.5 | $ | 445.6 | |||||||
|
SFAS
123R stock-based compensation expense
|
18.7 | 26.2 | 89.6 | 99.3 | ||||||||||||
|
Employee
tax reimbursements related to stock option review
|
- | 1.8 | - | 13.8 | ||||||||||||
|
Amortization
of developed technology
|
7.9 | 3.4 | 23.2 | 10.7 | ||||||||||||
|
Amortization
of customer relationships and trademarks
|
6.9 | 3.2 | 23.4 | 9.4 | ||||||||||||
|
In-process
research and development
|
8.9 | 1.9 | 26.9 | 5.5 | ||||||||||||
|
Impairment
of goodwill and intangibles
|
128.9 | - | 128.9 | - | ||||||||||||
|
Restructuring
|
40.2 | - | 40.2 | - | ||||||||||||
|
Non-GAAP
income from operations
|
$ | 77.7 | $ | 160.6 | $ | 576.7 | $ | 584.3 | ||||||||
|
GAAP
interest and other income (expense), net
|
$ | (1.8 | ) | $ | 6.8 | $ | 8.0 | $ | 24.4 | |||||||
|
Investment
impairment
|
- | - | - | 4.0 | ||||||||||||
|
Non-GAAP
interest and other income (expense), net
|
$ | (1.8 | ) | $ | 6.8 | $ | 8.0 | $ | 28.4 | |||||||
|
GAAP
income tax (provision) benefit
|
$ | 30.3 | $ | (34.4 | ) | $ | (68.9 | ) | $ | (113.8 | ) | |||||
|
Income
tax effect on difference between GAAP and non-GAAP total costs and
expenses at a normalized rate
|
(35.9 | ) | (8.8 | ) | (68.0 | ) | (42.4 | ) | ||||||||
|
Non-GAAP
income tax provision
|
$ | (5.6 | ) | $ | (43.2 | ) | $ | (136.9 | ) | $ | (156.2 | ) | ||||
|
GAAP
net income (loss)
|
$ | (105.3 | ) | $ | 96.5 | $ | 183.6 | $ | 356.2 | |||||||
|
SFAS
123R stock-based compensation expense
|
18.7 | 26.2 | 89.6 | 99.3 | ||||||||||||
|
Employee
tax reimbursements related to stock option review
|
- | 1.8 | - | 13.8 | ||||||||||||
|
Investment
impairment
|
- | - | - | 4.0 | ||||||||||||
|
Amortization
of developed technology
|
7.9 | 3.4 | 23.2 | 10.7 | ||||||||||||
|
In-process
research and development
|
8.9 | 1.9 | 26.9 | 5.5 | ||||||||||||
|
Amortization
of customer relationships and trademarks
|
6.9 | 3.2 | 23.4 | 9.4 | ||||||||||||
|
Impairment
of goodwill and intangibles
|
128.9 | - | 128.9 | - | ||||||||||||
|
Restructuring
|
40.2 | - | 40.2 | - | ||||||||||||
|
Income
tax effect on difference between GAAP and non-GAAP total costs and
expenses at a normalized rate
|
(35.9 | ) | (8.8 | ) | (68.0 | ) | (42.4 | ) | ||||||||
|
Non-GAAP
net income
|
$ | 70.3 | $ | 124.2 | $ | 447.8 | $ | 456.5 | ||||||||
|
GAAP
diluted net income (loss) per share
|
$ | (0.47 | ) | $ | 0.40 | $ | 0.80 | $ | 1.47 | |||||||
|
SFAS
123R stock-based compensation expense
|
0.08 | 0.11 | 0.39 | 0.41 | ||||||||||||
|
Employee
tax reimbursements related to stock option review
|
- | 0.01 | - | 0.06 | ||||||||||||
|
Investment
impairment
|
- | - | - | 0.02 | ||||||||||||
|
Amortization
of developed technology
|
0.04 | 0.01 | 0.10 | 0.04 | ||||||||||||
|
In-process
research and development
|
0.04 | 0.01 | 0.12 | 0.02 | ||||||||||||
|
Amortization
of customer relationships and trademarks
|
0.03 | 0.02 | 0.10 | 0.04 | ||||||||||||
|
Impairment
of goodwill and intangibles
|
0.56 | - | 0.56 | - | ||||||||||||
|
Restructuring
|
0.18 | - | 0.18 | - | ||||||||||||
|
Income
tax effect on difference between GAAP and non-GAAP total costs and
expenses at a normalized rate
|
(0.15 | ) | (0.04 | ) | (0.30 | ) | (0.18 | ) | ||||||||
|
Non-GAAP
diluted net income per share
|
$ | 0.31 | $ | 0.52 | $ | 1.95 | $ | 1.88 | ||||||||
|
GAAP
diluted shares used in per share calculation
|
226.3 | 239.4 | 230.1 | 242.0 | ||||||||||||
|
Impact
of SFAS 123R on diluted shares
|
(0.2 | ) | 1.0 | (0.4 | ) | 1.2 | ||||||||||
|
Shares
included in non-GAAP net income
per share, but excluded from
GAAP net loss per share as they
would have been anti-dilutive
|
3.0 | - | - | - | ||||||||||||
|
Non-GAAP
diluted shares used in per share calculation
|
229.1 | 240.4 | 229.7 | 243.2 | ||||||||||||
Other Supplemental Financial
Information
(1)
|
Fiscal
Year 2009
|
QTR
1
|
QTR
2
|
QTR
3
|
QTR
4
|
YTD
2009
|
|||||||||||||||
|
Financial
Statistics (in millions, except per share data):
|
||||||||||||||||||||
|
Total
net revenue
|
$ | 599 | $ | 620 | $ | 607 | $ | 490 | $ | 2,315 | ||||||||||
|
License
and other revenue
|
$ | 432 | $ | 440 | $ | 421 | $ | 310 | $ | 1,603 | ||||||||||
|
Maintenance
revenue
|
$ | 167 | $ | 180 | $ | 186 | $ | 180 | $ | 712 | ||||||||||
|
Gross
Margin - GAAP
|
90 | % | 90 | % | 91 | % | 90 | % | 91 | % | ||||||||||
|
Gross
Margin - Non-GAAP
|
91 | % | 91 | % | 93 | % | 92 | % | 92 | % | ||||||||||
|
GAAP
Operating Expenses
|
$ | 421 | $ | 441 | $ | 415 | $ | 575 | $ | 1,852 | ||||||||||
|
GAAP
Operating Margin
|
20 | % | 19 | % | 23 | % | -27 | % | 11 | % | ||||||||||
|
GAAP
Net Income (Loss)
|
$ | 95 | $ | 90 | $ | 104 | $ | (105 | ) | $ | 184 | |||||||||
|
GAAP
Diluted Net Income (Loss) Per Share
|
$ | 0.41 | $ | 0.39 | $ | 0.45 | $ | (0.47 | ) | $ | 0.80 | |||||||||
|
Non-GAAP
Operating Expenses (2)(3)
|
$ | 394 | $ | 396 | $ | 385 | $ | 372 | $ | 1,546 | ||||||||||
|
Non-GAAP
Operating Margin (2)(4)
|
25 | % | 28 | % | 29 | % | 16 | % | 25 | % | ||||||||||
|
Non-GAAP
Net Income (2)(5)
|
$ | 117 | $ | 131 | $ | 130 | $ | 70 | $ | 448 | ||||||||||
|
Non-GAAP
Diluted Net Income Per Share (2)(6)
|
$ | 0.50 | $ | 0.56 | $ | 0.56 | $ | 0.31 | $ | 1.95 | ||||||||||
|
Total
Cash and Marketable Securities
|
$ | 950 | $ | 970 | $ | 941 | $ | 989 | $ | 989 | ||||||||||
|
Days
Sales Outstanding
|
51 | 48 | 44 | 59 | 59 | |||||||||||||||
|
Capital
Expenditures
|
$ | 14 | $ | 26 | $ | 19 | $ | 19 | $ | 78 | ||||||||||
|
Cash
from Operations
|
$ | 185 | $ | 215 | $ | 107 | $ | 86 | $ | 594 | ||||||||||
|
GAAP
Depreciation and Amortization
|
$ | 17 | $ | 22 | $ | 25 | $ | 27 | $ | 92 | ||||||||||
|
Deferred
Maintenance Revenue Balance
|
$ | 474 | $ | 488 | $ | 433 | $ | 475 | $ | 475 | ||||||||||
|
Revenue
by Geography (in millions):
|
||||||||||||||||||||
|
Americas
|
$ | 191 | $ | 203 | $ | 216 | $ | 172 | $ | 782 | ||||||||||
|
Europe
|
$ | 259 | $ | 267 | $ | 258 | $ | 219 | $ | 1,003 | ||||||||||
|
Asia/Pacific
|
$ | 149 | $ | 150 | $ | 133 | $ | 99 | $ | 530 | ||||||||||
|
Revenue
by Segment (in millions):
|
||||||||||||||||||||
|
Platform
Solutions and Emerging Business and Other
|
$ | 278 | $ | 270 | $ | 269 | $ | 201 | $ | 1,018 | ||||||||||
|
Architecture,
Engineering and Construction
|
$ | 129 | $ | 144 | $ | 134 | $ | 118 | $ | 525 | ||||||||||
|
Manufacturing
Solutions
|
$ | 119 | $ | 131 | $ | 124 | $ | 114 | $ | 488 | ||||||||||
|
Media
and Entertainment
|
$ | 67 | $ | 69 | $ | 73 | $ | 53 | $ | 262 | ||||||||||
|
Other
|
$ | 6 | $ | 6 | $ | 7 | $ | 4 | $ | 22 | ||||||||||
|
Other
Revenue Statistics:
|
||||||||||||||||||||
|
%
of Total Rev from AutoCAD and AutoCAD LT
|
41 | % | 35 | % | 35 | % | 32 | % | 36 | % | ||||||||||
|
%
of Total Rev from 3D design products
|
24 | % | 26 | % | 27 | % | 29 | % | 27 | % | ||||||||||
|
%
of Total Rev from Emerging Economies
|
17 | % | 18 | % | 19 | % | 16 | % | 18 | % | ||||||||||
|
Upgrade
Revenue (in millions)
|
$ | 61 | $ | 58 | $ | 41 | $ | 34 | $ | 194 | ||||||||||
|
Favorable
(Unfavorable) Impact of U.S. Dollar Translation Relative to Foreign
Currencies Compared to Comparable Prior Year Period (in
millions):
|
||||||||||||||||||||
|
FX
Impact on Total Net Revenue
|
$ | 41 | $ | 42 | $ | 18 | $ | (19 | ) | $ | 82 | |||||||||
|
FX
Impact on Total Operating Expenses
|
$ | (14 | ) | $ | (11 | ) | $ | (3 | ) | $ | 17 | $ | (11 | ) | ||||||
|
FX
Impact on Total Net Income (Loss)
|
$ | 27 | $ | 31 | $ | 15 | $ | (2 | ) | $ | 71 | |||||||||
|
Gross
Margin by Segment (in millions):
|
||||||||||||||||||||
|
Platform
Solutions and Emerging Business and Other
|
$ | 263 | $ | 255 | $ | 257 | $ | 190 | $ | 965 | ||||||||||
|
Architecture,
Engineering and Construction
|
$ | 119 | $ | 133 | $ | 126 | $ | 109 | $ | 487 | ||||||||||
|
Manufacturing
Solutions
|
$ | 110 | $ | 122 | $ | 117 | $ | 107 | $ | 456 | ||||||||||
|
Media
and Entertainment
|
$ | 50 | $ | 52 | $ | 57 | $ | 41 | $ | 200 | ||||||||||
|
Unallocated
amounts
|
$ | (1 | ) | $ | (2 | ) | $ | (3 | ) | $ | (6 | ) | $ | (12 | ) | |||||
|
Common
Stock Statistics:
|
||||||||||||||||||||
|
GAAP
Shares Outstanding
|
223,616,000 | 224,528,000 | 226,248,000 | 226,354,000 | 226,354,000 | |||||||||||||||
|
GAAP
Fully Diluted Weighted Average Shares Outstanding
|
232,607,000 | 231,078,000 | 230,364,000 | 226,299,000 | 230,068,000 | |||||||||||||||
|
Shares
Repurchased
|
8,001,000 | - | - | - | 8,001,000 | |||||||||||||||
|
Installed
Base Statistics:
|
||||||||||||||||||||
|
Total
AutoCAD-based Installed Base
|
4,377,000 | 4,431,000 | 4,491,000 | 4,551,000 | 4,551,000 | |||||||||||||||
|
Stand-alone
AutoCAD
|
2,980,000 | |||||||||||||||||||
|
AutoCAD
Mechanical
|
266,000 | |||||||||||||||||||
|
AutoCAD
Map 3D
|
281,000 | |||||||||||||||||||
|
AutoCAD
Architecture
|
577,000 | |||||||||||||||||||
|
AutoCAD
LT Installed Base
|
3,949,000 | |||||||||||||||||||
|
Total
Inventor Installed Base
|
794,000 | 817,000 | 841,000 | 869,000 | 869,000 | |||||||||||||||
|
Total
Maintenance Installed Base
|
1,587,000 | 1,644,000 | 1,696,000 | 1,704,000 | 1,704,000 | |||||||||||||||
(1)
Totals may not agree with the sum of the components due to
rounding.
(2) 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 income
from operations, non-GAAP interest and other income, net 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, employee tax reimbursements related to our stock option
review, in-process research and development expenses, restructuring expenses,
amortization of purchased intangibles, investment impairment 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.
|
Fiscal
Year 2009
|
QTR
1
|
QTR
2
|
QTR
3
|
QTR
4
|
YTD
2009
|
|||||||||||||||
|
(3)
GAAP Operating Expenses
|
$ | 421 | $ | 441 | $ | 415 | $ | 575 | $ | 1,852 | ||||||||||
|
Stock-based compensation expense
|
(24 | ) | (22 | ) | (21 | ) | (18 | ) | (87 | ) | ||||||||||
|
Amortization of customer relationships and trademarks
|
(3 | ) | (6 | ) | (7 | ) | (7 | ) | (24 | ) | ||||||||||
|
In-process research and development
|
- | (17 | ) | (1 | ) | (9 | ) | (27 | ) | |||||||||||
|
Restructuring
|
- | - | - | (40 | ) | (40 | ) | |||||||||||||
|
Impairment of goodwill and intangibles
|
- | - | - | (129 | ) | (129 | ) | |||||||||||||
|
Non-GAAP Operating Expenses
|
$ | 394 | $ | 396 | $ | 385 | $ | 372 | $ | 1,546 | ||||||||||
|
(4)
GAAP Operating Margin
|
20 | % | 19 | % | 23 | % | -27 | % | 11 | % | ||||||||||
|
Stock-based compensation expense
|
4 | % | 4 | % | 4 | % | 4 | % | 4 | % | ||||||||||
|
Amortization of developed technology
|
1 | % | 1 | % | 1 | % | 2 | % | 1 | % | ||||||||||
|
Amortization of customer relationships and trademarks
|
1 | % | 1 | % | 1 | % | 1 | % | 1 | % | ||||||||||
|
In-process research and development
|
0 | % | 3 | % | 0 | % | 2 | % | 1 | % | ||||||||||
|
Restructuring
|
0 | % | 0 | % | 0 | % | 8 | % | 2 | % | ||||||||||
|
Impairment of goodwill and intangibles
|
0 | % | 0 | % | 0 | % | 26 | % | 6 | % | ||||||||||
|
Non-GAAP Operating Margin
|
25 | % | 28 | % | 29 | % | 16 | % | 25 | % | ||||||||||
|
(5)
GAAP Net Income (Loss)
|
$ | 95 | $ | 90 | $ | 104 | $ | (105 | ) | $ | 184 | |||||||||
|
Stock-based compensation expense
|
25 | 23 | $ | 23 | 19 | 90 | ||||||||||||||
|
Amortization of developed technology
|
4 | 5 | $ | 6 | 8 | 23 | ||||||||||||||
|
Amortization of customer relationships and trademarks
|
3 | 6 | $ | 7 | 7 | 24 | ||||||||||||||
|
In-process research and development
|
- | 17 | $ | 1 | 9 | 27 | ||||||||||||||
|
Impairment of goodwill and intangibles
|
- | - | - | 129 | 129 | |||||||||||||||
|
Restructuring
|
- | - | - | 40 | 40 | |||||||||||||||
|
Income tax effect on difference between GAAP and non-GAAP total costs and
expenses at a normalized rate
|
(9 | ) | (11 | ) | (12 | ) | (36 | ) | (68 | ) | ||||||||||
|
Non-GAAP Net Income
|
$ | 117 | $ | 131 | $ | 130 | $ | 70 | $ | 448 | ||||||||||
|
(6)
GAAP Diluted Net Income (Loss) Per Share
|
$ | 0.41 | $ | 0.39 | $ | 0.45 | $ | (0.47 | ) | $ | 0.80 | |||||||||
|
Stock-based compensation expense
|
0.11 | 0.10 | 0.10 | 0.08 | 0.39 | |||||||||||||||
|
Amortization of developed technology
|
0.01 | 0.02 | 0.03 | 0.04 | 0.10 | |||||||||||||||
|
Amortization of customer relationships and trademarks
|
0.01 | 0.03 | 0.03 | 0.03 | 0.10 | |||||||||||||||
|
In-process research and development
|
- | 0.07 | - | 0.04 | 0.12 | |||||||||||||||
|
Impairment of goodwill and intangibles
|
- | - | - | 0.56 | 0.56 | |||||||||||||||
|
Restructuring
|
- | - | - | 0.18 | 0.18 | |||||||||||||||
|
Income tax effect on difference between GAAP and non-GAAP total costs and
expenses at a normalized rate
|
(0.04 | ) | (0.05 | ) | (0.05 | ) | (0.15 | ) | (0.30 | ) | ||||||||||
|
Non-GAAP Diluted Net Income Per Share
|
$ | 0.50 | $ | 0.56 | $ | 0.56 | $ | 0.31 | $ | 1.95 | ||||||||||
CONTACT: Investors,
David Gennarelli, +1-415-507-6033, david.gennarelli@autodesk.com, or Press, Pam
Pollace, +1-415-547-2441, pam.pollace@autodesk.com, or Colleen Rubart,
+1-415-547-2368, colleen.rubart@autodesk.com,
all of Autodesk