SAN FRANCISCO, Aug. 25,
2021 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today reported
financial results for the second quarter of fiscal 2022.
All growth rates are compared to the second quarter of fiscal
2021, unless otherwise noted. A reconciliation of GAAP to non-GAAP
results is provided in the accompanying tables. For definitions,
please view the Glossary of Terms later in this document.
Second Quarter Fiscal 2022 Financial Highlights
- Total revenue increased 16 percent to $1,060 million;
- GAAP operating margin was 14 percent, down 2 percentage
points;
- Non-GAAP operating margin was up 2 percentage points to 31
percent;
- GAAP diluted EPS was $0.52;
Non-GAAP diluted EPS was $1.21;
- Cash flow from operating activities was $202 million; free cash flow was $186 million.
"Sustained and purposeful innovation to enable digital
transformation in the industries we serve is changing our
relationship with our customers from software vendor to strategic
partner," said Andrew Anagnost,
Autodesk president and CEO. "And that is enabling us to create more
value through end-to-end, cloud-based solutions that connect data
and workflows, and power business model evolution. By helping our
customers grow, we will grow too, giving us confidence in our FY 23
goals and beyond."
"Robust growth in new product subscriptions, accelerating
digital sales, and improving subscription renewal rates drove our
strong second quarter results," said Debbie
Clifford, Autodesk CFO. "Our strong start to the year means
we are raising our FY22 revenue and margin guidance and shifting
more of our EBA customers from multi-year paid up front to annual
billings, benefiting both our customers and Autodesk."
Additional Financial Details
- Total billings increased 29 percent to $1,015 million.
- Total revenue was $1,060 million,
an increase of 16 percent as reported, and 14 percent on a constant
currency basis. Recurring revenue represents 98 percent of
total.
- Design revenue was $944 million,
an increase of 15 percent as reported, and 13 percent on a constant
currency basis. On a sequential basis, Design revenue increased 7
percent as reported, and 6 percent on a constant currency
basis.
- Make revenue was $90 million, an
increase of 26 percent as reported, and 25 percent on a constant
currency basis. On a sequential basis, Make revenue increased 10
percent as reported, and 9 percent on a constant currency
basis.
- Subscription plan revenue was $1,017
million, an increase of 21 percent as reported, and 19
percent on a constant currency basis. On a sequential basis,
subscription plan revenue increased 7 percent as reported and on a
constant currency basis.
- Maintenance plan revenue was $17
million, a decrease of 67 percent as reported and on a
constant currency basis. On a sequential basis, maintenance plan
revenue decreased 12 percent as reported, and 13 percent on a
constant currency basis.
- Net revenue retention rate was within the range of 100 to 110
percent.
- GAAP operating income was $148
million, compared to $146
million in the second quarter last year. GAAP operating
margin was 14 percent, down 2 percentage points.
- Total non-GAAP operating income was $331
million, compared to $262
million in the second quarter last year. Non-GAAP operating
margin was 31 percent, up 2 percentage points compared to the
second quarter last year.
- GAAP diluted net income per share was $0.52, compared to $0.44 in the second quarter last year.
- Non-GAAP diluted net income per share was $1.21, compared to $0.98 in the second quarter last year.
- Deferred revenue increased 15 percent to $3.30 billion. Unbilled deferred revenue was
$843 million, an increase of
$375 million compared to the second
quarter of last year. Remaining performance obligations (RPO)
increased 24 percent to $4.14
billion. Current RPO increased 24 percent to $2.85 billion.
- Cash flow from operating activities was $202 million, an increase of $111 million compared to the second quarter last
year. Free cash flow was $186
million, an increase of $122
million compared to the second quarter last year.
Second Quarter
Fiscal 2022 Business Highlights
|
Net Revenue by
Geographic Area
|
|
|
Three Months Ended
July 31, 2021
|
|
Three Months Ended
July 31, 2020
|
|
Change
compared to
prior
fiscal year
|
|
Constant currency
change compared to prior fiscal year
|
(In millions,
except percentages)
|
|
|
$
|
|
%
|
|
%
|
Net
Revenue:
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
|
|
|
|
|
|
|
U.S.
|
$
|
347.3
|
|
|
$
|
309.5
|
|
|
$
|
37.8
|
|
|
12
|
%
|
|
*
|
Other
Americas
|
75.5
|
|
|
62.0
|
|
|
13.5
|
|
|
22
|
%
|
|
*
|
Total
Americas
|
422.8
|
|
|
371.5
|
|
|
51.3
|
|
|
14
|
%
|
|
14
|
%
|
EMEA
|
410.2
|
|
|
354.7
|
|
|
55.5
|
|
|
16
|
%
|
|
12
|
%
|
APAC
|
226.7
|
|
|
186.9
|
|
|
39.8
|
|
|
21
|
%
|
|
18
|
%
|
Total Net
Revenue
|
$
|
1,059.7
|
|
|
$
|
913.1
|
|
|
$
|
146.6
|
|
|
16
|
%
|
|
14
|
%
|
|
|
|
|
|
|
|
|
|
|
Emerging
Economies
|
$
|
132.8
|
|
|
$
|
113.7
|
|
|
$
|
19.1
|
|
|
17
|
%
|
|
16
|
%
|
__________
|
* Constant
currency data not provided at this level.
|
Net Revenue by
Product Family
|
|
Our product offerings
are focused in four primary product families: Architecture,
Engineering and Construction ("AEC"), AutoCAD and AutoCAD LT,
Manufacturing ("MFG"), and Media and Entertainment
("M&E").
|
|
Three Months Ended
July 31, 2021
|
|
Three Months Ended
July 31, 2020
|
|
Change compared to
prior
fiscal year
|
(In millions,
except percentages)
|
|
$
|
|
%
|
AEC
|
$
|
478.7
|
|
|
$
|
397.0
|
|
|
$
|
81.7
|
|
|
21
|
%
|
AutoCAD and AutoCAD
LT
|
304.4
|
|
|
271.9
|
|
|
32.5
|
|
|
12
|
%
|
MFG
|
207.7
|
|
|
185.5
|
|
|
22.2
|
|
|
12
|
%
|
M&E
|
58.5
|
|
|
53.3
|
|
|
5.2
|
|
|
10
|
%
|
Other
|
10.4
|
|
|
5.4
|
|
|
5.0
|
|
|
93
|
%
|
|
$
|
1,059.7
|
|
|
$
|
913.1
|
|
|
$
|
146.6
|
|
|
16
|
%
|
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 2022 takes into consideration the current
economic environment and foreign exchange currency rate
environment. A reconciliation between the fiscal 2022 GAAP and
non-GAAP estimates is provided below or in the tables following
this press release.
Third Quarter Fiscal 2022
Q3 FY22 Guidance
Metrics
|
Q3
FY22
(ending October
31, 2021)
|
Revenue (in
millions)
|
$1,110 -
$1,125
|
EPS
GAAP
|
$0.50 -
$0.56
|
EPS non-GAAP
(1)
|
$1.22 -
$1.28
|
____________________
|
(1)
|
Non-GAAP earnings per
diluted share excludes $0.64 related to stock-based compensation
expense, $0.10 for the amortization of purchased intangibles, $0.02
for acquisition-related costs, partially offset by ($0.04) related
to GAAP-only tax benefit.
|
Full Year Fiscal 2022
FY22 Guidance
Metrics
|
FY22
(ending January
31, 2022)
|
Billings (in
millions) (1)
|
$4,875 -
$4,975
Up 18% -
20%
|
Revenue (in
millions) (2)
|
$4,345 -
$4,385
Up 15% -
16%
|
GAAP operating
margin
|
Approx.
15%
|
Non-GAAP operating
margin (3)
|
Approx.
31%
|
EPS
GAAP
|
$2.43 -
$2.58
|
EPS non-GAAP
(4)
|
$4.91 -
$5.06
|
Free cash flow (in
millions) (5)
|
$1,500 -
$1,575
|
_______________
|
(1)
|
Excluding the
approximately $50 million impact of foreign currency exchange rates
and hedge gains/losses, billings guidance would be $4,825 - $4,925
million.
|
(2)
|
Excluding the
approximately $55 million impact of foreign currency exchange rates
and hedge gains/losses, revenue guidance would be $4,290 - $4,330
million.
|
(3)
|
Non-GAAP operating
margin excludes approximately 13% related to stock-based
compensation expense, approximately 2% for the amortization of
purchased intangibles, and 1% related to acquisition-related
costs.
|
(4)
|
Non-GAAP earnings per
diluted share excludes $2.49 related to stock-based compensation
expense, $0.40 for the amortization of purchased intangibles, $0.10
related to acquisition-related costs, partially offset by ($0.03)
related to gains on strategic investments and dispositions, and
($0.48) related to a GAAP-only tax benefit.
|
(5)
|
Free cash flow is
cash flow from operating activities less approximately $75 million
of capital expenditures.
|
The third quarter and full-year fiscal 2022 outlook assume a
projected annual effective tax rate of 16 percent for GAAP and
non-GAAP results, respectively. Shifts in geographic profitability
continue to impact the annual effective tax rate due to significant
differences in tax rates in various jurisdictions. Therefore,
assumptions for the annual effective tax rate are evaluated
regularly and may change based on the projected geographic mix of
earnings.
Earnings Conference Call and Webcast
Autodesk will host its second quarter conference call today at
5 p.m. ET. The live broadcast can be
accessed at autodesk.com/investor. A transcript of the opening
commentary will also be available following the conference
call.
A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor. This replay
will be maintained on Autodesk's website for at least 12
months.
Investor Presentation Details
An investor presentation, excel financials and other
supplemental materials providing additional information can be
found at autodesk.com/investor.
To help better understand our financial performance, we use
several key performance metrics including billings, recurring
revenue and net revenue retention rate ("NR3"). These metrics are
key performance metrics and should be viewed independently of
revenue and deferred revenue. These metrics are not intended to be
combined with those items. We use these metrics to monitor the
strength of our recurring business. We believe these metrics are
useful to investors because they can help in monitoring the
long-term health of our business. Our determination and
presentation of these metrics may differ from that of other
companies. The presentation of these metrics is meant to be
considered in addition to, not as a substitute for or in isolation
from, our financial measures prepared in accordance with GAAP.
Glossary of Terms
Billings: Total revenue plus the net change in deferred
revenue from the beginning to the end of the period.
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 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. 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.
Design Business: Represents the combination of
maintenance, product subscriptions, and all EBAs. Main products
include, but are not limited to, AutoCAD, AutoCAD LT, Industry
Collections, Revit, Inventor, Maya and 3ds Max. Certain products,
such as our computer aided manufacturing solutions, incorporate
both Design and Make functionality and are classified as
Design.
Enterprise Business Agreements (EBAs): Represents
programs providing enterprise customers with token-based access to
a broad pool of Autodesk products over a defined contract term.
Free Cash Flow: Cash flow from operating
activities minus capital expenditures.
Industry Collections: Autodesk Industry Collections
are a combination of products and services that target a specific
user objective and support a set of workflows for that objective.
Our Industry Collections consist of: Autodesk Architecture,
Engineering and Construction Collection, Autodesk Product Design
& Manufacturing Collection, and Autodesk Media and
Entertainment Collection.
Maintenance Plan: Our maintenance plans provide 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 plans, customers are eligible to
receive unspecified upgrades when and if available, and technical
support. We recognize maintenance revenue over the term of the
agreements, generally one year.
Make Business: Represents certain cloud-based
product subscriptions. Main products include, but are not limited
to, Assemble, Autodesk Build, BuildingConnected, Fusion 360 and
Shotgrid. Certain products, such as Fusion 360, incorporate both
Design and Make functionality and are classified as Make.
Net Revenue Retention Rate (NR3): Measures the
year-over-year change in subscription and maintenance revenue for
the population of customers that existed one year ago ("base
customers"). Net revenue retention rate is calculated by
dividing the current quarter subscription and maintenance revenue
related to base customers by the total corresponding quarter
subscription and maintenance revenue from one year ago.
Subscription and maintenance revenue is based on USD reported
revenue, and fluctuations caused by changes in foreign currency
exchange rates and hedge gains or losses have not been eliminated.
Subscription and maintenance revenue related to acquired companies,
one year after acquisition, has been captured as existing customers
until such data conforms to the calculation methodology. This may
cause variability in the comparison.
Other Revenue: Consists of revenue from consulting,
training, and other products and services, and is recognized as the
products are delivered and services are performed.
Product Subscription: Provides customers a
flexible, cost-effective way to access and manage 3D design,
engineering, and entertainment software tools. Our product
subscriptions currently represent a hybrid of desktop and cloud
functionality, which provides a device-independent, collaborative
design workflow for designers and their stakeholders.
Recurring Revenue: Consists of the revenue for the
period from our traditional maintenance plans and revenue from our
subscription plan offerings. It excludes subscription revenue
related to consumer product offerings, select Creative Finishing
product offerings, and third-party products. Recurring revenue
acquired with the acquisition of a business is captured when total
subscriptions are captured in our systems and may cause variability
in the comparison of this calculation.
Remaining Performance Obligations (RPO): The sum of total
short-term, long-term, and unbilled deferred revenue. Current
remaining performance obligations is the amount of revenue we
expect to recognize in the next twelve months.
Spend: The sum of cost of revenue and operating
expenses.
Subscription Plan: Comprises our term-based product
subscriptions, cloud service offerings, and EBAs. Subscriptions
represent a combined hybrid offering of desktop software and cloud
functionality which provides a device-independent, collaborative
design workflow for designers and their stakeholders. With
subscription, customers can use our software anytime, anywhere, and
get access to the latest updates to previous versions.
Subscription Revenue: Includes our term-based product
subscriptions, cloud service offerings, and flexible
EBAs.
Unbilled Deferred Revenue: Unbilled deferred revenue
represents contractually stated or committed orders under early
renewal and multi-year billing plans for subscription, services,
and maintenance for which the associated deferred revenue has not
been recognized. Under FASB Accounting Standards Codification
("ASC") Topic 606, unbilled deferred revenue is not included as a
receivable or deferred revenue on our Condensed Consolidated
Balance Sheet.
Safe Harbor Statement
This press release contains forward-looking statements that
involve risks and uncertainties, including quotations from
management, statements in the paragraphs under "Business Outlook"
above statements about our short-term and long-term goals,
statements regarding our strategies, market and product positions,
performance and results, and all statements that are not historical
facts. There are a significant number of factors that could cause
actual results to differ materially from statements made in this
press release, including: our strategy to develop and introduce new
products and services, exposing us to risks such as limited
customer acceptance, costs related to product defects, and large
expenditures; the effects of the COVID-19 pandemic and related
public health measures; global economic and political conditions;
costs and challenges associated with strategic acquisitions and
investments; dependency on international revenue and operations,
exposing us to significant international regulatory, economic,
intellectual property, collections, currency exchange rate,
taxation, political, and other risks; inability to predict
subscription renewal rates and their impact on our future revenue
and operating results; existing and increased competition and
rapidly evolving technological changes; fluctuation of our
financial results, key metrics and other operating metrics;
deriving a substantial portion of our net revenue from a small
number of solutions, including our AutoCAD-based software products
and collections; any failure to successfully execute and manage
initiatives to realign or introduce new business and sales
initiatives; net revenue, billings, earnings, cash flow, or
subscriptions shortfalls; social and ethical issues relating to the
use of artificial intelligence in our offerings; security incidents
or other incidents compromising the integrity of our or our
customers' offerings, services, data, or intellectual property;
reliance on third parties to provide us with a number of
operational and technical services as well as software; our highly
complex software, which may contain undetected errors, defects, or
vulnerabilities; increasing regulatory focus on privacy issues and
expanding laws; governmental export and import controls that could
impair our ability to compete in international markets or subject
us to liability if we violate the controls; protection of our
intellectual property rights and intellectual property infringement
claims from others; the government procurement process;
fluctuations in currency exchange rates; our debt service
obligations; and our investment portfolio consisting of a variety
of investment vehicles that are subject to interest rate trends,
market volatility, and other economic factors. Our estimates as to
tax rate are based on current tax law, including current
interpretations of the Tax Cuts and Jobs Act, and could be affected
by changing interpretations of that Act, as well as additional
legislation and guidance around that Act.
Further information on potential factors that could affect the
financial results of Autodesk are included in Autodesk's Form 10-K
and subsequent forms 10-Q, 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 uses its investors.autodesk.com website as a means of
disclosing material non-public information, announcing upcoming
investor conferences and for complying with its disclosure
obligations under Regulation FD. Accordingly, you should monitor
our investor relations website in addition to following our press
releases, SEC filings and public conference calls and webcasts.
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.
© 2021 Autodesk, Inc. All rights reserved.
Autodesk,
Inc.
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations
|
|
|
|
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
(Unaudited)
|
|
(Unaudited)
|
Net
revenue:
|
|
|
|
|
|
|
|
Subscription
|
$
|
1,016.7
|
|
|
$
|
841.2
|
|
|
$
|
1,964.2
|
|
|
$
|
1,644.2
|
|
Maintenance
|
16.9
|
|
|
51.2
|
|
|
36.0
|
|
|
113.3
|
|
Total subscription and maintenance revenue
|
1,033.6
|
|
|
892.4
|
|
|
2,000.2
|
|
|
1,757.5
|
|
Other
|
26.1
|
|
|
20.7
|
|
|
48.8
|
|
|
41.3
|
|
Total net
revenue
|
1,059.7
|
|
|
913.1
|
|
|
2,049.0
|
|
|
1,798.8
|
|
Cost of
revenue:
|
|
|
|
|
|
|
|
Cost of subscription
and maintenance revenue
|
76.0
|
|
|
58.5
|
|
|
144.5
|
|
|
115.9
|
|
Cost of other
revenue
|
15.8
|
|
|
15.0
|
|
|
29.9
|
|
|
32.1
|
|
Amortization of
developed technologies
|
13.6
|
|
|
7.4
|
|
|
23.8
|
|
|
14.8
|
|
Total cost of
revenue
|
105.4
|
|
|
80.9
|
|
|
198.2
|
|
|
162.8
|
|
Gross
profit
|
954.3
|
|
|
832.2
|
|
|
1,850.8
|
|
|
1,636.0
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Marketing and
sales
|
398.8
|
|
|
350.9
|
|
|
775.9
|
|
|
692.2
|
|
Research and
development
|
276.9
|
|
|
232.5
|
|
|
542.4
|
|
|
449.9
|
|
General and
administrative
|
119.4
|
|
|
93.2
|
|
|
231.3
|
|
|
198.0
|
|
Amortization of
purchased intangibles
|
11.1
|
|
|
9.5
|
|
|
19.3
|
|
|
19.2
|
|
Total operating
expenses
|
806.2
|
|
|
686.1
|
|
|
1,568.9
|
|
|
1,359.3
|
|
Income from
operations
|
148.1
|
|
|
146.1
|
|
|
281.9
|
|
|
276.7
|
|
Interest and other
expense, net
|
(9.3)
|
|
|
(17.1)
|
|
|
(11.7)
|
|
|
(57.2)
|
|
Income before income
taxes
|
138.8
|
|
|
129.0
|
|
|
270.2
|
|
|
219.5
|
|
(Provision) benefit
for income taxes
|
(23.2)
|
|
|
(30.8)
|
|
|
1.0
|
|
|
(54.8)
|
|
Net income
|
$
|
115.6
|
|
|
$
|
98.2
|
|
|
$
|
271.2
|
|
|
$
|
164.7
|
|
Basic net income per
share
|
$
|
0.53
|
|
|
$
|
0.45
|
|
|
$
|
1.23
|
|
|
$
|
0.75
|
|
Diluted net income
per share
|
$
|
0.52
|
|
|
$
|
0.44
|
|
|
$
|
1.22
|
|
|
$
|
0.74
|
|
Weighted average
shares used in computing basic net income per share
|
219.8
|
|
|
219.2
|
|
|
219.7
|
|
|
219.2
|
|
Weighted average
shares used in computing diluted net income per share
|
222.5
|
|
|
222.2
|
|
|
222.2
|
|
|
222.0
|
|
Autodesk,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(In
millions)
|
|
|
|
|
|
July 31,
2021
|
|
January 31,
2021
|
|
(Unaudited)
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
923.5
|
|
|
$
|
1,772.2
|
|
Marketable
securities
|
1.4
|
|
|
4.0
|
|
Accounts receivable,
net
|
357.8
|
|
|
643.1
|
|
Prepaid expenses and
other current assets
|
263.3
|
|
|
206.2
|
|
Total current
assets
|
1,546.0
|
|
|
2,625.5
|
|
Computer equipment,
software, furniture and leasehold improvements, net
|
198.3
|
|
|
192.8
|
|
Operating lease
right-of-use assets
|
384.3
|
|
|
416.7
|
|
Intangible assets,
net (1)
|
511.3
|
|
|
199.3
|
|
Goodwill
|
3,562.2
|
|
|
2,706.5
|
|
Deferred income
taxes, net
|
739.6
|
|
|
763.1
|
|
Long-term other
assets (1)
|
478.9
|
|
|
375.9
|
|
Total
assets
|
$
|
7,420.6
|
|
|
$
|
7,279.8
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
108.4
|
|
|
$
|
122.5
|
|
Accrued
compensation
|
216.5
|
|
|
322.6
|
|
Accrued income
taxes
|
21.9
|
|
|
42.6
|
|
Deferred
revenue
|
2,521.0
|
|
|
2,500.9
|
|
Operating lease
liabilities
|
87.7
|
|
|
71.4
|
|
Other accrued
liabilities
|
131.9
|
|
|
194.7
|
|
Total current
liabilities
|
3,087.4
|
|
|
3,254.7
|
|
Long-term deferred
revenue
|
779.4
|
|
|
859.3
|
|
Long-term operating
lease liabilities
|
358.9
|
|
|
396.0
|
|
Long-term income
taxes payable
|
21.1
|
|
|
15.9
|
|
Long-term deferred
income taxes
|
60.4
|
|
|
11.4
|
|
Long-term notes
payable, net
|
1,638.4
|
|
|
1,637.2
|
|
Long-term other
liabilities
|
147.2
|
|
|
139.8
|
|
Stockholders'
equity:
|
|
|
|
Common stock and
additional paid-in capital
|
2,780.7
|
|
|
2,578.9
|
|
Accumulated other
comprehensive loss
|
(113.4)
|
|
|
(125.9)
|
|
Accumulated
deficit
|
(1,339.5)
|
|
|
(1,487.5)
|
|
Total stockholders'
equity
|
1,327.8
|
|
|
965.5
|
|
Total liabilities and
stockholders' equity
|
$
|
7,420.6
|
|
|
$
|
7,279.8
|
|
____________________
|
(1)
|
During the quarter
ended July 31, 2021, the Company changed its presentation on the
Condensed Consolidated Balance Sheet for intangible assets.
These amounts were previously presented in "Developed technologies,
net" and "Long-term other assets" and are now presented as
"Intangible assets, net". Accordingly, prior period amounts
have been reclassified to conform to the current period
presentation. This presentation change did not impact "Total
assets" on the Condensed Consolidated Balance Sheets and had no
impact on the Company's Condensed Consolidated Statements of
Operations, and Condensed Consolidated Statements of Cash
Flows.
|
Autodesk,
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(In
millions)
|
|
|
|
|
|
Six Months Ended
July 31,
|
|
2021
|
|
2020
|
|
(Unaudited)
|
Operating
activities:
|
|
|
|
Net income
|
$
|
271.2
|
|
|
$
|
164.7
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation,
amortization and accretion
|
72.4
|
|
|
60.0
|
|
Stock-based
compensation expense
|
266.0
|
|
|
194.1
|
|
Deferred income
taxes
|
25.7
|
|
|
14.5
|
|
Other
|
7.9
|
|
|
36.0
|
|
Changes in operating
assets and liabilities, net of business combinations:
|
|
|
|
Accounts
receivable
|
292.6
|
|
|
162.7
|
|
Prepaid expenses and
other assets
|
(157.5)
|
|
|
(52.0)
|
|
Accounts payable and
other liabilities
|
(150.8)
|
|
|
(42.8)
|
|
Deferred
revenue
|
(70.6)
|
|
|
(130.0)
|
|
Accrued income
taxes
|
(18.8)
|
|
|
11.3
|
|
Net cash provided by
operating activities
|
538.1
|
|
|
418.5
|
|
Investing
activities:
|
|
|
|
Purchases of
marketable securities
|
—
|
|
|
(17.0)
|
|
Sales and maturities
of marketable securities
|
4.0
|
|
|
11.0
|
|
Capital
expenditures
|
(36.1)
|
|
|
(46.7)
|
|
Purchases of developed
technologies
|
(7.7)
|
|
|
(4.8)
|
|
Business combinations,
net of cash acquired
|
(1,154.6)
|
|
|
—
|
|
Other investing
activities
|
8.0
|
|
|
(54.3)
|
|
Net cash used in
investing activities
|
(1,186.4)
|
|
|
(111.8)
|
|
Financing
activities:
|
|
|
|
Proceeds from issuance
of common stock, net of issuance costs
|
64.7
|
|
|
58.5
|
|
Taxes paid related to
net share settlement of equity awards
|
(61.9)
|
|
|
(39.6)
|
|
Repurchases of common
stock
|
(198.7)
|
|
|
(209.0)
|
|
Repayment of
debt
|
—
|
|
|
(450.0)
|
|
Other financing
activities
|
—
|
|
|
(2.5)
|
|
Net cash used in
financing activities
|
(195.9)
|
|
|
(642.6)
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(4.5)
|
|
|
1.0
|
|
Net decrease in cash
and cash equivalents
|
(848.7)
|
|
|
(334.9)
|
|
Cash and cash
equivalents at beginning of period
|
1,772.2
|
|
|
1,774.7
|
|
Cash and cash
equivalents at end of period
|
$
|
923.5
|
|
|
$
|
1,439.8
|
|
|
|
|
|
Supplemental cash
flow disclosure:
|
|
|
|
Non-cash financing
activities:
|
|
|
|
Fair value of common
stock issued to settle liability-classified restricted stock
units
|
$
|
—
|
|
|
$
|
28.7
|
|
Fair value of common
stock issued related to business combination
|
$
|
2.6
|
|
|
$
|
—
|
|
Autodesk,
Inc.
|
Reconciliation of
GAAP financial measures to non-GAAP financial
measures
|
(In millions,
except per share data)
|
|
|
|
|
|
|
|
|
To supplement our
condensed consolidated financial statements presented on a GAAP
basis, we provide investors with certain non-GAAP measures
including non-GAAP operating margin, non-GAAP income from
operations, non-GAAP diluted net income per share, and free cash
flow. For our internal budgeting and resource allocation process
and as a means to evaluate period-to-period comparisons, we use
non-GAAP measures to supplement our condensed consolidated
financial statements presented on a GAAP basis. These non-GAAP
measures do not include certain items that may have a material
impact upon our future reported financial results. We use non-GAAP
measures in making operating decisions because we believe those
measures provide meaningful supplemental information regarding our
earning potential and performance for management by excluding
certain expenses and charges that may not be indicative of our core
business operating results. For the reasons set forth below,
we believe these non-GAAP financial measures are useful to
investors both because (1) they allow for greater transparency with
respect to key metrics used by management in its financial and
operational decision-making and (2) they are used by our
institutional investors and the analyst community to help them
analyze the health of our business. This allows investors and
others to better understand and evaluate our operating results and
future prospects in the same manner as management, compare
financial results across accounting periods and to those of peer
companies and to better understand the long-term performance of our
core business. We also use some of these measures for purposes of
determining company-wide incentive compensation.
|
|
There are limitations
in using non-GAAP financial measures because non-GAAP financial
measures are not prepared in accordance with GAAP 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. In addition, they are subject to
inherent limitations as they reflect the exercise of judgments by
management about which charges are excluded from the non-GAAP
financial measures. We compensate for these limitations by
analyzing current and future results on a GAAP basis as well as a
non-GAAP basis and also by providing GAAP measures in our public
disclosures. The presentation of non-GAAP financial information is
meant to be considered in addition to, not as a substitute for or
in isolation from, the directly comparable financial measures
prepared in accordance with GAAP. We urge investors to review the
reconciliation of our non-GAAP financial measures to the comparable
GAAP financial measures included in this presentation, and not to
rely on any single financial measure to evaluate our
business.
|
|
The following table
shows Autodesk's GAAP results reconciled to non-GAAP results
included in this release.
|
|
|
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
(Unaudited)
|
|
(Unaudited)
|
GAAP operating
margin
|
14
|
%
|
|
16
|
%
|
|
14
|
%
|
|
15
|
%
|
Stock-based
compensation expense
|
14
|
%
|
|
11
|
%
|
|
13
|
%
|
|
11
|
%
|
Amortization of
developed technologies
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
Amortization of
purchased intangibles
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
Acquisition-related
costs
|
—
|
%
|
|
—
|
%
|
|
1
|
%
|
|
—
|
%
|
Non-GAAP operating
margin (1)
|
31
|
%
|
|
29
|
%
|
|
30
|
%
|
|
28
|
%
|
|
|
|
|
|
|
|
|
GAAP income from
operations
|
$
|
148.1
|
|
|
$
|
146.1
|
|
|
$
|
281.9
|
|
|
$
|
276.7
|
|
Stock-based
compensation expense
|
153.2
|
|
|
95.9
|
|
|
269.0
|
|
|
194.1
|
|
Amortization of
developed technologies
|
13.6
|
|
|
7.4
|
|
|
23.8
|
|
|
14.8
|
|
Amortization of
purchased intangibles
|
11.1
|
|
|
9.5
|
|
|
19.3
|
|
|
19.2
|
|
Acquisition-related
costs
|
4.8
|
|
|
3.5
|
|
|
16.8
|
|
|
5.4
|
|
Non-GAAP income from
operations
|
$
|
330.8
|
|
|
$
|
262.4
|
|
|
$
|
610.8
|
|
|
$
|
510.2
|
|
|
|
|
|
|
|
|
|
GAAP diluted net
income per share
|
$
|
0.52
|
|
|
$
|
0.44
|
|
|
$
|
1.22
|
|
|
$
|
0.74
|
|
Stock-based
compensation expense
|
0.69
|
|
|
0.43
|
|
|
1.21
|
|
|
0.87
|
|
Amortization of
developed technologies
|
0.06
|
|
|
0.03
|
|
|
0.11
|
|
|
0.07
|
|
Amortization of
purchased intangibles
|
0.05
|
|
|
0.04
|
|
|
0.09
|
|
|
0.09
|
|
Acquisition-related
costs
|
0.03
|
|
|
0.03
|
|
|
0.08
|
|
|
0.03
|
|
(Gain) loss on
strategic investments and dispositions, net
|
(0.01)
|
|
|
0.06
|
|
|
(0.03)
|
|
|
0.14
|
|
Discrete GAAP tax
items
|
—
|
|
|
—
|
|
|
(0.25)
|
|
|
—
|
|
Income tax effect of
non-GAAP adjustments
|
(0.13)
|
|
|
(0.05)
|
|
|
(0.19)
|
|
|
(0.11)
|
|
Non-GAAP diluted net
income per share
|
$
|
1.21
|
|
|
$
|
0.98
|
|
|
$
|
2.24
|
|
|
$
|
1.83
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
202.0
|
|
|
$
|
91.2
|
|
|
$
|
538.1
|
|
|
$
|
418.5
|
|
Capital
expenditures
|
(15.8)
|
|
|
(26.8)
|
|
|
|
(36.1)
|
|
|
|
(46.7)
|
|
Free cash
flow
|
$
|
186.2
|
|
|
$
|
64.4
|
|
|
$
|
502.0
|
|
|
$
|
371.8
|
|
____________________
|
(1)
|
Totals may not sum
due to rounding.
|
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SOURCE Autodesk, Inc.