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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Autodesk Inc | NASDAQ:ADSK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
5.24 | 2.50% | 215.19 | 180.00 | 279.79 | 217.35 | 214.14 | 214.37 | 1,197,082 | 05:00:01 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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|
Delaware
|
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94-2819853
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. employer
Identification No.)
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111 McInnis Parkway,
San Rafael, California
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94903
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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x
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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Page No.
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Item 1.
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Unaudited
Financial Statements:
|
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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||
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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ITEM 1.
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FINANCIAL STATEMENTS
|
|
Three Months Ended October 31,
|
|
Nine Months Ended October 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net revenue:
|
|
|
|
|
|
|
|
||||||||
Subscription
|
$
|
319.5
|
|
|
$
|
318.9
|
|
|
$
|
967.5
|
|
|
$
|
957.7
|
|
License and other
|
170.1
|
|
|
280.9
|
|
|
584.7
|
|
|
898.1
|
|
||||
Total net revenue
|
489.6
|
|
|
599.8
|
|
|
1,552.2
|
|
|
1,855.8
|
|
||||
Cost of revenue:
|
|
|
|
|
|
|
|
||||||||
Cost of subscription revenue
|
35.1
|
|
|
38.0
|
|
|
113.1
|
|
|
116.7
|
|
||||
Cost of license and other revenue
|
46.4
|
|
|
53.0
|
|
|
145.9
|
|
|
159.1
|
|
||||
Total cost of revenue
|
81.5
|
|
|
91.0
|
|
|
259.0
|
|
|
275.8
|
|
||||
Gross profit
|
408.1
|
|
|
508.8
|
|
|
1,293.2
|
|
|
1,580.0
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Marketing and sales
|
255.0
|
|
|
243.4
|
|
|
738.9
|
|
|
738.1
|
|
||||
Research and development
|
192.6
|
|
|
197.9
|
|
|
579.1
|
|
|
585.5
|
|
||||
General and administrative
|
70.4
|
|
|
74.2
|
|
|
213.7
|
|
|
220.2
|
|
||||
Amortization of purchased intangibles
|
6.8
|
|
|
8.1
|
|
|
22.5
|
|
|
25.2
|
|
||||
Restructuring charges and other facility exit costs, net
|
3.2
|
|
|
—
|
|
|
71.5
|
|
|
—
|
|
||||
Total operating expenses
|
528.0
|
|
|
523.6
|
|
|
1,625.7
|
|
|
1,569.0
|
|
||||
(Loss) income from operations
|
(119.9
|
)
|
|
(14.8
|
)
|
|
(332.5
|
)
|
|
11.0
|
|
||||
Interest and other expense, net
|
(9.4
|
)
|
|
(7.7
|
)
|
|
(23.1
|
)
|
|
(10.8
|
)
|
||||
(Loss) income before income taxes
|
(129.3
|
)
|
|
(22.5
|
)
|
|
(355.6
|
)
|
|
0.2
|
|
||||
Provision for income taxes
|
(13.5
|
)
|
|
(21.3
|
)
|
|
(53.1
|
)
|
|
(293.5
|
)
|
||||
Net loss
|
$
|
(142.8
|
)
|
|
$
|
(43.8
|
)
|
|
$
|
(408.7
|
)
|
|
$
|
(293.3
|
)
|
Basic net loss per share
|
$
|
(0.64
|
)
|
|
$
|
(0.19
|
)
|
|
$
|
(1.83
|
)
|
|
$
|
(1.29
|
)
|
Diluted net loss per share
|
$
|
(0.64
|
)
|
|
$
|
(0.19
|
)
|
|
$
|
(1.83
|
)
|
|
$
|
(1.29
|
)
|
Weighted average shares used in computing basic net loss per share
|
222.3
|
|
|
225.3
|
|
|
223.3
|
|
|
226.5
|
|
||||
Weighted average shares used in computing diluted net loss per share
|
222.3
|
|
|
225.3
|
|
|
223.3
|
|
|
226.5
|
|
|
Three Months Ended October 31,
|
|
Nine Months Ended October 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net loss
|
$
|
(142.8
|
)
|
|
$
|
(43.8
|
)
|
|
$
|
(408.7
|
)
|
|
$
|
(293.3
|
)
|
Other comprehensive loss, net of reclassifications:
|
|
|
|
|
|
|
|
||||||||
Net loss on derivative instruments (net of tax effect of $0.2, $0.0, ($0.6) and ($0.7), respectively)
|
(0.7
|
)
|
|
(12.1
|
)
|
|
(11.7
|
)
|
|
(22.2
|
)
|
||||
Change in net unrealized (loss) gain on available-for-sale securities (net of tax effect of $0.0, $0.0, ($0.6) and $0.2, respectively)
|
(1.6
|
)
|
|
(0.4
|
)
|
|
1.8
|
|
|
(1.6
|
)
|
||||
Change in defined benefit pension items (net of tax effect of $0.0, $0.0, ($0.2) and $0.0, respectively)
|
0.3
|
|
|
0.3
|
|
|
0.6
|
|
|
1.3
|
|
||||
Net change in cumulative foreign currency translation loss (net of tax effect of ($0.5), ($4.5), ($0.5) and $0.0, respectively)
|
(55.7
|
)
|
|
(4.0
|
)
|
|
(57.1
|
)
|
|
(10.7
|
)
|
||||
Total other comprehensive loss
|
(57.7
|
)
|
|
(16.2
|
)
|
|
(66.4
|
)
|
|
(33.2
|
)
|
||||
Total comprehensive loss
|
$
|
(200.5
|
)
|
|
$
|
(60.0
|
)
|
|
$
|
(475.1
|
)
|
|
$
|
(326.5
|
)
|
|
October 31, 2016
|
|
January 31, 2016
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,436.5
|
|
|
$
|
1,353.0
|
|
Marketable securities
|
532.4
|
|
|
897.9
|
|
||
Accounts receivable, net
|
259.8
|
|
|
653.6
|
|
||
Prepaid expenses and other current assets
|
103.4
|
|
|
88.6
|
|
||
Total current assets
|
2,332.1
|
|
|
2,993.1
|
|
||
Marketable securities
|
455.0
|
|
|
532.3
|
|
||
Computer equipment, software, furniture and leasehold improvements, net
|
168.3
|
|
|
169.3
|
|
||
Developed technologies, net
|
53.9
|
|
|
70.8
|
|
||
Goodwill
|
1,557.3
|
|
|
1,535.0
|
|
||
Deferred income taxes, net
|
49.6
|
|
|
9.2
|
|
||
Other assets
|
213.0
|
|
|
205.6
|
|
||
Total assets
|
$
|
4,829.2
|
|
|
$
|
5,515.3
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
102.8
|
|
|
$
|
119.9
|
|
Accrued compensation
|
187.6
|
|
|
243.3
|
|
||
Accrued income taxes
|
85.9
|
|
|
29.4
|
|
||
Deferred revenue
|
1,099.1
|
|
|
1,068.9
|
|
||
Other accrued liabilities
|
122.2
|
|
|
129.5
|
|
||
Total current liabilities
|
1,597.6
|
|
|
1,591.0
|
|
||
Long-term deferred revenue
|
433.9
|
|
|
450.3
|
|
||
Long-term income taxes payable
|
40.0
|
|
|
161.4
|
|
||
Long-term deferred income taxes
|
75.9
|
|
|
67.7
|
|
||
Long-term notes payable, net
|
1,489.9
|
|
|
1,487.7
|
|
||
Other liabilities
|
131.3
|
|
|
137.6
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock
|
—
|
|
|
—
|
|
||
Common stock and additional paid-in capital
|
1,882.8
|
|
|
1,821.5
|
|
||
Accumulated other comprehensive loss
|
(187.5
|
)
|
|
(121.1
|
)
|
||
Accumulated deficit
|
(634.7
|
)
|
|
(80.8
|
)
|
||
Total stockholders’ equity
|
1,060.6
|
|
|
1,619.6
|
|
||
Total liabilities and stockholders' equity
|
$
|
4,829.2
|
|
|
$
|
5,515.3
|
|
|
Nine Months Ended October 31,
|
||||||
|
2016
|
|
2015
|
||||
Operating activities:
|
|
|
|
||||
Net loss
|
$
|
(408.7
|
)
|
|
$
|
(293.3
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Depreciation, amortization and accretion
|
104.5
|
|
|
109.7
|
|
||
Stock-based compensation expense
|
162.5
|
|
|
141.1
|
|
||
Deferred income taxes
|
(39.6
|
)
|
|
221.9
|
|
||
Restructuring charges and other facility exit costs, net
|
71.5
|
|
|
—
|
|
||
Other operating activities
|
3.4
|
|
|
(10.6
|
)
|
||
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|||
Accounts receivable
|
393.8
|
|
|
97.4
|
|
||
Prepaid expenses and other current assets
|
(12.7
|
)
|
|
(5.5
|
)
|
||
Accounts payable and accrued liabilities
|
(71.9
|
)
|
|
(75.1
|
)
|
||
Deferred revenue
|
15.6
|
|
|
54.5
|
|
||
Accrued income taxes
|
(64.3
|
)
|
|
4.0
|
|
||
Net cash provided by operating activities
|
154.1
|
|
|
244.1
|
|
||
Investing activities:
|
|
|
|
||||
Purchases of marketable securities
|
(1,106.4
|
)
|
|
(1,827.9
|
)
|
||
Sales of marketable securities
|
544.7
|
|
|
263.0
|
|
||
Maturities of marketable securities
|
1,012.6
|
|
|
970.7
|
|
||
Capital expenditures
|
(65.1
|
)
|
|
(41.8
|
)
|
||
Acquisitions, net of cash acquired
|
(85.2
|
)
|
|
(104.6
|
)
|
||
Other investing activities
|
(14.8
|
)
|
|
(15.5
|
)
|
||
Net cash provided by (used in) investing activities
|
285.8
|
|
|
(756.1
|
)
|
||
Financing activities:
|
|
|
|
||||
Proceeds from issuance of common stock, net of issuance costs
|
102.2
|
|
|
99.3
|
|
||
Taxes paid related to net share settlement of equity awards
|
(58.9
|
)
|
|
(42.3
|
)
|
||
Repurchases of common stock
|
(397.6
|
)
|
|
(357.7
|
)
|
||
Proceeds from debt, net of discount
|
—
|
|
|
748.3
|
|
||
Other financing activities
|
—
|
|
|
(6.3
|
)
|
||
Net cash (used in) provided by financing activities
|
(354.3
|
)
|
|
441.3
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(2.1
|
)
|
|
(2.4
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
83.5
|
|
|
(73.1
|
)
|
||
Cash and cash equivalents at beginning of period
|
1,353.0
|
|
|
1,410.6
|
|
||
Cash and cash equivalents at end of period
|
$
|
1,436.5
|
|
|
$
|
1,337.5
|
|
|
As Reported
|
|
ASU 2016-09 Adoption Adjustments:
|
|
As Adjusted
|
||||||||||
(in millions)
|
April 30, 2016
|
|
February 1, 2016 Accumulated Deficit
|
|
For The Three Months Ended April 30, 2016
|
|
April 30, 2016
|
||||||||
Long-term income taxes payable
|
$
|
153.8
|
|
|
$
|
(116.5
|
)
|
|
$
|
—
|
|
|
$
|
37.3
|
|
Common stock and additional paid-in capital
|
1,865.6
|
|
|
6.9
|
|
|
(5.3
|
)
|
|
1,867.2
|
|
||||
Accumulated deficit
|
$
|
(308.2
|
)
|
|
$
|
109.6
|
|
|
$
|
5.3
|
|
|
$
|
(193.3
|
)
|
|
As Reported
|
|
ASU 2016-09 Adoption Increase/(Decrease)
|
|
As Adjusted
|
||||||
(in millions, except per share data)
|
Three Months Ended April 30, 2016
|
|
|
Three Months Ended April 30, 2016
|
|||||||
Cost of subscription revenue
|
$
|
39.7
|
|
|
$
|
0.1
|
|
|
$
|
39.8
|
|
Cost of license and other revenue
|
52.8
|
|
|
(0.2
|
)
|
|
52.6
|
|
|||
Gross profit
|
419.4
|
|
|
0.1
|
|
|
419.5
|
|
|||
Marketing and sales
|
242.9
|
|
|
(2.1
|
)
|
|
240.8
|
|
|||
Research and development
|
195.5
|
|
|
(2.0
|
)
|
|
193.5
|
|
|||
General and administrative
|
75.8
|
|
|
(1.1
|
)
|
|
74.7
|
|
|||
(Loss) from operations
|
(155.0
|
)
|
|
5.3
|
|
|
(149.7
|
)
|
|||
Provision for income taxes
|
(14.4
|
)
|
|
—
|
|
|
(14.4
|
)
|
|||
Net (loss)
|
$
|
(173.0
|
)
|
|
$
|
5.3
|
|
|
$
|
(167.7
|
)
|
Basic and diluted weighted average shares outstanding
|
224.4
|
|
|
—
|
|
|
224.4
|
|
|||
Basic and diluted net (loss) per share
|
$
|
(0.77
|
)
|
|
$
|
0.02
|
|
|
$
|
(0.75
|
)
|
|
|
|
October 31, 2016
|
||||||||||||||||||||||||||
|
|
|
Amortized Cost
|
|
Gross unrealized gains
|
|
Gross unrealized losses
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||
Cash equivalents (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Agency bonds
|
$
|
7.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7.5
|
|
|
$
|
7.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Certificates of deposit
|
101.2
|
|
|
—
|
|
|
—
|
|
|
101.2
|
|
|
101.2
|
|
|
—
|
|
|
—
|
|
||||||||
|
Commercial paper
|
11.8
|
|
|
—
|
|
|
—
|
|
|
11.8
|
|
|
—
|
|
|
11.8
|
|
|
—
|
|
||||||||
|
Custody cash deposit
|
19.5
|
|
|
—
|
|
|
—
|
|
|
19.5
|
|
|
19.5
|
|
|
—
|
|
|
—
|
|
||||||||
|
Money market funds
|
162.3
|
|
|
—
|
|
|
—
|
|
|
162.3
|
|
|
—
|
|
|
162.3
|
|
|
—
|
|
||||||||
|
U.S. government securities
|
631.5
|
|
|
—
|
|
|
—
|
|
|
631.5
|
|
|
631.5
|
|
|
—
|
|
|
—
|
|
||||||||
Marketable securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Short-term available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Agency bonds
|
15.8
|
|
|
—
|
|
|
—
|
|
|
15.8
|
|
|
15.8
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Asset backed securities
|
22.2
|
|
|
—
|
|
|
—
|
|
|
22.2
|
|
|
—
|
|
|
22.2
|
|
|
—
|
|
|||||||
|
|
Certificates of deposit
|
140.7
|
|
|
0.4
|
|
|
—
|
|
|
141.1
|
|
|
141.1
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Commercial paper
|
51.5
|
|
|
—
|
|
|
—
|
|
|
51.5
|
|
|
—
|
|
|
51.5
|
|
|
—
|
|
|||||||
|
|
Corporate bonds
|
225.7
|
|
|
0.1
|
|
|
(0.1
|
)
|
|
225.7
|
|
|
225.7
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Municipal bonds
|
7.1
|
|
|
—
|
|
|
—
|
|
|
7.1
|
|
|
7.1
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Sovereign debt
|
11.3
|
|
|
—
|
|
|
—
|
|
|
11.3
|
|
|
—
|
|
|
11.3
|
|
|
—
|
|
|||||||
|
|
U.S. government securities
|
12.1
|
|
|
—
|
|
|
—
|
|
|
12.1
|
|
|
12.1
|
|
|
—
|
|
|
—
|
|
|||||||
|
Short-term trading securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Mutual funds
|
44.2
|
|
|
1.4
|
|
|
—
|
|
|
45.6
|
|
|
45.6
|
|
|
—
|
|
|
—
|
|
|||||||
|
Long-term available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Agency bonds
|
55.5
|
|
|
0.1
|
|
|
(0.1
|
)
|
|
55.5
|
|
|
55.5
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Asset backed securities
|
58.3
|
|
|
0.1
|
|
|
—
|
|
|
58.4
|
|
|
—
|
|
|
58.4
|
|
|
—
|
|
|||||||
|
|
Certificates of deposit
|
1.8
|
|
|
—
|
|
|
—
|
|
|
1.8
|
|
|
1.8
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Corporate bonds
|
244.1
|
|
|
0.9
|
|
|
(0.2
|
)
|
|
244.8
|
|
|
244.8
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Municipal bonds
|
8.5
|
|
|
—
|
|
|
—
|
|
|
8.5
|
|
|
8.5
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Sovereign debt
|
12.6
|
|
|
—
|
|
|
—
|
|
|
12.6
|
|
|
—
|
|
|
12.6
|
|
|
—
|
|
|||||||
|
|
U.S. government securities
|
73.5
|
|
|
0.1
|
|
|
(0.2
|
)
|
|
73.4
|
|
|
73.4
|
|
|
—
|
|
|
—
|
|
|||||||
Convertible debt securities (2)
|
6.3
|
|
|
2.4
|
|
|
(1.3
|
)
|
|
7.4
|
|
|
—
|
|
|
—
|
|
|
7.4
|
|
|||||||||
Derivative contracts (3)
|
3.0
|
|
|
9.6
|
|
|
(10.3
|
)
|
|
2.3
|
|
|
—
|
|
|
0.7
|
|
|
1.6
|
|
|||||||||
|
|
Total
|
$
|
1,928.0
|
|
|
$
|
15.1
|
|
|
$
|
(12.2
|
)
|
|
$
|
1,930.9
|
|
|
$
|
1,591.1
|
|
|
$
|
330.8
|
|
|
$
|
9.0
|
|
(1)
|
Included in “
Cash and cash equivalents
” in the accompanying Condensed Consolidated Balance Sheets.
|
(2)
|
Considered “available-for-sale” and included in “
Other assets
” in the accompanying Condensed Consolidated Balance Sheets.
|
(3)
|
Included in “
Prepaid expenses and other current assets
,” “
Other assets
,” or “
Other accrued liabilities
” in the accompanying Condensed Consolidated Balance Sheets.
|
|
|
|
January 31, 2016
|
||||||||||||||||||||||||||
|
|
|
Amortized Cost
|
|
Gross unrealized gains
|
|
Gross unrealized losses
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||
Cash equivalents (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Agency bonds
|
$
|
8.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8.5
|
|
|
$
|
8.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Certificates of deposit
|
267.6
|
|
|
—
|
|
|
—
|
|
|
267.6
|
|
|
267.6
|
|
|
—
|
|
|
—
|
|
||||||||
|
Commercial paper
|
106.6
|
|
|
—
|
|
|
—
|
|
|
106.6
|
|
|
—
|
|
|
106.6
|
|
|
—
|
|
||||||||
|
Custody cash deposit
|
2.1
|
|
|
—
|
|
|
—
|
|
|
2.1
|
|
|
2.1
|
|
|
—
|
|
|
—
|
|
||||||||
|
Money market funds
|
382.4
|
|
|
—
|
|
|
—
|
|
|
382.4
|
|
|
—
|
|
|
382.4
|
|
|
—
|
|
||||||||
|
Municipal bonds
|
5.0
|
|
|
—
|
|
|
—
|
|
|
5.0
|
|
|
5.0
|
|
|
—
|
|
|
—
|
|
||||||||
|
U.S. government securities
|
103.0
|
|
|
—
|
|
|
—
|
|
|
103.0
|
|
|
103.0
|
|
|
—
|
|
|
—
|
|
||||||||
Marketable securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Short-term available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Agency bonds
|
40.0
|
|
|
—
|
|
|
(0.1
|
)
|
|
39.9
|
|
|
39.9
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Asset backed securities
|
7.3
|
|
|
—
|
|
|
—
|
|
|
7.3
|
|
|
—
|
|
|
7.3
|
|
|
—
|
|
|||||||
|
|
Certificates of deposit
|
190.3
|
|
|
—
|
|
|
—
|
|
|
190.3
|
|
|
190.3
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Commercial paper
|
141.1
|
|
|
—
|
|
|
—
|
|
|
141.1
|
|
|
—
|
|
|
141.1
|
|
|
—
|
|
|||||||
|
|
Corporate debt securities
|
377.1
|
|
|
0.1
|
|
|
(0.3
|
)
|
|
376.9
|
|
|
376.9
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Municipal bonds
|
9.7
|
|
|
—
|
|
|
—
|
|
|
9.7
|
|
|
9.7
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Sovereign debt
|
20.1
|
|
|
—
|
|
|
—
|
|
|
20.1
|
|
|
—
|
|
|
20.1
|
|
|
|
||||||||
|
|
U.S. government securities
|
74.6
|
|
|
—
|
|
|
—
|
|
|
74.6
|
|
|
74.6
|
|
|
—
|
|
|
—
|
|
|||||||
|
Short-term trading securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Mutual funds
|
38.8
|
|
|
0.4
|
|
|
(1.2
|
)
|
|
38.0
|
|
|
38.0
|
|
|
—
|
|
|
—
|
|
|||||||
|
Long-term available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Agency bonds
|
56.8
|
|
|
0.1
|
|
|
—
|
|
|
56.9
|
|
|
56.9
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Asset backed securities
|
36.5
|
|
|
0.1
|
|
|
—
|
|
|
36.6
|
|
|
—
|
|
|
36.6
|
|
|
—
|
|
|||||||
|
|
Corporate debt securities
|
320.9
|
|
|
0.3
|
|
|
(0.8
|
)
|
|
320.4
|
|
|
320.4
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Municipal bonds
|
2.9
|
|
|
—
|
|
|
—
|
|
|
2.9
|
|
|
2.9
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Sovereign debt
|
16.9
|
|
|
—
|
|
|
—
|
|
|
16.9
|
|
|
—
|
|
|
16.9
|
|
|
—
|
|
|||||||
|
|
U.S. government securities
|
98.4
|
|
|
0.3
|
|
|
(0.1
|
)
|
|
98.6
|
|
|
98.6
|
|
|
—
|
|
|
—
|
|
|||||||
Convertible debt securities (2)
|
2.5
|
|
|
2.0
|
|
|
(1.1
|
)
|
|
3.4
|
|
|
—
|
|
|
—
|
|
|
3.4
|
|
|||||||||
Derivative contracts (3)
|
1.5
|
|
|
7.8
|
|
|
(7.4
|
)
|
|
1.9
|
|
|
—
|
|
|
1.6
|
|
|
0.3
|
|
|||||||||
|
|
Total
|
$
|
2,310.6
|
|
|
$
|
11.1
|
|
|
$
|
(11.0
|
)
|
|
$
|
2,310.7
|
|
|
$
|
1,594.4
|
|
|
$
|
712.6
|
|
|
$
|
3.7
|
|
(1)
|
Included in “
Cash and cash equivalents
” in the accompanying Condensed Consolidated Balance Sheets.
|
(2)
|
Considered “available-for-sale” and included in “
Other assets
” in the accompanying Condensed Consolidated Balance Sheets.
|
(3)
|
Included in “
Prepaid expenses and other current assets
,” “
Other assets
,” or “
Other accrued liabilities
” in the accompanying Condensed Consolidated Balance Sheets.
|
|
Fair Value Measurements Using
Significant Unobservable Inputs
|
|||||||||||
|
(Level 3)
|
|||||||||||
|
|
Derivative Contracts
|
|
Convertible Debt Securities
|
|
Total
|
||||||
Balances, January 31, 2016
|
|
$
|
0.3
|
|
|
$
|
3.4
|
|
|
$
|
3.7
|
|
Purchases
|
|
1.0
|
|
|
4.0
|
|
|
5.0
|
|
|||
Gains (losses) included in earnings
|
|
0.3
|
|
|
(0.2
|
)
|
|
0.1
|
|
|||
Gains included in OCI
|
|
—
|
|
|
0.2
|
|
|
0.2
|
|
|||
Balances, October 31, 2016
|
|
$
|
1.6
|
|
|
$
|
7.4
|
|
|
$
|
9.0
|
|
|
October 31, 2016
|
||||||
|
Cost
|
|
Fair Value
|
||||
Due within 1 year
|
$
|
490.2
|
|
|
$
|
491.6
|
|
Due in 1 year through 5 years
|
448.3
|
|
|
449.1
|
|
||
Due in 5 years through 10 years
|
8.5
|
|
|
8.5
|
|
||
Total
|
$
|
947.0
|
|
|
$
|
949.2
|
|
|
Balance Sheet Location
|
|
Fair Value at
|
||||||
|
October 31, 2016
|
|
January 31, 2016
|
||||||
Derivative Assets
|
|
|
|
|
|
||||
Foreign currency contracts designated as cash flow hedges
|
Prepaid expenses and other current assets
|
|
$
|
6.9
|
|
|
$
|
3.4
|
|
Derivatives not designated as hedging instruments
|
Prepaid expenses and other current assets and Other assets
|
|
4.2
|
|
|
4.9
|
|
||
Total derivative assets
|
|
|
$
|
11.1
|
|
|
$
|
8.3
|
|
Derivative Liabilities
|
|
|
|
|
|
||||
Foreign currency contracts designated as cash flow hedges
|
Other accrued liabilities
|
|
$
|
5.4
|
|
|
$
|
3.4
|
|
Derivatives not designated as hedging instruments
|
Other accrued liabilities
|
|
3.4
|
|
|
3.0
|
|
||
Total derivative liabilities
|
|
|
$
|
8.8
|
|
|
$
|
6.4
|
|
|
Foreign Currency Contracts
|
||||||||||||||
|
Three Months Ended October 31,
|
|
Nine Months Ended October 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Amount
of gain (loss) rec
ognized in accumulated other comprehensive income on derivatives (effective portion)
|
$
|
1.8
|
|
|
$
|
(5.0
|
)
|
|
$
|
(3.1
|
)
|
|
$
|
1.7
|
|
Amount and location of gain (loss) reclassified from accumulated other comprehensive income into income (effective portion)
|
|
|
|
|
|
|
|
||||||||
Net revenue
|
$
|
1.0
|
|
|
$
|
9.5
|
|
|
$
|
8.4
|
|
|
$
|
31.8
|
|
Operating expenses
|
1.5
|
|
|
(2.4
|
)
|
|
0.2
|
|
|
(7.9
|
)
|
||||
Total
|
$
|
2.5
|
|
|
$
|
7.1
|
|
|
$
|
8.6
|
|
|
$
|
23.9
|
|
Amount and location of loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)
|
|
|
|
|
|
|
|
||||||||
Interest and other expense, net
|
$
|
(0.1
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
(0.5
|
)
|
|
Three Months Ended October 31,
|
|
Nine Months Ended October 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Amount and location of loss recognized in income on derivatives
|
|
|
|
|
|
|
|
||||||||
Interest and other expense, net
|
$
|
(1.4
|
)
|
|
$
|
(2.5
|
)
|
|
$
|
(12.3
|
)
|
|
$
|
(1.8
|
)
|
|
Unvested
Restricted
Stock Units
|
|
Weighted
average grant
date fair value
per share
|
|||
|
(in thousands)
|
|
|
|||
Unvested restricted stock units at January 31, 2016
|
7,739.6
|
|
|
$
|
51.80
|
|
Granted
|
3,661.7
|
|
|
63.77
|
|
|
Vested
|
(2,848.8
|
)
|
|
50.46
|
|
|
Canceled/Forfeited
|
(609.6
|
)
|
|
52.53
|
|
|
Performance Adjustment (1)
|
(29.7
|
)
|
|
63.81
|
|
|
Unvested restricted stock units at October 31, 2016
|
7,913.2
|
|
|
$
|
58.41
|
|
(1)
|
Based on Autodesk's financial results and relative total stockholder return for the fiscal
2016
performance period. The performance stock units were attained at rates ranging from
86.1%
to
98.0%
of the target award.
|
•
|
Up to one third of the PSUs may vest following year one, depending upon the achievement of the FY17 performance criteria as well as 1-year Relative TSR (covering year one).
|
•
|
Up to one third of the PSUs may vest following year two, depending upon the achievement of the performance criteria for year two as well as 2-year Relative TSR (covering years one and two).
|
•
|
Up to one third of the PSUs may vest following year three, depending upon the achievement of the performance criteria for year three as well as 3-year Relative TSR (covering years one, two and three).
|
|
Three Months Ended October 31,
|
||||||
|
2016
|
|
2015
|
||||
Cost of subscription
|
$
|
1.7
|
|
|
$
|
1.5
|
|
Cost of license and other revenue
|
1.8
|
|
|
1.7
|
|
||
Marketing and sales
|
24.2
|
|
|
22.3
|
|
||
Research and development
|
20.9
|
|
|
17.5
|
|
||
General and administrative
|
8.0
|
|
|
7.2
|
|
||
Stock-based compensation expense related to stock awards and ESPP purchases, net of tax
|
$
|
56.6
|
|
|
$
|
50.2
|
|
|
|
|
|
||||
|
Nine Months Ended October 31,
|
||||||
|
2016
|
|
2015
|
||||
Cost of subscription
|
$
|
5.2
|
|
|
$
|
4.1
|
|
Cost of license and other revenue
|
5.1
|
|
|
4.4
|
|
||
Marketing and sales
|
69.0
|
|
|
61.3
|
|
||
Research and development
|
60.0
|
|
|
49.9
|
|
||
General and administrative
|
23.2
|
|
|
21.4
|
|
||
Stock-based compensation expense related to stock awards and ESPP purchases, net of tax
|
$
|
162.5
|
|
|
$
|
141.1
|
|
|
Three Months Ended October 31, 2016
|
|
Three Months Ended October 31, 2015
|
||||
|
Performance Stock Unit (1)
|
|
ESPP
|
|
Performance Stock Unit (1)
|
|
ESPP
|
Range of expected volatilities
|
N/A
|
|
31.0 - 33.9%
|
|
N/A
|
|
28.6 - 28.9%
|
Range of expected lives (in years)
|
N/A
|
|
0.5 - 2.0
|
|
N/A
|
|
0.5 - 2.0
|
Expected dividends
|
N/A
|
|
—%
|
|
N/A
|
|
—%
|
Range of risk-free interest rates
|
N/A
|
|
0.5 - 0.8%
|
|
N/A
|
|
0.2 - 0.7%
|
|
Nine Months Ended October 31, 2016
|
|
Nine Months Ended October 31, 2015
|
||||
|
Performance Stock Unit
|
|
ESPP
|
|
Performance Stock Unit
|
|
ESPP
|
Range of expected volatilities
|
38.4 - 38.6%
|
|
30.0 - 40.2%
|
|
27.3%
|
|
27.7 - 28.9%
|
Range of expected lives (in years)
|
N/A
|
|
0.5 - 2.0
|
|
N/A
|
|
0.5 - 2.0
|
Expected dividends
|
—%
|
|
—%
|
|
—%
|
|
—%
|
Range of risk-free interest rates
|
0.6 - 0.7%
|
|
0.5 - 0.9%
|
|
0.2%
|
|
0.1 - 0.7%
|
(1)
|
Autodesk did not grant PSUs in the three months ended October 31, 2016 and 2015 that were subject to market conditions.
|
|
As previously reported
|
|
|
|
As adjusted
|
||||||
(In millions, except per share data)
|
Three Months Ended July 31, 2015
|
|
Adjustment
|
|
Three Months Ended July 31, 2015
|
||||||
Provision for income tax
|
$
|
(236.4
|
)
|
|
$
|
(33.1
|
)
|
|
$
|
(269.5
|
)
|
Net loss
|
(235.5
|
)
|
|
(33.1
|
)
|
|
(268.6
|
)
|
|||
Basic and diluted net loss per share
|
$
|
(1.04
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(1.18
|
)
|
|
|
|
|
|
|
||||||
|
Six Months Ended July 31, 2015
|
|
Adjustment
|
|
Six Months Ended July 31, 2015
|
||||||
Provision for income tax
|
$
|
(239.1
|
)
|
|
$
|
(33.1
|
)
|
|
$
|
(272.2
|
)
|
Net loss
|
(216.4
|
)
|
|
(33.1
|
)
|
|
(249.5
|
)
|
|||
Basic and diluted net loss per share
|
$
|
(0.95
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
(1.10
|
)
|
|
As previously reported
|
|
|
|
As adjusted
|
||||||
(In millions)
|
July 31, 2015
|
|
Adjustment
|
|
July 31, 2015
|
||||||
Current deferred tax liabilities (1)
|
$
|
8.3
|
|
|
$
|
1.2
|
|
|
$
|
9.5
|
|
Accrued income taxes
|
52.3
|
|
|
(29.4
|
)
|
|
22.9
|
|
|||
Long-term deferred tax liabilities
|
28.9
|
|
|
25.1
|
|
|
54.0
|
|
|||
Long-term income tax payable
|
124.0
|
|
|
36.2
|
|
|
160.2
|
|
|||
Retained earnings
|
$
|
164.4
|
|
|
$
|
(33.1
|
)
|
|
$
|
131.3
|
|
(1)
|
Included in "
Other accrued liabilities
" in the accompanying Condensed Consolidated Balance Sheets.
|
|
|
October 31, 2016
|
||
Developed technologies
|
|
$
|
18.8
|
|
Customer relationships and other non-current intangible assets
|
|
10.2
|
|
|
Trade name
|
|
3.8
|
|
|
Goodwill
|
|
62.8
|
|
|
Deferred revenue (current and non-current)
|
|
(2.1
|
)
|
|
Deferred tax liability
|
|
(7.1
|
)
|
|
Net tangible assets
|
|
0.6
|
|
|
Total
|
|
$
|
87.0
|
|
|
October 31, 2016
|
|
January 31, 2016
|
||||
Developed technologies, at cost
|
$
|
583.3
|
|
|
$
|
571.4
|
|
Customer relationships, trade names, patents, and user lists, at cost (1)
|
375.4
|
|
|
371.6
|
|
||
Other intangible assets, at cost (2)
|
958.7
|
|
|
943.0
|
|
||
Less: Accumulated amortization
|
(844.1
|
)
|
|
(796.2
|
)
|
||
Other intangible assets, net
|
$
|
114.6
|
|
|
$
|
146.8
|
|
(1)
|
Included in “Other assets” in the accompanying Condensed Consolidated Balance Sheets.
|
(2)
|
Includes the effects of foreign currency translation.
|
|
October 31, 2016
|
|
January 31, 2016
|
||||
Goodwill, beginning of the period
|
$
|
1,684.2
|
|
|
$
|
1,605.4
|
|
Less: accumulated impairment losses, beginning of the period
|
(149.2
|
)
|
|
(149.2
|
)
|
||
Additions arising from acquisitions during the period
|
62.8
|
|
|
97.3
|
|
||
Effect of foreign currency translation, purchase accounting adjustments, and other
|
(40.5
|
)
|
|
(18.5
|
)
|
||
Goodwill, end of the period
|
$
|
1,557.3
|
|
|
$
|
1,535.0
|
|
|
October 31, 2016
|
|
January 31, 2016
|
||||
Computer hardware, at cost
|
$
|
205.3
|
|
|
$
|
202.7
|
|
Computer software, at cost
|
72.1
|
|
|
85.6
|
|
||
Leasehold improvements, land and buildings, at cost
|
204.7
|
|
|
202.9
|
|
||
Furniture and equipment, at cost
|
58.0
|
|
|
59.0
|
|
||
|
540.1
|
|
|
550.2
|
|
||
Less: Accumulated depreciation
|
(371.8
|
)
|
|
(380.9
|
)
|
||
Computer software, hardware, leasehold improvements, furniture and equipment, net
|
$
|
168.3
|
|
|
$
|
169.3
|
|
|
Balances, January 31, 2016
|
|
Additions
|
|
Payments
|
|
Adjustments (1)
|
|
Balances, October 31, 2016
|
||||||||||
Fiscal 2017 Plan
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee termination costs
|
$
|
—
|
|
|
$
|
58.5
|
|
|
$
|
(54.0
|
)
|
|
$
|
—
|
|
|
$
|
4.5
|
|
Lease termination and other exit costs
|
—
|
|
|
5.6
|
|
|
(2.5
|
)
|
|
(1.9
|
)
|
|
1.2
|
|
|||||
Other Lease Termination Costs
|
|
|
|
|
|
|
|
|
|
||||||||||
Lease termination costs
|
—
|
|
|
7.4
|
|
|
(1.0
|
)
|
|
(3.5
|
)
|
|
2.9
|
|
|||||
Total
|
$
|
—
|
|
|
$
|
71.5
|
|
|
$
|
(57.5
|
)
|
|
$
|
(5.4
|
)
|
|
$
|
8.6
|
|
Current portion (2)
|
$
|
—
|
|
|
|
|
|
|
|
|
$
|
7.0
|
|
||||||
Non-current portion (2)
|
—
|
|
|
|
|
|
|
|
|
1.6
|
|
||||||||
Total
|
$
|
—
|
|
|
|
|
|
|
|
|
$
|
8.6
|
|
(1)
|
Adjustments include the impact of computer equipment, software, furniture, straight-line rent and leasehold improvement write-offs, and foreign currency translation.
|
(2)
|
The current and non-current portions of the reserve are recorded in the Condensed Consolidated Balance Sheets under “
Other accrued liabilities
” and “
Other liabilities
,” respectively.
|
|
Net Unrealized Gains (Losses) on Derivative Instruments
|
|
Net Unrealized Gains (Losses) on Available-for-Sale Securities
|
|
Defined Benefit Pension Components
|
|
Foreign Currency Translation Adjustments
|
|
Total
|
||||||||||
Balances, January 31, 2016
|
$
|
15.7
|
|
|
$
|
0.2
|
|
|
$
|
(28.3
|
)
|
|
$
|
(108.7
|
)
|
|
$
|
(121.1
|
)
|
Other comprehensive (loss) income before reclassifications
|
(2.5
|
)
|
|
3.1
|
|
|
(0.2
|
)
|
|
(56.6
|
)
|
|
(56.2
|
)
|
|||||
Pre-ta
x (gains) losses re
classified from accumulated other comprehensive loss
|
(8.6
|
)
|
|
(0.7
|
)
|
|
1.0
|
|
|
—
|
|
|
(8.3
|
)
|
|||||
Tax effects
|
(0.6
|
)
|
|
(0.6
|
)
|
|
(0.2
|
)
|
|
(0.5
|
)
|
|
(1.9
|
)
|
|||||
Net current period other comprehensiv
e (loss) income
|
(11.7
|
)
|
|
1.8
|
|
|
0.6
|
|
|
(57.1
|
)
|
|
(66.4
|
)
|
|||||
Balances, October 31, 2016
|
$
|
4.0
|
|
|
$
|
2.0
|
|
|
$
|
(27.7
|
)
|
|
$
|
(165.8
|
)
|
|
$
|
(187.5
|
)
|
|
Three Months Ended October 31,
|
|
Nine Months Ended October 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(142.8
|
)
|
|
$
|
(43.8
|
)
|
|
$
|
(408.7
|
)
|
|
$
|
(293.3
|
)
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Denominator for basic net loss per share—weighted average shares
|
222.3
|
|
|
225.3
|
|
|
223.3
|
|
|
226.5
|
|
||||
Effect of dilutive securities (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Denominator for dilutive net loss per share
|
222.3
|
|
|
225.3
|
|
|
223.3
|
|
|
226.5
|
|
||||
Basic net loss per share
|
$
|
(0.64
|
)
|
|
$
|
(0.19
|
)
|
|
(1.83
|
)
|
|
$
|
(1.29
|
)
|
|
Diluted net loss per share
|
$
|
(0.64
|
)
|
|
$
|
(0.19
|
)
|
|
(1.83
|
)
|
|
$
|
(1.29
|
)
|
(1)
|
The effect of dilutive securities of
4.4 million
shares and
3.4 million
shares for the
three
months ended
October 31, 2016
and
2015
, respectively, have been excluded from the calculation of diluted net loss per share as those shares would have been anti-dilutive due to the net loss incurred during those periods. The effect of dilutive securities of
4.0 million
shares in each of the
nine
months ended
October 31, 2016
and
2015
have been excluded from the calculation of diluted net loss per share as those shares would have been anti-dilutive due to the net loss incurred during those periods.
|
|
Three Months Ended October 31,
|
|
Nine Months Ended October 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net revenue by geographic area:
|
|
|
|
|
|
|
|
||||||||
Americas
|
|
|
|
|
|
|
|
||||||||
U.S.
|
$
|
182.2
|
|
|
$
|
195.6
|
|
|
$
|
562.1
|
|
|
$
|
589.7
|
|
Other Americas
|
31.1
|
|
|
40.2
|
|
|
99.0
|
|
|
125.8
|
|
||||
Total Americas
|
213.3
|
|
|
235.8
|
|
|
661.1
|
|
|
715.5
|
|
||||
Europe, Middle East and Africa
|
191.0
|
|
|
225.1
|
|
|
614.1
|
|
|
696.2
|
|
||||
Asia Pacific
|
|
|
|
|
|
|
|
||||||||
Japan
|
28.7
|
|
|
49.0
|
|
|
102.8
|
|
|
164.8
|
|
||||
Other Asia Pacific
|
56.6
|
|
|
89.9
|
|
|
174.2
|
|
|
279.3
|
|
||||
Total Asia Pacific
|
85.3
|
|
|
138.9
|
|
|
277.0
|
|
|
444.1
|
|
||||
Total net revenue
|
$
|
489.6
|
|
|
$
|
599.8
|
|
|
$
|
1,552.2
|
|
|
$
|
1,855.8
|
|
|
|
|
|
|
|
|
|
||||||||
Net revenue by product family:
|
|
|
|
|
|
|
|
||||||||
Architecture, Engineering and Construction
|
$
|
212.3
|
|
|
$
|
224.9
|
|
|
$
|
684.4
|
|
|
$
|
695.0
|
|
Manufacturing
|
146.6
|
|
|
174.9
|
|
|
481.5
|
|
|
530.7
|
|
||||
AutoCAD and AutoCAD LT (1)
|
80.1
|
|
|
143.6
|
|
|
239.1
|
|
|
451.7
|
|
||||
Media and Entertainment
|
34.2
|
|
|
39.1
|
|
|
103.6
|
|
|
119.8
|
|
||||
Other (1)
|
16.4
|
|
|
17.3
|
|
|
43.6
|
|
|
58.6
|
|
||||
|
$
|
489.6
|
|
|
$
|
599.8
|
|
|
$
|
1,552.2
|
|
|
$
|
1,855.8
|
|
(1)
|
Prior periods have been adjusted to conform with current period's presentation.
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
(in millions)
|
Three Months Ended October 31, 2016
|
|
As a % of Net
Revenue
|
|
Change compared to
prior fiscal year |
|
Three Months Ended October 31, 2015
|
|
As a % of Net
Revenue
|
|||||||||||
|
|
|
$
|
|
%
|
|
|
|||||||||||||
Net Revenue
|
$
|
489.6
|
|
|
100
|
%
|
|
$
|
(110.2
|
)
|
|
(18
|
)%
|
|
$
|
599.8
|
|
|
100
|
%
|
Cost of revenue
|
81.5
|
|
|
17
|
%
|
|
(9.5
|
)
|
|
(10
|
)%
|
|
91.0
|
|
|
15
|
%
|
|||
Gross Profit
|
408.1
|
|
|
83
|
%
|
|
(100.7
|
)
|
|
(20
|
)%
|
|
508.8
|
|
|
85
|
%
|
|||
Operating expenses
|
528.0
|
|
|
108
|
%
|
|
4.4
|
|
|
1
|
%
|
|
523.6
|
|
|
87
|
%
|
|||
Loss from operations
|
$
|
(119.9
|
)
|
|
(24
|
)%
|
|
$
|
(105.1
|
)
|
|
710
|
%
|
|
$
|
(14.8
|
)
|
|
(2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Nine Months Ended October 31, 2016
|
|
As a % of Net
Revenue
|
|
Change compared to
prior fiscal year |
|
Nine Months Ended October 31, 2015
|
|
As a % of Net
Revenue
|
|||||||||||
|
|
|
$
|
|
%
|
|
|
|||||||||||||
Net Revenue
|
$
|
1,552.2
|
|
|
100
|
%
|
|
$
|
(303.6
|
)
|
|
(16
|
)%
|
|
$
|
1,855.8
|
|
|
100
|
%
|
Cost of revenue
|
259.0
|
|
|
17
|
%
|
|
(16.8
|
)
|
|
(6
|
)%
|
|
275.8
|
|
|
15
|
%
|
|||
Gross Profit
|
1,293.2
|
|
|
83
|
%
|
|
(286.8
|
)
|
|
(18
|
)%
|
|
1,580.0
|
|
|
85
|
%
|
|||
Operating expenses
|
1,625.7
|
|
|
105
|
%
|
|
56.7
|
|
|
4
|
%
|
|
1,569.0
|
|
|
85
|
%
|
|||
(Loss) income from operations
|
$
|
(332.5
|
)
|
|
(21
|
)%
|
|
$
|
(343.5
|
)
|
|
(3,123
|
)%
|
|
$
|
11.0
|
|
|
1
|
%
|
|
Three Months Ended
|
|
Change compared to
prior fiscal year |
|
Three Months Ended
|
|
Nine Months Ended
|
|
Change compared to
prior fiscal year |
|
Nine Months Ended
|
||||||||||||||||||
|
October 31, 2016
|
|
$
|
|
%
|
|
October 31, 2015
|
|
October 31, 2016
|
|
$
|
|
%
|
|
October 31, 2015
|
||||||||||||||
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Subscription revenue
|
$
|
319.5
|
|
|
$
|
0.6
|
|
|
—
|
%
|
|
$
|
318.9
|
|
|
$
|
967.5
|
|
|
$
|
9.8
|
|
|
1
|
%
|
|
$
|
957.7
|
|
Add: License and other revenue from new model subscription offerings (1)
|
62.8
|
|
|
36.4
|
|
|
138
|
%
|
|
26.4
|
|
|
156.3
|
|
|
87.6
|
|
|
128
|
%
|
|
68.7
|
|
||||||
Less: other adjustments (2)
|
(8.1
|
)
|
|
(1.3
|
)
|
|
19
|
%
|
|
(6.8
|
)
|
|
(23.4
|
)
|
|
—
|
|
|
—
|
%
|
|
(23.4
|
)
|
||||||
Total recurring revenue (3)
|
$
|
374.2
|
|
|
$
|
35.7
|
|
|
11
|
%
|
|
$
|
338.5
|
|
|
$
|
1,100.4
|
|
|
$
|
97.4
|
|
|
10
|
%
|
|
$
|
1,003.0
|
|
(1)
|
Includes the portion of revenue for new model subscription offerings allocated to license & other revenue within our Condensed Consolidated Statements of Operations.
|
(2)
|
Other adjustments include subscription revenue related to select Creative Finishing product offerings, Autodesk Buzzsaw, Autodesk Constructware, education offerings, and third party products which are excluded from recurring revenue.
|
(3)
|
Total recurring revenue as presented may not recalculate on an annualized basis to total ARR in the next table due to rounding.
|
|
Balances, October 31, 2016
|
|
Change compared to
prior quarter end |
|
Balances, July 31, 2016
|
|
Balances, October 31, 2016
|
|
Change compared to
prior fiscal year end |
|
Balances, January 31, 2016
|
||||||||||||||||||
|
|
$
|
|
%
|
|
|
|
$
|
|
%
|
|
||||||||||||||||||
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Maintenance subscriptions
|
2,093.1
|
|
|
(33.9
|
)
|
|
(2
|
)%
|
|
2,127.0
|
|
|
2,093.1
|
|
|
(57.9
|
)
|
|
(3
|
)%
|
|
2,151.0
|
|
||||||
New model subscriptions
|
860.7
|
|
|
168.0
|
|
|
24
|
%
|
|
692.7
|
|
|
860.7
|
|
|
433.5
|
|
|
101
|
%
|
|
427.2
|
|
||||||
Total subscriptions
|
2,953.8
|
|
|
134.1
|
|
|
5
|
%
|
|
2,819.7
|
|
|
2,953.8
|
|
|
375.6
|
|
|
15
|
%
|
|
2,578.2
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Maintenance ARR
|
$
|
1,082.6
|
|
|
$
|
(15.1
|
)
|
|
(1
|
)%
|
|
$
|
1,097.7
|
|
|
$
|
1,082.6
|
|
|
$
|
(38.8
|
)
|
|
(3
|
)%
|
|
$
|
1,121.4
|
|
New model ARR
|
414.0
|
|
|
42.7
|
|
|
12
|
%
|
|
371.3
|
|
|
414.0
|
|
|
159.0
|
|
|
62
|
%
|
|
255.0
|
|
||||||
Total ARR
|
$
|
1,496.6
|
|
|
$
|
27.6
|
|
|
2
|
%
|
|
$
|
1,469.0
|
|
|
$
|
1,496.6
|
|
|
$
|
120.2
|
|
|
9
|
%
|
|
$
|
1,376.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(ARR divided by Subscriptions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Maintenance ARPS
|
$
|
517
|
|
|
$
|
1
|
|
|
—
|
%
|
|
$
|
516
|
|
|
$
|
517
|
|
|
$
|
(4
|
)
|
|
(1
|
)%
|
|
$
|
521
|
|
New Model ARPS
|
481
|
|
|
(55
|
)
|
|
(10
|
)%
|
|
536
|
|
|
481
|
|
|
(116
|
)
|
|
(19
|
)%
|
|
597
|
|
||||||
Total ARPS
|
$
|
507
|
|
|
$
|
(14
|
)
|
|
(3
|
)%
|
|
$
|
521
|
|
|
$
|
507
|
|
|
$
|
(27
|
)
|
|
(5
|
)%
|
|
$
|
534
|
|
|
Three Months Ended
|
|
Change compared to
prior fiscal year |
|
Three Months Ended
|
|
Nine Months Ended
|
|
Change compared to
prior fiscal year |
|
Nine Months Ended
|
||||||||||||||||||
(in millions)
|
October 31, 2016
|
$
|
|
%
|
|
October 31, 2015
|
|
October 31, 2016
|
$
|
|
%
|
|
October 31, 2015
|
||||||||||||||||
Net Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Subscription
|
$
|
319.5
|
|
|
$
|
0.6
|
|
|
—
|
%
|
|
$
|
318.9
|
|
|
$
|
967.5
|
|
|
$
|
9.8
|
|
|
1
|
%
|
|
$
|
957.7
|
|
License and other
|
170.1
|
|
|
(110.8
|
)
|
|
(39
|
)%
|
|
280.9
|
|
|
584.7
|
|
|
(313.4
|
)
|
|
(35
|
)%
|
|
898.1
|
|
||||||
|
$
|
489.6
|
|
|
$
|
(110.2
|
)
|
|
(18
|
)%
|
|
$
|
599.8
|
|
|
$
|
1,552.2
|
|
|
$
|
(303.6
|
)
|
|
(16
|
)%
|
|
$
|
1,855.8
|
|
Net Revenue by Product Family:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Architecture, Engineering and Construction
|
$
|
212.3
|
|
|
$
|
(12.6
|
)
|
|
(6
|
)%
|
|
$
|
224.9
|
|
|
$
|
684.4
|
|
|
$
|
(10.6
|
)
|
|
(2
|
)%
|
|
$
|
695.0
|
|
Manufacturing
|
146.6
|
|
|
(28.3
|
)
|
|
(16
|
)%
|
|
174.9
|
|
|
481.5
|
|
|
(49.2
|
)
|
|
(9
|
)%
|
|
530.7
|
|
||||||
AutoCAD and AutoCAD LT family (1)
|
80.1
|
|
|
(63.5
|
)
|
|
(44
|
)%
|
|
143.6
|
|
|
239.1
|
|
|
(212.6
|
)
|
|
(47
|
)%
|
|
451.7
|
|
||||||
Media and Entertainment
|
34.2
|
|
|
(4.9
|
)
|
|
(13
|
)%
|
|
39.1
|
|
|
103.6
|
|
|
(16.2
|
)
|
|
(14
|
)%
|
|
119.8
|
|
||||||
Other (1)
|
16.4
|
|
|
(0.9
|
)
|
|
(5
|
)%
|
|
17.3
|
|
|
43.6
|
|
|
(15.0
|
)
|
|
(26
|
)%
|
|
58.6
|
|
||||||
|
$
|
489.6
|
|
|
$
|
(110.2
|
)
|
|
(18
|
)%
|
|
$
|
599.8
|
|
|
$
|
1,552.2
|
|
|
$
|
(303.6
|
)
|
|
(16
|
)%
|
|
$
|
1,855.8
|
|
(1)
|
Prior periods have been adjusted to conform with current period's presentation.
|
(in millions)
|
Three Months Ended October 31, 2016
|
|
As a % of Net
Revenue
|
|
Three Months Ended October 31, 2015
|
|
As a % of Net
Revenue
|
||||||
Net Revenue:
|
|
|
|
|
|
|
|
|
|
||||
Americas
|
$
|
213.3
|
|
|
44
|
%
|
|
$
|
235.8
|
|
|
39
|
%
|
Europe, Middle East and Africa
|
191.0
|
|
|
39
|
%
|
|
225.1
|
|
|
38
|
%
|
||
Asia Pacific
|
85.3
|
|
|
17
|
%
|
|
138.9
|
|
|
23
|
%
|
||
Total Net Revenue
|
$
|
489.6
|
|
|
100
|
%
|
|
$
|
599.8
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
||||||
(in millions)
|
Nine Months Ended October 31, 2016
|
|
As a % of Net
Revenue
|
|
Nine Months Ended October 31, 2015
|
|
As a % of Net
Revenue
|
||||||
Net Revenue:
|
|
|
|
|
|
|
|
||||||
Americas
|
$
|
661.1
|
|
|
43
|
%
|
|
$
|
715.5
|
|
|
39
|
%
|
Europe, Middle East and Africa
|
614.1
|
|
|
39
|
%
|
|
696.2
|
|
|
37
|
%
|
||
Asia Pacific
|
277.0
|
|
|
18
|
%
|
|
444.1
|
|
|
24
|
%
|
||
Total Net Revenue
|
$
|
1,552.2
|
|
|
100
|
%
|
|
$
|
1,855.8
|
|
|
100
|
%
|
|
Three Months Ended
|
|
Change compared to
prior fiscal year |
|
Three Months Ended
|
|
Nine Months Ended
|
|
Change compared to
prior fiscal year |
|
Nine Months Ended
|
||||||||||||||||||
(in millions)
|
October 31, 2016
|
$
|
|
%
|
|
October 31, 2015
|
|
October 31, 2016
|
$
|
|
%
|
|
October 31, 2015
|
||||||||||||||||
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Subscription
|
$
|
35.1
|
|
|
$
|
(2.9
|
)
|
|
(8
|
)%
|
|
$
|
38.0
|
|
|
$
|
113.1
|
|
|
$
|
(3.6
|
)
|
|
(3
|
)%
|
|
$
|
116.7
|
|
License and other
|
46.4
|
|
|
(6.6
|
)
|
|
(12
|
)%
|
|
53.0
|
|
|
145.9
|
|
|
(13.2
|
)
|
|
(8
|
)%
|
|
159.1
|
|
||||||
|
$
|
81.5
|
|
|
$
|
(9.5
|
)
|
|
(10
|
)%
|
|
$
|
91.0
|
|
|
$
|
259.0
|
|
|
$
|
(16.8
|
)
|
|
(6
|
)%
|
|
$
|
275.8
|
|
As a percentage of net revenue
|
17
|
%
|
|
|
|
|
|
15
|
%
|
|
17
|
%
|
|
|
|
|
|
15
|
%
|
|
Three Months Ended
|
|
Change compared to
prior fiscal year |
|
Three Months Ended
|
|
Nine Months Ended
|
|
Change compared to prior fiscal year
|
|
Nine Months Ended
|
||||||||||||||||||
(in millions)
|
October 31, 2016
|
$
|
|
%
|
|
October 31, 2015
|
|
October 31, 2016
|
$
|
|
%
|
|
October 31, 2015
|
||||||||||||||||
Marketing and sales
|
$
|
255.0
|
|
|
$
|
11.6
|
|
|
5
|
%
|
|
$
|
243.4
|
|
|
$
|
738.9
|
|
|
$
|
0.8
|
|
|
—
|
%
|
|
$
|
738.1
|
|
As a percentage of net revenue
|
52
|
%
|
|
|
|
|
|
41
|
%
|
|
48
|
%
|
|
|
|
|
|
40
|
%
|
|
Three Months Ended
|
|
Change compared to prior fiscal year
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Change compared to prior fiscal year
|
|
Nine Months Ended
|
||||||||||||||||||
(in millions)
|
October 31, 2016
|
$
|
|
%
|
|
October 31, 2015
|
|
October 31, 2016
|
$
|
|
%
|
|
October 31, 2015
|
||||||||||||||||
Research and development
|
$
|
192.6
|
|
|
$
|
(5.3
|
)
|
|
(3
|
)%
|
|
$
|
197.9
|
|
|
$
|
579.1
|
|
|
$
|
(6.4
|
)
|
|
(1
|
)%
|
|
$
|
585.5
|
|
As a percentage of net revenue
|
39
|
%
|
|
|
|
|
|
33
|
%
|
|
37
|
%
|
|
|
|
|
|
32
|
%
|
|
Three Months Ended
|
|
Change compared to
prior fiscal year |
|
Three Months Ended
|
|
Nine Months Ended
|
|
Change compared to
prior fiscal year |
|
Nine Months Ended
|
||||||||||||||||||
(in millions)
|
October 31, 2016
|
$
|
|
%
|
|
October 31, 2015
|
|
October 31, 2016
|
$
|
|
%
|
|
October 31, 2015
|
||||||||||||||||
General and administrative
|
$
|
70.4
|
|
|
$
|
(3.8
|
)
|
|
(5
|
)%
|
|
$
|
74.2
|
|
|
$
|
213.7
|
|
|
$
|
(6.5
|
)
|
|
(3
|
)%
|
|
$
|
220.2
|
|
As a percentage of net revenue
|
14
|
%
|
|
|
|
|
|
12
|
%
|
|
14
|
%
|
|
|
|
|
|
12
|
%
|
|
Three Months Ended
|
|
Change compared to
prior fiscal year |
|
Three Months Ended
|
|
Nine Months Ended
|
|
Change compared to
prior fiscal year |
|
Nine Months Ended
|
||||||||||||||||||
(in millions)
|
October 31, 2016
|
$
|
|
%
|
|
October 31, 2015
|
|
October 31, 2016
|
$
|
|
%
|
|
October 31, 2015
|
||||||||||||||||
Amortization of purchased intangibles
|
$
|
6.8
|
|
|
$
|
(1.3
|
)
|
|
(16
|
)%
|
|
$
|
8.1
|
|
|
$
|
22.5
|
|
|
$
|
(2.7
|
)
|
|
(11
|
)%
|
|
$
|
25.2
|
|
As a percentage of net revenue
|
1
|
%
|
|
|
|
|
|
1
|
%
|
|
1
|
%
|
|
|
|
|
|
1
|
%
|
|
Three Months Ended
|
|
Change compared to
prior fiscal year
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Change compared to
prior fiscal year
|
|
Nine Months Ended
|
||||||||||||||||
(in millions)
|
October 31, 2016
|
$
|
|
%
|
|
October 31, 2015
|
October 31, 2016
|
$
|
|
%
|
|
October 31, 2015
|
|||||||||||||||
Restructuring charges and other facility exit costs, net
|
$
|
3.2
|
|
|
$
|
3.2
|
|
|
*
|
|
$
|
—
|
|
|
$
|
71.5
|
|
|
$
|
71.5
|
|
|
*
|
|
$
|
—
|
|
As a percentage of net revenue
|
1
|
%
|
|
|
|
|
|
—
|
%
|
|
5
|
%
|
|
|
|
|
|
—
|
%
|
*
|
Percentage is not meaningful
|
|
Three Months Ended October 31,
|
|
Nine Months Ended October 31,
|
||||||||||||
(in millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Interest and investment expense, net
|
$
|
(9.7
|
)
|
|
$
|
(11.0
|
)
|
|
$
|
(22.5
|
)
|
|
$
|
(21.0
|
)
|
Gain (loss) on foreign currency
|
0.4
|
|
|
(0.3
|
)
|
|
(2.7
|
)
|
|
(1.6
|
)
|
||||
Gain (loss) on strategic investments
|
0.4
|
|
|
(0.1
|
)
|
|
0.6
|
|
|
3.3
|
|
||||
Other (expense) income
|
(0.5
|
)
|
|
3.7
|
|
|
1.5
|
|
|
8.5
|
|
||||
Interest and other expense, net
|
$
|
(9.4
|
)
|
|
$
|
(7.7
|
)
|
|
$
|
(23.1
|
)
|
|
$
|
(10.8
|
)
|
|
Three Months Ended October 31,
|
|
Nine Months Ended October 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Unaudited)
|
|
(Unaudited)
|
||||||||||||
Gross profit
|
$
|
408.1
|
|
|
$
|
508.8
|
|
|
$
|
1,293.2
|
|
|
$
|
1,580.0
|
|
Non-GAAP gross profit
|
$
|
422.0
|
|
|
$
|
523.6
|
|
|
$
|
1,335.5
|
|
|
$
|
1,625.6
|
|
Gross margin
|
83
|
%
|
|
85
|
%
|
|
83
|
%
|
|
85
|
%
|
||||
Non-GAAP gross margin
|
86
|
%
|
|
87
|
%
|
|
86
|
%
|
|
88
|
%
|
||||
(Loss) income from operations
|
$
|
(119.9
|
)
|
|
$
|
(14.8
|
)
|
|
$
|
(332.5
|
)
|
|
$
|
11.0
|
|
Non-GAAP (loss) income from operations
|
$
|
(42.9
|
)
|
|
$
|
55.1
|
|
|
$
|
(44.0
|
)
|
|
$
|
214.4
|
|
Operating margin
|
(24
|
)%
|
|
(2
|
)%
|
|
(21
|
)%
|
|
1
|
%
|
||||
Non-GAAP operating margin
|
(9
|
)%
|
|
9
|
%
|
|
(3
|
)%
|
|
12
|
%
|
||||
Net loss
|
$
|
(142.8
|
)
|
|
$
|
(43.8
|
)
|
|
$
|
(408.7
|
)
|
|
$
|
(293.3
|
)
|
Non-GAAP net (loss) income
|
$
|
(39.0
|
)
|
|
$
|
33.1
|
|
|
$
|
(50.1
|
)
|
|
$
|
146.2
|
|
GAAP diluted net loss per share (1)
|
$
|
(0.64
|
)
|
|
$
|
(0.19
|
)
|
|
$
|
(1.83
|
)
|
|
$
|
(1.29
|
)
|
Non-GAAP diluted net (loss) income per share (1)
|
$
|
(0.18
|
)
|
|
$
|
0.14
|
|
|
$
|
(0.22
|
)
|
|
$
|
0.63
|
|
GAAP diluted shares used in per share calculation
|
222.3
|
|
|
225.3
|
|
|
223.3
|
|
|
226.5
|
|
||||
Non-GAAP diluted weighted average shares used in per share calculation
|
222.3
|
|
|
228.7
|
|
|
223.3
|
|
|
230.5
|
|
(1)
|
Net (loss) income per share was computed independently for each of the periods presented; therefore the sum of the net (loss) income per share amount for the quarters may not equal the total for the year.
|
|
Three Months Ended October 31,
|
|
Nine Months Ended October 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Unaudited)
|
|
(Unaudited)
|
||||||||||||
Gross profit
|
$
|
408.1
|
|
|
$
|
508.8
|
|
|
$
|
1,293.2
|
|
|
$
|
1,580.0
|
|
Stock-based compensation expense
|
3.5
|
|
|
3.2
|
|
|
10.3
|
|
|
8.5
|
|
||||
Amortization of developed technologies
|
10.4
|
|
|
11.6
|
|
|
32.0
|
|
|
37.1
|
|
||||
Non-GAAP gross profit
|
$
|
422.0
|
|
|
$
|
523.6
|
|
|
$
|
1,335.5
|
|
|
$
|
1,625.6
|
|
Gross margin
|
83
|
%
|
|
85
|
%
|
|
83
|
%
|
|
85
|
%
|
||||
Stock-based compensation expense
|
1
|
%
|
|
—
|
%
|
|
1
|
%
|
|
1
|
%
|
||||
Amortization of developed technologies
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
||||
Non-GAAP gross margin
|
86
|
%
|
|
87
|
%
|
|
86
|
%
|
|
88
|
%
|
||||
(Loss) income from operations
|
$
|
(119.9
|
)
|
|
$
|
(14.8
|
)
|
|
$
|
(332.5
|
)
|
|
$
|
11.0
|
|
Stock-based compensation expense
|
56.6
|
|
|
50.2
|
|
|
162.5
|
|
|
141.1
|
|
||||
Amortization of developed technologies
|
10.4
|
|
|
11.6
|
|
|
32.0
|
|
|
37.1
|
|
||||
Amortization of purchased intangibles
|
6.8
|
|
|
8.1
|
|
|
22.5
|
|
|
25.2
|
|
||||
Restructuring charges and other facility exit costs, net
|
3.2
|
|
|
—
|
|
|
71.5
|
|
|
—
|
|
||||
Non-GAAP (loss) income from operations
|
$
|
(42.9
|
)
|
|
$
|
55.1
|
|
|
$
|
(44.0
|
)
|
|
$
|
214.4
|
|
Operating margin
|
(24
|
)%
|
|
(2
|
)%
|
|
(21
|
)%
|
|
1
|
%
|
||||
Stock-based compensation expense
|
11
|
%
|
|
8
|
%
|
|
10
|
%
|
|
8
|
%
|
||||
Amortization of developed technologies
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
||||
Amortization of purchased intangibles
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
||||
Restructuring charges and other facility exit costs, net
|
1
|
%
|
|
—
|
%
|
|
5
|
%
|
|
—
|
%
|
||||
Non-GAAP operating margin
|
(9
|
)%
|
|
9
|
%
|
|
(3
|
)%
|
|
12
|
%
|
||||
Net loss
|
$
|
(142.8
|
)
|
|
$
|
(43.8
|
)
|
|
$
|
(408.7
|
)
|
|
$
|
(293.3
|
)
|
Stock-based compensation expense
|
56.6
|
|
|
50.2
|
|
|
162.5
|
|
|
141.1
|
|
||||
Amortization of developed technologies
|
10.4
|
|
|
11.6
|
|
|
32.0
|
|
|
37.1
|
|
||||
Amortization of purchased intangibles
|
6.8
|
|
|
8.1
|
|
|
22.5
|
|
|
25.2
|
|
||||
Restructuring charges and other facility exit costs, net
|
3.2
|
|
|
—
|
|
|
71.5
|
|
|
—
|
|
||||
(Gain) loss on strategic investments
|
(0.4
|
)
|
|
0.1
|
|
|
(0.6
|
)
|
|
(3.3
|
)
|
||||
Discrete tax items
|
(9.0
|
)
|
|
1.2
|
|
|
4.0
|
|
|
2.4
|
|
||||
Establishment of valuation allowance on deferred tax assets
|
—
|
|
|
—
|
|
|
—
|
|
|
230.9
|
|
||||
Income tax effect of non-GAAP adjustments
|
36.2
|
|
|
5.7
|
|
|
66.7
|
|
|
6.1
|
|
||||
Non-GAAP net (loss) income
|
$
|
(39.0
|
)
|
|
$
|
33.1
|
|
|
$
|
(50.1
|
)
|
|
$
|
146.2
|
|
|
Three Months Ended October 31,
|
|
Nine Months Ended October 31,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Unaudited)
|
|
(Unaudited)
|
||||||||||||
GAAP diluted net loss per share (1)
|
$
|
(0.64
|
)
|
|
$
|
(0.19
|
)
|
|
$
|
(1.83
|
)
|
|
$
|
(1.29
|
)
|
Stock-based compensation expense
|
0.25
|
|
|
0.22
|
|
|
0.72
|
|
|
0.61
|
|
||||
Amortization of developed technologies
|
0.05
|
|
|
0.05
|
|
|
0.15
|
|
|
0.16
|
|
||||
Amortization of purchased intangibles
|
0.03
|
|
|
0.03
|
|
|
0.10
|
|
|
0.11
|
|
||||
Restructuring charges and other facility exit costs, net
|
0.01
|
|
|
—
|
|
|
0.31
|
|
|
—
|
|
||||
(Gain) loss on strategic investments
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01
|
)
|
||||
Discrete tax items
|
(0.03
|
)
|
|
—
|
|
|
0.03
|
|
|
0.01
|
|
||||
Establishment of valuation allowance on deferred tax assets
|
—
|
|
|
—
|
|
|
—
|
|
|
1.01
|
|
||||
Income tax effect of non-GAAP adjustments
|
0.15
|
|
|
0.03
|
|
|
0.30
|
|
|
0.03
|
|
||||
Non-GAAP diluted net (loss) income per share (1)
|
$
|
(0.18
|
)
|
|
$
|
0.14
|
|
|
$
|
(0.22
|
)
|
|
$
|
0.63
|
|
GAAP diluted shares used in per share calculation
|
222.3
|
|
|
225.3
|
|
|
223.3
|
|
|
226.5
|
|
||||
Shares included in non-GAAP net income per share, but excluded from GAAP net loss per share as they would have been anti-dilutive
|
—
|
|
|
3.4
|
|
|
—
|
|
|
4.0
|
|
||||
Non-GAAP Diluted weighted average shares used in per share calculation
|
222.3
|
|
|
228.7
|
|
|
223.3
|
|
|
230.5
|
|
(1)
|
Net (loss) income per share was computed independently for each of the periods presented; therefore the sum of the net (loss) income per share amount for the quarters may not equal the total for the year.
|
(Shares in millions)
|
Total Number of
Shares
Purchased
|
|
Average Price
Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
|
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2)
|
|||||
August 1 - August 31
|
0.4
|
|
|
$
|
61.02
|
|
|
0.4
|
|
|
1.1
|
|
September 1 - September 30
|
0.5
|
|
|
69.27
|
|
|
0.5
|
|
|
30.6
|
|
|
October 1 - October 31
|
1.1
|
|
|
71.16
|
|
|
1.1
|
|
|
29.5
|
|
|
Total
|
2.0
|
|
|
$
|
68.74
|
|
|
2.0
|
|
|
|
|
(1)
|
Represents shares purchased in open-market transactions under the stock repurchase plan approved by the Board of Directors.
|
(2)
|
These amounts correspond to the plans approved by the Board of Directors in September 2016 and June 2012 that each authorized the repurchase of
30.0 million
shares. These plans do not have a fixed expiration date.
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
•
|
enhancing our technical accounting review for complex income tax considerations;
|
•
|
enhancing our income tax controls to include specific activities to ensure proper classification of deferred taxes;
|
•
|
supplementing our accounting and tax professionals with the engagement of an internationally recognized accounting firm to assist us in the technical review regarding the application of tax rules around deferred tax assets and liabilities; and
|
•
|
reorganizing the structure of our tax function to enhance the level of documentation, technical oversight and review.
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
•
|
lack of credit available to, and the insolvency of, key channel partners, which may impair our distribution channels and cash flows;
|
•
|
counterparty failures negatively impacting our treasury functions, including timely access to our cash reserves and third-party fulfillment of hedging transactions;
|
•
|
counterparty failures negatively affecting our insured risks;
|
•
|
inability of banks to honor our existing line of credit, which could increase our borrowing expenses or eliminate our ability to obtain short-term financing; and
|
•
|
decreased borrowing and spending by our end users on small and large projects in the industries we serve, thereby reducing demand for our products.
|
•
|
economic volatility;
|
•
|
fluctuating currency exchange rates, including risks related to any hedging activities we undertake;
|
•
|
unexpected changes in regulatory requirements and practices;
|
•
|
delays resulting from difficulty in obtaining export licenses for certain technology;
|
•
|
different purchase patterns as compared to the developed world;
|
•
|
tariffs, quotas, and other trade barriers and restrictions;
|
•
|
operating in locations with a higher incidence of corruption and fraudulent business practices, particularly in emerging economies;
|
•
|
increasing enforcement by the U.S. under the Foreign Corrupt Practices Act, and adoption of stricter anti-corruption laws in certain countries, including the United Kingdom;
|
•
|
difficulties in staffing and managing foreign sales and development operations;
|
•
|
local competition;
|
•
|
longer collection cycles for accounts receivable;
|
•
|
potential changes in tax laws, including possible U.S. and foreign tax law changes that, if enacted, could significantly impact how multinational companies are taxed;
|
•
|
tax arrangements with foreign governments, including our ability to meet and renew the terms of those tax arrangements;
|
•
|
laws regarding the management of and access to data and public networks;
|
•
|
possible future limitations upon foreign owned businesses;
|
•
|
increased financial accounting and reporting burdens and complexities;
|
•
|
inadequate local infrastructure;
|
•
|
greater difficulty in protecting intellectual property;
|
•
|
software piracy; and
|
•
|
other factors beyond our control, including popular uprisings, terrorism, war, natural disasters, and diseases.
|
•
|
general market, economic, business, and political conditions in particular geographies, including Europe, APAC, and emerging economies;
|
•
|
failure to produce sufficient revenue, billings or subscription growth, and profitability;
|
•
|
failure to achieve anticipated levels of customer acceptance of our business model transition, including the impact of the end of upgrades and perpetual licenses;
|
•
|
weak or negative growth in one or more of the industries we serve, including AEC, manufacturing, and digital media and entertainment markets;
|
•
|
restructuring or other accounting charges and unexpected costs or other operating expenses;
|
•
|
changes in revenue recognition or other accounting guidelines employed by us and/or established by the Financial Accounting Standards Board or other rule-making bodies;
|
•
|
fluctuations in foreign currency exchange rates and the effectiveness of our hedging activity;
|
•
|
failure to achieve and maintain cost reductions and productivity increases;
|
•
|
dependence on and the timing of large transactions;
|
•
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changes in product mix, pricing pressure or changes in product pricing;
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•
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changes in billings linearity;
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•
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the ability of governments around the world to adopt fiscal policies, meet their financial and debt obligations, and to finance infrastructure projects;
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•
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lower growth or contraction of our maintenance program;
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•
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failure to expand our AutoCAD and AutoCAD LT customer base to related design products and services;
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•
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our inability to rapidly adapt to technological and customer preference changes, including those related to cloud computing, mobile devices, new computing platforms, and 3D printing;
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•
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the timing of the introduction of new products by us or our competitors;
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•
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the success of new business or sales initiatives;
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•
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the financial and business condition of our reseller and distribution channels;
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•
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failure to accurately predict the impact of acquired businesses or to identify and realize the anticipated benefits of acquisitions, and successfully integrate such acquired businesses and technologies;
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•
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perceived or actual technical or other problems with a product or combination of products;
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•
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unexpected or negative outcomes of matters and expenses relating to litigation or regulatory inquiries;
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•
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increases in cloud services-related expenses;
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•
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security breaches and potential financial penalties to customers and government entities;
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•
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timing of additional investments in the development of our platform or deployment of our services;
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•
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timing of product releases and retirements;
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•
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changes in tax laws or regulations, tax arrangements with foreign governments or accounting rules, such as increased use of fair value measures;
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•
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changes in sales compensation practices;
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•
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failure to effectively implement our copyright legalization programs, especially in developing countries;
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•
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failure to achieve sufficient sell-through in our channels for new or existing products;
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•
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renegotiation or termination of royalty or intellectual property arrangements;
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•
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interruptions or terminations in the business of our consultants or third-party developers;
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•
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the timing and degree of expected investments in growth and efficiency opportunities;
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•
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failure to achieve continued success in technology advancements;
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•
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catastrophic events or natural disasters;
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•
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regulatory compliance costs;
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•
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potential goodwill impairment charges related to prior acquisitions;
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•
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failure to appropriately estimate the scope of services under consulting arrangements; and
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•
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adjustments arising from ongoing or future tax examinations.
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•
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the inability to retain customers, key employees, vendors, distributors, business partners, and other entities associated with the acquired business;
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•
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the potential that due diligence of the acquired business or product does not identify significant problems;
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•
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exposure to litigation or other claims in connection with, or inheritance of claims or litigation risk as a result of, an acquisition, including but not limited to, claims from terminated employees, customers, or other third parties;
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•
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the potential for incompatible business cultures;
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•
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significantly higher than anticipated transaction or integration-related costs;
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•
|
potential additional exposure to fluctuations in currency exchange rates; and
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•
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the potential impact on relationships with existing customers, vendors, and distributors as business partners as a result of acquiring another business.
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•
|
enhancing our technical accounting review for complex income tax considerations;
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•
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enhancing our income tax controls to include specific activities to ensure proper classification of deferred taxes;
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•
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supplementing our accounting and tax professionals with the engagement of an internationally recognized accounting firm to assist us in the technical review regarding the application of tax rules around deferred tax assets and liabilities; and
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•
|
assessed
an
d reorganized the structure of our tax function to enhance the level of documentation, technical oversight and review.
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•
|
shortfalls in our expected financial results, including net revenue, billings, earnings, subscriptions, or other key performance metrics;
|
•
|
results and future projections related to our business model transition, including the impact of the end of upgrades and
|
•
|
quarterly variations in our or our competitors' results of operations;
|
•
|
general socio-economic, political or market conditions;
|
•
|
changes in estimates of future results or recommendations or confusion on the part of analysts and investors about the short-term and long-term impact to our business resulting from our business model transition;
|
•
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uncertainty about certain governments' abilities to repay debt or effect fiscal policy;
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•
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the announcement of new products or product enhancements by us or our competitors;
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•
|
unusual events such as significant acquisitions, divestitures, regulatory actions, and litigation;
|
•
|
changes in laws, rules, or regulations applicable to our business;
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•
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outstanding debt service obligations; and
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•
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other factors, including factors unrelated to our operating performance, such as instability affecting the economy or the operating performance of our competitors.
|
•
|
increasing our vulnerability to adverse changes in general economic, industry and competitive conditions;
|
•
|
requiring the dedication of a greater than expected portion of our expected cash from operations to service our indebtedness, thereby reducing the amount of expected cash flow available for other purposes, including capital expenditures and acquisitions; and
|
•
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limiting our flexibility in planning for, or reacting to, changes in our business and our industry.
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
Exhibit No.
|
|
Description
|
|
|
|
|
|
|
|
|
|
10.1*
|
|
Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan, as amended and restated (
incorporated by reference to Exhibit 99.1 filed with the Registrant’s Registration Statement on Form S-8 filed on September 19, 2016
)
|
|
|
|
10.2*
|
|
Sub-Plan of the Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan, as amended and restated (
incorporated by reference to Exhibit 99.2 filed with the Registrant’s Registration Statement on Form S-8 filed on September 19, 2016
)
|
|
|
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
|
|
|
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
|
|
|
|
32.1 †
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
101.INS ††
|
|
XBRL Instance Document
|
|
|
|
101.SCH ††
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
101.CAL ††
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
101.DEF ††
|
|
XBRL Taxonomy Definition Linkbase
|
|
|
|
101.LAB ††
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
|
|
101.PRE ††
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
*
|
Denotes a management contract or compensatory plan or arrangement
|
†
|
The certifications attached as Exhibit 32 that accompany this Quarterly Report on Form 10-Q, are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Autodesk, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-Q, irrespective of any general incorporation language contained in such filing.
|
|
|
††
|
The financial information contained in these XBRL documents is unaudited.
|
|
AUTODESK, INC.
|
(Registrant)
|
|
/s/ PAUL UNDERWOOD
|
Paul Underwood
|
Vice President and Corporate Controller
|
(Principal Accounting Officer)
|
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