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Autodesk Reports Record Revenue of $599 Million
Reaffirms Fiscal 2009 Revenue Guidance"Autodesk delivered another quarter of solid revenue results, capping another record year," said Carl Bass, Autodesk president and CEO. "Our results demonstrate the strength and stability our business model provides. Because our geographic balance and customer and industry diversification help insulate Autodesk from changes in any one particular market, we remain optimistic about the coming year." Operational Highlights Autodesk's performance in the fourth quarter of fiscal 2008 was driven by strong growth in revenue generated in international geographies, revenue from new seats as well as continued customer migration from 2D to 3D design solutions, offset by slower than expected growth in the Americas. Compared to the fourth quarter of fiscal 2007, revenue in EMEA increased 38 percent to $262 million. Revenue in Asia Pacific increased 24 percent year-over-year to $131 million. Revenue from the emerging economies in Asia Pacific, EMEA and Latin America increased 52 percent and were 19 percent of total revenue. Strong growth in these international geographies was offset by revenue growth in the Americas of 2 percent over the fourth quarter of fiscal 2007. Combined revenue from the Company's model-based 3D products -- Inventor, Revit, Civil 3D and NavisWorks software -- increased 21 percent over the fourth quarter of fiscal 2007 to $146 million. Autodesk shipped approximately 21,000 commercial seats of Revit and NavisWorks, over 17,000 commercial seats of Inventor and over 7,500 commercial seats of Civil 3D. Revenue from all new commercial seats increased by 30 percent compared to the fourth quarter of fiscal 2007. Fiscal 2008 Highlights For fiscal 2008, revenue was a record $2.172 billion, an increase of 18 percent compared to fiscal 2007. Fiscal 2008 net income was $356 million, or $1.47 per diluted share, on a GAAP basis and $456 million, or $1.88 per diluted share, on a non-GAAP basis. Net income in fiscal 2007 was $290 million, or $1.19 per diluted share, on a GAAP basis and $375 million, or $1.53 per diluted share, on a non-GAAP basis. Business Outlook The following statements are forward-looking statements which are based on current expectations and which involve risks and uncertainties some of which are set forth below. First Quarter Fiscal 2009 Net revenue for the first quarter of fiscal 2009 is expected to be in the range of $575 million and $585 million. However, the company is lowering its previous estimate of earnings per diluted share. GAAP earnings per diluted share are expected to be in the range of $0.35 and $0.37. Non-GAAP earnings per diluted share are expected to be in the range of $0.46 and $0.48 and exclude $0.08 related to stock-based compensation expense and $0.03 for the amortization of acquisition related intangibles and the write off of acquired IPR&D. Second Quarter Fiscal 2009 Net revenue for the second quarter of fiscal 2009 is expected to be about $590 million. GAAP earnings per diluted share are expected to be about $0.40. Non-GAAP earnings per diluted share are expected to be about $0.50 and exclude $0.06 related to stock-based compensation expense and $0.04 for the amortization of acquisition related intangibles and the write off of acquired IPR&D. Full Year Fiscal 2009 For fiscal year 2009, the Company is maintaining its previously provided revenue guidance range of $2.425 billion and $2.475 billion. However, the company is lowering its previous estimate of earnings per diluted share. Full year GAAP earnings per diluted share are expected to be in the range of $1.75 and $1.85. Non-GAAP earnings per diluted share are expected to be in the range of $2.15 and $2.25 and exclude $0.28 related to stock-based compensation expense and $0.12 for the amortization of acquisition related intangibles and the write off of acquired IPR&D. Safe Harbor Statement This press release contains forward-looking statements that involve risks and uncertainties, including statements in the paragraphs under "Business Outlook" above, statements regarding anticipated market trends and other statements regarding our expected performance and results. Other factors that could cause actual results to differ materially include the following: general market and business conditions, our performance in particular geographies, including emerging economies, difficulties encountered in integrating new or acquired businesses and technologies, fluctuation in foreign currency exchange rates, unexpected fluctuations in our tax rate, the timing and degree of expected investments in growth opportunities, slowing momentum in maintenance or subscription revenues, failure to achieve sufficient sell-through and efficiencies in our channels for new or existing products, pricing pressure, failure to achieve continued cost reductions and productivity increases, failure to achieve continued migration from 2D products to 3D products, changes in the timing of product releases and retirements, failure of key new applications to achieve anticipated levels of customer acceptance, failure to achieve continued success in technology advancements, the financial and business condition of our reseller and distribution channels, interruptions or terminations in the business of the Company's consultants or third party developers, and unanticipated impact of accounting for technology acquisitions. Further information on potential factors that could affect the financial results of Autodesk are included in the Company's reports on Form 10-K for the year ended January 31, 2007, and Form 10-Q for the quarter ended October 31, 2007, which are on file with the Securities and Exchange Commission. Autodesk does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. Earnings Conference Call and Webcast Autodesk will host its fourth quarter conference call today at 5:00 p.m. EST. The live announcement may be accessed at http://www.autodesk.com/investors or by dialing 866-356-3095 or 617-597-5391 (passcode: 54026047). An audio webcast or podcast of the call will be available at 7:00 pm EST at http://www.autodesk.com/investors. This replay will be maintained on our website for at least twelve months. An audio replay will also be available for one month beginning at 7:00 pm EST by dialing 888-286-8010 or 617-801-6888 (passcode: 31938698). About Autodesk Autodesk, Inc. is the world leader in 2D and 3D design software for the manufacturing, building and construction, and media and entertainment markets. Since its introduction of AutoCAD software in 1982, Autodesk has developed the broadest portfolio of state-of-the-art digital prototyping solutions to help customers experience their ideas before they are real. Fortune 1000 companies rely on Autodesk for the tools to visualize, simulate and analyze real-world performance early in the design process to save time and money, enhance quality and foster innovation. For additional information about Autodesk, visit http://www.autodesk.com. Note: AutoCAD, Autodesk, Civil 3D, Inventor, Revit, and NavisWorks are either registered trademarks or trademarks of Autodesk, Inc., in the US and/or other countries. All other brand names, product names or trademarks belong to their respective holders.
Investors:
David Gennarelli,
Email Contact, 415-507-6033
Katie Blanchard,
Email Contact, 415-507-6034
Press:
Pam Pollace,
Email Contact , 415-547-2441
Caroline Kawashima,
Email Contact , 415-547-2498
Autodesk, Inc.
Consolidated Statements of Income
(In millions, except per share data)
Three Months Fiscal Year
Ended Ended
January 31, January 31,
2008 2007 2008 2007
(Unaudited) (Unaudited)(Audited)
Net revenues:
License and other $446.0 $374.8 $1,618.6 $1,415.9
Maintenance 153.1 122.6 553.3 423.9
Total net revenues 599.1 497.4 2,171.9 1,839.8
Cost of license and other revenues 48.6 52.3 198.3 207.9
Cost of maintenance revenues 2.2 2.3 8.6 8.7
Total cost of revenues 50.8 54.6 206.9 216.6
Gross margin 548.3 442.8 1,965.0 1,623.2
Operating Expenses:
Marketing and sales 242.5 181.1 842.7 696.1
Research and development 132.5 100.0 485.3 406.3
General and administrative 49.2 42.0 191.4 171.1
Total operating expenses 424.2 323.1 1,519.4 1,273.5
Income from operations 124.1 119.7 445.6 349.7
Interest and other income, net 6.8 4.5 24.4 16.8
Income before income taxes 130.9 124.2 470.0 366.5
Provision for income taxes (34.4) (27.8) (113.8) (76.8)
Net income $96.5 $96.4 $356.2 $289.7
Basic net income per share $0.42 $0.42 $1.55 $1.26
Diluted net income per share $0.40 $0.40 $1.47 $1.19
Shares used in computing basic
net income per share 230.2 231.2 230.3 230.7
Shares used in computing diluted
net income per share 239.4 243.9 242.0 243.2
Autodesk, Inc.
Condensed Consolidated Balance Sheets
(In millions)
January 31, January 31,
2008 2007
(Unaudited) (Audited)
ASSETS:
Current assets:
Cash and cash equivalents $917.9 $665.9
Marketable securities 31.4 112.0
Accounts receivable, net 386.5 301.3
Deferred income taxes 98.1 78.1
Prepaid expenses and other current
assets 47.9 32.4
Total current assets 1,481.8 1,189.7
Marketable securities 8.4 -
Computer equipment, software,
furniture and leasehold improvements, net 80.2 65.6
Purchased technologies, net 64.4 51.3
Goodwill 443.4 355.3
Deferred income taxes, net 51.3 59.8
Other assets 79.4 75.8
$2,208.9 $1,797.5
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $79.3 $61.0
Accrued compensation 162.4 120.7
Accrued income taxes 14.4 23.6
Deferred revenues 400.7 311.4
Other accrued liabilities 89.7 57.5
Total current liabilities 746.5 574.2
Deferred revenues 105.4 67.4
Long term income taxes payable 86.5 -
Other liabilities 40.0 40.9
Commitments and contingencies - -
Stockholders' equity:
Preferred stock - -
Common stock and additional paid-in
capital 998.3 908.3
Accumulated other comprehensive
income (loss) 13.8 (3.6)
Retained earnings 218.4 210.3
Total stockholders' equity 1,230.5 1,115.0
$2,208.9 $1,797.5
Autodesk, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
Fiscal Year Ended
January 31,
2008 2007
(Unaudited) (Audited)
Operating Activities
Net income $356.2 $289.7
Adjustments to reconcile net income
to net cash provided by operating
activities:
Charge for acquired in-process
research and development 5.5 -
Depreciation and amortization 61.3 53.5
Stock-based compensation
expense 99.3 94.3
Tax benefits from employee
stock plans - 5.1
Restructuring related charges,
net - 1.1
Changes in operating assets
and liabilities,
net of business combinations 186.2 132.9
Net cash provided by operating
activities 708.5 576.6
Investing Activities
Purchases of available-for-sale
marketable securities (727.0) (345.0)
Sales and maturities of available-
for-sale marketable securities 799.1 325.2
Business combinations, net of cash
acquired (114.5) (52.5)
Acquisition of equity investment - (12.5)
Capital and other expenditures (43.3) (35.3)
Other investing activities - 2.3
Net cash used in investing activities (85.7) (117.8)
Financing activities
Proceeds from issuance of common
stock, net of issuance costs 187.3 74.2
Repurchases of common stock (563.0) (154.4)
Net cash used in financing activities (375.7) (80.2)
Effect of exchange rate changes on
cash and cash equivalents 4.9 0.1
Net increase in cash and cash
equivalents 252.0 378.7
Cash and cash equivalents at
beginning of year 665.9 287.2
Cash and cash equivalents at end of
period $917.9 $665.9
Autodesk, Inc.
Reconciliation of GAAP financial measures to non-GAAP financial measures
(In millions, except per share data)
To supplement our consolidated financial statements presented on a GAAP
basis, Autodesk provides investors with certain non-GAAP measures
including non-GAAP net income, non-GAAP net income per share, non-GAAP
cost of license and other revenues, non-GAAP gross margin, non-GAAP
operating expenses, non-GAAP income from operations, non-GAAP interest and
other income, net and non-GAAP provision for income taxes. These non-GAAP
financial measures are adjusted to exclude certain costs, expenses, gains
and losses, including stock-based compensation expense, employee tax
reimbursements related to our stock option review, litigation expenses,
in-process research and development expenses, restructuring expenses,
amortization of purchased intangibles, investment impairment and income
tax expenses. See our reconciliation of GAAP financial measures to non-
GAAP financial measures herein. We believe these exclusions are
appropriate to enhance an overall understanding of our past financial
performance and also our prospects for the future, as well as to
facilitate comparisons with our historical operating results. These
adjustments to our GAAP results are made with the intent of providing both
management and investors a more complete understanding of Autodesk's
underlying operational results and trends and our marketplace performance.
For example, the non-GAAP results are an indication of our baseline
performance before gains, losses or other charges that are considered by
management to be outside our core operating results. In addition, these
non-GAAP financial measures are among the primary indicators management
uses as a basis for our planning and forecasting of future periods.
There are limitations in using non-GAAP financial measures because the
non-GAAP financial measures are not prepared in accordance with generally
accepted accounting principles and may be different from non-GAAP
financial measures used by other companies. The non-GAAP financial
measures are limited in value because they exclude certain items that may
have a material impact upon our reported financial results. The
presentation of this additional information is not meant to
be considered in isolation or as a substitute for the directly comparable
financial measures prepared in accordance with generally accepted
accounting principles in the United States. Investors should review the
reconciliation of the non-GAAP financial measures to their most directly
comparable GAAP financial measures as provided in the tables accompanying
this press release.
The following table shows Autodesk's non-GAAP results reconciled to GAAP
results included in this release.
Three Months Fiscal Year
Ended Ended
January 31, January 31,
2008 2007 2008 2007
(Unaudited) (Unaudited)
GAAP cost of license and other
revenues $48.6 $52.3 $198.3 $207.9
SFAS 123R stock-based compensation
expense (1.2) (1.3) (5.0) (5.5)
Employee tax reimbursements related to
stock option review (0.1) - (1.2) -
Amortization of developed technology (3.4) (2.1) (10.7) (6.9)
Non-GAAP cost of license and other
revenues $43.9 $48.9 $181.4 $195.5
GAAP gross margin $548.3 $442.8 $1,965.0 $1,623.2
SFAS 123R stock-based compensation
expense 1.2 1.3 5.0 5.5
Employee tax reimbursements related to
stock option review 0.1 - 1.2 -
Amortization of developed technology 3.4 2.1 10.7 6.9
Non-GAAP gross margin $553.0 $446.2 $1,981.9 $1,635.6
GAAP marketing and sales $242.5 $181.1 $842.7 $696.1
SFAS 123R stock-based compensation
expense (11.8) (7.9) (43.1) (41.9)
Employee tax reimbursements related to
stock option review (0.6) - (5.4) -
Non-GAAP marketing and sales $230.1 $173.2 $794.2 $654.2
GAAP research and development $132.5 $100.0 $485.3 $406.3
SFAS 123R stock-based compensation
expense (8.5) (5.0) (32.4) (30.0)
Employee tax reimbursements related to
stock option review (0.8) - (5.2) -
In-process research and development (1.9) - (5.5) -
Non-GAAP research and development $121.3 $95.0 $442.2 $376.3
GAAP general and administrative $49.2 $42.0 $191.4 $171.1
SFAS 123R stock-based compensation
expense (4.7) (3.6) (18.8) (16.9)
Employee tax reimbursements related to
stock option review (0.3) - (2.0) -
Litigation accrual - - - (5.0)
Amortization of customer relationships
and trademarks (3.2) (2.0) (9.4) (7.5)
Non-GAAP general and administrative $41.0 $36.4 $161.2 $141.7
GAAP operating expenses $424.2 $323.1 $1,519.4 $1,273.5
SFAS 123R stock-based compensation
expense (25.0) (16.5) (94.3) (88.8)
Employee tax reimbursements related to
stock option review (1.7) - (12.6)
Litigation accrual - - - (5.0)
Amortization of customer relationships
and trademarks (3.2) (2.0) (9.4) (7.5)
In-process research and development (1.9) - (5.5) -
Non-GAAP operating expenses $392.4 $304.6 $1,397.6 $1,172.2
GAAP income from operations $124.1 $119.7 $445.6 $349.7
SFAS 123R stock-based compensation
expense 26.2 17.8 99.3 94.3
Employee tax reimbursements related to
stock option review 1.8 - 13.8 -
Litigation accrual - - - 5.0
Amortization of developed technology 3.4 2.1 10.7 6.9
Amortization of customer relationships
and trademarks 3.2 2.0 9.4 7.5
In-process research and development 1.9 - 5.5 -
Non-GAAP income from operations $160.6 $141.6 $584.3 $463.4
GAAP interest and other income, net $6.8 $4.5 $24.4 $16.8
Investment impairment - - 4.0 -
Non-GAAP interest and other income,
net $6.8 $4.5 $28.4 $16.8
GAAP provision for income taxes $(34.4) $(27.8) $(113.8) $(76.8)
Income tax effect on difference
between GAAP and non-GAAP total costs
and expenses at a normalized rate (8.8) (5.5) (42.4) (28.7)
Non-GAAP provision for income taxes $(43.2) $(33.3) $(156.2) $(105.5)
GAAP net income $96.5 $96.4 $356.2 $289.7
SFAS 123R stock-based compensation
expense 26.2 17.8 99.3 94.3
Employee tax reimbursements related to
stock option review 1.8 - 13.8 -
Investment impairment - - 4.0 -
Litigation accrual - - - 5.0
Amortization of developed technology 3.4 2.1 10.7 6.9
Amortization of customer relationships
and trademarks 3.2 2.0 9.4 7.5
In-process research and development 1.9 - 5.5 -
Income tax effect on difference
between GAAP and non-GAAP total costs
and expenses at a normalized rate (8.8) (5.5) (42.4) (28.7)
Non-GAAP net income $124.2 $112.8 $456.5 $374.7
GAAP diluted net income per share $0.40 $0.40 $1.47 $1.19
SFAS 123R stock-based compensation
expense 0.11 0.07 0.41 0.38
Employee tax reimbursements related to
stock option review 0.01 - 0.06 -
Investment impairment - - 0.02 -
Litigation accrual - - - 0.02
Amortization of developed technology 0.01 0.01 0.04 0.03
Amortization of customer relationships
and trademarks 0.02 - 0.04 0.03
In-process research and development 0.01 - 0.02 -
Income tax effect on difference
between GAAP and non-GAAP total costs
and expenses at a normalized rate (0.04) (0.02) (0.18) (0.12)
Non-GAAP diluted net income per share $0.52 $0.46 $1.88 $1.53
GAAP diluted shares used in per share
calculation 239.4 243.9 242.0 243.2
Impact of SFAS 123R on diluted shares 1.0 1.5 1.2 1.6
Non-GAAP diluted shares used in per
share calculation 240.4 245.4 243.2 244.8
Other Supplemental Financial Information (6)
Fiscal Year 2008 QTR 1 QTR 2 QTR 3 QTR 4 YTD 2008
Financial Statistics
(in millions, except
per share data):
Total net revenues $508 $526 $538 $599 $2,172
License and other
revenues $383 $394 $396 $446 $1,619
Maintenance
revenues $125 $132 $143 $153 $553
Gross Margin - GAAP 90% 90% 90% 92% 90%
Gross Margin - Non-GAAP 90% 91% 91% 92% 91%
GAAP Operating Expenses $355 $359 $381 $424 $1,519
GAAP Operating Margin 20% 22% 20% 21% 21%
GAAP Net Income $83 $92 $85 $96 $356
GAAP Diluted Net Income
Per Share $0.34 $0.38 $0.35 $0.40 $1.47
Non-GAAP Operating
Expenses (1)(2) $328 $336 $341 $393 $1,398
Non-GAAP Operating
Margin (1)(3) 26% 27% 28% 27% 27%
Non-GAAP Net Income
(1)(4) $107 $108 $117 $124 $456
Non-GAAP Diluted Net
Income Per Share
(1)(5) $0.44 $0.44 $0.49 $0.52 $1.88
Total Cash and
Marketable Securities $964 $827 $873 $958 $958
Days Sales Outstanding 47 48 51 59 59
Capital Expenditures $7 $11 $11 $14 $43
Cash from Operations $192 $136 $161 $219 $708
GAAP Depreciation and
Amortization $14 $15 $15 $17 $61
Revenue by Geography
(in millions):
Americas $185 $195 $218 $206 $804
Europe $206 $204 $203 $262 $875
Asia/Pacific $117 $127 $118 $131 $493
Revenue by Division
(in millions):
Design Solutions Segment $445 $459 $468 $523 $1,895
Platform Solutions
and Emerging Business
Division $251 $241 $242 $263 $997
Architecture,
Engineering and
Construction
Division $100 $119 $124 $137 $480
Manufacturing
Solutions
Division $94 $99 $102 $123 $418
Media and Entertainment
Segment $59 $62 $67 $71 $259
Other $4 $5 $4 $5 $18
Other Revenue
Statistics:
% of Total Rev from
AutoCAD, AutoCAD
upgrades and AutoCAD LT 43% 38% 37% 37% 38%
% of Total Rev from 3D
design products 21% 23% 24% 24% 23%
% of Total Rev from
Emerging Economies 14% 15% 17% 19% 17%
Upgrade Revenue (in
millions) $71 $46 $43 $50 $210
Deferred Maintenance
Revenue (in millions):
Deferred Maintenance
Revenue Balance $343 $356 $366 $434 $434
Favorable (Unfavorable) Impact of
U.S. Dollar Translation Relative
to Foreign Currencies Compared to
Comparable Prior Year Period
(in millions):
FX Impact on Total Net
Revenues $19 $12 $16 $25 $72
FX Impact on Total
Operating Expenses $(5) $(5) $(5) $(9) $(24)
FX Impact on Total Net
Income $14 $7 $11 $16 $48
Operating Income (Loss)
by Segment (in millions):
Design Solutions $190 $198 $207 $219 $814
Media and Entertainment $21 $22 $24 $24 $91
Unallocated amounts $(109) $(106) $(125) $(119) $(459)
Common Stock Statistics:
GAAP Shares
Outstand-
ing 231,166,000 229,331,000 230,416,000 230,013,000 230,013,000
GAAP Fully
Diluted
Shares
Outstand-
ing 243,848,000 242,986,000 239,908,000 239,400,000 242,014,000
Shares
Repurchased - 7,062,000 3,001,000 2,064,000 12,127,000
Installed Base
Statistics:
Total AutoCAD-
based Installed
Base 4,162,000 4,213,000 4,268,000 4,329,000 4,329,000
Stand-alone AutoCAD 2,857,000
AutoCAD Mechanical 237,000
AutoCAD Map 3D 264,000
AutoCAD Architecture 539,000
AutoCAD LT Installed 3,680,000
Base
Total
Inventor
Installed
Base 699,000 722,000 747,000 775,000 775,000
Total
Subscription
Installed
Base 1,295,000 1,329,000 1,387,000 1,481,000 1,481,000
(1) To supplement our consolidated financial statements presented on a
GAAP basis, Autodesk provides investors with certain non-GAAP measures
including non-GAAP net income, non-GAAP net income per share, non-GAAP
cost of license and other revenues, non-GAAP gross margin, non-GAAP
operating expenses, non-GAAP income from operations, non-GAAP interest
and other income, net and non-GAAP provision for income taxes. These
non-GAAP financial measures are adjusted to exclude certain costs,
expenses, gains and losses, including stock-based compensation
expense, employee tax reimbursements related to our stock option
review, litigation expenses, in-process research and development
expenses, restructuring expenses, amortization of purchased
intangibles, investment impairment and income tax expenses. See our
reconciliation of GAAP financial measures to non-GAAP financial
measures herein. We believe these exclusions are appropriate to
enhance an overall understanding of our past financial
performance and also our prospects for the future, as well as to
facilitate comparisons with our historical operating results.
These adjustments to our GAAP results are made with the intent of
providing both management and investors a more complete understanding
of Autodesk's underlying operational results and trends and our
marketplace performance. For example, the non-GAAP results are an
indication of our baseline performance before gains, losses or other
charges that are considered by management to be outside our core
operating results. In addition, these non-GAAP financial measures are
among the primary indicators management uses as a basis for our
planning and forecasting of future periods.
There are limitations in using non-GAAP financial measures because the
non-GAAP financial measures are not prepared in accordance with
generally accepted accounting principles and may be different from
non-GAAP financial measures used by other companies. The non-GAAP
financial measures are limited in value because they exclude certain
items that may have a material impact upon our reported financial
results. The presentation of this additional information is not meant
to be considered in isolation or as a substitute for the directly
comparable financial measures prepared in accordance with generally
accepted accounting principles in the United States. Investors should
review the reconciliation of the non-GAAP financial measures to their
most directly comparable GAAP financial measures as provided in the
tables accompanying this press release.
Fiscal Year 2008 QTR 1 QTR 2 QTR 3 QTR 4 YTD 2008
(2) GAAP Operating
Expenses $355 $359 $381 $424 $1,519
Stock-based
compensation
expense (14) (20) (35) (25) (94)
Employee tax
reimbursement
related to
stock option
review (11) - - (2) (13)
Amortization of
customer
relationships
and trademarks (2) (2) (2) (3) (9)
In-process research
and development - (1) (3) (2) (6)
Non-GAAP Operating
Expenses $328 $336 $341 $392 $1,397
(3) GAAP Operating
Margin 20% 22% 20% 21% 21%
Stock-based
compensation
expense 3% 4% 7% 4% 4%
Employee tax
reimbursement
related to
stock option
review 2% 0% 0% 0% 1%
Amortization of
developed
technology 1% 0% 1% 1% 1%
Amortization of
customer
relationships
and trademarks 0% 1% 0% 1% 0%
In-process research
and development 0% 0% 1% 0% 0%
Non-GAAP Operating
Margin 26% 27% 28% 27% 27%
(4) GAAP Net Income $83 $92 $85 $96 $356
Stock-based
compensation
expense 15 21 37 26 99
Employee tax
reimbursement
related to
stock option
review 12 - - 2 14
Investment
impairment - - 4 - 4
Amortization of
developed
technology 2 2 3 4 11
Amortization of
customer
relationships
and trademarks 2 2 2 3 9
In-process research
and development - 1 3 2 6
Income tax effect
on difference
between GAAP and
non-GAAP total
costs and expenses
at a normalized
rate (7) (10) (17) (9) (43)
Non-GAAP Net Income $107 $108 $117 $124 $456
(5) GAAP Diluted Net
Income Per Share $0.34 $0.38 $0.35 $0.40 $1.47
Stock-based
compensation
expense 0.06 0.09 0.16 0.11 0.41
Employee tax
reimbursement
related to
stock option
review 0.05 - - 0.01 0.06
Investment
impairment - - 0.02 - 0.02
Amortization of
developed
technology 0.01 0.01 0.01 0.01 0.04
Amortization of
customer
relationships
and trademarks 0.01 - 0.01 0.02 0.04
In-process research
and development - - 0.01 0.01 0.02
Income tax effect
on difference
between GAAP and
non-GAAP total
costs and expenses
at a normalized
rate (0.03) (0.04) (0.07) (0.04) (0.18)
Non-GAAP Diluted
Net Income Per
Share $0.44 $0.44 $0.49 $0.52 $1.88
(6) Totals may not agree with the sum of the components due to rounding.
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