Continued Subscription and ARR Growth
Demonstrate Progress on Business Model Transition
Autodesk, Inc. (NASDAQ:ADSK) today reported financial results
for the second quarter of fiscal 2017.
Second Quarter Fiscal 2017
- Total subscriptions increased 109,000
from the first quarter of fiscal 2017 to 2.82 million at the end of
the second quarter. New model subscriptions increased 125,000 from
the first quarter of fiscal 2017 to 692,000.
- Total annualized recurring revenue
(ARR) was $1.47 billion, an increase of 10 percent compared to the
second quarter last year as reported, and 14 percent on a constant
currency basis. New model ARR was $371 million and increased 82
percent compared to the second quarter last year as reported, and
86 percent on a constant currency basis.
- Deferred revenue increased 23 percent
to $1.52 billion, compared to $1.24 billion in the second quarter
last year.
- Revenue was $551 million, a decrease of
10 percent compared to the second quarter last year as reported,
and 6 percent on a constant currency basis. During Autodesk's
business model transition, revenue is negatively impacted as more
revenue is recognized ratably rather than up front and as new
offerings generally have a lower initial purchase price.
- Total GAAP spend (cost of revenue plus
operating expenses) was $614 million, an increase of 1 percent
compared to the second quarter last year. GAAP spend includes a
charge of $16 million for a previously announced restructuring and
other facility exit costs.
- Total non-GAAP spend was $525 million,
a decrease of 4 percent compared to the second quarter last year. A
reconciliation of GAAP to non-GAAP results is provided in the
accompanying tables.
- GAAP diluted net loss per share was
$(0.44). GAAP diluted net loss per share was $(1.18) in the second
quarter last year.
- Non-GAAP diluted net income per share
was $0.05, compared to non-GAAP diluted net income per share of
$0.19 in the second quarter last year.
"We posted terrific second quarter results driven by growth in
new model subscriptions, the end of perpetual license sales, and
diligent cost control," said Carl Bass, Autodesk president and CEO.
"We’ve now seen several quarters of strong growth from our new
model subscriptions, as our customers and partners embrace a model
that has greater flexibility and a better user experience. Finally,
we continued to extend our leadership in the cloud during a quarter
that delivered our largest-ever increase in cloud subscriptions led
by BIM 360 and Fusion 360."
Second Quarter Operational Overview
"Continued adoption of product subscription drove strong growth
in new model subscriptions, new model ARR, and deferred revenue,"
said Scott Herren, Autodesk Chief Financial Officer.
"We saw record volume of product subscription for suites while also
experiencing greater than expected volume of perpetual licenses for
suites, stemming from the final availability of that offering.
Based on our strong second quarter results and progress on our
business model transition, we remain confident in our long-term
goals of growing our subscription base by a 20% CAGR through our
fiscal year 2020, which will drive a 24% CAGR in ARR and $6 per
share in free cash flow."
Total subscriptions were 2.82 million, a net increase of 109,000
from the first quarter of fiscal 2017. Of total subscriptions, new
model subscriptions (product, enterprise flexible license, and
cloud subscription) were 692,000, a net increase of 125,000. The
increase in new model subscriptions was led by product
subscriptions. Maintenance subscriptions were 2.13 million, a net
decrease of 16,000 from the first quarter of fiscal 2017.
Total ARR for the second quarter increased 10 percent to $1.47
billion compared to the second quarter last year as reported, and
14 percent on a constant currency basis. New model ARR was $371
million and increased 82 percent compared to the second quarter
last year as reported, and 86 percent on a constant currency basis.
Maintenance ARR was $1.10 billion and decreased 3 percent compared
to the second quarter last year as reported, and increased 1
percent on a constant currency basis. Total recurring revenue in
the second quarter was 67 percent of total revenue compared to 55
percent of total revenue in the second quarter last year.
As a reminder, during the business model transition, revenue has
been and will be negatively impacted as more revenue is recognized
ratably rather than up front and as new product offerings generally
have a lower initial purchase price. As part of the business model
transition, Autodesk discontinued new perpetual license sales for
most individual products at the end of the fourth quarter of fiscal
2016 and suites at the end of the second quarter of fiscal
2017.
Revenue in the Americas was $230 million, a decrease of 2
percent compared to the second quarter last year as reported, and
on a constant currency basis. Revenue in EMEA was $221 million, a
decrease of 2 percent compared to the second quarter last year as
reported, and an increase of 5 percent on a constant currency
basis. Revenue in APAC was $100 million, a decrease of 32 percent
compared to the second quarter last year as reported, and 30
percent on a constant currency basis.
Revenue from our Architecture, Engineering and Construction
(AEC) business segment was $253 million, an increase of 8 percent
compared to the second quarter last year. Revenue from our
Manufacturing business segment was $177 million, an increase of 3
percent compared to the second quarter last year. Revenue from our
Platform Solutions and Emerging Business (PSEB) segment was $86
million, a decrease of 47 percent compared to the second quarter
last year. Revenue from our Media and Entertainment (M&E)
business segment was $34 million, a decrease of 16 percent compared
to the second quarter last year.
Business Outlook
The following are forward-looking statements based on current
expectations and assumptions, and involve risks and uncertainties
some of which are set forth below under "Safe Harbor Statement."
Autodesk's business outlook for the third quarter and full year
fiscal 2017 assumes, among other things, a continuation of the
current economic environment and foreign exchange currency rate
environment and the continued success of our business model
transition. A reconciliation between the fiscal 2017 GAAP and
non-GAAP estimates is provided below or in the tables following
this press release.
Third Quarter Fiscal 2017
Q3 FY17 Guidance Metrics
Q3 FY17 (ending October 31,
2016)
Revenue (in millions) $470 - $485
EPS GAAP ($0.81) -
($0.74)
EPS non-GAAP (1) ($0.27) - ($0.22) _______________
(1) Non-GAAP earnings per diluted share exclude $0.27 related to
stock-based compensation expense, between $0.15 and $0.13 related
to GAAP-only tax charges, $0.08 for the amortization of acquisition
related intangibles, and $0.04 related to restructuring charges and
other facility exit costs.
Full Year Fiscal 2017
FY17 Guidance Metrics
FY17 (ending January 31, 2017)
Revenue (in millions) (1) $2,000 - $2,050
GAAP spend
growth (cost of revenue plus operating expenses) Approx. 2%
Non-GAAP spend growth (cost of revenue
plus operating expenses) (2)
Approx. (2%)
EPS GAAP ($2.97) - ($2.74)
EPS non-GAAP (3) ($0.70) -
($0.55)
Net subscription additions 475,000 - 525,000
_______________ (1) Excluding the impact of foreign currency
exchange rates and hedge gains/losses, revenue guidance would be
$2,045 - $2,095 million. (2) Non-GAAP spend excludes $226 million
related to stock-based compensation expense, $86 million related to
restructuring charges and other facility exit costs, and $69
million for the amortization of acquisition-related intangibles.
(3) Non-GAAP earnings per diluted share excludes $1.01 related to
stock-based compensation expense, between $0.56 and $0.48 of
GAAP-only tax charges, $0.39 related to restructuring charges and
other facility exit costs, and $0.31 for the amortization of
acquisition-related intangibles.
The third quarter and full year fiscal 2017 outlook assume a
projected annual effective tax rate of (12) percent and 26 percent
for GAAP and non-GAAP results, respectively. Assumptions for the
annual effective tax rate are regularly evaluated and may change
based on the projected geographic mix of earnings. At this stage of
the business model transition, small shifts in geographic
profitability significantly impact the effective tax rate.
Earnings Conference Call and Webcast
Autodesk will host its second quarter conference call today at
5:00 p.m. ET. The live broadcast can be accessed at
http://www.autodesk.com/investors. Supplemental financial
information and prepared remarks for the conference call will be
posted to the investor relations section of Autodesk's website
simultaneously with this press release.
A replay of the broadcast will be available at 7:00 p.m. ET at
http://www.autodesk.com/investors. This replay will be maintained
on Autodesk's website for at least 12 months.
Glossary of Terms
Annualized Recurring Revenue (ARR): Represents the
annualized value of our average monthly recurring revenue for the
preceding three months. "Maintenance plan ARR" captures ARR
relating to traditional maintenance attached to perpetual licenses.
"New Model ARR" captures ARR relating to new model subscription
offerings. Recurring revenue acquired with the acquisition of a
business may cause variability in the comparison of this
calculation.
ARR is currently our key performance metric to assess the health
and trajectory of our business. ARR should be viewed independently
of revenue and deferred revenue as ARR is a performance metric and
is not intended to be combined with any of these items.
Constant Currency (CC) Growth Rates: We attempt to
represent the changes in the underlying business operations by
eliminating fluctuations caused by changes in foreign currency
exchange rates as well as eliminating hedge gains or losses
recorded within the current and comparative periods. Our constant
currency methodology removes all hedging gains and losses from the
calculation and applies a constant exchange rate across
periods.
Safe Harbor Statement
This press release contains forward-looking statements that
involve risks and uncertainties, including statements regarding our
long-term subscription, ARR and free cash flow targets, statements
in the paragraphs under “Business Outlook” above, other statements
about our short-term and long-term goals, statements regarding the
impacts and results of our business model transition, expectations
regarding the transition of product offerings to subscription and
acceptance by our customers and partners of subscriptions, and
other statements regarding our strategies, market and product
positions, performance, and results. There are a significant number
of factors that could cause actual results to differ materially
from statements made in this press release, including: failure to
achieve our revenue and profitability objectives; failure to
successfully manage transitions to new business models and markets,
including the introduction of additional ratable revenue streams
and our continuing efforts to attract customers to our cloud-based
offerings and expenses related to the transition of our business
model; difficulty in predicting revenue from new businesses and the
potential impact on our financial results from changes in our
business models; general market, political, economic and business
conditions; the impact of non-cash charges on our financial
results; fluctuation in foreign currency exchange rates; the
success of our foreign currency hedging program; failure to control
our expenses; our performance in particular geographies, including
emerging economies; the ability of governments around the world to
meet their financial and debt obligations, and finance
infrastructure projects; weak or negative growth in the industries
we serve; slowing momentum in subscription billings or revenues;
difficulties encountered in integrating new or acquired businesses
and technologies; the inability to identify and realize the
anticipated benefits of acquisitions; the financial and business
condition of our reseller and distribution channels; dependence on
and the timing of large transactions; failure to achieve sufficient
sell-through in our channels for new or existing products; pricing
pressure; unexpected fluctuations in our tax rate; the timing and
degree of expected investments in growth and efficiency
opportunities; changes in the timing of product releases and
retirements; and any unanticipated accounting charges.
Further information on potential factors that could affect the
financial results of Autodesk are included in Autodesk's Annual
Report on Form 10-K for the fiscal year ended January 31, 2016 and
Quarterly Report on Form 10-Q for the fiscal quarter ended April
30, 2016, which are on file with the U.S. Securities and Exchange
Commission. Autodesk disclaims any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were
made.
About Autodesk
Autodesk makes software for people who make things. If you’ve
ever driven a high-performance car, admired a towering skyscraper,
used a smartphone, or watched a great film, chances are you’ve
experienced what millions of Autodesk customers are doing with our
software. Autodesk gives you the power to make anything. For more
information visit autodesk.com or follow @autodesk.
Autodesk is a registered trademark 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
and service offerings, and specifications and pricing at any time
without notice, and is not responsible for typographical or
graphical errors that may appear in this document.
© 2016 Autodesk, Inc. All rights reserved.
Autodesk, Inc.
Condensed Consolidated Statements of Operations (1) (In
millions, except per share data)
Three Months Ended
Six Months Ended July 31, July 31,
2016 2015 2016
2015 (Unaudited) Net revenue: Subscription $ 322.0 $
319.0 $ 648.0 $ 638.8 License and other 228.7
290.5 414.6 617.2 Total net
revenue 550.7 609.5 1,062.6 1,256.0 Cost of revenue: Cost of
subscription revenue 38.2 40.0 78.0 78.7 Cost of license and other
revenue 46.9 53.0 99.5
106.1 Total cost of revenue 85.1
93.0 177.5 184.8 Gross profit
465.6 516.5 885.1 1,071.2 Operating expenses: Marketing and sales
243.1 240.8 483.9 494.7 Research and development 193.0 193.1 386.5
387.6 General and administrative 68.6 70.1 143.3 146.0 Amortization
of purchased intangibles 7.8 8.2 15.7 17.1 Restructuring charges
and other facility exit costs, net 16.0 —
68.3 — Total operating expenses
528.5 512.2 1,097.7
1,045.4 (Loss) income from operations (62.9 ) 4.3
(212.6 ) 25.8 Interest and other expense, net (10.1 )
(3.4 ) (13.7 ) (3.1 ) (Loss) income before income
taxes (73.0 ) 0.9 (226.3 ) 22.7 Provision for income taxes
(25.2 ) (269.5 ) (39.6 ) (272.2 ) Net loss $
(98.2 ) $ (268.6 ) $ (265.9 ) $ (249.5 ) Basic net loss per share $
(0.44 ) $ (1.18 ) $ (1.19 ) $ (1.10 ) Diluted net loss per share $
(0.44 ) $ (1.18 ) $ (1.19 ) $ (1.10 ) Weighted average shares used
in computing basic net loss per share 223.2
227.0 223.8 227.1 Weighted
average shares used in computing diluted net loss per share
223.2 227.0 223.8 227.1
_____________________ (1) As Autodesk has elected to early
adopt ASU 2016-09 in the second quarter of fiscal 2017, we are
required to reflect any adjustments as of February 1, 2016, the
beginning of the annual period that includes the interim period of
adoption. As a result of recording forfeitures as they occur, our
stock based compensation expense decreased by $5.3 million for the
three months ended April 30, 2016. Incorporating these non-cash,
GAAP only, revisions results in a GAAP net loss of $167.7 million,
and a GAAP diluted net loss per share of $0.75 for the three months
ended April 30, 2016, which is reflected in the results for the six
months ended July 31, 2016 above.
Autodesk, Inc. Condensed Consolidated Balance Sheets
(In millions)
July 31,
2016
January 31, 2016 (Unaudited) ASSETS Current
assets: Cash and cash equivalents $ 1,467.3 $ 1,353.0 Marketable
securities 597.6 897.9 Accounts receivable, net 306.9 653.6 Prepaid
expenses and other current assets 114.7 88.6
Total current assets 2,486.5 2,993.1
Marketable securities 505.6 532.3 Computer equipment,
software, furniture and leasehold improvements, net 173.0 169.3
Developed technologies, net 66.6 70.8 Goodwill 1,597.4 1,535.0
Deferred income taxes, net 9.8 9.2 Other assets 208.5
205.6 Total assets $ 5,047.4 $ 5,515.3
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:
Accounts payable $ 110.3 $ 119.9 Accrued compensation 160.0 243.3
Accrued income taxes 54.1 29.4 Deferred revenue 1,107.1 1,068.9
Other accrued liabilities 128.1 129.5
Total current liabilities 1,559.6 1,591.0
Long term deferred revenue 412.9 450.3 Long term income
taxes payable 42.7 161.4 Long term deferred income taxes 66.6 67.7
Long term notes payable, net 1,489.2 1,487.7 Other liabilities
144.7 137.6 Stockholders’ equity: Preferred stock — — Common stock
and additional paid-in capital 1,857.1 1,821.5 Accumulated other
comprehensive loss (129.8 ) (121.1 ) Retained earnings
(395.6 ) (80.8 ) Total stockholders’ equity 1,331.7
1,619.6 Total liabilities and stockholders'
equity $ 5,047.4 $ 5,515.3
Autodesk, Inc. Condensed Consolidated Statements
of Cash Flows (In millions)
Six Months Ended July
31, 2016 2015 (Unaudited) Operating
activities: Net loss $ (265.9 ) $ (249.5 ) Adjustments to reconcile
net loss to net cash provided by operating activities:
Depreciation, amortization and accretion 70.4 74.0 Stock-based
compensation expense 105.9 90.9 Deferred income taxes (9.2 ) 223.0
Restructuring charges and other facility exit costs, net 68.3 —
Other operating activities (6.2 ) (15.3 ) Changes in operating
assets and liabilities, net of acquisitions: Accounts receivable
346.9 64.4 Prepaid expenses and other current assets (23.3 ) (19.4
) Accounts payable and accrued liabilities (44.6 ) (80.3 ) Deferred
revenue (1.4 ) 79.2 Accrued income taxes (94.5 ) (3.3
) Net cash provided by operating activities 146.4
163.7 Investing activities: Purchases of marketable
securities (810.9 ) (1,314.2 ) Sales of marketable securities 354.7
187.0 Maturities of marketable securities 791.3 541.0 Capital
expenditures (42.6 ) (29.8 ) Acquisitions, net of cash acquired
(85.2 ) (37.5 ) Other investing activities (6.7 )
(13.1 ) Net cash provided by (used in) investing activities
200.6 (666.6 ) Financing activities: Proceeds from
issuance of common stock, net of issuance costs 54.2 61.9 Taxes
paid related to net share settlement of equity awards (19.9 ) (28.7
) Repurchase and retirement of common stock (270.0 ) (207.7 )
Proceeds from debt, net of discount — 748.3 Other financing
activities — (6.3 ) Net cash (used in)
provided by financing activities (235.7 ) 567.5
Effect of exchange rate changes on cash and cash equivalents
3.0 (2.1 ) Net increase in cash and cash
equivalents 114.3 62.5 Cash and cash equivalents at beginning of
the period 1,353.0 1,410.6 Cash and
cash equivalents at end of the period $ 1,467.3 $ 1,473.1
Autodesk, Inc. Reconciliation of
GAAP financial measures to non-GAAP financial measures (In
millions, except per share data)
To supplement our consolidated financial
statements presented on a GAAP basis, Autodesk provides investors
with certain non-GAAP measures including non-GAAP gross margin,
non-GAAP operating expenses, non-GAAP operating margin, non-GAAP
net income, non-GAAP net income per share, and non-GAAP diluted
shares used in per share calculation. These non-GAAP financial
measures are adjusted to exclude certain costs, expenses, gains and
losses, including stock-based compensation expense, restructuring
charges and other facility exit costs, amortization of purchased
intangibles, gain and loss on strategic investments, 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, 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 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 GAAP 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 July 31, Six Months Ended July 31,
2016 2015 2016 2015
(Unaudited) (Unaudited) GAAP cost of
subscription revenue $ 38.2 $ 40.0 $ 78.0 $ 78.7 Stock-based
compensation expense (1.7 ) (1.2 ) (3.5 ) (2.6 ) Amortization of
developed technology (0.1 ) (0.8 ) (0.4 )
(1.9 ) Non-GAAP cost of subscription revenue $ 36.4 $
38.0 $ 74.1 $ 74.2 GAAP cost of license
and other revenue $ 46.9 $ 53.0 $ 99.5 $ 106.1 Stock-based
compensation expense (1.7 ) (1.2 ) (3.3 ) (2.7 ) Amortization of
developed technology (10.6 ) (11.2 ) (21.2 )
(23.6 ) Non-GAAP cost of license and other revenue $ 34.6
$ 40.6 $ 75.0 $ 79.8 GAAP gross
profit $ 465.6 $ 516.5 $ 885.1 $ 1,071.2 Stock-based compensation
expense 3.4 2.4 6.8 5.3 Amortization of developed technology
10.7 12.0 21.6 25.5
Non-GAAP gross profit $ 479.7 $ 530.9 $ 913.5
$ 1,102.0 GAAP marketing and sales $ 243.1 $
240.8 $ 483.9 $ 494.7 Stock-based compensation expense (23.3
) (17.3 ) (44.8 ) (39.0 ) Non-GAAP marketing
and sales $ 219.8 $ 223.5 $ 439.1 $ 455.7
GAAP research and development $ 193.0 $ 193.1 $ 386.5
$ 387.6 Stock-based compensation expense (20.2 )
(14.8 ) (39.1 ) (32.4 ) Non-GAAP research and
development $ 172.8 $ 178.3 $ 347.4 $ 355.2
GAAP general and administrative $ 68.6 $ 70.1 $ 143.3
$ 146.0 Stock-based compensation expense (7.4 ) (6.2
) (15.2 ) (14.2 ) Non-GAAP general and administrative
$ 61.2 $ 63.9 $ 128.1 $ 131.8
GAAP amortization of purchased intangibles $ 7.8 $ 8.2 $ 15.7 $
17.1 Amortization of purchased intangibles (7.8 )
(8.2 ) (15.7 ) (17.1 ) Non-GAAP amortization of
purchased intangibles $ — $ — $ — $ —
GAAP restructuring charges and other facility exit costs,
net $ 16.0 $ — $ 68.3 $ — Restructuring charges and other facility
exit costs, net (16.0 ) — (68.3 )
— Non-GAAP restructuring charges and other facility
exit costs, net $ — $ — $ — $ —
GAAP operating expenses $ 528.5 $ 512.2 $ 1,097.7 $ 1,045.4
Stock-based compensation expense (50.9 ) (38.3 ) (99.1 ) (85.6 )
Amortization of purchased intangibles (7.8 ) (8.2 ) (15.7 ) (17.1 )
Restructuring charges and other facility exit costs, net
(16.0 ) — (68.3 ) — Non-GAAP
operating expenses $ 453.8 $ 465.7 $ 914.6 $
942.7 GAAP (loss) income from operations $ (62.9 ) $
4.3 $ (212.6 ) $ 25.8 Stock-based compensation expense 54.3 40.7
105.9 90.9 Amortization of developed technology 10.7 12.0 21.6 25.5
Amortization of purchased intangibles 7.8 8.2 15.7 17.1
Restructuring charges and other facility exit costs, net
16.0 — 68.3 —
Non-GAAP income (loss) from operations $ 25.9 $ 65.2
$ (1.1 ) $ 159.3 GAAP interest and other expense, net
$ (10.1 ) $ (3.4 ) $ (13.7 ) $ (3.1 ) Loss (gain) on strategic
investments 0.3 (2.4 ) (0.2 )
(3.4 ) Non-GAAP interest and other expense, net $ (9.8 ) $ (5.8 ) $
(13.9 ) $ (6.5 ) GAAP provision for income taxes $ (25.2 ) $
(269.5 ) $ (39.6 ) $ (272.2 ) Discrete GAAP tax benefit items 14.9
4.3 13.0 1.2 Establishment of valuation allowance on deferred tax
assets — 230.9 — 230.9 Income tax effect of non-GAAP adjustments
6.1 18.9 30.5 0.4
Non-GAAP (provision) benefit for income tax $ (4.2 ) $ (15.4
) $ 3.9 $ (39.7 ) GAAP net loss $ (98.2 ) $ (268.6 )
$ (265.9 ) $ (249.5 ) Stock-based compensation expense 54.3 40.7
105.9 90.9 Amortization of developed technology 10.7 12.0 21.6 25.5
Amortization of purchased intangibles 7.8 8.2 15.7 17.1
Restructuring charges and other facility exit costs, net 16.0 —
68.3 — Loss (gain) on strategic investments 0.3 (2.4 ) (0.2 ) (3.4
) Discrete GAAP tax benefit items 14.9 4.3 13.0 1.2 Establishment
of valuation allowance on deferred tax assets — 230.9 — 230.9
Income tax effect of non-GAAP adjustments 6.1
18.9 30.5 0.4 Non-GAAP net
income (loss) $ 11.9 $ 44.0 $ (11.1 ) $ 113.1
GAAP diluted net loss per share $ (0.44 ) $ (1.18 ) $ (1.19
) $ (1.10 ) Stock-based compensation expense 0.24 0.18 0.47 0.39
Amortization of developed technology 0.05 0.05 0.10 0.11
Amortization of purchased intangibles 0.03 0.04 0.07 0.07
Restructuring charges and other facility exit costs, net 0.07 —
0.30 — Loss (gain) on strategic investments — (0.01 ) — (0.01 )
Discrete GAAP tax benefit items 0.07 0.02 0.06 0.02 Establishment
of valuation allowance on deferred tax assets — 1.01 — 1.01 Income
tax effect of non-GAAP adjustments 0.03 0.08
0.14 — Non-GAAP diluted net
income (loss) per share $ 0.05 $ 0.19 $ (0.05 ) $
0.49 GAAP diluted shares used in per share
calculation 223.2 227.0 223.8 227.1 Shares included in non-GAAP net
income per share, but excluded from GAAP net loss per share as they
would have been anti-dilutive 4.2 4.1
— 4.5 Non-GAAP diluted weighted average
shares used in per share calculation 227.4
231.1 223.8 231.6
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version on businesswire.com: http://www.businesswire.com/news/home/20160825006126/en/
Autodesk, Inc.Investors:David Gennarelli,
415-507-6033david.gennarelli@autodesk.comorPress:Stacy Doyle,
503-707-3861stacy.doyle@autodesk.com
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