Autodesk Reports Third Quarter Results

© 2012 Autodesk, Inc. All rights reserved.

 

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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