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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 210.71 | 211.00 | 219.99 | 13 | 10:47:18 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 94-2819853 | ||||||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. employer
Identification No.) |
||||||||||
111 McInnis Parkway, | |||||||||||
San Rafael, | California | 94903 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.01 per share | ADSK | The Nasdaq Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Page No. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Subscription | $ | 1,016.7 | $ | 841.2 | $ | 1,964.2 | $ | 1,644.2 | |||||||||||||||
Maintenance | 16.9 | 51.2 | 36.0 | 113.3 | |||||||||||||||||||
Total subscription and maintenance revenue
|
1,033.6 | 892.4 | 2,000.2 | 1,757.5 | |||||||||||||||||||
Other | 26.1 | 20.7 | 48.8 | 41.3 | |||||||||||||||||||
Total net revenue | 1,059.7 | 913.1 | 2,049.0 | 1,798.8 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of subscription and maintenance revenue | 76.0 | 58.5 | 144.5 | 115.9 | |||||||||||||||||||
Cost of other revenue | 15.8 | 15.0 | 29.9 | 32.1 | |||||||||||||||||||
Amortization of developed technologies | 13.6 | 7.4 | 23.8 | 14.8 | |||||||||||||||||||
Total cost of revenue | 105.4 | 80.9 | 198.2 | 162.8 | |||||||||||||||||||
Gross profit | 954.3 | 832.2 | 1,850.8 | 1,636.0 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Marketing and sales | 398.8 | 350.9 | 775.9 | 692.2 | |||||||||||||||||||
Research and development | 276.9 | 232.5 | 542.4 | 449.9 | |||||||||||||||||||
General and administrative | 119.4 | 93.2 | 231.3 | 198.0 | |||||||||||||||||||
Amortization of purchased intangibles | 11.1 | 9.5 | 19.3 | 19.2 | |||||||||||||||||||
Total operating expenses | 806.2 | 686.1 | 1,568.9 | 1,359.3 | |||||||||||||||||||
Income from operations | 148.1 | 146.1 | 281.9 | 276.7 | |||||||||||||||||||
Interest and other expense, net | (9.3) | (17.1) | (11.7) | (57.2) | |||||||||||||||||||
Income before income taxes | 138.8 | 129.0 | 270.2 | 219.5 | |||||||||||||||||||
(Provision) benefit for income taxes | (23.2) | (30.8) | 1.0 | (54.8) | |||||||||||||||||||
Net income | $ | 115.6 | $ | 98.2 | $ | 271.2 | $ | 164.7 | |||||||||||||||
Basic net income per share | $ | 0.53 | $ | 0.45 | $ | 1.23 | $ | 0.75 | |||||||||||||||
Diluted net income per share | $ | 0.52 | $ | 0.44 | $ | 1.22 | $ | 0.74 | |||||||||||||||
Weighted average shares used in computing basic net income per share | 219.8 | 219.2 | 219.7 | 219.2 | |||||||||||||||||||
Weighted average shares used in computing diluted net income per share | 222.5 | 222.2 | 222.2 | 222.0 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 115.6 | $ | 98.2 | $ | 271.2 | $ | 164.7 | |||||||||||||||
Other comprehensive (loss) income, net of reclassifications: | |||||||||||||||||||||||
Net gain (loss) on derivative instruments (net of tax effect of $(1.7), $2.3, $(3.4) and $1.9, respectively)
|
9.5 | (19.5) | 19.5 | (15.5) | |||||||||||||||||||
Change in net unrealized gain on available-for-sale debt securities (net of tax effect of zero, zero, zero and $0.1, respectively)
|
3.8 | 0.9 | 7.8 | 1.3 | |||||||||||||||||||
Change in defined benefit pension items (net of tax effect of zero for all periods presented)
|
0.1 | — | 0.2 | (0.3) | |||||||||||||||||||
Net change in cumulative foreign currency translation (loss) gain (net of tax effect of $1.2, $(0.4), $(0.6) and $(0.4), respectively)
|
(25.1) | 43.2 | (15.0) | 20.3 | |||||||||||||||||||
Total other comprehensive (loss) income | (11.7) | 24.6 | 12.5 | 5.8 | |||||||||||||||||||
Total comprehensive income | $ | 103.9 | $ | 122.8 | $ | 283.7 | $ | 170.5 |
July 31, 2021 | January 31, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 923.5 | $ | 1,772.2 | |||||||
Marketable securities | 1.4 | 4.0 | |||||||||
Accounts receivable, net | 357.8 | 643.1 | |||||||||
Prepaid expenses and other current assets | 263.3 | 206.2 | |||||||||
Total current assets | 1,546.0 | 2,625.5 | |||||||||
Computer equipment, software, furniture and leasehold improvements, net | 198.3 | 192.8 | |||||||||
Operating lease right-of-use assets | 384.3 | 416.7 | |||||||||
Intangible assets, net | 511.3 | 199.3 | |||||||||
Goodwill | 3,562.2 | 2,706.5 | |||||||||
Deferred income taxes, net | 739.6 | 763.1 | |||||||||
Long-term other assets | 478.9 | 375.9 | |||||||||
Total assets | $ | 7,420.6 | $ | 7,279.8 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 108.4 | $ | 122.5 | |||||||
Accrued compensation | 216.5 | 322.6 | |||||||||
Accrued income taxes | 21.9 | 42.6 | |||||||||
Deferred revenue | 2,521.0 | 2,500.9 | |||||||||
Operating lease liabilities | 87.7 | 71.4 | |||||||||
Other accrued liabilities | 131.9 | 194.7 | |||||||||
Total current liabilities | 3,087.4 | 3,254.7 | |||||||||
Long-term deferred revenue | 779.4 | 859.3 | |||||||||
Long-term operating lease liabilities | 358.9 | 396.0 | |||||||||
Long-term income taxes payable | 21.1 | 15.9 | |||||||||
Long-term deferred income taxes | 60.4 | 11.4 | |||||||||
Long-term notes payable, net | 1,638.4 | 1,637.2 | |||||||||
Long-term other liabilities | 147.2 | 139.8 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock and additional paid-in capital | 2,780.7 | 2,578.9 | |||||||||
Accumulated other comprehensive loss | (113.4) | (125.9) | |||||||||
Accumulated deficit | (1,339.5) | (1,487.5) | |||||||||
Total stockholders’ equity | 1,327.8 | 965.5 | |||||||||
Total liabilities and stockholders' equity | $ | 7,420.6 | $ | 7,279.8 |
Six Months Ended July 31, | |||||||||||
2021 | 2020 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 271.2 | $ | 164.7 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | 72.4 | 60.0 | |||||||||
Stock-based compensation expense | 266.0 | 194.1 | |||||||||
Deferred income taxes | 25.7 | 14.5 | |||||||||
Other | 7.9 | 36.0 | |||||||||
Changes in operating assets and liabilities, net of business combinations: | |||||||||||
Accounts receivable | 292.6 | 162.7 | |||||||||
Prepaid expenses and other assets | (157.5) | (52.0) | |||||||||
Accounts payable and other liabilities | (150.8) | (42.8) | |||||||||
Deferred revenue | (70.6) | (130.0) | |||||||||
Accrued income taxes | (18.8) | 11.3 | |||||||||
Net cash provided by operating activities
|
538.1 | 418.5 | |||||||||
Investing activities: | |||||||||||
Purchases of marketable securities | — | (17.0) | |||||||||
Sales and maturities of marketable securities | 4.0 | 11.0 | |||||||||
Capital expenditures | (36.1) | (46.7) | |||||||||
Purchases of developed technologies | (7.7) | (4.8) | |||||||||
Business combinations, net of cash acquired | (1,154.6) | — | |||||||||
Other investing activities | 8.0 | (54.3) | |||||||||
Net cash used in investing activities
|
(1,186.4) | (111.8) | |||||||||
Financing activities: | |||||||||||
Proceeds from issuance of common stock, net of issuance costs | 64.7 | 58.5 | |||||||||
Taxes paid related to net share settlement of equity awards | (61.9) | (39.6) | |||||||||
Repurchases of common stock | (198.7) | (209.0) | |||||||||
Repayment of debt | — | (450.0) | |||||||||
Other financing activities | — | (2.5) | |||||||||
Net cash used in financing activities
|
(195.9) | (642.6) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (4.5) | 1.0 | |||||||||
Net decrease in cash and cash equivalents | (848.7) | (334.9) | |||||||||
Cash and cash equivalents at beginning of period | 1,772.2 | 1,774.7 | |||||||||
Cash and cash equivalents at end of period | $ | 923.5 | $ | 1,439.8 | |||||||
Supplemental cash flow disclosure: | |||||||||||
Non-cash financing activities: | |||||||||||
Fair value of common stock issued to settle liability-classified restricted stock units | $ | — | $ | 28.7 | |||||||
Fair value of common stock issued related to business combination (See Note 8) | $ | 2.6 | $ | — |
As Reported January 31, 2021 | Effect of Change in Presentation | As Adjusted January 31, 2021 | |||||||||||||||
Intangible assets, net | $ | 88.6 | $ | 110.7 | $ | 199.3 | |||||||||||
Long-term other assets | 486.6 | (110.7) | 375.9 | ||||||||||||||
Total assets | 7,279.8 | — | 7,279.8 |
As Reported January 31, 2021 | Effect of Changes in Presentation | As Adjusted January 31, 2021 | |||||||||||||||||||||||||||
Marketable securities | $ | 85.0 | $ | (81.0) | $ | 4.0 | |||||||||||||||||||||||
Prepaid and other current assets | 198.9 | 7.3 | 206.2 | ||||||||||||||||||||||||||
Long-term other assets | 412.9 | 73.7 | 486.6 | ||||||||||||||||||||||||||
Total current assets | 2,699.2 | (73.7) | 2,625.5 | ||||||||||||||||||||||||||
Total assets | 7,279.8 | $ | — | 7,279.8 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net revenue by product family: | |||||||||||||||||||||||
Architecture, Engineering and Construction | $ | 478.7 | $ | 397.0 | $ | 921.3 | $ | 779.7 | |||||||||||||||
AutoCAD and AutoCAD LT | 304.4 | 271.9 | 589.5 | 534.1 | |||||||||||||||||||
Manufacturing | 207.7 | 185.5 | 405.0 | 368.4 | |||||||||||||||||||
Media and Entertainment | 58.5 | 53.3 | 113.5 | 105.9 | |||||||||||||||||||
Other | 10.4 | 5.4 | 19.7 | 10.7 | |||||||||||||||||||
Total net revenue | $ | 1,059.7 | $ | 913.1 | $ | 2,049.0 | $ | 1,798.8 | |||||||||||||||
Net revenue by geographic area: | |||||||||||||||||||||||
Americas | |||||||||||||||||||||||
U.S. | $ | 347.3 | $ | 309.5 | $ | 671.3 | $ | 610.1 | |||||||||||||||
Other Americas | 75.5 | 62.0 | 143.2 | 123.6 | |||||||||||||||||||
Total Americas | 422.8 | 371.5 | 814.5 | 733.7 | |||||||||||||||||||
Europe, Middle East and Africa | 410.2 | 354.7 | 792.7 | 699.5 | |||||||||||||||||||
Asia Pacific | 226.7 | 186.9 | 441.8 | 365.6 | |||||||||||||||||||
Total net revenue | $ | 1,059.7 | $ | 913.1 | $ | 2,049.0 | $ | 1,798.8 | |||||||||||||||
Net revenue by sales channel: | |||||||||||||||||||||||
Indirect | $ | 702.2 | $ | 639.3 | $ | 1,363.5 | $ | 1,262.7 | |||||||||||||||
Direct | 357.5 | 273.8 | 685.5 | 536.1 | |||||||||||||||||||
Total net revenue | $ | 1,059.7 | $ | 913.1 | $ | 2,049.0 | $ | 1,798.8 | |||||||||||||||
Net revenue by product type: | |||||||||||||||||||||||
Design | $ | 944.0 | $ | 821.4 | $ | 1,829.1 | $ | 1,619.1 | |||||||||||||||
Make | 89.6 | 71.0 | 171.1 | 138.4 | |||||||||||||||||||
Other | 26.1 | 20.7 | 48.8 | 41.3 | |||||||||||||||||||
Total net revenue | $ | 1,059.7 | $ | 913.1 | $ | 2,049.0 | $ | 1,798.8 | |||||||||||||||
July 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
Cash equivalents (1): | |||||||||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 206.5 | $ | — | $ | — | $ | 206.5 | $ | 206.5 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Other (2) | 1.6 | — | — | 1.6 | 1.0 | 0.6 | — | ||||||||||||||||||||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Short-term | |||||||||||||||||||||||||||||||||||||||||||||||
Other (3) | — | 1.4 | — | 1.4 | 1.4 | — | — | ||||||||||||||||||||||||||||||||||||||||
Mutual funds (4) (5) | 70.2 | 22.8 | — | 93.0 | 93.0 | — | — | ||||||||||||||||||||||||||||||||||||||||
Strategic investments derivative assets (5) | 0.1 | 0.4 | (0.3) | 0.2 | — | — | 0.2 | ||||||||||||||||||||||||||||||||||||||||
Derivative contract assets (5) | 0.4 | 10.1 | (0.2) | 10.3 | — | 10.3 | — | ||||||||||||||||||||||||||||||||||||||||
Derivative contract liabilities (6) | — | — | (6.8) | (6.8) | — | (6.8) | — | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 278.8 | $ | 34.7 | $ | (7.3) | $ | 306.2 | $ | 301.9 | $ | 4.1 | $ | 0.2 |
January 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||
Cash equivalents (1): | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | $ | 36.0 | $ | — | $ | — | $ | 36.0 | $ | — | $ | 36.0 | $ | — | |||||||||||||||||||||||||||||||||
Money market funds | 686.9 | — | — | 686.9 | 686.9 | — | — | ||||||||||||||||||||||||||||||||||||||||
Other (2) | 4.4 | — | — | 4.4 | 4.0 | 0.4 | — | ||||||||||||||||||||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Other (3) | 4.0 | — | — | 4.0 | — | 4.0 | — | ||||||||||||||||||||||||||||||||||||||||
Mutual funds (4) (5) | 64.5 | 16.5 | — | 81.0 | 81.0 | — | — | ||||||||||||||||||||||||||||||||||||||||
Strategic investments derivative asset (5) | 0.1 | 0.4 | (0.3) | 0.2 | — | — | 0.2 | ||||||||||||||||||||||||||||||||||||||||
Derivative contract assets (5) | 0.4 | 9.8 | (0.4) | 9.8 | — | 9.8 | — | ||||||||||||||||||||||||||||||||||||||||
Derivative contract liabilities (6) | — | — | (17.5) | (17.5) | — | (17.5) | — | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 796.3 | $ | 26.7 | $ | (18.2) | $ | 804.8 | $ | 771.9 | $ | 32.7 | $ | 0.2 |
Six Months Ended July 31, | Cumulative Amount as of | ||||||||||||||||||||||||||||
2021 | 2020 | July 31, 2021 | |||||||||||||||||||||||||||
Upward adjustments (1) | $ | 5.6 | $ | 3.0 | $ | 21.6 | |||||||||||||||||||||||
Negative adjustments, including impairments (1) | (8.8) | (34.8) | (69.4) | ||||||||||||||||||||||||||
Net adjustments | $ | (3.2) | $ | (31.8) | $ | (47.8) |
Three Months Ended July 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Net revenue | Cost of revenue | Operating expenses | ||||||||||||||||||||||||||||||||||||
Subscription revenue | Maintenance revenue | Cost of subscription and maintenance revenue | Marketing and sales | Research and development | General and administrative | |||||||||||||||||||||||||||||||||
Total amounts of income and expense line items presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded
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$ | 1,016.7 | $ | 16.9 | $ | 76.0 | $ | 398.8 | $ | 276.9 | $ | 119.4 | ||||||||||||||||||||||||||
(Loss) on cash flow hedging relationships in Subtopic ASC 815-20 | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
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Amount of (loss) reclassified from accumulated other comprehensive income into income | $ | (4.5) | $ | (0.6) | $ | — | $ | (0.2) | $ | (0.2) | $ | (0.1) | ||||||||||||||||||||||||||
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Six Months Ended July 31, 2021 | |||||||||||||||||||||||||||||||||||||
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Net revenue | Cost of revenue | Operating expenses | ||||||||||||||||||||||||||||||||||
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Subscription revenue | Maintenance Revenue | Cost of subscription and maintenance revenue | Marketing and sales | Research and development | General and administrative | |||||||||||||||||||||||||||||||
Total amounts of income and expense line items presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded
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$ | 1,964.2 |
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$ | 36.0 |
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$ | 144.5 |
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$ | 775.9 |
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$ | 542.4 |
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$ | 231.3 | ||||||||||||||||||||
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(Loss) gain on cash flow hedging relationships in Subtopic ASC 815-20 |
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Foreign exchange contracts
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Amount of (loss) gain reclassified from accumulated other comprehensive income into income |
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$ | (9.4) |
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$ | (1.2) |
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$ | 0.3 |
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$ | 0.6 |
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$ | (0.2) |
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$ | 0.4 |
Three Months Ended July 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Net Revenue | Cost of revenue | Operating expenses | ||||||||||||||||||||||||||||||||||||
Subscription Revenue | Maintenance Revenue | Cost of subscription and maintenance revenue | Marketing and sales | Research and development | General and administrative | |||||||||||||||||||||||||||||||||
Total amounts of income and expense line items presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded
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$ | 841.2 | $ | 51.2 | $ | 58.5 | $ | 350.9 | $ | 232.5 | $ | 93.2 | ||||||||||||||||||||||||||
Gain (loss) on cash flow hedging relationships in Subtopic ASC 815-20
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Foreign exchange contracts
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Amount of gain (loss) reclassified from accumulated other comprehensive income into income
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$ | 1.6 | $ | — | $ | (0.1) | $ | (0.5) | $ | — | $ | (0.2) | ||||||||||||||||||||||||||
Six Months Ended July 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Net revenue | Cost of revenue | Operating expenses | ||||||||||||||||||||||||||||||||||||
Subscription revenue | Maintenance Revenue | Cost of subscription and maintenance revenue | Marketing and sales | Research and development | General and administrative | |||||||||||||||||||||||||||||||||
Total amounts of income and expense line items presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded
|
$ | 1,644.2 | $ | 113.3 | $ | 115.9 | $ | 692.2 | $ | 449.9 | $ | 198.0 | ||||||||||||||||||||||||||
Gain (loss) on cash flow hedging relationships in Subtopic ASC 815-20
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Foreign exchange contracts
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Amount of gain (loss) reclassified from accumulated other comprehensive income into income
|
$ | 3.7 | $ | 0.6 | $ | (0.3) | $ | (1.3) | $ | (0.1) | $ | (0.6) |
Balance Sheet Location | Fair Value at | ||||||||||||||||
July 31, 2021 | January 31, 2021 | ||||||||||||||||
Derivative Assets | |||||||||||||||||
Foreign currency contracts designated as cash flow hedges
|
Prepaid expenses and other current assets | $ | 8.7 | $ | 4.7 | ||||||||||||
Derivatives not designated as hedging instruments | Prepaid expenses and other current assets and long-term other assets | 1.8 | 5.3 | ||||||||||||||
Total derivative assets | $ | 10.5 | $ | 10.0 | |||||||||||||
Derivative Liabilities | |||||||||||||||||
Foreign currency contracts designated as cash flow hedges
|
Other accrued liabilities | $ | 3.9 | $ | 16.5 | ||||||||||||
Derivatives not designated as hedging instruments | Other accrued liabilities | 2.9 | 1.0 | ||||||||||||||
Total derivative liabilities | $ | 6.8 | $ | 17.5 |
Foreign Currency Contracts | |||||||||||||||||||||||
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Amount of gain (loss) recognized in accumulated other comprehensive income on derivatives (effective portion)
|
$ | 3.8 | $ | (18.6) | $ | 9.9 | $ | (13.5) | |||||||||||||||
Amount and location of (loss) gain reclassified from accumulated other comprehensive loss into income (effective portion) | |||||||||||||||||||||||
Net revenue | $ | (5.1) | $ | 1.6 | $ | (10.6) | $ | 4.3 | |||||||||||||||
Cost of revenue | — | (0.1) | 0.3 | (0.3) | |||||||||||||||||||
Operating expenses | (0.5) | (0.7) | 0.8 | (2.0) | |||||||||||||||||||
Total | $ | (5.6) | $ | 0.8 | $ | (9.5) | $ | 2.0 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Amount and location of (loss) gain recognized on derivatives in net income | |||||||||||||||||||||||
Interest and other expense, net | $ | (1.7) | $ | (4.4) | $ | 5.2 | $ | (5.4) |
Unvested
restricted stock units |
Weighted
average grant date fair value per share |
||||||||||
(in thousands) | |||||||||||
Unvested restricted stock units at January 31, 2021 | 4,503.9 | $ | 191.91 | ||||||||
Granted | 1,786.0 | 290.13 | |||||||||
Vested | (646.2) | 166.75 | |||||||||
Canceled/Forfeited | (301.7) | 215.50 | |||||||||
Performance Adjustment (1) | (7.9) | 137.02 | |||||||||
Unvested restricted stock units at July 31, 2021
|
5,334.1 | $ | 228.45 |
Six Months Ended July 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Issued shares (in millions) | 0.5 | 0.5 | |||||||||||||||||||||
Average price of issued shares | $ | 128.02 | $ | 122.54 | |||||||||||||||||||
Weighted average grant date fair value of shares granted under the ESPP (1) | $ | 91.17 | $ | 45.70 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Cost of subscription and maintenance revenue | $ | 7.5 | $ | 4.2 | $ | 12.8 | $ | 7.9 | |||||||||||||||
Cost of other revenue | 2.4 | 1.5 | 4.2 | 3.0 | |||||||||||||||||||
Marketing and sales | 64.5 | 43.4 | 112.8 | 84.1 | |||||||||||||||||||
Research and development | 60.1 | 35.3 | 106.8 | 68.2 | |||||||||||||||||||
General and administrative | 18.7 | 11.5 | 32.4 | 30.9 | |||||||||||||||||||
Stock-based compensation expense related to stock awards and ESPP purchases
|
153.2 | 95.9 | 269.0 | 194.1 | |||||||||||||||||||
Tax benefit | (4.1) | (0.2) | (20.1) | (0.3) | |||||||||||||||||||
Stock-based compensation expense related to stock awards and ESPP purchases, net of tax
|
$ | 149.1 | $ | 95.7 | $ | 248.9 | $ | 193.8 | |||||||||||||||
Six Months Ended July 31, 2021 | Six Months Ended July 31, 2020 | ||||||||||||||||||||||
Performance Stock Units | ESPP (1) | Performance Stock Units (2) | ESPP (2) | ||||||||||||||||||||
Range of expected volatility | 36.9% |
36.5 - 41.8%
|
50.7% |
39.4 - 45.8%
|
|||||||||||||||||||
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 | 0.1% |
0.1- 0.2%
|
0.3% |
0.3 - 0.5%
|
|||||||||||||||||||
Innovyze | Upchain | Total | |||||||||||||||
Developed technologies | $ | 93.0 | $ | 17.6 | $ | 110.6 | |||||||||||
Customer relationships | 221.0 | 10.4 | 231.4 | ||||||||||||||
Trade name | 4.0 | 0.4 | 4.4 | ||||||||||||||
Backlog | 0.5 | — | 0.5 | ||||||||||||||
Goodwill | 767.2 | 98.3 | 865.5 | ||||||||||||||
Deferred revenue and long-term deferred revenue | (12.3) | (2.6) | (14.9) | ||||||||||||||
Long-term deferred income taxes | (42.4) | (0.7) | (43.1) | ||||||||||||||
Net tangible assets | 7.3 | 0.2 | 7.5 | ||||||||||||||
Total
|
$ | 1,038.3 | $ | 123.6 | $ | 1,161.9 |
July 31, 2021 | |||||||||||||||||||||||
Gross Carrying Amount (1) | Accumulated Amortization | Net | |||||||||||||||||||||
Customer relationships | $ | 668.9 | $ | (360.3) | $ | 308.6 | |||||||||||||||||
Developed technologies | 817.1 | (633.4) | 183.7 | ||||||||||||||||||||
Trade names and patents | 116.0 | (97.0) | 19.0 | ||||||||||||||||||||
Total intangible assets | $ | 1,602.0 | $ | (1,090.7) | $ | 511.3 |
January 31, 2021 | |||||||||||||||||||||||
Gross Carrying Amount (1) | Accumulated Amortization | Net | |||||||||||||||||||||
Customer relationships | $ | 437.3 | $ | (345.1) | $ | 92.2 | |||||||||||||||||
Developed technologies | 698.4 | (609.8) | 88.6 | ||||||||||||||||||||
Trade names and patents | 111.5 | (93.0) | 18.5 | ||||||||||||||||||||
Total intangible assets | $ | 1,247.2 | $ | (1,047.9) | $ | 199.3 |
Balance as of January 31, 2021 | $ | 2,855.7 | |||||||||
Less: accumulated impairment losses as of January 31, 2021 | (149.2) | ||||||||||
Net balance as of January 31, 2021 | 2,706.5 | ||||||||||
Additions arising from acquisitions during the period | 865.5 | ||||||||||
Effect of foreign currency translation and measurement period adjustments (1) | (9.8) | ||||||||||
Balance as of July 31, 2021 | $ | 3,562.2 |
July 31, 2021 | January 31, 2021 | ||||||||||
Computer hardware, at cost | $ | 129.9 | $ | 153.3 | |||||||
Computer software, at cost | 55.1 | 57.9 | |||||||||
Leasehold improvements, land and buildings, at cost | 350.2 | 335.9 | |||||||||
Furniture and equipment, at cost | 95.9 | 88.4 | |||||||||
631.1 | 635.5 | ||||||||||
Less: Accumulated depreciation | (432.8) | (442.7) | |||||||||
Computer hardware, software, leasehold improvements, and furniture and equipment, net
|
$ | 198.3 | $ | 192.8 |
Aggregate Principal Amount | Fair value | ||||||||||
2012 Notes | $ | 350.0 | $ | 362.4 | |||||||
2015 Notes | 300.0 | 336.4 | |||||||||
2017 Notes | 500.0 | 557.1 | |||||||||
2020 Notes | 500.0 | 534.7 |
Fiscal year ending | |||||||||||||||||||||||
2022 (remainder) | $ | — | |||||||||||||||||||||
2023 | 350.0 | ||||||||||||||||||||||
2024 | — | ||||||||||||||||||||||
2025 | — | ||||||||||||||||||||||
2026 | 300.0 | ||||||||||||||||||||||
Thereafter | 1,000.0 | ||||||||||||||||||||||
Total principal outstanding | $ | 1,650.0 |
Three Months Ended July 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of subscription and maintenance revenue | Cost of other revenue | Marketing and sales | Research and development | General and administrative | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease cost | $ | 2.1 | $ | 0.5 | $ | 10.7 | $ | 7.7 | $ | 3.6 | $ | 24.6 | |||||||||||||||||||||||||||||||||||||||||
Variable lease cost | 0.4 | 0.2 | 1.9 | 1.4 | 0.6 | 4.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended July 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Cost of subscription and maintenance revenue | Cost of other revenue | Marketing and sales | Research and development | General and administrative | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Operating lease cost | $ | 4.0 | $ | 1.0 | $ | 21.5 | $ | 15.7 | $ | 7.3 | $ | 49.5 | |||||||||||||||||||||||||||||||||||||||||
Variable lease cost | 0.8 | 0.3 | 4.2 | 3.1 | 1.4 | 9.8 |
Three Months Ended July 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of subscription and maintenance revenue | Cost of other revenue | Marketing and sales | Research and development | General and administrative | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease cost | $ | 1.7 | $ | 0.4 | $ | 10.6 | $ | 7.8 | $ | 4.2 | $ | 24.7 | |||||||||||||||||||||||||||||||||||||||||
Variable lease cost | 0.1 | — | 1.0 | 0.7 | 0.5 | 2.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended July 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Cost of subscription and maintenance revenue | Cost of other revenue | Marketing and sales | Research and development | General and administrative | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Operating lease cost | $ | 3.7 | $ | 1.1 | $ | 22.1 | $ | 15.7 | $ | 7.6 | $ | 50.2 | |||||||||||||||||||||||||||||||||||||||||
Variable lease cost | 0.4 | 0.1 | 2.5 | 1.8 | 0.9 | 5.7 |
Six Months Ended July 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash paid for operating leases included in operating cash flows (1)
|
$ | 48.3 | $ | 47.6 | |||||||
Non-cash operating lease liabilities arising from obtaining operating lease right-of-use assets
|
9.7 | 18.4 |
Fiscal year ending | |||||||||||||||||||||||
2022 (remainder) | $ | 47.5 | |||||||||||||||||||||
2023 | 99.4 | ||||||||||||||||||||||
2024 | 81.5 | ||||||||||||||||||||||
2025 | 60.6 | ||||||||||||||||||||||
2026 | 46.0 | ||||||||||||||||||||||
Thereafter | 149.0 | ||||||||||||||||||||||
484.0 | |||||||||||||||||||||||
Less imputed interest | 37.4 | ||||||||||||||||||||||
Present value of operating lease liabilities | $ | 446.6 |
Common stock and additional paid-in capital | Accumulated other comprehensive loss | Accumulated deficit | Total stockholders' equity | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balances, January 31, 2021 | 219.6 | $ | 2,578.9 | $ | (125.9) | $ | (1,487.5) | $ | 965.5 | ||||||||||||||||||||
Common shares issued under stock plans | 0.9 | 9.0 | 9.0 | ||||||||||||||||||||||||||
Stock-based compensation expense | 114.1 | 114.1 | |||||||||||||||||||||||||||
Post-combination expense related to equity awards assumed | 0.1 | 0.1 | |||||||||||||||||||||||||||
Shares issued related to business combination | 2.6 | 2.6 | |||||||||||||||||||||||||||
Net income | 155.6 | 155.6 | |||||||||||||||||||||||||||
Other comprehensive income | 24.2 | 24.2 | |||||||||||||||||||||||||||
Repurchase and retirement of common shares (1) | (0.5) | (65.3) | (77.4) | (142.7) | |||||||||||||||||||||||||
Balances, April 30, 2021 | 220.0 | 2,639.4 | (101.7) | (1,409.3) | 1,128.4 | ||||||||||||||||||||||||
Common shares issued under stock plans | 0.1 | (6.5) | (6.5) | ||||||||||||||||||||||||||
Stock-based compensation expense | 148.2 | 148.2 | |||||||||||||||||||||||||||
Post-combination expense related to equity awards assumed | 0.1 | 0.1 | |||||||||||||||||||||||||||
Net income | 115.6 | 115.6 | |||||||||||||||||||||||||||
Other comprehensive loss | (11.7) | (11.7) | |||||||||||||||||||||||||||
Repurchase and retirement of common shares (1) | (0.2) | (0.5) | (45.8) | (46.3) | |||||||||||||||||||||||||
Balances, July 31, 2021 | 219.9 | $ | 2,780.7 | $ | (113.4) | $ | (1,339.5) | $ | 1,327.8 | ||||||||||||||||||||
Common stock and additional paid-in capital | Accumulated other comprehensive loss | Accumulated deficit | Total stockholders' equity (deficit) | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balances, January 31, 2020 | 219.4 | $ | 2,317.0 | $ | (160.3) | $ | (2,295.8) | $ | (139.1) | ||||||||||||||||||||
Common shares issued under stock plans | 1.0 | 24.3 | — | — | 24.3 | ||||||||||||||||||||||||
Stock-based compensation expense | — | 88.2 | — | — | 88.2 | ||||||||||||||||||||||||
Settlement of liability-classified restricted stock units | — | 28.7 | — | — | 28.7 | ||||||||||||||||||||||||
Post-combination expense related to equity awards assumed | — | 0.1 | — | — | 0.1 | ||||||||||||||||||||||||
Net income | — | — | — | 66.5 | 66.5 | ||||||||||||||||||||||||
Other comprehensive loss | — | — | (18.8) | — | (18.8) | ||||||||||||||||||||||||
Repurchase and retirement of common shares (1) | (1.2) | (57.0) | — | (132.0) | (189.0) | ||||||||||||||||||||||||
Balances, April 30, 2020 | 219.2 | 2,401.3 | (179.1) | (2,361.3) | (139.1) | ||||||||||||||||||||||||
Common shares issued under stock plans | 0.2 | (4.6) | — | — | (4.6) | ||||||||||||||||||||||||
Stock-based compensation expense | — | 95.9 | — | — | 95.9 | ||||||||||||||||||||||||
Post combination expense related to equity awards assumed | — | 0.1 | — | — | 0.1 | ||||||||||||||||||||||||
Net income | — | — | — | 98.2 | 98.2 | ||||||||||||||||||||||||
Other comprehensive income | — | — | 24.6 | — | 24.6 | ||||||||||||||||||||||||
Repurchase and retirement of common shares (1) | (0.1) | — | — | (7.8) | (7.8) | ||||||||||||||||||||||||
Balances, July 31, 2020 | 219.3 | $ | 2,492.7 | $ | (154.5) | $ | (2,270.9) | $ | 67.3 | ||||||||||||||||||||
Net Unrealized Gains (Losses) on Derivative Instruments | Net Unrealized Gains on Available-for-Sale Debt Securities | Defined Benefit Pension Components | Foreign Currency Translation Adjustments | Total | |||||||||||||||||||||||||
Balances, January 31, 2021 | $ | (24.1) | $ | 6.4 | $ | (21.3) | $ | (86.9) | $ | (125.9) | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 13.3 | 7.8 | — | (14.4) | 6.7 | ||||||||||||||||||||||||
Pre-tax losses reclassified from accumulated other comprehensive loss | 9.6 | — | 0.2 | — | 9.8 | ||||||||||||||||||||||||
Tax effects | (3.4) | — | — | (0.6) | (4.0) | ||||||||||||||||||||||||
Net current period other comprehensive income (loss) | 19.5 | 7.8 | 0.2 | (15.0) | 12.5 | ||||||||||||||||||||||||
Balances, July 31, 2021 | $ | (4.6) | $ | 14.2 | $ | (21.1) | $ | (101.9) | $ | (113.4) |
Net Unrealized Gains (Losses) on Derivative Instruments | Net Unrealized Gains on Available-for-Sale Debt Securities | Defined Benefit Pension Components | Foreign Currency Translation Adjustments | Total | |||||||||||||||||||||||||
Balances, January 31, 2020 | $ | 8.4 | $ | 4.7 | $ | (22.8) | $ | (150.6) | $ | (160.3) | |||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (15.4) | 1.1 | — | 20.7 | 6.4 | ||||||||||||||||||||||||
Pre-tax (gains) losses reclassified from accumulated other comprehensive loss | (2.0) | 0.1 | (0.3) | — | (2.2) | ||||||||||||||||||||||||
Tax effects | 1.9 | 0.1 | — | (0.4) | 1.6 | ||||||||||||||||||||||||
Net current period other comprehensive (loss) income | (15.5) | 1.3 | (0.3) | 20.3 | 5.8 | ||||||||||||||||||||||||
Balances, July 31, 2020 | $ | (7.1) | $ | 6.0 | $ | (23.1) | $ | (130.3) | $ | (154.5) |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | 115.6 | $ | 98.2 | $ | 271.2 | $ | 164.7 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic net income per share—weighted average shares | 219.8 | 219.2 | 219.7 | 219.2 | |||||||||||||||||||
Effect of dilutive securities | 2.7 | 3.0 | 2.5 | 2.8 | |||||||||||||||||||
Denominator for dilutive net income per share | 222.5 | 222.2 | 222.2 | 222.0 | |||||||||||||||||||
Basic net income per share | $ | 0.53 | $ | 0.45 | $ | 1.23 | $ | 0.75 | |||||||||||||||
Diluted net income per share | $ | 0.52 | $ | 0.44 | $ | 1.22 | $ | 0.74 |
July 31, 2021 | January 31, 2021 | ||||||||||
Long-lived assets (1): | |||||||||||
Americas | |||||||||||
U.S. | $ | 407.0 | $ | 423.6 | |||||||
Other Americas | 29.2 | 29.5 | |||||||||
Total Americas | 436.2 | 453.1 | |||||||||
Europe, Middle East, and Africa | 105.3 | 109.7 | |||||||||
Asia Pacific | 41.1 | 46.7 | |||||||||
Total long-lived assets | $ | 582.6 | $ | 609.5 |
Three Months Ended July 31, 2021 |
Change compared to
prior fiscal year |
Three Months Ended July 31, 2020 | |||||||||||||||||||||
(In millions, except percentage data) | $ | % | |||||||||||||||||||||
Recurring revenue (1)
|
$ | 1,033.6 | $ | 141.2 | 16 | % | $ | 892.4 | |||||||||||||||
As a percentage of net revenue | 98 | % | N/A | N/A | 98 | % | |||||||||||||||||
Six Months Ended July 31, 2021 |
Change compared to
prior fiscal year |
Six Months Ended July 31, 2020 | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
Recurring Revenue (1)
|
$ | 2,000.2 | $ | 242.7 | 14 | % | $ | 1,757.5 | |||||||||||||||
As a percentage of net revenue | 98 | % | N/A | N/A | 98 | % |
Three Months Ended July 31, 2021 | Six Months Ended July 31, 2021 | ||||||||||||||||||||||||||||||||||
Percent change compared to
prior fiscal year |
Constant Currency percent change compared to
prior fiscal year (1) |
Positive/Negative/Neutral impact from foreign exchange rate changes |
Percent change compared to
prior fiscal year |
Constant Currency percent change compared to
prior fiscal year (1) |
Positive/Negative/Neutral impact from foreign exchange rate changes | ||||||||||||||||||||||||||||||
Net revenue | 16 | % | 14 | % | Positive | 14 | % | 12 | % | Positive | |||||||||||||||||||||||||
Total spend | 19 | % | 16 | % | Negative | 16 | % | 14 | % | Negative |
(in millions) | July 31, 2021 | January 31, 2021 | |||||||||||||||||||||||||||
Deferred revenue | $ | 3,300.4 | $ | 3,360.2 | |||||||||||||||||||||||||
Unbilled deferred revenue | 843.1 | 880.5 | |||||||||||||||||||||||||||
RPO
|
$ | 4,143.5 | $ | 4,240.7 |
(in millions) | July 31, 2021 | January 31, 2021 | |||||||||||||||||||||||||||
Current RPO | $ | 2,854.1 | $ | 2,738.0 | |||||||||||||||||||||||||
Non-current RPO | 1,289.4 | 1,502.7 | |||||||||||||||||||||||||||
RPO
|
$ | 4,143.5 | $ | 4,240.7 |
Three Months Ended | Change Compared to Prior Fiscal Year | Three Months Ended | Management comments | ||||||||||||||||||||||||||
(In millions, except percentages) | July 31, 2021 | $ | % | July 31, 2020 | |||||||||||||||||||||||||
Net Revenue: | |||||||||||||||||||||||||||||
Subscription | $ | 1,016.7 | $ | 175.5 | 21 | % | $ | 841.2 | Increase due to growth across subscription types, led by product subscription renewal revenue. Also contributing to the growth was an increase in revenue from EBA offerings. | ||||||||||||||||||||
Maintenance (1) | 16.9 | (34.3) | (67) | % | 51.2 | ||||||||||||||||||||||||
Total subscription and maintenance revenue
|
1,033.6 | 141.2 | 16 | % | 892.4 | ||||||||||||||||||||||||
Other | 26.1 | 5.4 | 26 | % | 20.7 | ||||||||||||||||||||||||
$ | 1,059.7 | $ | 146.6 | 16 | % | $ | 913.1 | ||||||||||||||||||||||
Six Months Ended |
Change compared to
prior fiscal year |
Six Months Ended | Management Comments | ||||||||||||||||||||||||||
July 31, 2021 | $ | % | July 31, 2020 | ||||||||||||||||||||||||||
Net Revenue: | |||||||||||||||||||||||||||||
Subscription
|
$ | 1,964.2 | $ | 320.0 | 19 | % | $ | 1,644.2 | Increase due to growth across subscription types, led by product subscription renewal revenue. Also contributing to the growth was an increase in revenue from EBA offerings. | ||||||||||||||||||||
Maintenance (1)
|
36.0 | (77.3) | (68) | % | 113.3 | ||||||||||||||||||||||||
Total subscription and maintenance revenue
|
2,000.2 | 242.7 | 14 | % | 1,757.5 | ||||||||||||||||||||||||
Other | 48.8 | 7.5 | 18 | % | 41.3 | ||||||||||||||||||||||||
$ | 2,049.0 | $ | 250.2 | 14 | % | $ | 1,798.8 |
Three Months Ended |
Change compared to
prior fiscal year |
Three Months Ended | Management comments | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | July 31, 2021 | $ | % | July 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Revenue by Product Family:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
AEC
|
$ | 478.7 | $ | 81.7 | 21 | % | $ | 397.0 | Increase due to growth in revenue from AEC Collections, EBAs, Innovyze, and Revit. | ||||||||||||||||||||||||||||||||||||||||||||
AutoCAD and AutoCAD LT | 304.4 | 32.5 | 12 | % | 271.9 | Increase due to growth in revenue from both AutoCAD LT and AutoCAD. | |||||||||||||||||||||||||||||||||||||||||||||||
MFG | 207.7 | 22.2 | 12 | % | 185.5 | Increase due to growth in revenue from Fusion360, EBAs, and MFG Collections. | |||||||||||||||||||||||||||||||||||||||||||||||
M&E | 58.5 | 5.2 | 10 | % | 53.3 | Increase due to growth in revenue from Maya, M&E Collections, and EBAs. | |||||||||||||||||||||||||||||||||||||||||||||||
Other | 10.4 | 5.0 | 93 | % | 5.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Net Revenue | $ | 1,059.7 | $ | 146.6 | 16 | % | $ | 913.1 | |||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended |
Change compared to
prior fiscal year |
Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
July 31, 2021 | $ | % | July 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Revenue by Product Family:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
AEC
|
$ | 921.3 | $ | 141.6 | 18 | % | $ | 779.7 | Increase due to growth in revenue from AEC Collections, EBAs, Innovyze, and Revit. | ||||||||||||||||||||||||||||||||||||||||||||
ACAD and AutoCAD LT
|
589.5 | 55.4 | 10 | % | 534.1 | Increase due to growth in revenue from both AutoCAD LT and AutoCAD. | |||||||||||||||||||||||||||||||||||||||||||||||
MFG | 405.0 | 36.6 | 10 | % | 368.4 | Increase due to growth in revenue from EBAs, Fusion360,and MFG Collections. | |||||||||||||||||||||||||||||||||||||||||||||||
M&E
|
113.5 | 7.6 | 7 | % | 105.9 | Increase due to growth in revenue from Maya, M&E Collections, and EBAs. | |||||||||||||||||||||||||||||||||||||||||||||||
Other | 19.7 | 9.0 | 84 | % | 10.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Net Revenue | $ | 2,049.0 | $ | 250.2 | 14 | % | $ | 1,798.8 | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended July 31, 2021 |
Change compared to
prior fiscal year |
Constant currency change compared to prior fiscal year | Three Months Ended July 31, 2020 | ||||||||||||||||||||||||||||||||
(In millions, except percentages) | $ | % | % | ||||||||||||||||||||||||||||||||
Net Revenue: | |||||||||||||||||||||||||||||||||||
Americas | |||||||||||||||||||||||||||||||||||
U.S. | $ | 347.3 | $ | 37.8 | 12 | % | * | $ | 309.5 | ||||||||||||||||||||||||||
Other Americas | 75.5 | 13.5 | 22 | % | * | 62.0 | |||||||||||||||||||||||||||||
Total Americas | 422.8 | 51.3 | 14 | % | 14 | % | 371.5 | ||||||||||||||||||||||||||||
EMEA | 410.2 | 55.5 | 16 | % | 12 | % | 354.7 | ||||||||||||||||||||||||||||
APAC | 226.7 | 39.8 | 21 | % | 18 | % | 186.9 | ||||||||||||||||||||||||||||
Total Net Revenue | $ | 1,059.7 | $ | 146.6 | 16 | % | 14 | % | $ | 913.1 | |||||||||||||||||||||||||
Emerging Economies | $ | 132.8 | $ | 19.1 | 17 | % | 16 | % | $ | 113.7 | |||||||||||||||||||||||||
Six Months Ended July 31, 2021 |
Change compared to
prior fiscal year |
Constant currency change compared to prior fiscal year | Six Months Ended July 31, 2020 | ||||||||||||||||||||||||||||||||
(In millions, except percentages) | $ | % | % | ||||||||||||||||||||||||||||||||
Net Revenue: | |||||||||||||||||||||||||||||||||||
Americas | |||||||||||||||||||||||||||||||||||
U.S. | $ | 671.3 | $ | 61.2 | 10 | % | * | $ | 610.1 | ||||||||||||||||||||||||||
Other Americas | 143.2 | 19.6 | 16 | % | * | 123.6 | |||||||||||||||||||||||||||||
Total Americas | 814.5 | 80.8 | 11 | % | 11 | % | 733.7 | ||||||||||||||||||||||||||||
EMEA | 792.7 | 93.2 | 13 | % | 11 | % | 699.5 | ||||||||||||||||||||||||||||
APAC | 441.8 | 76.2 | 21 | % | 18 | % | 365.6 | ||||||||||||||||||||||||||||
Total Net Revenue | $ | 2,049.0 | $ | 250.2 | 14 | % | 12 | % | $ | 1,798.8 | |||||||||||||||||||||||||
Emerging Economies | $ | 253.9 | $ | 28.8 | 13 | % | 12 | % | $ | 225.1 |
Three Months Ended |
Change compared to
prior fiscal year |
Three Months Ended | Management Comments | ||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | July 31, 2021 | $ | % | July 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Revenue by Sales Channel: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | $ | 702.2 | $ | 62.9 | 10 | % | $ | 639.3 | Increase due to growth in subscription revenue. | ||||||||||||||||||||||||||||||||||||||||||||
Direct | 357.5 | 83.7 | 31 | % | 273.8 | Increase due to an increase in EBAs and our online Autodesk branded store. | |||||||||||||||||||||||||||||||||||||||||||||||
Total Net Revenue | $ | 1,059.7 | $ | 146.6 | 16 | % | $ | 913.1 | |||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended |
Change compared to
prior fiscal year |
Six Months Ended | Management Comments | ||||||||||||||||||||||||||||||||||||||||||||||||||
July 31, 2021 | $ | % | July 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Revenue by Sales Channel:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect
|
$ | 1,363.5 | $ | 100.8 | 8 | % | $ | 1,262.7 | Increase due to growth in subscription revenue. | ||||||||||||||||||||||||||||||||||||||||||||
Direct | 685.5 | 149.4 | 28 | % | 536.1 | Increase due to an increase in EBAs and our online Autodesk branded store. | |||||||||||||||||||||||||||||||||||||||||||||||
Total Net Revenue | $ | 2,049.0 | $ | 250.2 | 14 | % | $ | 1,798.8 | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended July 31, 2021 |
Change compared to
prior fiscal year |
Three Months Ended July 31, 2020 | |||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | $ | % | Management Comments | ||||||||||||||||||||||||||||||||||||||
Net Revenue by Product Type: | |||||||||||||||||||||||||||||||||||||||||
Design | $ | 944.0 | $ | 122.6 | 15 | % | $ | 821.4 | Increase due to growth in EBA offerings, AEC & MFG collections, AutoCAD LT, and AutoCAD Family. | ||||||||||||||||||||||||||||||||
Make | 89.6 | 18.6 | 26 | % | 71.0 | Increase primarily due to growth in revenue from BIM Family, Fusion, and Plangrid products. | |||||||||||||||||||||||||||||||||||
Other | 26.1 | 5.4 | 26 | % | 20.7 | ||||||||||||||||||||||||||||||||||||
Total Net Revenue | $ | 1,059.7 | $ | 146.6 | 16 | % | $ | 913.1 | |||||||||||||||||||||||||||||||||
Six Months Ended July 31, 2021 |
Change compared to
prior fiscal year |
Six Months Ended July 31, 2020 | |||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | $ | % | Management Comments | ||||||||||||||||||||||||||||||||||||||
Net Revenue: | |||||||||||||||||||||||||||||||||||||||||
Design | $ | 1,829.1 | $ | 210 | 13 | % | $ | 1,619.1 | Increase due to growth in EBA offerings, AEC & MFG collections, AutoCAD LT, and AutoCAD Family. | ||||||||||||||||||||||||||||||||
Make | 171.1 | 32.7 | 24 | % | 138.4 | Increase primarily due to growth in revenue from BIM Family, Fusion, and Plangrid products. | |||||||||||||||||||||||||||||||||||
Other | 48.8 | 7.5 | 18 | % | 41.3 | ||||||||||||||||||||||||||||||||||||
Total Net Revenue | $ | 2,049.0 | $ | 250.2 | 14 | % | $ | 1,798.8 | |||||||||||||||||||||||||||||||||
Three Months Ended |
Change compared to
prior fiscal year |
Three Months Ended | Management comments | ||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | July 31, 2021 | $ | % | July 31, 2020 | |||||||||||||||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||||||||||||||
Subscription and maintenance | $ | 76.0 | $ | 17.5 | 30 | % | $ | 58.5 | Increase primarily due to an increase in cloud hosting costs and employee-related costs driven by higher headcount as well as an increase in stock-based compensation. | ||||||||||||||||||||||||||||||||
Other | 15.8 | 0.8 | 5 | % | 15.0 | Increase primarily due to an increase in stock-based compensation. | |||||||||||||||||||||||||||||||||||
Amortization of developed technologies | 13.6 | 6.2 | 84 | % | 7.4 | Increase due to growth in amortization expense from acquired developed technologies as a result of our acquisitions in the fourth quarter of fiscal 2021 and first and second quarter of fiscal 2022. | |||||||||||||||||||||||||||||||||||
Total cost of revenue | $ | 105.4 | $ | 24.5 | 30 | % | $ | 80.9 | |||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||
Marketing and sales | $ | 398.8 | $ | 47.9 | 14 | % | $ | 350.9 | Increase primarily due to an increase in employee-related costs driven by higher headcount and an increase in stock-based compensation. | ||||||||||||||||||||||||||||||||
Research and development | 276.9 | 44.4 | 19 | % | 232.5 | Increase primarily due to an increase in stock-based compensation as well as an increase in employee-related costs due to higher headcount. |
General and administrative | 119.4 | 26.2 | 28 | % | 93.2 | Increase primarily due to an increase in professional fees as well as an increase in stock-based compensation, business tax, and employee-related costs driven by higher headcount. | |||||||||||||||||||||||||||||||||||
Amortization of purchased intangibles | 11.1 | 1.6 | 17 | % | 9.5 | Increase due to growth in amortization expense from acquired intangibles as a result of our acquisitions in the fourth quarter of fiscal 2021 and first and second quarter of fiscal 2022. | |||||||||||||||||||||||||||||||||||
Total operating expenses | $ | 806.2 | $ | 120.1 | 18 | % | $ | 686.1 | |||||||||||||||||||||||||||||||||
Six Months Ended |
Change compared to
prior fiscal year |
Six Months Ended | Management comments | ||||||||||||||||||||||||||||||||||||||
July 31, 2021 | $ | % | July 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||||||||||||||
Subscription and maintenance | $ | 144.5 | $ | 28.6 | 25 | % | $ | 115.9 | Increase primarily due to an increase in cloud hosting costs, employee-related costs driven by higher headcount, as well as an increase in stock-based compensation. | ||||||||||||||||||||||||||||||||
Other | 29.9 | (2.2) | (7) | % | 32.1 | Decrease primarily due to lower employee-related costs. | |||||||||||||||||||||||||||||||||||
Amortization of developed technologies | 23.8 | 9.0 | 61 | % | 14.8 | Increase due to growth in amortization expense from acquired developed technologies as a result of our acquisitions in the fourth quarter of fiscal 2021 and first and second quarter of fiscal 2022. | |||||||||||||||||||||||||||||||||||
Total cost of revenue | $ | 198.2 | $ | 35.4 | 22 | % | $ | 162.8 | |||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||
Marketing and sales | $ | 775.9 | $ | 83.7 | 12 | % | $ | 692.2 | Increase primarily due to an increase in employee-related costs driven by higher headcount, an increase in stock-based compensation, as well as an increase in cloud hosting costs. | ||||||||||||||||||||||||||||||||
Research and development | 542.4 | 92.5 | 21 | % | 449.9 | Increase primarily due to an increase in employee-related costs driven by higher headcount, an increase in stock-based compensation, as well as an increase in professional fees. | |||||||||||||||||||||||||||||||||||
General and administrative | 231.3 | 33.3 | 17 | % | 198.0 | Increase primarily due to an increase in employee-related costs driven by higher headcount, an increase in stock-based compensation and acquisition-related costs, as well as an increase in professional fees, and cloud hosting costs, partially offset by an increase in capitalized software costs. | |||||||||||||||||||||||||||||||||||
Amortization of purchased intangibles | 19.3 | 0.1 | 1 | % | 19.2 | Increase due to growth in amortization expense from acquired intangibles as a result of our acquisitions in the fourth quarter of fiscal 2021 and first and second quarter of fiscal 2022. | |||||||||||||||||||||||||||||||||||
Total operating expenses | $ | 1,568.9 | $ | 209.6 | 15 | % | $ | 1,359.3 |
Absolute dollar impact | Percent of net revenue impact | ||||||||||
Cost of revenue | Increase | Increase | |||||||||
Marketing and sales | Increase | Flat | |||||||||
Research and development | Increase | Increase | |||||||||
General and administrative | Increase | Flat | |||||||||
Amortization of purchased intangibles | Flat | Flat |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Interest and investment expense, net | $ | (12.8) | $ | (8.0) | $ | (23.4) | $ | (30.3) | |||||||||||||||||||||||||||
(Loss) gain on foreign currency | (1.8) | 4.7 | 0.6 | 2.9 | |||||||||||||||||||||||||||||||
Gain (loss) on non-marketable equity securities, net | 1.1 | (14.3) | 5.8 | (30.9) | |||||||||||||||||||||||||||||||
Other income | 4.2 | 0.5 | 5.3 | 1.1 | |||||||||||||||||||||||||||||||
Interest and other expense, net | $ | (9.3) | $ | (17.1) | $ | (11.7) | $ | (57.2) |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Gross profit | $ | 954.3 | $ | 832.2 | $ | 1,850.8 | $ | 1,636.0 | |||||||||||||||
Non-GAAP gross profit | $ | 978.0 | $ | 845.5 | $ | 1,892.0 | $ | 1,662.0 | |||||||||||||||
Income from operations | $ | 148.1 | $ | 146.1 | $ | 281.9 | $ | 276.7 | |||||||||||||||
Non-GAAP income from operations | $ | 330.8 | $ | 262.4 | $ | 610.8 | $ | 510.2 | |||||||||||||||
Operating margin | 14 | % | 16 | % | 14 | % | 15 | % | |||||||||||||||
Non-GAAP operating margin | 31 | % | 29 | % | 30 | % | 28 | % | |||||||||||||||
Net income | $ | 115.6 | $ | 98.2 | $ | 271.2 | $ | 164.7 | |||||||||||||||
Non-GAAP net income | $ | 269.2 | $ | 218.0 | $ | 498.4 | $ | 406.4 | |||||||||||||||
GAAP diluted net income per share | $ | 0.52 | $ | 0.44 | $ | 1.22 | $ | 0.74 | |||||||||||||||
Non-GAAP diluted net income per share | $ | 1.21 | $ | 0.98 | $ | 2.24 | $ | 1.83 | |||||||||||||||
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Gross profit | $ | 954.3 | $ | 832.2 | $ | 1,850.8 | $ | 1,636.0 | |||||||||||||||
Stock-based compensation expense | 9.9 | 5.8 | 17.0 | 10.9 | |||||||||||||||||||
Amortization of developed technologies | 13.6 | 7.4 | 23.8 | 14.8 | |||||||||||||||||||
Acquisition-related costs | 0.2 | 0.1 | 0.4 | 0.3 | |||||||||||||||||||
Non-GAAP gross profit | $ | 978.0 | $ | 845.5 | $ | 1,892.0 | $ | 1,662.0 | |||||||||||||||
Income from operations | $ | 148.1 | $ | 146.1 | $ | 281.9 | $ | 276.7 | |||||||||||||||
Stock-based compensation expense | 153.2 | 95.9 | 269.0 | 194.1 | |||||||||||||||||||
Amortization of developed technologies | 13.6 | 7.4 | 23.8 | 14.8 | |||||||||||||||||||
Amortization of purchased intangibles | 11.1 | 9.5 | 19.3 | 19.2 | |||||||||||||||||||
Acquisition-related costs | 4.8 | 3.5 | 16.8 | 5.4 | |||||||||||||||||||
Non-GAAP income from operations | $ | 330.8 | $ | 262.4 | $ | 610.8 | $ | 510.2 | |||||||||||||||
Operating margin | 14 | % | 16 | % | 14 | % | 15 | % | |||||||||||||||
Stock-based compensation expense | 14 | % | 11 | % | 13 | % | 11 | % | |||||||||||||||
Amortization of developed technologies | 1 | % | 1 | % | 1 | % | 1 | % | |||||||||||||||
Amortization of purchased intangibles | 1 | % | 1 | % | 1 | % | 1 | % | |||||||||||||||
Acquisition-related costs | — | % | — | % | 1 | % | — | % | |||||||||||||||
Non-GAAP operating margin (1) | 31 | % | 29 | % | 30 | % | 28 | % | |||||||||||||||
Net income | $ | 115.6 | $ | 98.2 | $ | 271.2 | $ | 164.7 | |||||||||||||||
Stock-based compensation expense | 153.2 | 95.9 | 269.0 | 194.1 | |||||||||||||||||||
Amortization of developed technologies | 13.6 | 7.4 | 23.8 | 14.8 | |||||||||||||||||||
Amortization of purchased intangibles | 11.1 | 9.5 | 19.3 | 19.2 | |||||||||||||||||||
Acquisition-related costs | 4.8 | 3.5 | 16.8 | 5.4 | |||||||||||||||||||
(Gain) loss on strategic investments and dispositions, net | (1.1) | 14.3 | (5.8) | 30.9 | |||||||||||||||||||
Discrete tax (provision) benefit items | (0.1) | 0.6 | (56.0) | 1.1 | |||||||||||||||||||
Income tax effect of non-GAAP adjustments | (27.9) | (11.4) | (39.9) | (23.8) | |||||||||||||||||||
Non-GAAP net income | $ | 269.2 | $ | 218.0 | $ | 498.4 | $ | 406.4 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Diluted net income per share | $ | 0.52 | $ | 0.44 | $ | 1.22 | $ | 0.74 | |||||||||||||||
Stock-based compensation expense | 0.69 | 0.43 | 1.21 | 0.87 | |||||||||||||||||||
Amortization of developed technologies | 0.06 | 0.03 | 0.11 | 0.07 | |||||||||||||||||||
Amortization of purchased intangibles | 0.05 | 0.04 | 0.09 | 0.09 | |||||||||||||||||||
Acquisition-related costs | 0.03 | 0.03 | 0.08 | 0.03 | |||||||||||||||||||
(Gain) loss on strategic investments and dispositions, net | (0.01) | 0.06 | (0.03) | 0.14 | |||||||||||||||||||
Discrete tax provision items | — | — | (0.25) | — | |||||||||||||||||||
Income tax effect of non-GAAP adjustments | (0.13) | (0.05) | (0.19) | (0.11) | |||||||||||||||||||
Non-GAAP diluted net income per share | $ | 1.21 | $ | 0.98 | $ | 2.24 | $ | 1.83 | |||||||||||||||
Six Months Ended July 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Net cash provided by operating activities | $ | 538.1 | $ | 418.5 | |||||||
Net cash used in investing activities | (1,186.4) | (111.8) | |||||||||
Net cash used in financing activities | (195.9) | (642.6) |
(Shares in thousands) |
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) | |||||||||||||||||||
May 1 - May 31 | 112.0 | $ | 277.72 | 112.0 | 11,448.0 | ||||||||||||||||||
June 1 - June 30 | 9.0 | 274.09 | 9.0 | 11,439.0 | |||||||||||||||||||
July 1- July 31 | 43.0 | 297.19 | 43.0 | 11,396.0 | |||||||||||||||||||
Total | 164.0 | $ | 282.67 | 164.0 |
July 31, 2021 | January 31, 2021 | ||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||
Forward Contracts: | |||||||||||||||||||||||
Purchased | $ | 614.6 | $ | (3.7) | $ | 686.0 | $ | 3.6 | |||||||||||||||
Sold | $ | 813.4 | $ | 0.3 | $ | 1,172.1 | $ | 2.2 | |||||||||||||||
Option Contracts: | |||||||||||||||||||||||
Purchased | $ | 1,226.8 | $ | 11.2 | $ | 1,044.4 | $ | 5.2 | |||||||||||||||
Sold | $ | 1,281.3 | $ | (4.3) | $ | 1,092.1 | $ | (18.6) |
Exhibit No. | Description | ||||||||||
10.1 | |||||||||||
31.1 | |||||||||||
31.2 | |||||||||||
32.1 † | |||||||||||
101.INS †† | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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 | ||||||||||
104 †† | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | 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/ STEPHEN W. HOPE | ||
Stephen W. Hope | ||
Vice President and Chief Accounting Officer | ||
(Principal Accounting Officer) |
1 Year Autodesk Chart |
1 Month Autodesk Chart |
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