New Model Subscriptions Drive Business Model
Transition
Autodesk, Inc. (NASDAQ: ADSK) today reported financial results
for the third quarter of fiscal 2017.
Third Quarter Fiscal 2017
- New model subscriptions increased
168,000 from the second quarter of fiscal 2017 to 861,000.
- Total subscriptions increased 134,000
from the second quarter of fiscal 2017 to 2.95 million at the end
of the third quarter and include approximately 13,000 maintenance
subscriptions related to the recent acquisition of Solid
Angle.
- New model annualized recurring revenue
(ARR) was $414 million and increased 88 percent compared to the
third quarter last year as reported, and 91 percent on a constant
currency basis.
- Total ARR was $1.50 billion, an
increase of 11 percent compared to the third quarter last year as
reported, and 15 percent on a constant currency basis.
- Deferred revenue increased 26 percent
to $1.53 billion, compared to $1.21 billion in the third quarter
last year.
- Revenue was $490 million, a decrease of
18 percent compared to the third quarter last year as reported, and
16 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 $610 million, a decrease of 1 percent
compared to the third quarter last year. GAAP spend includes a
charge of $3 million for a previously announced restructuring and
other facility exit costs.
- Total non-GAAP spend was $533 million,
a decrease of 2 percent compared to the third quarter last year. A
reconciliation of GAAP to non-GAAP results is provided in the
accompanying tables.
- GAAP diluted net loss per share was
$(0.64). GAAP diluted net loss per share was $(0.19) in the third
quarter last year.
- Non-GAAP diluted net loss per share was
$(0.18), compared to non-GAAP diluted net income per share of $0.14
in the third quarter last year.
"We are pleased with our results for the quarter, which were
driven by strong growth in product subscription," said Carl Bass,
Autodesk president and CEO. "This was the first quarter of selling
only subscriptions, a significant milestone in our business model
transition. We also had a record-breaking quarter for cloud
subscription additions, driven by continued momentum of BIM 360 and
Fusion 360. Coupled with diligent cost control, we continue to
progress steadily to our fiscal year 2020 goals."
Third Quarter Operational Overview
"We experienced robust demand in the third quarter building on
the momentum of a very strong second quarter," said Scott Herren,
Autodesk Chief Financial Officer. "Record new model subscription
additions and continued cost control contributed to our better than
expected third quarter results and demonstrates solid progress on
the business model transition."
New model subscriptions (product, enterprise flexible license,
and cloud subscription) were 861,000, a net increase of 168,000
from the second quarter of fiscal 2017. The increase in new model
subscriptions was led by product subscriptions. Maintenance
subscriptions were 2.09 million, a net decrease of 34,000 from the
second quarter of fiscal 2017 and include the addition of 13,000
maintenance subscriptions associated with the March 2016
acquisition of Solid Angle. Total subscriptions were 2.95 million,
a net increase of 134,000 from the second quarter of fiscal
2017.
New model ARR was $414 million and increased 88 percent compared
to the third quarter last year as reported, and 91 percent on a
constant currency basis. Maintenance ARR was $1.08 billion and
decreased 4 percent compared to the third quarter last year as
reported, and was flat on a constant currency basis. Total ARR for
the third quarter increased 11 percent to $1.50 billion compared to
the third quarter last year as reported, and 15 percent on a
constant currency basis. Total ARR growth was impacted by the
allocation of existing marketing development funds (MDF) this
quarter. 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 third quarter was 76 percent of
total revenue compared to 56 percent of total revenue in the third
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 for suites at the end of the second quarter of fiscal
2017.
Revenue in the Americas was $213 million, a decrease of 10
percent compared to the third quarter last year as reported, and 9
percent on a constant currency basis. Revenue in EMEA was $191
million, a decrease of 15 percent compared to the third quarter
last year as reported, and 9 percent on a constant currency basis.
Revenue in APAC was $85 million, a decrease of 39 percent compared
to the third quarter last year as reported, and 38 percent on a
constant currency basis.
Revenue from our Architecture, Engineering and Construction
(AEC) product family was $212 million, a decrease of 6 percent
compared to the third quarter last year. Revenue from our
Manufacturing product family was $147 million, a decrease of 16
percent compared to the third quarter last year. Combined revenue
from AutoCAD and AutoCAD LT was $80 million, a decrease of 44
percent compared to the third quarter last year. Revenue from our
Media and Entertainment (M&E) product family was $34 million, a
decrease of 13 percent compared to the third 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 fourth quarter and full year
fiscal 2017 assumes, among other things, a continuation of the
current economic environment and foreign exchange currency rate
environment. A reconciliation between the fiscal 2017 GAAP and
non-GAAP estimates is provided below or in the tables following
this press release.
Fourth Quarter Fiscal 2017
Q4 FY17 Guidance Metrics
Q4 FY17 (endingJanuary 31,
2017)
Revenue (in millions) $460 - $480
EPS GAAP ($0.94) -
($0.84)
EPS non-GAAP (1) ($0.39) - ($0.32)
_______________
(1) Non-GAAP earnings per diluted share excludes $0.27 related
to stock-based compensation expense, between $0.17 and $0.14
related to GAAP-only tax charges, $0.07 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 (endingJanuary 31,
2017)
Revenue (in millions) (1) $2,012 - $2,032
GAAP spend
growth (cost of revenue plus operating expenses) Approx. 1%
Non-GAAP spend growth (cost of revenue plus operating expenses)
(2) Approx. (2%)
EPS GAAP ($2.77) - ($2.67)
EPS
non-GAAP (3) ($0.61) - (0.54)
Net subscription additions
515,000 - 525,000
_______________
(1) Excluding the impact of foreign currency exchange rates and
hedge gains/losses, revenue guidance would be $2,045 - $2,065
million.
(2) Non-GAAP spend excludes $223 million related to stock-based
compensation expense, $80 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 $1.00 related
to stock-based compensation expense, between $0.49 and $0.46 of
GAAP-only tax charges, $0.36 related to restructuring charges and
other facility exit costs, and $0.31 for the amortization of
acquisition-related intangibles.
The fourth quarter and full year fiscal 2017 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 third 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 p.m. 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.
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.
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
regarding the transition of product offerings to subscription and
acceptance by our customers and partners of subscriptions,
expectations for subscriptions, ARR and free cash flow, 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; 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 July 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.
© 2016 Autodesk, Inc. All rights reserved.
Autodesk, Inc. Condensed Consolidated Statements of
Operations (1) (In millions, except per share data)
Three Months EndedOctober
31,
Nine Months EndedOctober
31,
2016 2015 2016 2015 (Unaudited)
Net revenue: Subscription $ 319.5 $ 318.9 $ 967.5 $ 957.7 License
and other 170.1 280.9 584.7 898.1 Total
net revenue 489.6 599.8 1,552.2 1,855.8 Cost of revenue: Cost of
subscription revenue 35.1 38.0 113.1 116.7 Cost of license and
other revenue 46.4 53.0 145.9 159.1
Total cost of revenue 81.5 91.0 259.0 275.8
Gross profit 408.1 508.8 1,293.2 1,580.0 Operating expenses:
Marketing and sales 255.0 243.4 738.9 738.1 Research and
development 192.6 197.9 579.1 585.5 General and administrative 70.4
74.2 213.7 220.2 Amortization of purchased intangibles 6.8 8.1 22.5
25.2 Restructuring charges and other facility exit costs, net 3.2
— 71.5 — Total operating expenses 528.0
523.6 1,625.7 1,569.0 (Loss) income
from operations (119.9 ) (14.8 ) (332.5 ) 11.0 Interest and other
expense, net (9.4 ) (7.7 ) (23.1 ) (10.8 ) (Loss) income before
income taxes (129.3 ) (22.5 ) (355.6 ) 0.2 Provision for income
taxes (13.5 ) (21.3 ) (53.1 ) (293.5 ) Net loss $ (142.8 ) $ (43.8
) $ (408.7 ) $ (293.3 ) Basic net loss per share $ (0.64 ) $ (0.19
) $ (1.83 ) $ (1.29 ) Diluted net loss per share $ (0.64 ) $ (0.19
) $ (1.83 ) $ (1.29 ) Weighted average shares used in computing
basic net loss per share 222.3 225.3 223.3
226.5 Weighted average shares used in computing diluted net
loss per share 222.3 225.3 223.3 226.5
_____________________
(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 nine months ended October 31, 2016
above.
Autodesk, Inc. Condensed Consolidated Balance
Sheets (In millions)
October 31,2016
January 31,2016
(Unaudited) ASSETS Current assets: Cash and cash
equivalents $ 1,436.5 $ 1,353.0 Marketable securities 532.4 897.9
Accounts receivable, net 259.8 653.6 Prepaid expenses and other
current assets 103.4 88.6 Total current assets
2,332.1 2,993.1 Marketable securities 455.0 532.3
Computer equipment, software, furniture and leasehold improvements,
net 168.3 169.3 Developed technologies, net 53.9 70.8 Goodwill
1,557.3 1,535.0 Deferred income taxes, net 49.6 9.2 Other assets
213.0 205.6 Total assets $ 4,829.2 $ 5,515.3
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities: Accounts payable $ 102.8 $ 119.9 Accrued compensation
187.6 243.3 Accrued income taxes 85.9 29.4 Deferred revenue 1,099.1
1,068.9 Other accrued liabilities 122.2 129.5 Total
current liabilities 1,597.6 1,591.0 Long term
deferred revenue 433.9 450.3 Long term income taxes payable 40.0
161.4 Long term deferred income taxes 75.9 67.7 Long term notes
payable, net 1,489.9 1,487.7 Other liabilities 131.3 137.6
Stockholders’ equity: Preferred stock — — Common stock and
additional paid-in capital 1,882.8 1,821.5 Accumulated other
comprehensive loss (187.5 ) (121.1 ) Accumulated deficit (634.7 )
(80.8 ) Total stockholders’ equity 1,060.6 1,619.6
Total liabilities and stockholders' equity $ 4,829.2 $
5,515.3
Autodesk, Inc. Condensed
Consolidated Statements of Cash Flows (In millions)
Nine Months Ended October 31,
2016 2015 (Unaudited) Operating activities:
Net loss $ (408.7 ) $ (293.3 ) Adjustments to reconcile net loss to
net cash provided by operating activities: Depreciation,
amortization and accretion 104.5 109.7 Stock-based compensation
expense 162.5 141.1 Deferred income taxes (39.6 ) 221.9
Restructuring charges and other facility exit costs, net 71.5 —
Other operating activities 3.4 (10.6 ) Changes in operating assets
and liabilities, net of acquisitions: Accounts receivable 393.8
97.4 Prepaid expenses and other current assets (12.7 ) (5.5 )
Accounts payable and accrued liabilities (71.9 ) (75.1 ) Deferred
revenue 15.6 54.5 Accrued income taxes (64.3 ) 4.0 Net cash
provided by operating activities 154.1 244.1
Investing activities: Purchases of marketable securities (1,106.4 )
(1,827.9 ) Sales of marketable securities 544.7 263.0 Maturities of
marketable securities 1,012.6 970.7 Capital expenditures (65.1 )
(41.8 ) Acquisitions, net of cash acquired (85.2 ) (104.6 ) Other
investing activities (14.8 ) (15.5 ) Net cash provided by (used in)
investing activities 285.8 (756.1 ) Financing activities:
Proceeds from issuance of common stock, net of issuance costs 102.2
99.3 Taxes paid related to net share settlement of equity awards
(58.9 ) (42.3 ) Repurchase and retirement of common stock (397.6 )
(357.7 ) Proceeds from debt, net of discount — 748.3 Other
financing activities — (6.3 ) Net cash (used in) provided by
financing activities (354.3 ) 441.3 Effect of exchange rate
changes on cash and cash equivalents (2.1 ) (2.4 ) Net increase
(decrease) in cash and cash equivalents 83.5 (73.1 ) Cash and cash
equivalents at beginning of the period 1,353.0 1,410.6
Cash and cash equivalents at end of the period $ 1,436.5
$ 1,337.5
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 amortization of
developed technology, 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 EndedOctober
31,
Nine Months EndedOctober
31,
2016 2015 2016 2015
(Unaudited) (Unaudited) GAAP cost of
subscription revenue $ 35.1 $ 38.0 $ 113.1 $ 116.7 Stock-based
compensation expense (1.7 ) (1.5 ) (5.2 ) (4.1 ) Amortization of
developed technology (0.2 ) (0.5 ) (0.6 ) (2.4 ) Non-GAAP cost of
subscription revenue $ 33.2 $ 36.0 $ 107.3 $
110.2 GAAP cost of license and other revenue $ 46.4 $
53.0 $ 145.9 $ 159.1 Stock-based compensation expense (1.8 ) (1.7 )
(5.1 ) (4.4 ) Amortization of developed technology (10.2 ) (11.1 )
(31.4 ) (34.7 ) Non-GAAP cost of license and other revenue $ 34.4
$ 40.2 $ 109.4 $ 120.0 GAAP
gross profit $ 408.1 $ 508.8 $ 1,293.2 $ 1,580.0 Stock-based
compensation expense 3.5 3.2 10.3 8.5 Amortization of developed
technology 10.4 11.6 32.0 37.1 Non-GAAP
gross profit $ 422.0 $ 523.6 $ 1,335.5 $
1,625.6 GAAP marketing and sales $ 255.0 $ 243.4 $
738.9 $ 738.1 Stock-based compensation expense (24.2 ) (22.2 )
(69.0 ) (61.2 ) Non-GAAP marketing and sales $ 230.8 $ 221.2
$ 669.9 $ 676.9 GAAP research and
development $ 192.6 $ 197.9 $ 579.1 $ 585.5 Stock-based
compensation expense (20.9 ) (17.5 ) (60.0 ) (49.9 ) Non-GAAP
research and development $ 171.7 $ 180.4 $ 519.1
$ 535.6 GAAP general and administrative $ 70.4
$ 74.2 $ 213.7 $ 220.2 Stock-based compensation expense (8.0 ) (7.3
) (23.2 ) (21.5 ) Non-GAAP general and administrative $ 62.4
$ 66.9 $ 190.5 $ 198.7 GAAP
amortization of purchased intangibles $ 6.8 $ 8.1 $ 22.5 $ 25.2
Amortization of purchased intangibles (6.8 ) (8.1 ) (22.5 ) (25.2 )
Non-GAAP amortization of purchased intangibles $ — $ —
$ — $ — GAAP restructuring charges and
other facility exit costs, net $ 3.2 $ — $ 71.5 $ — Restructuring
charges and other facility exit costs, net (3.2 ) — (71.5 )
— Non-GAAP restructuring charges and other facility exit
costs, net $ — $ — $ — $ — GAAP
operating expenses $ 528.0 $ 523.6 $ 1,625.7 $ 1,569.0 Stock-based
compensation expense (53.1 ) (47.0 ) (152.2 ) (132.6 ) Amortization
of purchased intangibles (6.8 ) (8.1 ) (22.5 ) (25.2 )
Restructuring charges and other facility exit costs, net (3.2 ) —
(71.5 ) — Non-GAAP operating expenses $ 464.9
$ 468.5 $ 1,379.5 $ 1,411.2 GAAP (loss)
income from operations $ (119.9 ) $ (14.8 ) $ (332.5 ) $ 11.0
Stock-based compensation expense 56.6 50.2 162.5 141.1 Amortization
of developed technology 10.4 11.6 32.0 37.1 Amortization of
purchased intangibles 6.8 8.1 22.5 25.2 Restructuring charges and
other facility exit costs, net 3.2 — 71.5 —
Non-GAAP (loss) income from operations $ (42.9 ) $ 55.1
$ (44.0 ) $ 214.4 GAAP interest and other
expense, net $ (9.4 ) $ (7.7 ) $ (23.1 ) $ (10.8 ) (Gain) loss on
strategic investments (0.4 ) 0.1 (0.6 ) (3.3 ) Non-GAAP
interest and other expense, net $ (9.8 ) $ (7.6 ) $ (23.7 ) $ (14.1
) GAAP provision for income taxes $ (13.5 ) $ (21.3 ) $
(53.1 ) $ (293.5 ) Discrete GAAP tax items (9.0 ) 1.2 4.0 2.4
Establishment of valuation allowance on deferred tax assets — — —
230.9 Income tax effect of non-GAAP adjustments 36.2 5.7
66.7 6.1 Non-GAAP benefit (provision) for
income tax $ 13.7 $ (14.4 ) $ 17.6 $ (54.1 )
GAAP net loss $ (142.8 ) $ (43.8 ) $ (408.7 ) $ (293.3 )
Stock-based compensation expense 56.6 50.2 162.5 141.1 Amortization
of developed technology 10.4 11.6 32.0 37.1 Amortization of
purchased intangibles 6.8 8.1 22.5 25.2 Restructuring charges and
other facility exit costs, net 3.2 — 71.5 — (Gain) loss on
strategic investments (0.4 ) 0.1 (0.6 ) (3.3 ) Discrete GAAP tax
items (9.0 ) 1.2 4.0 2.4 Establishment of valuation allowance on
deferred tax assets — — — 230.9 Income tax effect of non-GAAP
adjustments 36.2 5.7 66.7 6.1 Non-GAAP
net (loss) income $ (39.0 ) $ 33.1 $ (50.1 ) $ 146.2
GAAP diluted net loss per share (1) $ (0.64 ) $ (0.19 ) $
(1.83 ) $ (1.29 ) Stock-based compensation expense 0.25 0.22 0.72
0.61 Amortization of developed technology 0.05 0.05 0.15 0.16
Amortization of purchased intangibles 0.03 0.03 0.10 0.11
Restructuring charges and other facility exit costs, net 0.01 —
0.31 — (Gain) loss on strategic investments — — — (0.01 ) Discrete
GAAP tax items (0.03 ) — 0.03 0.01 Establishment of valuation
allowance on deferred tax assets — — — 1.01 Income tax effect of
non-GAAP adjustments 0.15 0.03 0.30 0.03
Non-GAAP diluted net (loss) income per share (1) $ (0.18 ) $
0.14 $ (0.22 ) $ 0.63 GAAP diluted shares used
in per share calculation 222.3 225.3 223.3 226.5 Shares included in
non-GAAP net income per share, but excluded from GAAP net loss per
share as they would have been anti-dilutive — 3.4 —
4.0 Non-GAAP diluted weighted average shares used in
per share calculation 222.3 228.7 223.3 230.5
____________________
(1) Net (loss) income per share was computed independently for
each of the periods presented; therefore the sum of the net (loss)
income per share amount for the quarters may not equal the total
for the year.
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Autodesk, Inc.Investors:David Gennarelli,
415-507-6033david.gennarelli@autodesk.comorPress:Stacy Doyle,
503-707-3861stacy.doyle@autodesk.com
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