Autodesk Reports Record Revenues of $436 Million

Net income for the first quarter of fiscal 2007 included stock-based compensation expense related to employee stock options and employee stock purchases, net of tax, of $16.0 million under SFAS 123R. There was only $0.1 million of stock-based compensation expense related to employee stock options and employee stock purchases under SFAS 123 in the first quarter of fiscal 2006 because the Company had not adopted the recognition provisions of SFAS 123R until fiscal 2007.


     Autodesk, Inc.
     Condensed Consolidated Balance Sheets
     (In millions)

                                                   April 30,     January 31,
                                                      2006           2006
                                                  (Unaudited)     (Audited)

    ASSETS:

    Current assets:
      Cash and cash equivalents                       $257.3         $287.2
      Marketable securities                            128.5           90.3
      Accounts receivable, net                         276.4          261.4
      Inventories                                       13.2           14.2
      Deferred income taxes                             85.9           64.4
      Prepaid expenses and other current assets         25.6           29.3
    Total current assets                               786.9          746.8

    Computer equipment, software, furniture
     and leasehold improvements, net                    65.9           61.4
    Purchased technologies, net                         51.9           49.8
    Goodwill                                           354.3          318.2
    Deferred income taxes, net                          99.0          129.2
    Other assets                                        81.6           55.4
                                                    $1,439.6       $1,360.8


    LIABILITIES AND STOCKHOLDERS' EQUITY:

    Current liabilities:
      Accounts payable                                 $59.8          $56.4
      Accrued compensation                              75.4          121.3
      Accrued income taxes                              21.1           10.8
      Deferred revenues                                285.9          249.8
      Other accrued liabilities                         77.8           68.6
    Total current liabilities                          520.0          506.9

    Deferred revenues                                   41.2           35.8
    Other liabilities                                   32.1           26.8

    Commitments and contingencies

    Stockholders' equity:
      Preferred stock                                     --             --

      Common stock and additional paid-in capital      809.1          773.7
      Accumulated other comprehensive loss              (5.7)          (7.4)
      Deferred compensation                               --           (6.1)
      Retained earnings                                                     42.9                      31.1
        Total  stockholders'  equity                                                  846.3                    791.3
                                                                                                        $1,439.6              $1,360.8


          Autodesk,  Inc.
          Condensed  Consolidated  Statements  of  Cash  Flows
          (In  millions)
                                                                                                              Three  Months  Ended
                                                                                                                        April  30,
                                                                                                              2006                      2005
                                                                                                                      (Unaudited)

        Operating  Activities
            Net  income                                                                              $48.5                    $76.1
            Adjustments  to  reconcile  net  income  to
              net  cash  provided  by  operating  activities:
                Depreciation  and  amortization                                      12.5                      12.6
                Stock-based  compensation  expense                                21.7                        0.1
                Tax  benefits  from  employee  stock  plans                        --                      23.9
                Changes  in  operating  assets  and  liabilities,
                  net  of  business  combinations                                        7.5                    (49.4)
        Net  cash  provided  by  operating  activities                      90.2                      63.3

        Investing  Activities
            Purchases  of  available-for-sale
              marketable  securities                                                    (189.2)                    (5.4)
            Sales  and  maturities  of  available-for-sale
              marketable  securities                                                      152.8                        0.7
            Capital  and  other  expenditures                                      (11.4)                    (5.5)
            Business  combinations,  net  of  cash  acquired            (43.5)                  (14.6)
            Acquisition  of  unconsolidated  subsidiary                  (12.5)                        --
        Net  cash  used  in  investing  activities                          (103.8)                  (24.8)

        Financing  activities
            Proceeds  from  issuance  of  common  stock,
              net  of  issuance  costs                                                        49.2                      40.1
            Repurchases  of  common  stock                                            (65.8)                  (73.6)
            Dividends  paid                                                                            --                      (3.4)
        Net  cash  used  in  financing  activities                            (16.6)                  (36.9)

        Effect  of  exchange  rate  changes
          on  cash  and  cash  equivalents                                                0.3                      (1.2)

        Net  increase  (decrease)  in  cash
          and  cash  equivalents                                                            (29.9)                      0.4
        Cash  and  cash  equivalents  at  beginning  of  year          287.2                    517.7
        Cash  and  cash  equivalents  at  end  of  period                $257.3                  $518.1

        Supplemental  cash  flow  information:
            Net  cash  paid  during  the  period  for  income  taxes    $2.9                      $4.2

        Supplemental  non-cash  investing  activity:
            Accounts  receivable  reduction  as  partial
              consideration  in  business  combination                          $--                      $1.9


          Autodesk,  Inc.
          Non-GAAP  Consolidated  Statements  of  Income
          (See  non-GAAP  adjustments  listed  in  the  tables  below)
          (In  millions,  except  per  share  data)

                                                                                                                Three  Months  Ended
                                                                                                                        April  30,
                                                                                                              2006                    2005
                                                                                                                      (Unaudited)
        Net  revenues:
            License  and  other                                                              $349.4                  $296.4

            Maintenance                                                                              86.6                      58.7

                Total  net  revenues                                                          436.0                    355.1

        Non-GAAP  cost  of  license  and  other  revenues                  45.1                      38.7

        Non-GAAP  cost  of  maintenance  revenues                                2.4                        4.8

            Total  non-GAAP  cost  of  revenues                                      47.5                      43.5

            Non-GAAP  gross  margin                                                        388.5                    311.6

        Operating  Expenses:

            Non-GAAP  marketing  and  sales                                          161.3                    127.4

            Non-GAAP  research  and  development                                  92.5                      65.9

            Non-GAAP  general  and  administrative                              33.9                      27.7

                Total  non-GAAP  operating  expenses                            287.7                    221.0

        Non-GAAP  income  from  operations                                        100.8                      90.6

        Non-GAAP  interest  and  other  income,  net                            3.5                        3.0

        Non-GAAP  income  before  income  taxes                                104.3                      93.6

        Non-GAAP  provision  for  income  taxes                                (24.3)                  (18.7)

        Non-GAAP  net  income                                                                $80.0                    $74.9

        Basic  non-GAAP  net  income  per  share                                $0.35                    $0.33

        Diluted  non-GAAP  net  income  per  share                            $0.32                    $0.30

        Shares  used  in  computing  basic
                non-GAAP  net  income  per  share                                    230.3                    227.7

        Shares  used  in  computing  diluted
                non-GAAP  net  income  per  share                                    246.9                    249.3


          Autodesk,  Inc.
          Reconciliation  of  GAAP  financial  measures  to  non-GAAP
          core  financial  measures
          (In  millions,  except  per  share  data)

                                                                                                                Three  Months  Ended
                                                                                                                        April  30,
                                                                                                              2006                        2005
                                                                                                                      (Unaudited)

        A  reconciliation  between  cost  of  license  and  other  revenues  on  a  GAAP
          basis  and  non-GAAP  cost  of  license  and  other  revenues  is  as  follows:

        GAAP  cost  of  license  and  other  revenues                        $47.5                    $38.7

        SFAS  123R  stock-based  compensation  expense                    (0.9)                        --

        Amortization  of  developed  technology                                (1.5)                        --

        Non-GAAP  cost  of  license  and  other  revenues                $45.1                    $38.7

        A  reconciliation  between  gross  margin  on  a  GAAP
          basis  and  non-GAAP  gross  margin  is  as  follows:

        GAAP  gross  margin                                                                  $386.1                  $311.6

        SFAS  123R  stock-based  compensation  expense                      0.9                          --

        Amortization  of  developed  technology                                  1.5                          --

        Non-GAAP  gross  margin                                                          $388.5                  $311.6

        A  reconciliation  between  marketing  and  sales  on  a  GAAP
          basis  and  non-GAAP  marketing  and  sales  is  as  follows:

        GAAP  marketing  and  sales                                                    $170.4                  $127.4

        SFAS  123R  stock-based  compensation  expense                    (9.1)                        --

        Non-GAAP  marketing  and  sales                                            $161.3                  $127.4

        A  reconciliation  between  research  and  development  on  a  GAAP
          basis  and  non-GAAP  research  and  development  is  as  follows:

        GAAP  research  and  development                                            $99.4                    $65.9

        SFAS  123R  stock-based  compensation  expense                    (6.9)                        --

        Non-GAAP  research  and  development                                    $92.5                    $65.9

        A  reconciliation  between  general  and  administrative  on  a  GAAP
          basis  and  non-GAAP  general  and  administrative  is  as  follows:

        GAAP  general  and  administrative                                        $57.0                    $27.7

        Litigation  accrual                                                                  (16.8)                        --

        SFAS  123R  stock-based  compensation  expense                    (4.2)                        --

        Amortization  of  customer  relationships,  trademarks
          and  deferred  compensation                                                    (2.1)                        --

        Non-GAAP  general  and  administrative                                $33.9                    $27.7

        A  reconciliation  between  income  from  operations  on  a  GAAP
          basis  and  non-GAAP  income  from  operations  is  as  follows:

        GAAP  income  from  operations                                                $59.3                    $90.6

        SFAS  123R  stock-based  compensation  expense                    21.1                          --

        Litigation  accrual                                                                    16.8                          --

        Amortization  of  developed  technology                                  1.5                          --

        Amortization  of  customer  relationships,  trademarks
        and  deferred  compensation                                                        2.1                          --

        Non-GAAP  income  from  operations                                      $100.8                    $90.6

        A  reconciliation  between  provision  for  income  taxes  on  a  GAAP
          basis  and  non-GAAP  provision  for  income  taxes  is  as  follows:

        GAAP  provision  for  income  taxes                                        $14.3                    $17.5

        Income  tax  effect  on  difference  between  GAAP
        and  non-GAAP  total  costs  and  expenses
        at  a  normalized  rate                                                                10.0                          --

        Non-recurring  tax  benefit                                                          --                        1.2

        Non-GAAP  provision  for  income  taxes                                $24.3                    $18.7

        A  reconciliation  between  net  income  on  a  GAAP
          basis  and  non-GAAP  net  income  is  as  follows:

        GAAP  net  income                                                                        $48.5                    $76.1

        SFAS  123R  stock-based  compensation  expense                    21.1                          --

        Litigation  accrual                                                                    16.8                          --

        Amortization  of  developed  technology                                  1.5                          --

        Amortization  of  customer  relationships,  trademarks
        and  deferred  compensation                                                        2.1                          --

        Income  tax  effect  on  difference  between  GAAP  and
        non-GAAP  total  costs  and  expenses
        at  a  normalized  rate                                                              (10.0)                        --

        Non-recurring  tax  benefit                                                          --                      (1.2)

        Non-GAAP  net  income                                                                $80.0                    $74.9

        A  reconciliation  between  diluted  net  income  per  share  on  a  GAAP
        basis  and  non-GAAP  diluted  net  income  per  share  is  as  follows:

        GAAP  diluted  net  income  per  share                                    $0.20                    $0.31

        SFAS  123R  stock-based  compensation  expense                    0.08                          --

        Litigation  accrual                                                                    0.07                          --

        Amortization  of  developed  technology                                    --                        --

        Amortization  of  customer  relationships,  trademarks
        and  deferred  compensation                                                      0.01                          --

        Income  tax  effect  on  difference  between  GAAP  and
        non-GAAP  total  costs  and  expenses
        at  a  normalized  rate                                                              (0.04)                        --

        Non-recurring  tax  benefit                                                          --                    (0.01)

        Non-GAAP  diluted  net  income  per  share                            $0.32                    $0.30


 


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