Autodesk Reports Third Quarter Results


Autodesk, Inc.
Condensed Consolidated Statements of Operations
(In millions, except per share data)

	Three Months Ended October 31,						Nine Months Ended October 31,
	2012			2011			2012			2011
				(Unaudited)
Net revenue:
License and other	$	317.1		$	331.4		$	1,018.6		$	987.4
Maintenance	230.9			217.2			686.7			635.8
Total net revenue	548.0			548.6			1,705.3			1,623.2
Cost of revenue:
Cost of license and other revenue	49.6			50.5			145.8			138.8
Cost of maintenance revenue	8.4			9.1			30.8			32.8
Total cost of revenue	58.0			59.6			176.6			171.6
Gross profit	490.0			489.0			1,528.7			1,451.6
Operating expenses:
Marketing and sales	204.6			206.2			640.2			609.1
Research and development	153.6			141.2			451.2			417.0
General and administrative	62.3			51.4			180.9			163.0
Restructuring charges (benefits), net	35.2			—			35.2			(1.3		)
Total operating expenses	455.7			398.8			1,307.5			1,187.8
Income from operations	34.3			90.2			221.2			263.8
Interest and other (expense) income, net	(0.1		)	1.1			2.6			6.2
Income before income taxes	34.2			91.3			223.8			270.0
Provision for income taxes	(4.9		)	(18.5		)	(51.0		)	(56.7		)
Net income	$	29.3		$	72.8		$	172.8		$	213.3
Basic net income per share	$	0.13		$	0.32		$	0.76		$	0.93
Diluted net income per share	$	0.13		$	0.32		$	0.74		$	0.91
Weighted average shares used in computing basic net income per share	225.5			227.1			227.1			228.2
Weighted average shares used in computing diluted net income per share	230.5			230.7			232.0			233.7


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

	October 31, 2012			January 31, 2012
	(Unaudited)

ASSETS
Current assets:
Cash and cash equivalents	$	827.0		$	1,156.9
Marketable securities	502.1			254.4
Accounts receivable, net	293.3			395.1
Deferred income taxes	48.4			30.1
Prepaid expenses and other current assets	53.8			59.4
Total current assets	1,724.6			1,895.9
Marketable securities	408.3			192.8
Computer equipment, software, furniture and leasehold improvements, net	114.6			104.5
Purchased technologies, net	75.9			84.6
Goodwill	824.6			682.4
Deferred income taxes, net	128.3			135.8
Other assets	152.9			131.8
	$	3,429.2		$	3,227.8

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	75.9		$	89.3
Accrued compensation	155.6			183.9
Accrued income taxes	14.2			14.4
Deferred revenue	558.1			582.3
Borrowings under line of credit	110.0			—
Other accrued liabilities	71.6			84.2
Total current liabilities	985.4			954.1
Deferred revenue	155.6			136.9
Long term income taxes payable	184.4			174.8
Other liabilities	86.0			79.1
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—			—
Common stock and additional paid-in capital	1,438.9			1,365.4
Accumulated other comprehensive (loss) income	(6.4		)	5.9
Retained earnings	585.3			511.6
Total stockholders’ equity	2,017.8			1,882.9
	$	3,429.2		$	3,227.8


Autodesk, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)

	Nine Months Ended October 31,
	2012			2011
	(Unaudited)
Operating activities:
Net income	$	172.8		$	213.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	93.1			85.2
Stock-based compensation expense	118.8			78.8
Excess tax benefits from stock-based compensation	(27.4		)	(33.0		)
Restructuring charges (benefits), net	35.2			(1.3		)
Other operating activities	4.4			—
Changes in operating assets and liabilities, net of business combinations	6.6			55.3
Net cash provided by operating activities	403.5			398.3
Investing activities:
Purchases of marketable securities	(1,103.1		)	(456.0		)
Sales of marketable securities	207.0			110.8
Maturities of marketable securities	436.6			307.0
Capital expenditures	(44.7		)	(48.7		)
Acquisitions, net of cash acquired	(204.2		)	(182.7		)
Other investing activities	(22.1		)	(23.5		)
Net cash used in investing activities	(730.5		)	(293.1		)
Financing activities:
Proceeds from issuance of common stock, net of issuance costs	199.6			156.3
Repurchases of common stock	(340.5		)	(263.7		)
Draws on line of credit	110.0			—
Excess tax benefits from stock-based compensation	27.4			33.0
Net cash used in financing activities	(3.5		)	(74.4		)
Effect of exchange rate changes on cash and cash equivalents	0.6			(2.6		)
Net (decrease) increase in cash and cash equivalents	(329.9		)	28.2
Cash and cash equivalents at beginning of fiscal year	1,156.9			1,075.1
Cash and cash equivalents at end of period	$	827.0		$	1,103.3

Autodesk, Inc.

Reconciliation of GAAP financial measures to non-GAAP financial measures

(In millions, except per share data)

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