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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to            
Commission File Number: 0-14338
 
AUTODESK, INC.
(Exact name of registrant as specified in its charter)
Delaware94-2819853
(State or other jurisdiction of
incorporation or organization)
(I.R.S. employer
Identification No.)
One Market Street, Ste. 400
San Francisco, California94105
(Address of principal executive offices)(Zip Code)
(415507-5000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareADSKThe Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and ‘emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer  Accelerated filer
Non-accelerated filer  Smaller reporting company
  Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes  No 

As of August 25, 2022, registrant had outstanding 215,859,048 shares of common stock.



AUTODESK, INC. FORM 10-Q
TABLE OF CONTENTS
  Page No.
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.




PART I. FINANCIAL INFORMATION
 
ITEM 1.FINANCIAL STATEMENTS

AUTODESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
 
 Three Months Ended July 31,Six Months Ended July 31,
 2022202120222021
Net revenue:
Subscription$1,160 $997 $2,249 $1,924 
Maintenance 17 17 35 36 
Total subscription and maintenance revenue
1,177 1,014 2,284 1,960 
Other60 46 123 89 
Total net revenue1,237 1,060 2,407 2,049 
Cost of revenue:
Cost of subscription and maintenance revenue83 76 167 144 
Cost of other revenue21 16 40 30 
Amortization of developed technologies15 14 29 24 
Total cost of revenue119 106 236 198 
Gross profit1,118 954 2,171 1,851 
Operating expenses:
Marketing and sales433 399 852 776 
Research and development306 277 595 543 
General and administrative128 119 248 231 
Amortization of purchased intangibles 9 11 20 19 
Total operating expenses876 806 1,715 1,569 
Income from operations242 148 456 282 
Interest and other expense, net(10)(9)(29)(12)
Income before income taxes232 139 427 270 
(Provision) benefit for income taxes(46)(24)(95)1 
Net income $186 $115 $332 $271 
Basic net income per share$0.86 $0.52 $1.53 $1.23 
Diluted net income per share$0.85 $0.52 $1.52 $1.22 
Weighted average shares used in computing basic net income per share217 220 217 220 
Weighted average shares used in computing diluted net income per share218 222 218 222 

See accompanying Notes to Condensed Consolidated Financial Statements.

4


AUTODESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
Three Months Ended July 31,Six Months Ended July 31,
2022202120222021
Net income $186 $115 $332 $271 
Other comprehensive (loss) income, net of reclassifications:
Net gain on derivative instruments (net of tax effect of $(4), $(2), $(12), and $(4), respectively)
18 10 73 20 
Change in net unrealized gain on available-for-sale debt securities (net of tax effect of zero for all periods presented)
4 4 3 8 
Change in defined benefit pension items (net of tax effect of zero for all periods presented)
3    
Net change in cumulative foreign currency translation loss (net of tax effect of $1, $1, $1, and $(1) respectively)
(46)(25)(121)(15)
Total other comprehensive (loss) income (21)(11)(45)13 
Total comprehensive income $165 $104 $287 $284 

See accompanying Notes to Condensed Consolidated Financial Statements.

5


AUTODESK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
 
July 31, 2022January 31, 2022
ASSETS
Current assets:
Cash and cash equivalents$1,440 $1,528 
Marketable securities85 236 
Accounts receivable, net434 716 
Prepaid expenses and other current assets370 284 
Total current assets2,329 2,764 
Long-term marketable securities46 45 
Computer equipment, software, furniture and leasehold improvements, net154 162 
Operating lease right-of-use assets292 305 
Intangible assets, net451 494 
Goodwill3,612 3,604 
Deferred income taxes, net790 741 
Long-term other assets553 492 
Total assets$8,227 $8,607 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$109 $121 
Accrued compensation223 341 
Accrued income taxes16 30 
Deferred revenue2,709 2,863 
Operating lease liabilities80 87 
Current portion of long-term notes payable, net350 350 
Other accrued liabilities155 217 
Total current liabilities3,642 4,009 
Long-term deferred revenue994 927 
Long-term operating lease liabilities336 346 
Long-term income taxes payable57 20 
Long-term deferred income taxes 37 29 
Long-term notes payable, net2,279 2,278 
Long-term other liabilities142 149 
Stockholders’ equity:
Common stock and additional paid-in capital3,089 2,923 
Accumulated other comprehensive loss(169)(124)
Accumulated deficit(2,180)(1,950)
Total stockholders’ equity 740 849 
Total liabilities and stockholders’ equity $8,227 $8,607 

See accompanying Notes to Condensed Consolidated Financial Statements.

6


AUTODESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 
 Six Months Ended July 31,
 20222021
Operating activities:
Net income $332 $271 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion76 72 
Stock-based compensation expense322 266 
Deferred income taxes(43)26 
Lease-related asset impairments9  
Other(11)9 
Changes in operating assets and liabilities, net of business combinations:
Accounts receivable281 293 
Prepaid expenses and other assets (25)(158)
Accounts payable and other liabilities (199)(151)
Deferred revenue(77)(71)
Accrued income taxes26 (19)
Net cash provided by operating activities
691 538 
Investing activities:
Purchases of marketable securities(97) 
Sales and maturities of marketable securities245 4 
Capital expenditures(23)(36)
Purchases of developed technologies (5)(8)
Business combinations, net of cash acquired(96)(1,155)
Other investing activities(47)9 
Net cash used in investing activities(23)(1,186)
Financing activities:
Proceeds from issuance of common stock, net of issuance costs67 65 
Taxes paid related to net share settlement of equity awards (92)(62)
Repurchases of common stock(708)(199)
Net cash used in financing activities(733)(196)
Effect of exchange rate changes on cash and cash equivalents(23)(4)
Net decrease in cash and cash equivalents(88)(848)
Cash and cash equivalents at beginning of period1,528 1,772 
Cash and cash equivalents at end of period$1,440 $924 
Supplemental cash flow disclosure:
Non-cash financing activities:
Fair value of common stock issued to settle liability-classified restricted common stock$5 $ 
Fair value of common stock issued related to business combinations $10 $3 

See accompanying Notes to Condensed Consolidated Financial Statements.
7


AUTODESK, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(In millions, except share and per share data, or as otherwise noted)
 
1. Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements of Autodesk, Inc. (“Autodesk,” “we,” “us,” “our,” or the “Company”) as of July 31, 2022, and for the three and six months ended July 31, 2022 and 2021, have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information along with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In management’s opinion, Autodesk made all adjustments (consisting of normal, recurring and non-recurring adjustments) during the quarter that were considered necessary for the fair statement of the financial position and operating results of the Company. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. In addition, the results of operations for the three and six months ended July 31, 2022, are not necessarily indicative of the results for the entire fiscal year ending January 31, 2023, or for any other period. Further, the balance sheet as of January 31, 2022, has been derived from the audited Consolidated Balance Sheet as of this date. There have been no material changes, other than what is discussed herein, to Autodesk's significant accounting policies as compared to the significant accounting policies disclosed in the Annual Report on Form 10-K for the fiscal year ended January 31, 2022. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes, together with management’s discussion and analysis of financial position and results of operations, contained in Autodesk’s Annual Report on Form 10-K for the fiscal year ended January 31, 2022, filed on March 14, 2022.

Change in presentation

In the current fiscal year, the Company changed its presentation of certain subscription plan offerings in our Condensed Consolidated Statements of Operations. Revenue from subscription plan offerings in which the customer does not utilize the cloud functionality or that do not incorporate substantial cloud functionality, previously recorded in “Subscription” have been reclassified to “Other” and “Maintenance,” as applicable. Accordingly, prior period amounts have been reclassified to conform to the current period presentation, in all material respects. These reclassifications did not impact total net revenue.

The effect of the change on the Condensed Consolidated Statements of Operations for the three and six months ended July 31, 2021, was as follows:
Three Months Ended July 31, 2021Six Months Ended July 31, 2021
 As ReportedEffect of Change in Presentation As AdjustedAs ReportedEffect of Change in PresentationAs Adjusted
Net revenue:
Subscription$1,017 $(20)$997 $1,964 $(40)$1,924 
Other26 20 46 49 40 89 
Total net revenue1,060  1,060 2,049  2,049 

In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported amounts, except per share data or as otherwise noted. The current year rounding presentation has been applied to all prior year amounts presented and, in certain circumstances, this change may adjust previously reported balances.

2. Recently Issued Accounting Standards

With the exception of those discussed below, there have been no recent changes in accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) or adopted by the Company during the six months ended July 31, 2022, that are applicable to the Company.

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Accounting Standards Adopted

In March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU No. 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective for all entities as of March 12, 2020, through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Autodesk will apply the expedients in ASU No. 2020-04 through December 31, 2022. Autodesk does not believe ASU No. 2020-04 will have a material impact on its consolidated financial statements.

In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”), which applies to all equity securities measured at fair value that are subject to contractual sale restrictions. ASU 2022-03 prohibits entities from taking into account contractual restrictions on the sale of equity securities when estimating fair value and introduces required disclosures for such transactions. ASU 2022-03 is effective for Autodesk's fiscal year beginning February 1, 2024 and interim periods within that fiscal year, with early adoption permitted. Autodesk is currently evaluating the accounting, transition, and disclosure requirements of the standard and cannot currently estimate the financial statement impact of adoption.

3. Revenue Recognition

Revenue Disaggregation

Autodesk recognizes revenue from the sale of (1) product subscriptions, cloud service offerings, and enterprise business agreements (“EBAs”), (2) renewal fees for existing maintenance plan agreements that were initially purchased with a perpetual software license, and (3) consulting, training, and other goods and services. The three categories are presented as line items on Autodesk's Condensed Consolidated Statements of Operations.

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Information regarding the components of Autodesk's net revenue from contracts with customers by product family, geographic location, sales channel, and product type is as follows: 
 Three Months Ended July 31,Six Months Ended July 31,
2022202120222021
Net revenue by product family:
Architecture, Engineering and Construction (1)$564 $479 $1,101 $922 
AutoCAD and AutoCAD LT (1)344 304 671 589 
Manufacturing242 208 467 405 
Media and Entertainment71 59 139 114 
Other 16 10 29 19 
Total net revenue$1,237 $1,060 $2,407 $2,049 
Net revenue by geographic area:
Americas
U.S.$424 $348 $822 $672 
Other Americas91 75 177 142 
Total Americas515 423 999 814 
Europe, Middle East and Africa473 410 922 793 
Asia Pacific249 227 486 442 
Total net revenue$1,237 $1,060 $2,407 $2,049 
Net revenue by sales channel:
Indirect$816 $702 $1,585 $1,363 
Direct421 358 822 686 
Total net revenue$1,237 $1,060 $2,407 $2,049 
Net revenue by product type (2):
Design$1,064 $924 $2,068 $1,789 
Make113 90 216 171 
Other60 46 123 89 
Total net revenue$1,237 $1,060 $2,407 $2,049 
___________________ 
(1)During the fiscal quarter ended July 31, 2022, the Company corrected an immaterial classification error and reclassified certain revenue amounts between Architecture, Engineering and Construction and AutoCAD and AutoCAD LT. The fiscal quarter ended April 30, 2022, included within the six months ended July 31, 2022, has been adjusted to conform to the current period presentation. These reclassifications did not impact total net revenue.
(2)The prior period amount has been adjusted to conform to the current period presentation for a change in presentation of certain subscription plan offerings. See Note 1, “Basis of Presentation” for further detail.

Payments for product subscriptions, industry collections, cloud subscriptions, and maintenance subscriptions are typically due up front with payment terms of 30 to 45 days. Payments on EBAs are typically due in annual installments over the contract term, with payment terms of 30 to 60 days. Autodesk does not have any material variable consideration, such as obligations for returns, refunds, warranties, or amounts due to customers for which significant estimation or judgment is required as of the reporting date.

Remaining performance obligations consist of total short-term, long-term, and unbilled deferred revenue. As of July 31, 2022, Autodesk had remaining performance obligations of $4.69 billion, which represents the total contract price allocated to remaining performance obligations, which are generally recognized over the next three years. We expect to recognize $3.14 billion or 67% of our remaining performance obligations as revenue during the next 12 months. We expect to recognize the remaining $1.55 billion or 33% of our remaining performance obligations as revenue thereafter.

The amount of remaining performance obligations may be impacted by the specific timing, duration, and size of customer subscription and support agreements, the specific timing of customer renewals, and foreign currency fluctuations.
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Contract Balances

We receive payments from customers based on a billing schedule as established in our contracts. Contract assets relate to performance completed in advance of scheduled billings. Contract assets were not material as of July 31, 2022. Deferred revenue relates to billings in advance of performance under the contract. The primary changes in our contract assets and deferred revenues are due to our performance under the contracts and billings.

Revenue recognized during the three months ended July 31, 2022 and 2021, that was included in the deferred revenue balances at January 31, 2022 and 2021, was $828 million and $726 million, respectively. Revenue recognized during the six months ended July 31, 2022 and 2021, that was included in the deferred revenue balances at January 31, 2022 and 2021, was $1.82 billion and $1.56 billion, respectively. The satisfaction of performance obligations typically lags behind payments received under revenue contracts from customers.

4. Concentration of Credit Risk
    
Autodesk places its cash, cash equivalents, and marketable securities in highly liquid instruments with, and in the custody of, multiple diversified financial institutions globally with high credit ratings, and limits the amounts invested with any one institution, type of security, and issuer. Autodesk’s primary commercial banking relationship is with Citigroup Inc. and its global affiliates. Citibank, N.A., an affiliate of Citigroup, is one of the lead lenders and an agent in the syndicate of Autodesk’s $1.5 billion revolving credit facility. See Note 14, “Borrowing Arrangements,” in the Notes to Condensed Consolidated Financial Statements for further discussion.

Total sales to the Company's largest distributor Tech Data Corporation and its global affiliates (“Tech Data”) accounted for 37% of Autodesk’s total net revenue during both the three and six months ended July 31, 2022. Total sales to Tech Data accounted for 36% of Autodesk’s total net revenue for both the three and six months ended July 31, 2021. The majority of the net revenue from sales to Tech Data is for sales outside of the United States. In addition, Tech Data accounted for 31% and 24% of trade accounts receivable at July 31, 2022, and January 31, 2022, respectively. Ingram Micro Inc. (“Ingram Micro”) accounted for 9% of Autodesk's total net revenue during both the three and six months ended July 31, 2022. Total sales to Ingram Micro accounted for 9% of Autodesk’s total new revenue during both the three and six months ended July 31, 2021. No other customer accounted for more than 10% of Autodesk's total net revenue or trade accounts receivable for each of the respective periods.

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5. Financial Instruments

The following tables summarize the Company's financial instruments' by significant investment category as of July 31, 2022, and January 31, 2022:
July 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash equivalents (1):
Money market funds$593 $ $ $593 
Commercial paper 62   62 
Certificates of deposit24   24 
Other (2)9   9 
Marketable securities:
Short-term
U.S. government securities40   40 
Corporate debt securities27   27 
Asset-backed securities7   7 
Other (3)9 2  11 
Long-term
Corporate debt securities35   35 
Other (4)11   11 
Mutual funds (5) (6)80 7 (1)86 
Convertible debt securities (6) 3   3 
Total$900 $9 $(1)$908 
___________________ 
(1)Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. These investments are classified as debt securities.
(2)Consists of municipal bonds, agency discount notes, and custody cash deposits.
(3)Consists of commercial paper, certificates of deposit, common stock, agency commercial mortgage-backed securities, and commercial mortgage-backed securities.
(4)Consists of asset-backed securities, U.S. government securities, commercial mortgage-backed securities, agency commercial mortgage-backed securities, and agency mortgage-backed securities.
(5)See Note 12, “Deferred Compensation” for more information.
(6)Included in “Prepaid expenses and other current assets” or “Long-term other assets” in the accompanying Condensed Consolidated Balance Sheets.
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January 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash equivalents (1):
Money market funds$302 $ $ $302 
Commercial paper55   55 
U.S government securities25   25 
Custody cash deposit18   18 
Corporate debt securities18   18 
Certificates of deposit6   6 
Other (2)4   4 
Marketable securities:
Short-term
Commercial paper103   103 
Corporate debt securities61   61 
Asset-backed securities 26   26 
Certificate of deposit14   14 
U.S. government securities 13   13 
Municipal bonds11   11 
Common Stock 4  4 
Other (3)4   4 
Long-term
Corporate debt securities44   44 
Other (4)1   1 
Mutual funds (5) (6)74 16 (1)89 
Total$779 $20 $(1)$798 
____________________ 
(1)Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. These investments are classified as debt securities.
(2)Consists of sovereign bonds and municipal bonds.
(3)Consists of sovereign bonds and supranational bonds.
(4)Consists of asset-backed securities.
(5)See Note 12, “Deferred Compensation” for more information.
(6)Included in “Prepaid expenses and other current assets,” or “Long-term other assets,” in the accompanying Condensed Consolidated Balance Sheets.

The following table summarizes the fair values of investments classified as marketable debt securities by contractual maturity date as of July 31, 2022:
Fair Value
Due within 1 year$66 
Due in 1 year through 5 years58 
Due in 5 years through 10 years2
Due after 10 years3
Total
$129 
    
As of both July 31, 2022, and January 31, 2022, Autodesk had no material unrealized losses, individually and in the aggregate, for marketable debt securities that are in a continuous unrealized loss position for greater than 12 months. Total unrealized gains for securities with net gains in accumulated other comprehensive income were not material for the six months ended July 31, 2022.

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Autodesk monitors all marketable debt securities for potential credit losses by reviewing indicators such as, but not limited to, current credit rating, change in credit rating, credit outlook, and default risk. There were no allowances for credit losses as of both July 31, 2022, and January 31, 2022. There were no write offs of accrued interest receivables for both the six months ended July 31, 2022 and 2021.

There was no realized gain or loss for the sales or redemptions of marketable debt securities during both the six months ended July 31, 2022 and 2021. Realized gains and losses from the sales or redemptions of marketable debt securities are recorded in “Interest and other expense, net” on the Company's Condensed Consolidated Statements of Operations.

Proceeds from the sale and maturity of marketable debt securities were as follows:
Three Months Ended July 31,Six Months Ended July 31,
2022202120222021
Marketable debt securities$43 $ $245 $4 

Strategic investments in equity securities

As of July 31, 2022, and January 31, 2022, Autodesk had $173 million and $134 million, respectively, in direct investments in privately held companies. These strategic investments in equity securities do not have readily determined fair values, and Autodesk uses the measurement alternative to account for the adjustment to these investments in a given quarter. If Autodesk determines that an impairment has occurred, Autodesk writes down the investment to its fair value.

Adjustments to the carrying value of our strategic investment equity securities with no readily determined fair values measured using the measurement alternative are included in “Interest and other expense, net” on the Company's Condensed Consolidated Statements of Operations. These adjustments were as follows:
 Six Months Ended July 31,Cumulative Amount as of
20222021July 31, 2022
Upward adjustments$1 $6 $24 
Negative adjustments, including impairments (5)(9)(82)
Net adjustments$(4)$(3)$(58)

Autodesk recognized gains of $1 million for both the three and six months ended July 31, 2022, on the disposition of strategic investment equity securities. During the three and six months ended July 31, 2021, Autodesk recognized gains of