Autodesk Reports Strong Third Quarter Results

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(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)
 
  October 31, 2014   January 31, 2014
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 1,345.0 $ 1,853.0
Marketable securities 556.4 414.1
Accounts receivable, net 375.7 423.7
Deferred income taxes, net 80.7 56.8
Prepaid expenses and other current assets 100.9   87.4  
Total current assets 2,458.7   2,835.0  
Marketable securities 255.5 277.3
Computer equipment, software, furniture and leasehold improvements, net 160.4 130.3
Developed technologies, net 97.2 63.1
Goodwill 1,474.1 1,009.9
Deferred income taxes, net 97.7 131.1
Other assets 193.2   148.3  
Total assets $ 4,736.8   $ 4,595.0  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 99.1 $ 84.5
Accrued compensation 195.3 181.2
Accrued income taxes 38.3 24.3
Deferred revenue 775.1 696.2
Other accrued liabilities 85.5   85.3  
Total current liabilities 1,193.3   1,071.5  
Deferred revenue 231.1 204.4
Long term income taxes payable 182.0 211.8
Long term notes payable, net of discount 747.0 746.4
Other liabilities 114.9 99.4
Stockholders’ equity:
Preferred stock
Common stock and additional paid-in capital 1,731.2 1,637.3
Accumulated other comprehensive (loss) (1.3 ) (0.6 )
Retained earnings 538.6   624.8  
Total stockholders’ equity 2,268.5   2,261.5  
Total liabilities and stockholders' equity $ 4,736.8   $ 4,595.0  
 
Autodesk, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
 
  Nine Months Ended October 31,
2014   2013
(Unaudited)
Operating activities:
Net income $ 70.3 $ 174.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion 109.9 95.7
Stock-based compensation expense 116.5 96.1
Excess tax benefits from stock-based compensation 0.8
Restructuring charges, net 3.1 6.5
Other operating activities 9.5 (3.1 )
Changes in operating assets and liabilities, net of business combinations 141.6   9.1  
Net cash provided by operating activities 450.9   380.0  
Investing activities:
Purchases of marketable securities (899.0 ) (969.8 )
Sales of marketable securities 160.7 329.9
Maturities of marketable securities 623.2 395.1
Capital expenditures (60.0 ) (55.0 )
Acquisitions, net of cash acquired (603.8 ) (68.0 )
Other investing activities 1.2   (15.7 )
Net cash used in investing activities (777.7 ) (383.5 )
Financing activities:
Proceeds from issuance of common stock, net of issuance costs 129.6 183.4

Repurchase and retirement of common stock

(307.6 ) (318.7 )
Excess tax benefits from stock-based compensation

(0.8 )
Other financing activities (1.7 )  
Net cash used in financing activities (179.7 ) (136.1 )
Effect of exchange rate changes on cash and cash equivalents (1.5 ) 0.8  
Net decrease in cash and cash equivalents (508.0 ) (138.8 )
Cash and cash equivalents at beginning of fiscal year 1,853.0   1,612.2  
Cash and cash equivalents at end of period $ 1,345.0   $ 1,473.4  

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