Autodesk Reports Record Fourth Quarter Revenue

(1) Effective in the second quarter of fiscal 2013, Autodesk began excluding gains and losses on strategic investments for purposes of its non-GAAP financial measures. Prior period non-GAAP interest and other income (expense), net, net income and earnings per share amounts have been revised to conform to the current period presentation.

Autodesk, Inc.

 
Other Supplemental Financial Information (a)
 

Fiscal Year 2013

  QTR 1   QTR 2   QTR 3   QTR 4   YTD 2013
Financial Statistics ($ in millions, except per share data):          
Total Net Revenue: $ 589 $ 569 $ 548 $ 607 $ 2,312
License and Other Revenue $ 361 $ 341 $ 317 $ 372 $ 1,391
Maintenance Revenue $ 228 $ 228 $ 231 $ 235 $ 922
 
GAAP Gross Margin 90 % 89 % 89 % 90 % 90 %
Non-GAAP Gross Margin (1)(2) 92 % 91 % 91 % 92 % 92 %
 
GAAP Operating Expenses $ 436 $ 416 $ 456 $ 460 $ 1,768
GAAP Operating Margin 16 % 16 % 6 % 14 % 13 %
GAAP Net Income $ 79 $ 65 $ 29 $ 75 $ 248
GAAP Diluted Net Income Per Share (b) $ 0.34 $ 0.28 $ 0.13 $ 0.32 $ 1.07
 
Non-GAAP Operating Expenses (1)(3) $ 396 $ 376 $ 355 $ 404 $ 1,531
Non-GAAP Operating Margin (1)(4) 25 % 25 % 27 % 25 % 25 %
Non-GAAP Net Income (1)(5)(c) $ 109 $ 111 $ 109 $ 121 $ 450
Non-GAAP Diluted Net Income Per Share (1)(6)(b)(c) $ 0.47 $ 0.48 $ 0.47 $ 0.53 $ 1.94
 
Total Cash and Marketable Securities $ 1,796 $ 1,717 $ 1,737 $ 2,365 $ 2,365
Days Sales Outstanding 46 58 49 74 74
Capital Expenditures $ 12 $ 17 $ 17 $ 12 $ 56
Cash Flow from Operating Activities $ 139 $ 107 $ 157 $ 156 $ 559
GAAP Depreciation, Amortization and Accretion $ 29 $ 29 $ 35 $ 35 $ 128
 
Deferred Maintenance Revenue Balance 648 672 634 734 734
 
Revenue by Geography:
Americas $ 208 $ 199 $ 209 $ 221 $ 836
Europe, Middle East and Africa $ 224 $ 210 $ 196 $ 238 $ 869
Asia Pacific $ 157 $ 161 $ 142 $ 148 $ 608
% of Total Rev from Emerging Economies 14 % 15 % 15 % 14 % 14 %
 
Revenue by Segment:
Platform Solutions and Emerging Business (c) $ 229 $ 218 $ 205 $ 198 $ 850
Architecture, Engineering and Construction $ 163 $ 161 $ 163 $ 207 $ 694
Manufacturing $ 146 $ 141 $ 132 $ 155 $ 574
Media and Entertainment $ 51 $ 49 $ 48 $ 47 $ 194
 
Other Revenue Statistics (c):
% of Total Rev from Flagship (d) 58 % 57 % 55 % 54 % 56 %
% of Total Rev from Suites 28 % 29 % 30 % 31 % 30 %
% of Total Rev from New and Adjacent (d) 14 % 14 % 15 % 15 % 15 %
% of Total Rev from AutoCAD and AutoCAD LT 35 % 34 % 33 % 29 % 33 %
Upgrade and Crossgrade Revenue (e) $ 50 $ 34 $ 32 $ 62 $ 178
 
Favorable (Unfavorable) Impact of U.S. Dollar Translation Relative to Foreign
Currencies Compared to Comparable Prior Year Period:
FX Impact on Total Net Revenue $ 14 $ (1 ) $ (10 ) $ (15 ) $ (12 )
FX Impact on Cost of Revenue and Total Operating Expenses $ (2 ) $ 6 $ 7 $ 1 $ 12
FX Impact on Operating Income $ 12 $ 5 $ (3 ) $ (14 ) $
 
Gross Margin by Segment (c):
Platform Solutions and Emerging Business $ 216 $ 204 $ 191 $ 184 $ 795
Architecture, Engineering and Construction $ 149 $ 146 $ 150 $ 190 $ 635
Manufacturing $ 134 $ 130 $ 122 $ 145 $ 531
Media and Entertainment $ 42 $ 39 $ 38 $ 38 $ 157
Unallocated amounts $ (11 ) $ (11 ) $ (11 ) $ (12 ) $ (45 )
 
Common Stock Statistics:
Common Shares Outstanding 229.7 226.7 224.5 223.6 223.6
Fully Diluted Weighted Average Shares Outstanding 234.1 232.1 229.9 229.6 231.7
Shares Repurchased 2.5 3.4 4.0 2.6 12.5
 
(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) Prior amounts have been conformed to align with the current period presentation.
(d) The first three quarters of 2013 percentages have been updated to reflect an adjustment implemented after we reported our results of operations for the third quarter of fiscal 2013.

(e) Starting in 1Q fiscal 2014, Autodesk will discontinue reporting revenue from upgrades and crossgrades and will report only total license revenue and total maintenance revenue.

 
 

(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, and non-GAAP net income per share. 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. 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, the 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 generally accepted accounting principles 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 2013
(2) GAAP Gross Margin 90 %   89 %   89 %   90 %   90 %
Stock-based compensation expense
Amortization of developed technology 2 % 2 % 2 % 2 % 2 %
Non-GAAP Gross Margin 92 % 91 % 91 % 92 % 92 %
 
(3) GAAP Operating Expenses $ 436 $ 416 $ 456 $ 460 $ 1,768
Stock-based compensation expense (32 ) (32 ) (51 ) (36 ) (151 )
Amortization of customer relationships and trade names (8 ) (8 ) (14 ) (13 ) (42 )
Restructuring (charges) benefits, net     (37 ) (7 ) (44 )
Non-GAAP Operating Expenses $ 396 $ 376 $ 355 $ 404 $ 1,531
 
(4) GAAP Operating Margin 16 % 16 % 6 % 14 % 13 %
Stock-based compensation expense 6 % 6 % 10 % 6 % 7 %
Amortization of developed technology 2 % 2 % 2 % 2 % 1 %
Amortization of customer relationships and trade names 1 % 1 % 2 % 2 % 2 %
Restructuring charges (benefits), net     7 % 1 % 2 %
Non-GAAP Operating Margin 25 % 25 % 27 % 25 % 25 %
 
(5) GAAP Net Income $ 79 $ 65 $ 29 $ 75 $ 248
Stock-based compensation expense 33 34 52 38 156
Amortization of developed technology 10 10 10 10 40
Amortization of customer relationships and trade names 8 8 14 13 42
Restructuring charges (benefits), net 37 7 44
(Gain) loss on strategic investments (7) (1 ) 5 4
Discrete GAAP tax provision items (6 ) 3 (16 ) (8 ) (27 )
Income tax effect of non-GAAP adjustments (14 ) (12 ) (17 ) (14 ) (57 )
Non-GAAP Net Income $ 109 $ 111 $ 109 $ 121 $ 450
 
(6) GAAP Diluted Net Income Per Share $ 0.34 $ 0.28 $ 0.13 $ 0.32 $ 1.07
Stock-based compensation expense 0.14 0.15 0.23 0.16 0.67
Amortization of developed technology 0.04 0.04 0.04 0.05 0.18
Amortization of customer relationships and trade names 0.03 0.03 0.06 0.05 0.18
Restructuring charges (benefits), net 0.15 0.03 0.18
(Gain) loss on strategic investments (7) 0.02 0.02
Discrete GAAP tax provision items (0.03 ) 0.01 (0.07 ) (0.02 ) (0.12 )
Income tax effect of non-GAAP adjustments (0.05 ) (0.05 ) (0.07 ) (0.06 ) (0.24 )
Non-GAAP Diluted Net Income Per Share $ 0.47 $ 0.48 $ 0.47 $ 0.53 $ 1.94
 
(7)   Effective in the second quarter of fiscal 2013, Autodesk began excluding gains and losses on strategic investments for purposes of its non-GAAP financial measures. Prior period non-GAAP interest and other income (expense), net, net income and earnings per share amounts have been revised to conform to the current period presentation.
 
Reconciliation for Fiscal 2014:
The following is a reconciliation of anticipated fiscal 2014 GAAP and non-GAAP operating margins:
 
  Fiscal 2014
Projected non-GAAP operating margin basis-point (bpt) improvement range 125 bpt   150 bpt
GAAP operating margin basis point improvement over prior year 455   480
Stock-based compensation expense (180 ) (180 )
Amortization of purchased intangibles (40 ) (40 )
Restructuring charges (110 )   (110 )
Non-GAAP operating margin basis point improvement over prior year 125     150  

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