Autodesk, Inc. (NASDAQ: ADSK) today reported financial results
for the first quarter of fiscal 2016.
First Quarter Fiscal 2016
- Total billings increased 3 percent,
compared to the first quarter last year as reported, and 8 percent
on a constant currency basis.
- Deferred revenue increased 20 percent
to $1.15 billion, compared to $964 million in the first quarter
last year.
- Total subscriptions increased by
approximately 95,000 from the fourth quarter of fiscal 2015.
- Revenue was $647 million, an increase
of 9 percent compared to the first quarter last year as reported,
and 13 percent on a constant currency basis.
- GAAP operating margin was 3 percent,
compared to 7 percent in the first quarter last year.
- Non-GAAP operating margin was 15
percent, compared to 17 percent in the first quarter last year. A
reconciliation of GAAP to non-GAAP results is provided in the
accompanying tables.
- GAAP diluted earnings per share were
$0.08, compared to $0.12 in the first quarter last year.
- Non-GAAP diluted earnings per share
were $0.30, compared to $0.32 in the first quarter last year.
- Cash flow from operating activities was
$87 million, compared to $219 million in the first quarter last
year.
"We had a solid start to the year with good progress on our
business model transition," said Carl Bass, Autodesk president
and CEO. "We added 95,000 subscriptions during the quarter, with
approximately half coming from new subscription types. Over the
course of the next two years we expect to transition the vast
majority of our offerings to subscription, which provides our
customers with greater flexibility and a better user
experience."
First Quarter Operational Overview
Revenue in the Americas increased 19 percent compared to the
first quarter last year to $244 million. EMEA revenue was $245
million, an increase of 9 percent compared to the first quarter
last year as reported, and 15 percent on a constant currency basis.
Revenue in APAC was $157 million, a decrease of 3 percent compared
to the first quarter last year as reported, and an increase of 2
percent on a constant currency basis. Revenue from emerging
economies was $93 million, an increase of 17 percent compared to
the first quarter last year as reported, and 19 percent on a
constant currency basis. Revenue from emerging economies
represented 14 percent of total revenue in the first quarter.
Revenue from the Architecture, Engineering and Construction
business segment was $237 million, an increase of 21 percent
compared to the first quarter last year. Revenue from the Platform
Solutions and Emerging Business segment was $185 million, a
decrease of 13 percent compared to the first quarter last year.
Revenue from the Manufacturing business segment was $185 million,
an increase of 25 percent compared to the first quarter last year.
Revenue from the Media and Entertainment business segment was $40
million, an increase of 6 percent compared to the first quarter
last year.
Revenue from Flagship products was $299 million, flat compared
to the first quarter last year. Revenue from Suites was $240
million, an increase of 14 percent compared to the first quarter
last year. Revenue from New and Adjacent products was $108 million,
an increase of 30 percent compared to the first quarter last
year.
“We were pleased with the first quarter results and remain
confident in our business model transition,” said Scott Herren,
Autodesk Chief Financial Officer. “As we scan the economic
environment, we've observed unevenness, particularly in key
markets. Considering the current economic environment, coupled with
persistent foreign currency headwinds, we’ve adjusted our business
outlook for the fiscal year as we look to build on the early
successes of our model transition.”
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. Autodesk's business outlook for
the second quarter and full year fiscal 2016 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 for fiscal 2016 is provided
below or in the tables following this press release.
Second Quarter Fiscal 2016
Q2 FY16 Guidance Metrics Q2 FY16 (ending July 31,
2015) Revenue (in millions) $600 - $620
EPS GAAP
($0.10) - ($0.05)
EPS Non-GAAP (1) $0.14 - $0.19
_______________
(1) Non-GAAP earnings per diluted share exclude $0.16 related to
stock-based compensation expense and $0.08 for the amortization of
acquisition related intangibles, net of tax.
Full Year Fiscal 2016
FY16 Guidance Metrics FY16 (ending January 31,
2016) Billings growth (1) 2 - 4%
Revenue growth
(2) 2 - 4%
GAAP operating margin 1 - 3%
Non-GAAP
operating margin 12 - 14%
EPS GAAP $0.00 - $0.15
EPS
Non-GAAP (3) $0.95 - $1.10
Net subscription additions
375,000 - 425,000
_______________
(1) On a constant currency basis, billings growth would be 9% -
11%.
(2) On a constant currency basis, revenue growth would be 7% -
9%.
(3) Non-GAAP earnings per diluted share exclude $0.69 related to
stock-based compensation expense and $0.26 for the amortization of
acquisition related intangibles, net of tax.
The second quarter and full year fiscal 2016 outlook assume a
projected annual effective tax rate of 27 percent and 26 percent
for GAAP and non-GAAP results, respectively.
Earnings Conference Call and Webcast
Autodesk will host its first 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.
NOTE: The prepared remarks will not be read on the
conference call. The conference call will include only brief
remarks followed by questions and answers.
A replay of the broadcast will be available at 7:00 pm ET at
http://www.autodesk.com/investors.
This replay will be maintained on Autodesk's website for at least
12 months.
Safe Harbor Statement
This press release contains forward-looking statements that
involve risks and uncertainties, including statements in the
paragraphs under “Business Outlook” above, statements regarding the
impacts of our business model transition, expectations regarding
the transition of product offerings to subscription, and other
statements regarding our strategies, market and products 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: general market,
political, economic and business conditions; failure to maintain
our revenue growth and profitability; 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; 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;
difficulty in predicting revenue from new businesses and the
potential impact on our financial results from changes in our
business models; 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 year ended January 31, 2015, which is
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 helps people imagine, design and create a better world.
Everyone--from design professionals, engineers and architects to
digital artists, students and hobbyists--uses Autodesk
software to unlock their creativity and solve important challenges.
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.
© 2015 Autodesk, Inc. All rights reserved.
Autodesk, Inc. Condensed Consolidated Statements
of Operations (In millions, except per share data)
Three Months Ended April 30, 2015
2014 (Unaudited) Net revenue: License and other $
326.7 $ 316.2 Subscription 319.8 276.3 Total net
revenue 646.5 592.5 Cost of revenue: Cost of license
and other revenue 53.1 49.3 Cost of subscription revenue 38.7
29.4 Total cost of revenue 91.8 78.7
Gross profit 554.7 513.8 Operating expenses: Marketing and sales
253.9 225.4 Research and development 194.5 170.5 General and
administrative (1) 75.9 62.5 Amortization of purchased intangibles
(1) 8.9 10.9 Restructuring charges, net — 2.3 Total
operating expenses 533.2 471.6 Income from operations
21.5 42.2 Interest and other income (expense), net 0.3 (6.6
) Income before income taxes 21.8 35.6 Provision for income taxes
(2.7 ) (7.3 ) Net income $ 19.1 $ 28.3 Basic net
income per share $ 0.08 $ 0.12 Diluted net income per
share $ 0.08 $ 0.12 Weighted average shares used in
computing basic net income per share 227.2 227.0
Weighted average shares used in computing diluted net income per
share 231.7 231.6
_____________________
(1) Effective in second quarter of fiscal 2015, Autodesk elected
to present amortization of purchased customer relationships, trade
names, patents, and user lists as a separate line item within
operating expenses. As a result, amortization previously reflected
in “General and Administrative” expense was reclassified to
“Amortization of Purchased Intangibles" within Operating Expenses.
Prior period amounts have been revised to conform to the current
period presentation.
Autodesk, Inc.
Condensed Consolidated Balance
Sheets
(In millions)
April 30, 2015
January 31, 2015
(Unaudited) ASSETS Current assets: Cash and cash
equivalents $ 1,182.7 $ 1,410.6 Marketable securities 648.2 615.8
Accounts receivable, net 316.0 458.9 Deferred income taxes, net
81.2 85.1 Prepaid expenses and other current assets 112.9
100.9 Total current assets 2,341.0 2,671.3
Marketable securities 440.3 273.0 Computer equipment, software,
furniture and leasehold improvements, net 156.9 159.2 Developed
technologies, net 84.8 86.5 Goodwill 1,476.1 1,456.2 Deferred
income taxes, net 106.8 100.0 Other assets 170.0 167.6
Total assets $ 4,775.9 $ 4,913.8
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:
Accounts payable $ 93.1 $ 100.5 Accrued compensation 163.6 253.3
Accrued income taxes 29.0 28.2 Deferred revenue 893.4 900.8 Other
accrued liabilities 91.2 117.3 Total current
liabilities 1,270.3 1,400.1 Deferred revenue 260.3
256.3 Long term income taxes payable 139.6 158.8 Long term notes
payable, net of discount 747.4 747.2 Other liabilities 133.9 132.2
Stockholders’ equity: Preferred stock — — Common stock and
additional paid-in capital 1,816.2 1,773.1 Accumulated other
comprehensive loss (56.0 ) (53.3 ) Retained earnings 464.2
499.4 Total stockholders’ equity 2,224.4 2,219.2
Total liabilities and stockholders' equity $ 4,775.9
$ 4,913.8
Autodesk, Inc. Condensed
Consolidated Statements of Cash Flows (In millions)
Three Months Ended April 30, 2015
2014 (Unaudited) Operating activities: Net income $
19.1 $ 28.3 Adjustments to reconcile net income to net cash
provided by operating activities: Depreciation, amortization and
accretion 37.8 36.1 Stock-based compensation expense 50.2 33.6
Deferred income taxes (5.3 ) 21.1 Restructuring charges, net — 2.3
Other operating activities (3.5 ) 8.3 Changes in operating assets
and liabilities, net of business combinations Accounts receivable
143.1 117.2 Prepaid expenses and other current assets (22.4 ) (1.6
) Accounts payable and accrued liabilities (110.8 ) (44.8 )
Deferred revenue (3.4 ) 52.5 Accrued income taxes (18.3 ) (34.3 )
Net cash provided by operating activities 86.5 218.7
Investing activities: Purchases of marketable securities (485.2 )
(306.4 ) Sales of marketable securities 97.5 59.2 Maturities of
marketable securities 192.4 163.1 Capital expenditures (12.5 )
(14.5 ) Acquisitions, net of cash acquired (34.5 ) (322.3 ) Other
investing activities (10.6 ) (0.8 ) Net cash used in investing
activities (252.9 ) (421.7 ) Financing activities: Proceeds from
issuance of common stock, net of issuance costs 34.1 62.2
Repurchase and retirement of common stock (95.4 ) (102.5 ) Net cash
used in financing activities (61.3 ) (40.3 ) Effect of exchange
rate changes on cash and cash equivalents (0.2 ) (0.1 ) Net
decrease in cash and cash equivalents (227.9 ) (243.4 ) Cash and
cash equivalents at beginning of fiscal year 1,410.6 1,853.0
Cash and cash equivalents at end of the period $ 1,182.7
$ 1,609.6
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 billings. Excluding billings, these
non-GAAP financial measures are adjusted to exclude certain costs,
expenses, gains and losses, including stock-based compensation
expense, restructuring charges, amortization of purchased
intangibles, gain and loss on strategic investments, and related
income tax expenses. In the case of billings, we reconcile to
revenue by adjusting for the change in deferred revenue from the
beginning to the end of the period less any deferred revenue
balances acquired from business combination(s) during the period
and other discounts. 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 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 April 30, 2015 2014
(Unaudited) GAAP cost of license and other revenue $
53.1 $ 49.3 Stock-based compensation expense (1.5 ) (0.9 )
Amortization of developed technology (12.4 ) (11.8 ) Non-GAAP cost
of license and other revenue $ 39.2 $ 36.6
GAAP cost of subscription revenue $ 38.7 $ 29.4 Stock-based
compensation expense (1.4 ) (0.8 ) Amortization of developed
technology (1.1 ) (1.2 ) Non-GAAP cost of subscription revenue $
36.2 $ 27.4 GAAP gross profit $ 554.7 $ 513.8
Stock-based compensation expense 2.9 1.7 Amortization of developed
technology 13.5 13.0 Non-GAAP gross profit $ 571.1
$ 528.5 GAAP marketing and sales $ 253.9 $
225.4 Stock-based compensation expense (21.7 ) (14.0 ) Non-GAAP
marketing and sales $ 232.2 $ 211.4 GAAP
research and development $ 194.5 $ 170.5 Stock-based compensation
expense (17.6 ) (10.9 ) Non-GAAP research and development $ 176.9
$ 159.6 GAAP general and administrative $ 75.9
$ 62.5 Stock-based compensation expense (8.0 ) (7.0 ) Non-GAAP
general and administrative $ 67.9 $ 55.5 GAAP
amortization of purchased intangibles $ 8.9 $ 10.9 Amortization of
purchased intangibles
(8.9 )
(10.9 ) Non-GAAP Amortization of purchased intangibles $ — $
— GAAP restructuring charges, net $ — $ 2.3
Restructuring charges, net — (2.3 ) Non-GAAP restructuring
charges, net $ — $ — GAAP operating expenses $
533.2 $ 471.6 Stock-based compensation expense (47.3 ) (31.9 )
Amortization of purchased intangibles (8.9 ) (10.9 ) Restructuring
charges, net — (2.3 ) Non-GAAP operating expenses $ 477.0
$ 426.5 GAAP income from operations $ 21.5 $
42.2 Stock-based compensation expense 50.2 33.6 Amortization of
developed technology 13.5 13.0 Amortization of purchased
intangibles 8.9 10.9 Restructuring charges, net — 2.3
Non-GAAP income from operations $ 94.1 $ 102.0
GAAP interest and other income, net $ 0.3 $ (6.6 ) (Gain) Loss on
strategic investments (1.0 ) 3.6 Non-GAAP interest and other
income, net $ (0.7 ) $ (3.0 ) GAAP provision for income
taxes $ (2.7 ) $ (7.3 ) Discrete GAAP tax provision items (3.1 )
(2.1 ) Income tax effect of non-GAAP adjustments (18.5 ) (15.8 )
Non-GAAP provision for income tax $ (24.3 ) $ (25.2 ) GAAP
net income $ 19.1 $ 28.3 Stock-based compensation expense 50.2 33.6
Amortization of developed technology 13.5 13.0 Amortization of
purchased intangibles 8.9 10.9 Restructuring charges, net — 2.3
(Gain) Loss on strategic investments (1.0 ) 3.6 Discrete GAAP tax
provision items (3.1 ) (2.1 ) Income tax effect of non-GAAP
adjustments (18.5 ) (15.8 ) Non-GAAP net income $ 69.1 $
73.8 GAAP diluted net income per share $ 0.08 $ 0.12
Stock-based compensation expense 0.21 0.14 Amortization of
developed technology 0.06 0.06 Amortization of purchased
intangibles 0.04 0.05 Restructuring charges, net — 0.01 Loss on
strategic investments — 0.02 Discrete GAAP tax provision items
(0.01 ) (0.01 ) Income tax effect of non-GAAP adjustments (0.08 )
(0.07 ) Non-GAAP diluted net income per share $ 0.30 $ 0.32
Autodesk, Inc.
Other Supplemental Financial
Information (a)
Fiscal Year 2016
QTR 1 QTR 2
QTR 3
QTR 4 YTD 2016 Financial Statistics
($ in millions, except per share data):
Total Net Revenue: $ 647 $ 647 License and
Other Revenue $ 327 $ 327 Subscription Revenue $ 320 $ 320
GAAP Gross Margin 86 % 86 % Non-GAAP Gross Margin (1)(2) 88 % 88 %
GAAP Operating Expenses $ 533 $ 533 GAAP Operating Margin 3
% 3 % GAAP Net Income $ 19 $ 19 GAAP Diluted Net Income Per Share
(b) $ 0.08 $ 0.08 Non-GAAP Operating Expenses (1)(3) $ 477 $
477 Non-GAAP Operating Margin (1)(4) 15 % 15 % Non-GAAP Net Income
(1)(5)(c) $ 69 $ 69 Non-GAAP Diluted Net Income Per Share
(1)(6)(b)(c) $ 0.30 $ 0.30 Total Cash and Marketable
Securities $ 2,271 $ 2,271 Days Sales Outstanding 44 Capital
Expenditures $ 13 $ 13 Cash Flow from Operating Activities $ 87 $
87 GAAP Depreciation, Amortization and Accretion $ 38 $ 38
Deferred Subscription Revenue Balance (c) $ 930 $ 930
Revenue by Geography: Americas $ 244 $ 244 Europe, Middle
East and Africa $ 245 $ 245 Asia Pacific $ 157 $ 157 % of Total Rev
from Emerging Economies 14 % 14 %
Revenue by Segment:
Architecture, Engineering and Construction $ 237 $ 237 Platform
Solutions and Emerging Business $ 185 $ 185 Manufacturing $ 185 $
185 Media and Entertainment $ 40 $ 40
Other Revenue Statistics:
% of Total Rev from Flagship 46 % 46 % % of Total Rev from Suites
37 % 37 % % of Total Rev from New and Adjacent 17 % 17 % % of Total
Rev from AutoCAD and AutoCAD LT 25 % 25 %
Favorable (Unfavorable) Impact of U.S.
Dollar Translation Relative to Foreign Currencies Compared to
Comparable Prior Year Period:
FX Impact on Billings
$ (31 ) $ (31 ) FX Impact on Total Net Revenue $ (22 ) $ (22 ) FX
Impact on Cost of Revenue and Total Operating Expenses $ 22 $ 22 FX
Impact on Operating Income $ — $ —
Gross Profit by Segment:
Architecture, Engineering and Construction $ 217 $ 217 Platform
Solutions and Emerging Business $ 163 $ 163
Manufacturing
$ 158 $ 158 Media and Entertainment $ 33 $ 33
Unallocated amounts
$ (16 ) $ (16 )
Common Stock Statistics: Common
Shares Outstanding 227.6 227.6 Fully Diluted Weighted Average
Shares Outstanding 231.7 231.7 Shares Repurchased 1.6 1.6
Subscriptions (in millions): Total Subscriptions (c) 2.33
2.33 (a) Totals may not agree with the sum of the components
due to rounding. (b) Earnings per share were computed independently
for each of the periods presented; therefore the sum of the
earnings per share amounts for the quarters may not equal the total
for the year. (c) Total Subscriptions consists of subscriptions
from our maintenance, desktop, cloud service and enterprise license
offerings that are active as of the quarter end date. For certain
cloud based and enterprise license offerings, subscriptions
represent the monthly average activity within the last three months
of the quarter end date. Total subscriptions do not include data
from education offerings, consumer product offerings, certain
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 quarterly comparisons of this calculation.
(1) 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 billings. Excluding net billings,
these non-GAAP financial measures are adjusted to exclude certain
costs, expenses, gains and losses, including stock-based
compensation expense, restructuring charges, amortization of
purchased intangibles, gain and loss on strategic investments, and
related income tax expenses. In the case of billings, we reconcile
to revenue by adjusting for the change in deferred revenue from the
beginning to the end of the period less any deferred revenue
balances acquired from business combination(s) during the period
and other discounts. 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 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 Autodesk's press release.
QTR 1
QTR 2 QTR 3 QTR 4
YTD 2016 (2) GAAP Gross Margin 86 % 86 % Stock-based
compensation expense — % — % Amortization of developed technology 2
% 2 %
Non-GAAP Gross Margin 88 % 88 % (3) GAAP Operating Expenses
$ 533 $ 533 Stock-based compensation expense (47 ) (47 )
Amortization of purchased intangibles (9 ) (9 ) Restructuring
charges, net —
— Non-GAAP Operating Expenses $ 477 $ 477
(4) GAAP Operating Margin 3 % 3 % Stock-based compensation
expense 8 % 8 % Amortization of developed technology 2 % 2 %
Amortization of purchased intangibles 2 % 2 % Restructuring
charges, net — %
— % Non-GAAP Operating Margin 15 % 15 % (5) GAAP Net
Income $ 19 $ 19 Stock-based compensation expense 50 50
Amortization of developed technology 14 14 Amortization of
purchased intangibles 9 9 Restructuring charges, net — — Loss on
strategic investments (1 ) (1 ) Discrete GAAP tax provision items
(3 ) (3 ) Income tax effect of non-GAAP adjustments (19 )
(19 ) Non-GAAP Net
Income $ 69 $ 69 (6) GAAP Diluted Net Income Per Share $
0.08 $ 0.08 Stock-based compensation expense 0.21 0.21 Amortization
of developed technology 0.06 0.06 Amortization of purchased
intangibles 0.04 0.04 Restructuring charges, net — — Loss on
strategic investments — — Discrete GAAP tax provision items (0.01 )
(0.01 ) Income tax effect of non-GAAP adjustments (0.08 )
(0.08 ) Non-GAAP
Diluted Net Income Per Share $ 0.30 $ 0.30
Reconciliation
for Billings: Q116 Year over year change in GAAP Net
Revenue 9 % Change in deferred revenue in the current period (11 )%
Change in hedge gain (loss) applicable to billings 4 % Change in
acquisition related deferred revenue and other 1 % Year over year
change in Billings 3 %
Reconciliation for Guidance:
The following is a reconciliation of anticipated full year fiscal
2016 GAAP and non-GAAP operating margins:
Fiscal 2016 GAAP
operating margin
1
%
3
%
Stock-based compensation expense
8
%
8
%
Amortization of purchased intangibles
3
%
3
%
Non-GAAP operating margin
12
%
14
%
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150519006908/en/
Autodesk, Inc.Investors:David Gennarelli,
415-507-6033david.gennarelli@autodesk.comorPress:Noah Cole,
415-580-3535noah.cole@autodesk.com
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