Autodesk Reports Record Fourth Quarter Revenue

  Autodesk Reports Record Fourth Quarter Revenue

                      Deferred Revenue Grows 16 Percent

                       Suites Revenue Grows 17 Percent

Business Wire

SAN RAFAEL, Calif. -- February 25, 2013

Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the fourth
quarter and full fiscal year ended January 31, 2013.

Fourth Quarter Fiscal 2013

  *Revenue was $607 million, an increase of 2 percent compared to the fourth
    quarter of fiscal 2012.
  *GAAP operating margin was 14 percent, compared to 15 percent in the fourth
    quarter of fiscal 2012.
  *Non-GAAP operating margin increased by approximately 140 basis points to
    25 percent, compared with 24 percent in the fourth quarter of fiscal 2012.
    A reconciliation of GAAP to non-GAAP results is provided in the
    accompanying tables.
  *GAAP diluted earnings per share were $0.32, compared to $0.31 in the
    fourth quarter of fiscal 2012.
  *Non-GAAP diluted earnings per share were $0.53, compared to $0.46 in the
    fourth quarter of fiscal 2012.
  *Deferred revenue increased 16 percent to a record $835 million, compared
    to the fourth quarter of fiscal 2012.
  *Cash flow from operating activities was $156 million, compared to $175
    million in the fourth quarter of fiscal 2012.

Fiscal 2013

  *Revenue increased 4 percent to $2.3 billion, compared to fiscal 2012.
  *Record total billings and maintenance billings.
  *GAAP operating margin decreased to 13 percent, compared to 16 percent in
    fiscal 2012.
  *Non-GAAP operating margin increased approximately 135 basis points to 25
    percent, compared to 24 percent in fiscal 2012.
  *GAAP diluted earnings per share were $1.07, compared to diluted earnings
    per share of $1.22 in fiscal 2012.
  *Non-GAAP diluted earnings per share were an historic high of $1.94,
    compared to non-GAAP diluted earnings per share of $1.74 in fiscal 2012.
  *Cash flow from operations was $559 million, a decrease of 3 percent
    compared to fiscal 2012.

"We are pleased with our stronger than expected fourth quarter results,” said
Carl Bass, Autodesk president and CEO. “While the global economic picture
remains mixed, we ended the year strong, driven by increasing demand for our
design and creation suites, record revenue in our AEC and manufacturing
business segments, and strong large deal volume.

“Our ongoing cost management measures, whichwe consider as simply running the
business wisely, contributed to the delivery of meaningful non-GAAP operating
margin improvement for the year,” continued Bass. "We achieved record non-GAAP
EPS despite a mixed economy and lower than expected revenue growth. We also
made meaningful progress on our 360 family of cloud based products, which we
believe positions us and our customers for success in the future. Looking
forward to fiscal 2014, we are continuing to lead the industry in innovation
and drive revenue and profitability growth."

Fourth Quarter Operational Overview

EMEA revenue was $238 million, an increase of 2 percent compared to the fourth
quarter last year as reported and an increase of 7 percent on a constant
currency basis. Revenue in the Americas was $221 million, a decrease of 2
percent compared to the fourth quarter last year as reported. Revenue in Asia
Pacific was $148 million, an increase of 11 percent compared to the fourth
quarter last year as reported and 12 percent on a constant currency basis.
Revenue from emerging economies was $84 million, a decrease of 11 percent
compared to the fourth quarter last year as reported and 9 percent on a
constant currency basis. Revenue from emerging economies represented 14
percent of total revenue in the fourth quarter.

Revenue from the Platform Solutions and Emerging Business segment was $198
million, a decrease of 7 percent compared to the fourth quarter last year.
Revenue from the AEC business segment was $207 million, an increase of 18
percent compared to the fourth quarter last year. Revenue from the
Manufacturing business segment was $155 million, an increase of 5 percent
compared to the fourth quarter last year. Revenue from the Media and
Entertainment business segment was $47 million, a decrease of 16 percent
compared to the fourth quarter last year.

Revenue from Flagship products was $328 million, a decrease of 1 percent
compared to the fourth quarter last year. Revenue from Suites was $189
million, an increase of 17 percent compared to the fourth quarter last year.
Revenue from New and Adjacent products was $90 million, a decrease of 10
percent compared to the fourth quarter last year.

Fourth quarter results included a one-time benefit of approximately $24
million in revenue related to a promotion that was run in advance of an
increase in upgrade pricing.

Deferred revenue at the end of the fourth quarter was a record high of $835
million, an increase of 16 percent compared to the fourth quarter last year.

“We achieved strong non-GAAP operating margin expansion in the fourth quarter
and the fiscal year, driven by revenue growth and our ongoing focus on cost
controls while continuing to make key investments in our business,” said Mark
Hawkins, Autodesk executive vice president and CFO. "Our balance sheet remains
exceptionally strong as maintenance billings contributed to a record deferred
revenue balance. During the fourth quarter, we also raised $750 million in our
debt IPO, strengthening our domestic cash balance and providing Autodesk with
greater financial flexibility.”

Business Outlook

The following statements are forward-looking statements that are based on
current expectations and assumptions, and involve risks and uncertainties some
of which are set forth below. Autodesk's business outlook for the first
quarter and full year fiscal 2014 assumes, among other things, a continuation
of the current economic environment and foreign exchange currency rate
environment, and interest expense related to Autodesk's $750 million debt
offering in December 2012.


First Quarter Fiscal 2014

1Q FY14 Guidance Metrics  1Q FY14 (ending
                           April 30, 2013)
Revenue (in millions)      $570 - $590
EPS GAAP                   $0.23 - $0.28
EPS Non-GAAP               $0.41 - $0.46

Non-GAAP earnings per diluted share exclude $0.12 related to stock-based
compensation expense, and $0.06 for the amortization of acquisition related
intangibles, net of tax.

Full Year Fiscal 2014

Net revenue for fiscal 2014 is expected to increase by approximately 6 percent
compared to fiscal 2013. Autodesk anticipates fiscal 2014 GAAP operating
margin to increase approximately 455 to 480 basis points and non-GAAP
operating margin to increase approximately 125 to 150 basis points compared to
fiscal 2013. A reconciliation between the GAAP and non-GAAP estimates for
fiscal 2014 is provided in the tables following this press release.

Both first quarter fiscal 2014 and full year fiscal 2014 outlooks assume
annual effective tax rates of approximately 24.5 percent and approximately
25.5 percent for GAAP and non-GAAP results, respectively. These rates do not
include one-time discrete items but do reflect the recently enacted extension
of the federal R&D tax credit benefit through December 31, 2013.

Earnings Conference Call and Webcast

Autodesk will host its fourth quarter conference call today at 5:00 p.m. ET.
The live broadcast can be accessed at http://www.autodesk.com/investors.
Supplemental financial information and prepared remarks for the conference
call will be posted to the investor relations section of Autodesk's website
simultaneously with this press release.

NOTE: The prepared remarks will not be read on the conference call. The
conference call will include only brief remarks followed by questions and
answers.

A replay of the broadcast will be available at 7:00 pm ET at
http://www.autodesk.com/investors. This replay will be maintained on
Autodesk's website for at least 12 months.

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and
uncertainties, including statements in the paragraph under “Business Outlook”
above, statements regarding future products, revenue and profitability, and
other statements regarding our expected strategies, market and products
positions, performance, and results. There are a significant number of factors
that could cause actual results to differ materially from statements made in
this press release, including: general market, political, economic and
business conditions; failure to maintain our revenue growth and profitability;
failure to maintain cost reductions and productivity increases or otherwise
control our expenses; the success of our internal reorganization and
restructuring activities; our performance in particular geographies, including
emerging economies; the ability of governments around the world to meet their
financial and debt obligations, and finance infrastructure projects; failure
to successfully incorporate sales of licenses of products suites into our
overall sales strategy; weak or negative growth in the industries we serve;
failure to successfully expand adoption of our products including key
initiatives; slowing momentum in maintenance billings or revenues;
difficulties encountered in integrating new or acquired businesses and
technologies; the inability to identify and realize the anticipated benefits
of acquisitions; the financial and business condition of our reseller and
distribution channels; dependence on and the timing of large transactions;
fluctuation in foreign currency exchange rates; the success of our foreign
currency hedging program; failure to achieve sufficient sell-through in our
channels for new or existing products; pricing pressure; unexpected
fluctuations in our tax rate; the timing and degree of expected investments in
growth and efficiency opportunities; changes in the timing of product releases
and retirements; failure of key new applications to achieve anticipated levels
of customer acceptance; failure to achieve continued success in technology
advancements, interruptions or terminations in the business of Autodesk
consultants; the expense and impact of legal or regulatory proceedings; and
any unanticipated accounting charges.

Further information on potential factors that could affect the financial
results of Autodesk are included in Autodesk's report on Form 10-K for the
year ended January 31, 2012 and Forms 10-Q for the quarters ended April 30,
2012, July 31, 2012 and October 31, 2012, which are on file with the U.S.
Securities and Exchange Commission. Autodesk does not assume any obligation to
update the forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were made.

About Autodesk

Autodesk, Inc., is a leader in 3D design, engineering and entertainment
software. Customers across the manufacturing, architecture, building,
construction, and media and entertainment industries - including the last 18
Academy Award winners for Best Visual Effects - use Autodesk software to
design, visualize, and simulate their ideas. Since its introduction of AutoCAD
software in 1982, Autodesk continues to develop the broadest portfolio of
state-of-the-art software for global markets. For additional information about
Autodesk, visit www.autodesk.com.

Autodesk and AutoCAD are registered trademarks or trademarks of Autodesk,
Inc., and/or its subsidiaries and/or affiliates in the USA and/or other
countries. Academy Award is a registered trademark of the Academy of Motion
Picture Arts and Sciences. All other brand names, product names, or trademarks
belong to their respective holders. Autodesk reserves the right to alter
product and service offerings, and specifications and pricing at any time
without notice, and is not responsible for typographical or graphical errors
that may appear in this document.

© 2013 Autodesk, Inc. All rights reserved.


Autodesk, Inc.
Condensed Consolidated Statements of Operations
(In millions, except per share data)

                        Three Months Ended         Twelve Months Ended
                         January 31,                 January 31,
                         2013         2012          2013         2012
                         (Unaudited)   (Unaudited)   (Unaudited)
Net revenue:
License and other        $  372.0      $  370.2      $ 1,390.6     $ 1,357.6
Maintenance              234.9        222.2        921.6        858.0     
Total net revenue        606.9        592.4        2,312.2      2,215.6   
Cost of revenue:
Cost of license and      52.4          48.3          198.1         187.1
other revenue
Cost of maintenance      9.6          9.2          40.4         42.0      
revenue
Total cost of revenue    62.0         57.5         238.5        229.1     
Gross profit             544.9         534.9         2,073.7       1,986.5
Operating expenses:
Marketing and sales      236.0         233.5         875.5         842.6
Research and             149.4         149.5         600.0         566.5
development
General and              67.7          60.1          248.4         223.1
administrative
Restructuring charges    7.2          —            43.9         (1.3      )
(benefits), net
Total operating          460.3        443.1        1,767.8      1,630.9   
expenses
Income from operations   84.6          91.8          305.9         355.6
Interest and other       1.5          1.1          4.1          7.3       
income, net
Income before income     86.1          92.9          310.0         362.9
taxes
Provision for income     (11.6     )   (20.9     )   (62.6     )   (77.6     )
taxes
Net income               $  74.5      $  72.0      $ 247.4      $ 285.3   
Basic net income per     $  0.33      $  0.32      $ 1.09       $ 1.25    
share
Diluted net income per   $  0.32      $  0.31      $ 1.07       $ 1.22    
share
Weighted average
shares used in           224.1        226.1        226.4        227.7     
computing basic net
income per share
Weighted average
shares used in           229.6        231.5        231.7        233.3     
computing diluted net
income per share


Autodesk, Inc.
Condensed Consolidated Balance Sheets
(In millions)

                                                    January 31,  January 31,
                                                     2013          2012
                                                     (Unaudited)
                                                                   
ASSETS
Current assets:
Cash and cash equivalents                            $ 1,612.2     $  1,156.9
Marketable securities                                342.1         254.4
Accounts receivable, net                             495.1         395.1
Deferred income taxes                                42.2          30.1
Prepaid expenses and other current assets            60.8         59.4
Total current assets                                 2,552.4      1,895.9
Marketable securities                                411.1         192.8
Computer equipment, software, furniture and          114.9         104.5
leasehold improvements, net
Purchased technologies, net                          76.0          84.6
Goodwill                                             871.5         682.4
Deferred income taxes, net                           122.8         135.8
Other assets                                         159.7        131.8
                                                     $ 4,308.4    $  3,227.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable                                     $ 94.2        $  89.3
Accrued compensation                                 189.6         183.9
Accrued income taxes                                 13.9          14.4
Deferred revenue                                     647.0         582.3
Other accrued liabilities                            99.0         84.2
Total current liabilities                            1,043.7      954.1
Deferred revenue                                     187.6         136.9
Long term income taxes payable                       194.2         174.8
Long term notes payable, net of discount             745.6         —
Other liabilities                                    94.1          79.1
Commitments and contingencies
Stockholders’ equity:
Preferred stock                                      —             —
Common stock and additional paid-in capital          1,449.8       1,365.4
Accumulated other comprehensive (loss) income        (5.7      )   5.9
Retained earnings                                    599.1        511.6
Total stockholders’ equity                           2,043.2      1,882.9
                                                     $ 4,308.4    $  3,227.8


Autodesk, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)

                                              Twelve Months Ended January 31,
                                               2013             2012
                                               (Unaudited)
Operating activities:
Net income                                     $  247.4          $  285.3
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, amortization and accretion       127.8             115.5
Stock-based compensation expense               156.3             108.8
Excess tax benefits from stock-based           (12.9       )     (31.5       )
compensation
Restructuring charges (benefits), net          43.9              (1.3        )
Other operating activities                     6.7               (0.3        )
Changes in operating assets and liabilities,   (10.1       )     97.0        
net of business combinations
Net cash provided by operating activities      559.1            573.5       
Investing activities:
Purchases of marketable securities             (1,397.7    )     (614.2      )
Sales of marketable securities                 332.9             149.5
Maturities of marketable securities            764.8             409.6
Capital expenditures                           (56.4       )     (63.0       )
Acquisitions, net of cash acquired             (263.7      )     (221.7      )
Other investing activities                     (27.1       )     (30.5       )
Net cash used in investing activities          (647.2      )     (370.3      )
Financing activities:
Proceeds from issuance of common stock, net    220.2             176.1
of issuance costs
Repurchases of common stock                    (431.2      )     (327.4      )
Draws on line of credit                        110.0             —
Proceeds from debt, net of discount            745.6             —
Repayments of line of credit                   (110.0      )     —
Excess tax benefits from stock-based           12.9              31.5
compensation
Other financing activities                     (6.1        )     —           
Net cash provided by (used in) financing       541.4            (119.8      )
activities
Effect of exchange rate changes on cash and    2.0              (1.6        )
cash equivalents
Net increase in cash and cash equivalents      455.3             81.8
Cash and cash equivalents at beginning of      1,156.9          1,075.1     
fiscal year
Cash and cash equivalents at end of fiscal     $  1,612.2       $  1,156.9  
year

Autodesk, Inc.
Reconciliation of GAAP financial measures to non-GAAP financial measures
(In millions, except per share data)

To supplement our consolidated financial statements presented on a GAAP basis,
Autodesk provides investors with certain non-GAAP measures including non-GAAP
cost of license and other revenue, non-GAAP gross profit, non-GAAP operating
expenses, non-GAAP restructuring charges (benefits), non-GAAP income from
operations, non-GAAP operating margin, non-GAAP interest and other income
(expense), non-GAAP provision for income taxes, non-GAAP net income, and
non-GAAP net income per share. These non-GAAP financial measures are adjusted
to exclude certain costs, expenses, gains and losses, including stock-based
compensation expense, restructuring charges, amortization of purchased
intangibles, gain and loss on strategic investments, and related income tax
expenses. See our reconciliation of GAAP financial measures to non-GAAP
financial measures herein. We believe these exclusions are appropriate to
enhance an overall understanding of our past financial performance and also
our prospects for the future, as well as to facilitate comparisons with our
historical operating results. These adjustments to our GAAP results are made
with the intent of providing both management and investors a more complete
understanding of Autodesk's underlying operational results and trends and our
marketplace performance. For example, the non-GAAP results are an indication
of our baseline performance before gains, losses or other charges that are
considered by management to be outside our core operating results. In
addition, these non-GAAP financial measures are among the primary indicators
management uses as a basis for our planning and forecasting of future periods.

There are limitations in using non-GAAP financial measures because the
non-GAAP financial measures are not prepared in accordance with generally
accepted accounting principles and may be different from non-GAAP financial
measures used by other companies. The non-GAAP financial measures are limited
in value because they exclude certain items that may have a material impact
upon our reported financial results. The presentation of this additional
information is not meant to be considered in isolation or as a substitute for
the directly comparable financial measures prepared in accordance with
generally accepted accounting principles in the United States. Investors
should review the reconciliation of the non-GAAP financial measures to their
most directly comparable GAAP financial measures as provided in the tables
accompanying this press release.


The following table shows Autodesk's non-GAAP results reconciled to GAAP
results included in this release.

                            Three Months Ended     Twelve Months Ended
                             January 31,             January 31,
                             2013       2012        2013         2012
                             (Unaudited)             (Unaudited)
                                                                   
GAAP cost of license and     $ 52.4      $ 48.3      $ 198.1       $ 187.1
other revenue
Stock-based compensation     (1.4    )   (1.1    )   (5.2      )   (3.9      )
expense
Amortization of developed    (10.4   )   (10.3   )   (39.7     )   (38.0     )
technology
Non-GAAP cost of license     $ 40.6     $ 36.9     $ 153.2      $ 145.2   
and other revenue
                                                                   
GAAP gross profit            $ 544.9     $ 534.9     $ 2,073.7     $ 1,986.5
Stock-based compensation     1.4         1.1         5.2           3.9
expense
Amortization of developed    10.4       10.3       39.7         38.0      
technology
Non-GAAP gross profit        $ 556.7    $ 546.3    $ 2,118.6    $ 2,028.4 
                                                                   
GAAP marketing and sales     $ 236.0     $ 233.5     $ 875.5       $ 842.6
Stock-based compensation     (16.9   )   (13.5   )   (64.3     )   (48.3     )
expense
Non-GAAP marketing and       $ 219.1    $ 220.0    $ 811.2      $ 794.3   
sales
                                                                   
GAAP research and            $ 149.4     $ 149.5     $ 600.0       $ 566.5
development
Stock-based compensation     (12.2   )   (10.5   )   (61.8     )   (38.1     )
expense
Non-GAAP research and        $ 137.2    $ 139.0    $ 538.2      $ 528.4   
development
                                                                   
GAAP general and             $ 67.7      $ 60.1      $ 248.4       $ 223.1
administrative
Stock-based compensation     (7.0    )   (4.9    )   (25.0     )   (18.5     )
expense
Amortization of customer
relationships and trade      (12.6   )   (8.3    )   (42.1     )   (32.3     )
names
Non-GAAP general and         $ 48.1     $ 46.9     $ 181.3      $ 172.3   
administrative
                                                                   
GAAP restructuring charges   $ 7.2       $ —         $ 43.9        $ (1.3    )
(benefits), net
Restructuring (charges)      (7.2    )   —          (43.9     )   1.3       
benefits
Non-GAAP restructuring       $ —        $ —        $ —          $ —       
charges (benefits), net
                                                                   
GAAP operating expenses      $ 460.3     $ 443.1     $ 1,767.8     $ 1,630.9
Stock-based compensation     (36.1   )   (28.9   )   (151.1    )   (104.9    )
expense
Amortization of customer
relationships and trade      (12.6   )   (8.3    )   (42.1     )   (32.3     )
names
Restructuring (charges)      (7.2    )   —          (43.9     )   1.3       
benefits
Non-GAAP operating           $ 404.4    $ 405.9    $ 1,530.7    $ 1,495.0 
expenses
                                                                   
GAAP income from             $ 84.6      $ 91.8      $ 305.9       $ 355.6
operations
Stock-based compensation     37.5        30.0        156.3         108.8
expense
Amortization of developed    10.4        10.3        39.7          38.0
technology
Amortization of customer
relationships and trade      12.6        8.3         42.1          32.3
names
Restructuring charges        7.2        —          43.9         (1.3      )
(benefits)
Non-GAAP income from         $ 152.3    $ 140.4    $ 587.9      $ 533.4   
operations
                                                                   
GAAP interest and other      $ 1.5       $ 1.1       $ 4.1         $ 7.3
income, net
(Gain) loss on strategic     0.2        (0.3    )   4.0          (0.3      )
investments
Non-GAAP interest and        $ 1.7      $ 0.8      $ 8.1        $ 7.0     
other income, net
                                                                   
GAAP provision for income    $ (11.6 )   $ (20.9 )   $ (62.6   )   $ (77.6   )
taxes
Discrete GAAP tax            (7.7    )   0.6         (26.7     )   (6.8      )
provision items
Income tax effect of         (13.9   )   (15.1   )   (56.7     )   (50.9     )
non-GAAP adjustments
Non-GAAP provision for       $ (33.2 )   $ (35.4 )   $ (146.0  )   $ (135.3  )
income tax
                                                                   
GAAP net income              $ 74.5      $ 72.0      $ 247.4       $ 285.3
Stock-based compensation     37.5        30.0        156.3         108.8
expense
Amortization of developed    10.4        10.3        39.7          38.0
technology
Amortization of customer
relationships and trade      12.6        8.3         42.1          32.3
names
Restructuring charges        7.2         —           43.9          (1.3      )
(benefits)
(Gain) loss on strategic     0.2         (0.3    )   4.0           (0.3      )
investments
Discrete GAAP tax            (7.7    )   0.6         (26.7     )   (6.8      )
provision items
Income tax effect of         (13.9   )   (15.1   )   (56.7     )   (50.9     )
non-GAAP adjustments
Non-GAAP net income          $ 120.8    $ 105.8    $ 450.0      $ 405.1   
                                                                   
GAAP diluted net income      $ 0.32      $ 0.31      $ 1.07        $ 1.22
per share
Stock-based compensation     0.16        0.13        0.67          0.47
expense
Amortization of developed    0.05        0.04        0.18          0.16
technology
Amortization of customer
relationships and trade      0.05        0.04        0.18          0.14
names
Restructuring charges        0.03        —           0.18          (0.01     )
(benefits)
(Gain) loss on strategic     —           —           0.02          —
investments
Discrete GAAP tax            (0.02   )   —           (0.12     )   (0.03     )
provision items
Income tax effect of         (0.06   )   (0.06   )   (0.24     )   (0.21     )
non-GAAP adjustments
Non-GAAP diluted net         $ 0.53     $ 0.46     $ 1.94       $ 1.74    
income per share


(1) Effective in the second quarter of fiscal 2013, Autodesk began excluding
gains and losses on strategic investments for purposes of its non-GAAP
financial measures. Prior period non-GAAP interest and other income (expense),
net, net income and earnings per share amounts have been revised to conform to
the current period presentation.

Autodesk, Inc.

Other Supplemental Financial Information (a)

Fiscal Year 2013    QTR 1      QTR 2      QTR 3      QTR 4      YTD 2013
Financial
Statistics ($ in                                               
millions, except
per share data):
Total Net Revenue:   $ 589       $ 569       $ 548       $ 607       $ 2,312
License and Other    $ 361       $ 341       $ 317       $ 372       $ 1,391
Revenue
Maintenance          $ 228       $ 228       $ 231       $ 235       $ 922
Revenue
                                                                     
GAAP Gross Margin    90      %   89      %   89      %   90      %   90      %
Non-GAAP Gross       92      %   91      %   91      %   92      %   92      %
Margin (1)(2)
                                                                     
GAAP Operating       $ 436       $ 416       $ 456       $ 460       $ 1,768
Expenses
GAAP Operating       16      %   16      %   6       %   14      %   13      %
Margin
GAAP Net Income      $ 79        $ 65        $ 29        $ 75        $ 248
GAAP Diluted Net
Income Per Share     $ 0.34      $ 0.28      $ 0.13      $ 0.32      $ 1.07
(b)
                                                                     
Non-GAAP Operating   $ 396       $ 376       $ 355       $ 404       $ 1,531
Expenses (1)(3)
Non-GAAP Operating   25      %   25      %   27      %   25      %   25      %
Margin (1)(4)
Non-GAAP Net         $ 109       $ 111       $ 109       $ 121       $ 450
Income (1)(5)(c)
Non-GAAP Diluted
Net Income Per       $ 0.47      $ 0.48      $ 0.47      $ 0.53      $ 1.94
Share (1)(6)(b)(c)
                                                                     
Total Cash and
Marketable           $ 1,796     $ 1,717     $ 1,737     $ 2,365     $ 2,365
Securities
Days Sales           46          58          49          74          74
Outstanding
Capital              $ 12        $ 17        $ 17        $ 12        $ 56
Expenditures
Cash Flow from
Operating            $ 139       $ 107       $ 157       $ 156       $ 559
Activities
GAAP Depreciation,
Amortization and     $ 29        $ 29        $ 35        $ 35        $ 128
Accretion
                                                                     
Deferred
Maintenance          648         672         634         734         734
Revenue Balance
                                                                     
Revenue by
Geography:
Americas             $ 208       $ 199       $ 209       $ 221       $ 836
Europe, Middle       $ 224       $ 210       $ 196       $ 238       $ 869
East and Africa
Asia Pacific         $ 157       $ 161       $ 142       $ 148       $ 608
% of Total Rev
from Emerging        14      %   15      %   15      %   14      %   14      %
Economies
                                                                     
Revenue by
Segment:
Platform Solutions
and Emerging         $ 229       $ 218       $ 205       $ 198       $ 850
Business (c)
Architecture,
Engineering and      $ 163       $ 161       $ 163       $ 207       $ 694
Construction
Manufacturing        $ 146       $ 141       $ 132       $ 155       $ 574
Media and            $ 51        $ 49        $ 48        $ 47        $ 194
Entertainment
                                                                     
Other Revenue
Statistics (c):
% of Total Rev       58      %   57      %   55      %   54      %   56      %
from Flagship (d)
% of Total Rev       28      %   29      %   30      %   31      %   30      %
from Suites
% of Total Rev
from New and         14      %   14      %   15      %   15      %   15      %
Adjacent (d)
% of Total Rev
from AutoCAD and     35      %   34      %   33      %   29      %   33      %
AutoCAD LT
Upgrade and
Crossgrade Revenue   $ 50        $ 34        $ 32        $ 62        $ 178
(e)
                                                                     
Favorable
(Unfavorable)
Impact of U.S.
Dollar Translation
Relative to
Foreign
Currencies
Compared to
Comparable Prior
Year Period:
FX Impact on Total   $ 14        $ (1    )   $ (10   )   $ (15   )   $ (12   )
Net Revenue
FX Impact on Cost
of Revenue and       $ (2    )   $ 6         $ 7         $ 1         $ 12
Total Operating
Expenses
FX Impact on         $ 12        $ 5         $ (3    )   $ (14   )   $ —
Operating Income
                                                                     
Gross Margin by
Segment (c):
Platform Solutions
and Emerging         $ 216       $ 204       $ 191       $ 184       $ 795
Business
Architecture,
Engineering and      $ 149       $ 146       $ 150       $ 190       $ 635
Construction
Manufacturing        $ 134       $ 130       $ 122       $ 145       $ 531
Media and            $ 42        $ 39        $ 38        $ 38        $ 157
Entertainment
Unallocated          $ (11   )   $ (11   )   $ (11   )   $ (12   )   $ (45   )
amounts
                                                                     
Common Stock
Statistics:
Common Shares        229.7       226.7       224.5       223.6       223.6
Outstanding
Fully Diluted
Weighted Average     234.1       232.1       229.9       229.6       231.7
Shares Outstanding
Shares Repurchased   2.5         3.4         4.0         2.6         12.5


(a) Totals may not agree with the sum of the components due to rounding.
(b) Earnings per share were computed independently for each of the periods
presented; therefore the sum of the earnings per share amounts for the
quarters may not equal the total for the year.
(c) Prior amounts have been conformed to align with the current period
presentation.
(d) The first three quarters of 2013 percentages have been updated to reflect
an adjustment implemented after we reported our results of operations for the
third quarter of fiscal 2013.
(e) Starting in 1Q fiscal 2014, Autodesk will discontinue reporting revenue
from upgrades and crossgrades and will report only total license revenue and
total maintenance revenue.


(1) To supplement our consolidated financial statements presented on a GAAP
basis, Autodesk provides investors with certain non-GAAP measures including
non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin,
non-GAAP net income, and non-GAAP net income per share. These non-GAAP
financial measures are adjusted to exclude certain costs, expenses, gains and
losses, including stock-based compensation expense, restructuring charges,
amortization of purchased intangibles, gain and loss on strategic investments,
and related income tax expenses. See our reconciliation of GAAP financial
measures to non-GAAP financial measures herein. We believe these exclusions
are appropriate to enhance an overall understanding of our past financial
performance and also our prospects for the future, as well as to facilitate
comparisons with our historical operating results. These adjustments to our
GAAP results are made with the intent of providing both management and
investors a more complete understanding of Autodesk's underlying operational
results and trends and our marketplace performance. For example, the non-GAAP
results are an indication of our baseline performance before gains, losses or
other charges that are considered by management to be outside our core
operating results. In addition, these non-GAAP financial measures are among
the primary indicators management uses as a basis for our planning and
forecasting of future periods. There are limitations in using non-GAAP
financial measures because the non-GAAP financial measures are not prepared in
accordance with generally accepted accounting principles and may be different
from non-GAAP financial measures used by other companies. The non-GAAP
financial measures are limited in value because they exclude certain items
that may have a material impact upon our reported financial results. The
presentation of this additional information is not meant to be considered in
isolation or as a substitute for the directly comparable financial measures
prepared in accordance with generally accepted accounting principles in the
United States. Investors should review the reconciliation of the non-GAAP
financial measures to their most directly comparable GAAP financial measures
as provided in the tables accompanying Autodesk's press release.

                                                            
                         QTR 1     QTR 2     QTR 3     QTR 4     YTD 2013
(2) GAAP Gross Margin    90     %  89     %  89     %  90     %  90      %
Stock-based              —          —          —          —          —
compensation expense
Amortization of          2      %   2      %   2      %   2      %   2       %
developed technology
Non-GAAP Gross Margin    92     %   91     %   91     %   92     %   92      %
                                                                     
(3) GAAP Operating       $ 436      $ 416      $ 456      $ 460      $ 1,768
Expenses
Stock-based              (32    )   (32    )   (51    )   (36    )   (151    )
compensation expense
Amortization of
customer relationships   (8     )   (8     )   (14    )   (13    )   (42     )
and trade names
Restructuring
(charges) benefits,      —         —         (37    )   (7     )   (44     )
net
Non-GAAP Operating       $ 396      $ 376      $ 355      $ 404      $ 1,531
Expenses
                                                                     
(4) GAAP Operating       16     %   16     %   6      %   14     %   13      %
Margin
Stock-based              6      %   6      %   10     %   6      %   7       %
compensation expense
Amortization of          2      %   2      %   2      %   2      %   1       %
developed technology
Amortization of
customer relationships   1      %   1      %   2      %   2      %   2       %
and trade names
Restructuring charges    —         —         7      %   1      %   2       %
(benefits), net
Non-GAAP Operating       25     %   25     %   27     %   25     %   25      %
Margin
                                                                     
(5) GAAP Net Income      $ 79       $ 65       $ 29       $ 75       $ 248
Stock-based              33         34         52         38         156
compensation expense
Amortization of          10         10         10         10         40
developed technology
Amortization of
customer relationships   8          8          14         13         42
and trade names
Restructuring charges    —          —          37         7          44
(benefits), net
(Gain) loss on
strategic investments    (1     )   5          —          —          4
(7)
Discrete GAAP tax        (6     )   3          (16    )   (8     )   (27     )
provision items
Income tax effect of     (14    )   (12    )   (17    )   (14    )   (57     )
non-GAAP adjustments
Non-GAAP Net Income      $ 109      $ 111      $ 109      $ 121      $ 450
                                                                     
(6) GAAP Diluted Net     $ 0.34     $ 0.28     $ 0.13     $ 0.32     $ 1.07
Income Per Share
Stock-based              0.14       0.15       0.23       0.16       0.67
compensation expense
Amortization of          0.04       0.04       0.04       0.05       0.18
developed technology
Amortization of
customer relationships   0.03       0.03       0.06       0.05       0.18
and trade names
Restructuring charges    —          —          0.15       0.03       0.18
(benefits), net
(Gain) loss on
strategic investments    —          0.02       —          —          0.02
(7)
Discrete GAAP tax        (0.03  )   0.01       (0.07  )   (0.02  )   (0.12   )
provision items
Income tax effect of     (0.05  )   (0.05  )   (0.07  )   (0.06  )   (0.24   )
non-GAAP adjustments
Non-GAAP Diluted Net     $ 0.47     $ 0.48     $ 0.47     $ 0.53     $ 1.94
Income Per Share


      Effective in the second quarter of fiscal 2013, Autodesk began excluding
      gains and losses on strategic investments for purposes of its non-GAAP
(7)  financial measures. Prior period non-GAAP interest and other income
      (expense), net, net income and earnings per share amounts have been
      revised to conform to the current period presentation.


Reconciliation for Fiscal 2014:
The following is a reconciliation of anticipated fiscal 2014 GAAP and non-GAAP
operating margins:

                                                         Fiscal 2014
Projected non-GAAP operating margin basis-point (bpt)     125 bpt    150 bpt
improvement range
GAAP operating margin basis point improvement over        455        480
prior year
Stock-based compensation expense                          (180  )     (180   )
Amortization of purchased intangibles                     (40   )     (40    )
Restructuring charges                                     (110  )    (110   )
Non-GAAP operating margin basis point improvement over    125       150    
prior year

Reconciliation for Long Term Operating Margins:

Autodesk is not able to provide targets for our long term (ending with fiscal
year 2015) GAAP operating margins at this time because of the difficulty of
estimating certain items that are excluded from non-GAAP that affect operating
margin, such as charges related to stock-based compensation expense and
amortization of acquisition related intangibles, the effect of which may be
significant.

Contact:

Autodesk, Inc.
Investors:
David Gennarelli, 415-507-6033
david.gennarelli@autodesk.com
Press:
Greg Eden, 415-547-2135
greg.eden@autodesk.com
 
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