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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