SAN RAFAEL, Calif.,
March 2, 2017 /PRNewswire/ -- Autodesk, Inc. (NASDAQ:
ADSK) today reported financial results for the fourth quarter and
full fiscal year ended January 31,
2017.
Fourth Quarter Fiscal 2017
- New model subscriptions increased 227,000 from the third
quarter of fiscal 2017 to 1.09 million.
- Total subscriptions increased by 154,000 from the third quarter
of fiscal 2017 to 3.11 million at the end of the fourth
quarter.
- New model annualized recurring revenue (ARR) was $529 million and increased 107 percent compared
to the fourth quarter last year as reported and 109 percent on a
constant currency basis.
- Total ARR was $1.60 billion, an
increase of 16 percent compared to the fourth quarter last year as
reported and 19 percent on a constant currency basis.
- Deferred revenue increased 18 percent to $1.79 billion, compared to $1.52 billion in the fourth quarter last
year.
- Revenue was $479 million, a
decrease of 26 percent compared to the fourth quarter last year as
reported and 25 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
$646 million, a decrease of 2 percent
compared to the fourth quarter last year. GAAP spend includes
a charge of $9 million for a
previously announced restructuring and other facility exit
costs.
- Total non-GAAP spend was $560
million, a decrease of 4 percent compared to the fourth
quarter last year. A reconciliation of GAAP to non-GAAP
results is provided in the accompanying tables.
- GAAP diluted net loss per share was $(0.77). GAAP diluted net loss per share was
$(0.17) in the fourth quarter last
year.
- Non-GAAP diluted net loss per share was $(0.28), compared to $0.21 in the fourth quarter last year.
"Autodesk's market-leading products are revolutionizing how
customers design, engineer and make anything," said Amar Hanspal, Autodesk co-CEO and chief product
officer. "We finished the fiscal year on a high note with
triple-digit year-over-year growth in new model subscriptions and
new model ARR, which demonstrates our customers' readiness to adopt
our new offerings. We're particularly pleased with the
success of cloud subscriptions where our best-in-class BIM 360 and
Fusion offerings drove more than a 150 percent increase
year-over-year and represent Autodesk's increasing footprint in
construction and manufacturing."
"We made exceptional progress on our business model transition
in fiscal 2017 as we successfully navigated the move to
subscription-only sales," said Andrew
Anagnost, Autodesk co-CEO and chief marketing officer.
"We're well positioned for the next phase of the transition where
we'll offer our maintenance customers an easy and cost effective
path to move to product subscription."
"Record new model subscription additions and continued cost
control contributed to our strong fourth quarter results," said
Scott Herren, Autodesk chief
financial officer. "We have invested in critical areas to
fuel the transition and the long-term health of our business, while
simultaneously reducing non-GAAP spend by three percent for the
fiscal year. We're starting fiscal 2018 from a position of
strength, which gives us added confidence in our ability to achieve
our long-term targets and drive long-term value creation for
Autodesk shareholders."
Fourth Quarter Operational Overview
New model subscriptions (product, enterprise flexible license,
and cloud subscription) were 1.09 million, a net increase of
227,000 from the third quarter of fiscal 2017. The increase in new
model subscriptions was led by product subscriptions.
Maintenance subscriptions were 2.02 million, a net decrease of
73,000 from the third quarter of fiscal 2017. Total
subscriptions were 3.11 million, a net increase of 154,000 from the
third quarter of fiscal 2017.
New model ARR was $529 million and
increased 107 percent compared to the fourth quarter last year as
reported and 109 percent on a constant currency basis.
Maintenance ARR was $1.07 billion and
decreased 4 percent compared to the fourth quarter last year as
reported and 2 percent on a constant currency basis. Total
ARR for the fourth quarter increased 16 percent to $1.60 billion compared to the fourth quarter last
year as reported and 19 percent on a constant currency basis.
Similar to last quarter, fourth quarter total ARR growth was
impacted by the allocation of existing marketing development funds
(MDF). MDF is recorded as contra revenue and historically was
predominantly allocated against license revenue. With the end
of sale of perpetual licenses, MDF is now allocated against
recurring revenue, negatively impacting new model ARR growth by 6
percentage points, maintenance ARR growth by 2 percentage points,
and total ARR growth by 3 percentage points.
Total recurring revenue in the fourth quarter was 84 percent of
total revenue compared to 53 percent in the fourth quarter last
year.
As a reminder, during the business model transition, revenue is
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 for suites at the end of the second quarter of fiscal
2017.
Revenue in the Americas was $211
million, a decrease of 18 percent compared to the fourth
quarter last year. EMEA revenue was $186 million, a decrease of 22 percent compared
to the fourth quarter last year as reported and 18 percent on a
constant currency basis. Revenue in APAC was $82 million, a decrease of 46 percent compared to
the fourth quarter last year as reported and 47 percent on a
constant currency basis.
Financial Highlights for Fiscal 2017*
- Net subscription additions of 530,000. Total
subscriptions increased 21 percent to 3.11 million.
- New model subscriptions increased 155 percent to 1.09
million.
- New model ARR increased 107 percent as reported and 109 percent
on a constant currency basis.
- Total ARR increased 16 percent as reported and 19 percent on a
constant currency basis.
- Total GAAP spend increased 1 percent. Total non-GAAP
spend decreased 3 percent.
- Total deferred revenue increased 18 percent to $1.79 billion.
*All numbers are compared to fiscal 2016.
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 first quarter
and full year fiscal 2018 assumes, among other things, a
continuation of the current economic environment and foreign
exchange currency rate environment. A reconciliation between
the GAAP and non-GAAP estimates is provided below or in the tables
following this press release.
First Quarter Fiscal 2018
Q1 FY18 Guidance
Metrics
|
Q1 FY18 (ending
April 30, 2017)
|
Revenue (in
millions)
|
$460 -
$480
|
EPS
GAAP
|
($0.82) -
($0.72)
|
EPS Non-GAAP
(1)
|
($0.27) -
($0.21)
|
_______________
|
(1) Non-GAAP earnings
per diluted share exclude $0.28 related to stock-based compensation
expense, between $0.18 and $0.14 related to GAAP-only tax charges,
$0.05 related to CEO transition costs and $0.04 for the
amortization of acquisition related intangibles.
|
Full Year Fiscal 2018
FY18 Guidance
Metrics
|
FY18 (ending
January 31, 2018)
|
Revenue (in
millions) (1)
|
$2,000 -
$2,050
|
GAAP Spend (cost
of revenue plus operating expenses)
|
Approx.
(2%)
|
Non-GAAP Spend
(cost of revenue plus operating expenses) (2)
|
Approx.
flat
|
EPS
GAAP
|
($2.65) -
($2.40)
|
EPS Non-GAAP
(3)
|
($0.73) -
($0.56)
|
Net Subscription
Additions
|
600,000 -
650,000
|
Total
ARR
|
24% - 26%
|
_______________
|
(1) Excluding the
impact of foreign currency rates and hedge gains/losses revenue
guidance would be $2.010 - $2.060 billion.
|
(2) Non-GAAP spend
excludes $257 million related to stock-based compensation expense,
$37 million for the amortization of acquisition-related
intangibles, and $13 million related to CEO transition
costs.
|
(3) Non-GAAP earnings
per diluted share excludes $1.18 related to stock-based
compensation expense, between $0.51 and $0.43 of GAAP-only tax
charges, $0.17 for the amortization of acquisition-related
intangibles, and $0.06 related to CEO transition costs.
|
The first quarter and full year fiscal 2018 outlook assume a
projected annual effective tax rate of (11) 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 fourth quarter conference call today at
5:00 p.m. ET. The live broadcast can
be accessed at http://www.autodesk.com/investor. 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 pm ET at http://www.autodesk.com/investor.
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 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 one of our key performance metrics 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.
Cloud Service Offerings: Represents individual term-based
offerings deployed through web browser technologies or in a hybrid
software and cloud configuration. Cloud service offerings that are
bundled with other product offerings are not captured as a separate
cloud service offering.
Constant Currency (CC) Growth Rates: We calculate
constant currency growth rates by (i) applying the applicable prior
period exchange rates to current period results and (ii) excluding
any gains or losses from foreign currency hedge contracts that are
reported in the current and comparative periods.
Flexible Enterprise Business Agreements (EBA): Represents
programs providing enterprise customers with token-based access or
a fixed maximum number of seats to a broad pool of Autodesk
products over a defined contract term.
License and Other Revenue: License and other revenue
consists of two components: (1) all forms of product license
revenue and (2) other revenue. Product license revenue includes
software license revenue from the sale of perpetual licenses,
term-based licenses from our product subscriptions and flexible
enterprise business agreements, and product revenue for Creative
Finishing. Other revenue includes revenue from consulting,
training, Autodesk Developers Network and Creative Finishing
customer support, and is recognized over time, as the services are
performed.
Maintenance Plan: Our maintenance plan provides our
customers with a cost effective and predictable budgetary option to
obtain the productivity benefits of our new releases and
enhancements when and if released during the term of their
contracts. Under our maintenance plan, customers are eligible to
receive unspecified upgrades when and if available, and online
support. We recognize maintenance plan revenue over the term of the
agreements, generally between one and three years.
New Model Subscription Offerings (New Model): Comprises
our term-based product subscriptions (formerly titled Desktop
subscription), cloud service offerings, and flexible enterprise
business agreements.
Recurring Revenue: Represents the revenue for the period
from our maintenance plans and revenue from our new model
subscription offerings, including portions of revenue allocated to
license and other revenue for those offerings. It excludes
subscription revenue related to education offerings, consumer
product offerings, select Creative Finishing product offerings,
Autodesk Buzzsaw, Autodesk Constructware, and third party products.
Recurring revenue acquired with the acquisition of a business is
reported when total subscriptions are captured in our systems and
may cause variability in the comparison of this calculation.
Subscription Revenue: Autodesk subscription revenue
consists of three components: (1) maintenance plan revenue
from our perpetual software products; (2) maintenance revenue from
our term-based product subscriptions and flexible enterprise
business agreements; and (3) revenue from our cloud service
offerings.
Total Subscriptions: Consists of subscriptions from our
maintenance plans and new model subscription offerings that are
active and paid as of the quarter end date. For certain cloud
service offerings and flexible enterprise business agreements,
subscriptions represent the monthly average activity reported
within the last three months of the quarter end date. Total
subscriptions do not include education offerings, consumer product
offerings, select Creative Finishing product offerings, Autodesk
Buzzsaw, Autodesk Constructware, and third party products.
Subscriptions acquired with the acquisition of a business are
captured once the data conforms to our subscription count
methodology and when added, may cause variability in the comparison
of this calculation.
Safe Harbor Statement
This press release contains forward-looking statements that
involve risks and uncertainties, including 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
for subscriptions, ARR and our customer transitions from
maintenance to product subscriptions, 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 and to attract
customers to our cloud-based offerings; 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; any imposition of new
tariffs or trade barriers; 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 October
31, 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, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are
registered 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 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.
© 2017 Autodesk, Inc. All rights reserved.
Autodesk,
Inc.
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations
|
|
|
|
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
January 31,
|
|
Fiscal Year Ended
January 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(Unaudited)
|
Net
revenue:
|
|
|
|
|
|
|
|
Subscription
|
$
|
322.5
|
|
|
$
|
319.5
|
|
|
$
|
1,290.0
|
|
|
$
|
1,277.2
|
|
License and
other
|
156.3
|
|
|
328.8
|
|
|
741.0
|
|
|
1,226.9
|
|
Total net
revenue
|
478.8
|
|
|
648.3
|
|
|
2,031.0
|
|
|
2,504.1
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
Cost of subscription
revenue
|
38.2
|
|
|
39.4
|
|
|
151.3
|
|
|
156.1
|
|
Cost of license and
other revenue
|
44.7
|
|
|
55.5
|
|
|
190.6
|
|
|
214.6
|
|
Total cost of
revenue
|
82.9
|
|
|
94.9
|
|
|
341.9
|
|
|
370.7
|
|
Gross
profit
|
395.9
|
|
|
553.4
|
|
|
1,689.1
|
|
|
2,133.4
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Marketing and
sales
|
283.6
|
|
|
277.4
|
|
|
1,022.5
|
|
|
1,015.5
|
|
Research and
development
|
187.0
|
|
|
204.5
|
|
|
766.1
|
|
|
790.0
|
|
General and
administrative
|
74.1
|
|
|
73.2
|
|
|
287.8
|
|
|
293.4
|
|
Amortization of
purchased intangibles
|
9.3
|
|
|
8.0
|
|
|
31.8
|
|
|
33.2
|
|
Restructuring charges
and other facility exit costs, net
|
9.0
|
|
|
—
|
|
|
80.5
|
|
|
—
|
|
Total operating
expenses
|
563.0
|
|
|
563.1
|
|
|
2,188.7
|
|
|
2,132.1
|
|
(Loss) income from
operations
|
(167.1)
|
|
|
(9.7)
|
|
|
(499.6)
|
|
|
1.3
|
|
Interest and other
expense, net
|
(1.1)
|
|
|
(10.8)
|
|
|
(24.2)
|
|
|
(21.6)
|
|
Loss before income
taxes
|
(168.2)
|
|
|
(20.5)
|
|
|
(523.8)
|
|
|
(20.3)
|
|
Provision for income
taxes
|
(2.3)
|
|
|
(16.7)
|
|
|
(55.4)
|
|
|
(310.2)
|
|
Net loss
|
$
|
(170.5)
|
|
|
$
|
(37.2)
|
|
|
$
|
(579.2)
|
|
|
$
|
(330.5)
|
|
Basic net loss per
share
|
$
|
(0.77)
|
|
|
$
|
(0.17)
|
|
|
$
|
(2.60)
|
|
|
$
|
(1.46)
|
|
Diluted net loss per
share
|
$
|
(0.77)
|
|
|
$
|
(0.17)
|
|
|
$
|
(2.60)
|
|
|
$
|
(1.46)
|
|
Weighted average
shares used in computing basic net loss per share
|
221.1
|
|
|
224.7
|
|
|
222.7
|
|
|
226.0
|
|
Weighted average
shares used in computing diluted net loss per share
|
221.1
|
|
|
224.7
|
|
|
222.7
|
|
|
226.0
|
|
_____________________
|
(1) As Autodesk
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 year ended ended January 31, 2017 above.
|
Autodesk,
Inc.
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
January 31,
2017
|
|
January 31,
2016
|
|
(Unaudited)
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
1,213.1
|
|
|
$
|
1,353.0
|
|
Marketable
securities
|
686.8
|
|
|
897.9
|
|
Accounts receivable,
net
|
452.3
|
|
|
653.6
|
|
Deferred income
taxes, net
|
—
|
|
|
—
|
|
Prepaid expenses and
other current assets
|
109.6
|
|
|
88.6
|
|
Total current
assets
|
2,461.8
|
|
|
2,993.1
|
|
Marketable
securities
|
306.2
|
|
|
532.3
|
|
Computer equipment,
software, furniture and leasehold improvements, net
|
158.6
|
|
|
169.3
|
|
Developed
technologies, net
|
45.7
|
|
|
70.8
|
|
Goodwill
|
1,561.1
|
|
|
1,535.0
|
|
Deferred income
taxes, net
|
62.4
|
|
|
9.2
|
|
Other
assets
|
202.0
|
|
|
205.6
|
|
Total
assets
|
$
|
4,797.8
|
|
|
$
|
5,515.3
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
93.5
|
|
|
$
|
119.9
|
|
Accrued
compensation
|
238.2
|
|
|
243.3
|
|
Accrued income
taxes
|
46.8
|
|
|
29.4
|
|
Deferred
revenue
|
1,282.8
|
|
|
1,068.9
|
|
Short term
debt
|
398.7
|
|
|
—
|
|
Other accrued
liabilities
|
134.9
|
|
|
129.5
|
|
Total current
liabilities
|
2,194.9
|
|
|
1,591.0
|
|
Deferred
revenue
|
505.2
|
|
|
450.3
|
|
Long term income
taxes payable
|
39.3
|
|
|
161.4
|
|
Long term deferred
income taxes
|
91.5
|
|
|
67.7
|
|
Long term notes
payable, net
|
1,092.0
|
|
|
1,487.7
|
|
Other
liabilities
|
138.4
|
|
|
137.6
|
|
Stockholders'
equity:
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
Common stock and
additional paid-in capital
|
1,876.3
|
|
|
1,821.5
|
|
Accumulated other
comprehensive loss
|
(178.5)
|
|
|
(121.1)
|
|
Accumulated
deficit
|
(961.3)
|
|
|
(80.8)
|
|
Total stockholders'
equity
|
736.5
|
|
|
1,619.6
|
|
Total liabilities and
stockholders' equity
|
$
|
4,797.8
|
|
|
$
|
5,515.3
|
|
Autodesk,
Inc.
|
|
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
Fiscal Year Ended
January 31,
|
|
2017
|
|
2016
|
|
(Unaudited)
|
Operating
activities:
|
|
|
|
Net loss
|
$
|
(579.2)
|
|
|
$
|
(330.5)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
Depreciation,
amortization and accretion
|
139.2
|
|
|
145.8
|
|
Stock-based
compensation expense
|
221.8
|
|
|
197.2
|
|
Deferred income
taxes
|
(37.3)
|
|
|
235.9
|
|
Restructuring charges
and other facility exit costs, net
|
80.5
|
|
|
—
|
|
Other operating
activities
|
(7.7)
|
|
|
(25.0)
|
|
Changes in operating
assets and liabilities, net of business combinations:
|
|
|
|
Accounts
receivable
|
201.5
|
|
|
(195.5)
|
|
Prepaid expenses and
other current assets
|
(14.7)
|
|
|
(2.8)
|
|
Accounts payable and
accrued liabilities
|
2.7
|
|
|
24.9
|
|
Deferred
revenue
|
267.0
|
|
|
360.5
|
|
Accrued income
taxes
|
(104.1)
|
|
|
3.5
|
|
Net cash provided by
operating activities
|
169.7
|
|
|
414.0
|
|
Investing
activities:
|
|
|
|
Purchases of
marketable securities
|
(1,867.9)
|
|
|
(2,250.1)
|
|
Sales of marketable
securities
|
1,257.7
|
|
|
329.4
|
|
Maturities of
marketable securities
|
1,057.2
|
|
|
1,376.6
|
|
Capital
expenditures
|
(76.0)
|
|
|
(72.4)
|
|
Acquisitions, net of
cash acquired
|
(85.2)
|
|
|
(148.5)
|
|
Other investing
activities
|
(13.8)
|
|
|
(44.5)
|
|
Net cash provided by
(used in) investing activities
|
272.0
|
|
|
(809.5)
|
|
Financing
activities:
|
|
|
|
Proceeds from
issuance of common stock, net of issuance costs
|
119.6
|
|
|
110.8
|
|
Taxes paid related to
net share settlement of equity awards
|
(76.2)
|
|
|
(51.6)
|
|
Repurchase and
retirement of common stock
|
(621.7)
|
|
|
(458.0)
|
|
Proceeds from debt,
net of discount
|
—
|
|
|
748.3
|
|
Other financing
activities
|
—
|
|
|
(6.3)
|
|
Net cash (used in)
provided by financing activities
|
(578.3)
|
|
|
343.2
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(3.3)
|
|
|
(5.3)
|
|
Net decrease in cash
and cash equivalents
|
(139.9)
|
|
|
(57.6)
|
|
Cash and cash
equivalents at beginning of fiscal year
|
1,353.0
|
|
|
1,410.6
|
|
Cash and cash
equivalents at end of the period
|
$
|
1,213.1
|
|
|
$
|
1,353.0
|
|
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 (loss),
non-GAAP net income (loss) per share. 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 amortization
of developed technology, amortization of purchased intangibles,
gain and loss on strategic investments, and related income tax
expenses. 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 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 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
January 31,
|
|
Fiscal Year Ended
January 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
GAAP cost of
subscription revenue
|
$
|
38.2
|
|
|
$
|
39.4
|
|
|
$
|
151.3
|
|
|
$
|
156.1
|
|
Stock-based
compensation expense
|
(1.8)
|
|
|
(1.6)
|
|
|
(7.0)
|
|
|
(5.7)
|
|
Amortization of
developed technology
|
(0.1)
|
|
|
(0.5)
|
|
|
(0.7)
|
|
|
(2.9)
|
|
Non-GAAP cost of
subscription revenue
|
$
|
36.3
|
|
|
$
|
37.3
|
|
|
$
|
143.6
|
|
|
$
|
147.5
|
|
|
|
|
|
|
|
|
|
GAAP cost of license
and other revenue
|
$
|
44.7
|
|
|
$
|
55.5
|
|
|
$
|
190.6
|
|
|
$
|
214.6
|
|
Stock-based
compensation expense
|
(2.0)
|
|
|
(1.7)
|
|
|
(7.1)
|
|
|
(6.1)
|
|
Amortization of
developed technology
|
(7.9)
|
|
|
(11.4)
|
|
|
(39.3)
|
|
|
(46.1)
|
|
Non-GAAP cost of
license and other revenue
|
$
|
34.8
|
|
|
$
|
42.4
|
|
|
$
|
144.2
|
|
|
$
|
162.4
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
$
|
395.9
|
|
|
$
|
553.4
|
|
|
$
|
1,689.1
|
|
|
$
|
2,133.4
|
|
Stock-based
compensation expense
|
3.8
|
|
|
3.3
|
|
|
14.1
|
|
|
11.8
|
|
Amortization of
developed technology
|
8.0
|
|
|
11.9
|
|
|
40.0
|
|
|
49.0
|
|
Non-GAAP gross
profit
|
$
|
407.7
|
|
|
$
|
568.6
|
|
|
$
|
1,743.2
|
|
|
$
|
2,194.2
|
|
|
|
|
|
|
|
|
|
GAAP marketing and
sales
|
$
|
283.6
|
|
|
$
|
277.4
|
|
|
$
|
1,022.5
|
|
|
$
|
1,015.5
|
|
Stock-based
compensation expense
|
(25.1)
|
|
|
(24.0)
|
|
|
(94.1)
|
|
|
(85.2)
|
|
Non-GAAP marketing
and sales
|
$
|
258.5
|
|
|
$
|
253.4
|
|
|
$
|
928.4
|
|
|
$
|
930.3
|
|
|
|
|
|
|
|
|
|
GAAP research and
development
|
$
|
187.0
|
|
|
$
|
204.5
|
|
|
$
|
766.1
|
|
|
$
|
790.0
|
|
Stock-based
compensation expense
|
(21.3)
|
|
|
(20.5)
|
|
|
(81.3)
|
|
|
(70.4)
|
|
Non-GAAP research and
development
|
$
|
165.7
|
|
|
$
|
184.0
|
|
|
$
|
684.8
|
|
|
$
|
719.6
|
|
|
|
|
|
|
|
|
|
GAAP general and
administrative
|
$
|
74.1
|
|
|
$
|
73.2
|
|
|
$
|
287.8
|
|
|
$
|
293.4
|
|
Stock-based
compensation expense
|
(9.1)
|
|
|
(8.3)
|
|
|
(32.3)
|
|
|
(29.8)
|
|
Non-GAAP general and
administrative
|
$
|
65.0
|
|
|
$
|
64.9
|
|
|
$
|
255.5
|
|
|
$
|
263.6
|
|
|
|
|
|
|
|
|
|
GAAP amortization of
purchased intangibles
|
$
|
9.3
|
|
|
$
|
8.0
|
|
|
$
|
31.8
|
|
|
$
|
33.2
|
|
Amortization of
purchased intangibles
|
(9.3)
|
|
|
(8.0)
|
|
|
(31.8)
|
|
|
(33.2)
|
|
Non-GAAP Amortization
of purchased intangibles
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
GAAP restructuring
charges and other facility exit costs, net
|
$
|
9.0
|
|
|
$
|
—
|
|
|
$
|
80.5
|
|
|
$
|
—
|
|
Restructuring charges
and other facility exit costs, net
|
(9.0)
|
|
|
—
|
|
|
(80.5)
|
|
|
—
|
|
Non-GAAP
restructuring charges and other facility exit costs, net
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
$
|
563.0
|
|
|
$
|
563.1
|
|
|
$
|
2,188.7
|
|
|
$
|
2,132.1
|
|
Stock-based
compensation expense
|
(55.5)
|
|
|
(52.8)
|
|
|
(207.7)
|
|
|
(185.4)
|
|
Amortization of
purchased intangibles
|
(9.3)
|
|
|
(8.0)
|
|
|
(31.8)
|
|
|
(33.2)
|
|
Restructuring charges
and other facility exit costs, net
|
(9.0)
|
|
|
—
|
|
|
(80.5)
|
|
|
—
|
|
Non-GAAP operating
expenses
|
$
|
489.2
|
|
|
$
|
502.3
|
|
|
$
|
1,868.7
|
|
|
$
|
1,913.5
|
|
|
|
|
|
|
|
|
|
GAAP Spend
|
$
|
645.9
|
|
|
$
|
658.0
|
|
|
$
|
2,530.6
|
|
|
$
|
2,502.8
|
|
Stock-based
compensation expense
|
|
(59.3)
|
|
|
|
(56.1)
|
|
|
|
(221.8)
|
|
|
|
(197.2)
|
|
Amortization of
developed technology
|
|
(8.0)
|
|
|
|
(11.9)
|
|
|
|
(40.0)
|
|
|
|
(49.0)
|
|
Amortization of
purchased intangibles
|
|
(9.3)
|
|
|
|
(8.0)
|
|
|
|
(31.8)
|
|
|
|
(33.2)
|
|
Restructuring charges
and other facility exit costs, net
|
|
(9.0)
|
|
|
|
—
|
|
|
|
(80.5)
|
|
|
|
—
|
|
Non-GAAP
Spend
|
$
|
560.3
|
|
|
$
|
582.0
|
|
|
$
|
2,156.5
|
|
|
$
|
2,223.4
|
|
|
|
|
|
|
|
|
|
GAAP (loss) income
from operations
|
$
|
(167.1)
|
|
|
$
|
(9.7)
|
|
|
$
|
(499.6)
|
|
|
$
|
1.3
|
|
Stock-based
compensation expense
|
59.3
|
|
|
56.1
|
|
|
221.8
|
|
|
197.2
|
|
Amortization of
developed technology
|
8.0
|
|
|
11.9
|
|
|
40.0
|
|
|
49.0
|
|
Amortization of
purchased intangibles
|
9.3
|
|
|
8.0
|
|
|
31.8
|
|
|
33.2
|
|
Restructuring charges
and other facility exit costs, net
|
9.0
|
|
|
—
|
|
|
80.5
|
|
|
—
|
|
Non-GAAP (loss)
income from operations
|
$
|
(81.5)
|
|
|
$
|
66.3
|
|
|
$
|
(125.5)
|
|
|
$
|
280.7
|
|
|
|
|
|
|
|
|
|
GAAP interest
and other expense, net
|
$
|
(1.1)
|
|
|
$
|
(10.8)
|
|
|
$
|
(24.2)
|
|
|
$
|
(21.6)
|
|
Loss (gain) on
strategic investments
|
0.3
|
|
|
(0.4)
|
|
|
(0.3)
|
|
|
(3.7)
|
|
Non-GAAP
interest and other expense, net
|
$
|
(0.8)
|
|
|
$
|
(11.2)
|
|
|
$
|
(24.5)
|
|
|
$
|
(25.3)
|
|
|
|
|
|
|
|
|
|
GAAP provision for
income taxes
|
$
|
(2.3)
|
|
|
$
|
(16.7)
|
|
|
$
|
(55.4)
|
|
|
$
|
(310.2)
|
|
Discrete GAAP tax
provision items
|
(6.7)
|
|
|
(1.6)
|
|
|
(2.7)
|
|
|
0.8
|
|
Establishment of
valuation allowance on deferred tax assets
|
—
|
|
|
—
|
|
|
—
|
|
|
230.9
|
|
Income tax effect of
non-GAAP adjustments
|
30.4
|
|
|
11.1
|
|
|
97.1
|
|
|
17.2
|
|
Non-GAAP provision
for income tax
|
$
|
21.4
|
|
|
$
|
(7.2)
|
|
|
$
|
39.0
|
|
|
$
|
(61.3)
|
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
$
|
(170.5)
|
|
|
$
|
(37.2)
|
|
|
$
|
(579.2)
|
|
|
$
|
(330.5)
|
|
Stock-based
compensation expense
|
59.3
|
|
|
56.1
|
|
|
221.8
|
|
|
197.2
|
|
Amortization of
developed technology
|
8.0
|
|
|
11.9
|
|
|
40.0
|
|
|
49.0
|
|
Amortization of
purchased intangibles
|
9.3
|
|
|
8.0
|
|
|
31.8
|
|
|
33.2
|
|
Restructuring charges
and other facility exit costs, net
|
9.0
|
|
|
—
|
|
|
80.5
|
|
|
—
|
|
Loss (gain) on
strategic investments
|
0.3
|
|
|
(0.4)
|
|
|
(0.3)
|
|
|
(3.7)
|
|
Discrete GAAP tax
provision items
|
(6.7)
|
|
|
(1.6)
|
|
|
(2.7)
|
|
|
0.8
|
|
Establishment of
valuation allowance on deferred tax assets
|
—
|
|
|
—
|
|
|
—
|
|
|
230.9
|
|
Income tax effect of
non-GAAP adjustments
|
30.4
|
|
|
11.1
|
|
|
97.1
|
|
|
17.2
|
|
Non-GAAP net (loss)
income
|
$
|
(60.9)
|
|
|
$
|
47.9
|
|
|
$
|
(111.0)
|
|
|
$
|
194.1
|
|
|
|
|
|
|
|
|
|
GAAP diluted net loss
per share
|
$
|
(0.77)
|
|
|
$
|
(0.17)
|
|
|
$
|
(2.60)
|
|
|
$
|
(1.46)
|
|
Stock-based
compensation expense
|
0.28
|
|
|
0.25
|
|
|
1.00
|
|
|
0.86
|
|
Amortization of
developed technology
|
0.03
|
|
|
0.05
|
|
|
0.18
|
|
|
0.21
|
|
Amortization of
purchased intangibles
|
0.04
|
|
|
0.04
|
|
|
0.14
|
|
|
0.15
|
|
Restructuring charges
and other facility exit costs, net
|
0.04
|
|
|
—
|
|
|
0.35
|
|
|
—
|
|
Loss (gain) on
strategic investments
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01)
|
|
Discrete GAAP tax
provision items
|
(0.04)
|
|
|
(0.01)
|
|
|
(0.01)
|
|
|
—
|
|
Establishment of
valuation allowance on deferred tax assets
|
—
|
|
|
—
|
|
|
—
|
|
|
1.01
|
|
Income tax effect of
non-GAAP adjustments
|
0.14
|
|
|
0.05
|
|
|
0.44
|
|
|
0.08
|
|
Non-GAAP diluted net
(loss) income per share
|
$
|
(0.28)
|
|
|
$
|
0.21
|
|
|
$
|
(0.50)
|
|
|
$
|
0.84
|
|
|
|
|
|
|
|
|
|
GAAP diluted weighted
average shares used in per share calculation
|
221.1
|
|
|
224.7
|
|
|
222.7
|
|
|
226.0
|
|
Shares included in
non-GAAP net income per share, but excluded from GAAP net loss per
share as they would have been anti-dilutive
|
—
|
|
|
4.4
|
|
|
—
|
|
|
4.7
|
|
Non-GAAP diluted
weighted average shares used in per share calculation
|
221.1
|
|
|
229.1
|
|
|
222.7
|
|
|
230.7
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/autodesk-reports-strong-fourth-quarter-results-300417200.html
SOURCE Autodesk, Inc.