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Autodesk, Inc. | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(In millions, except per share data) | ||||||||||||||||
Three Months Ended
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Twelve Months Ended
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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 other revenue | 52.4 | 48.3 | 198.1 | 187.1 | ||||||||||||
Cost of maintenance revenue | 9.6 | 9.2 | 40.4 | 42.0 | ||||||||||||
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 development | 149.4 | 149.5 | 600.0 | 566.5 | ||||||||||||
General and administrative | 67.7 | 60.1 | 248.4 | 223.1 | ||||||||||||
Restructuring charges (benefits), net | 7.2 | — | 43.9 | (1.3 | ) | |||||||||||
Total operating expenses | 460.3 | 443.1 | 1,767.8 | 1,630.9 | ||||||||||||
Income from operations | 84.6 | 91.8 | 305.9 | 355.6 | ||||||||||||
Interest and other income, net | 1.5 | 1.1 | 4.1 | 7.3 | ||||||||||||
Income before income taxes | 86.1 | 92.9 | 310.0 | 362.9 | ||||||||||||
Provision for income taxes | (11.6 | ) | (20.9 | ) | (62.6 | ) | (77.6 | ) | ||||||||
Net income | $ | 74.5 | $ | 72.0 | $ | 247.4 | $ | 285.3 | ||||||||
Basic net income per share | $ | 0.33 | $ | 0.32 | $ | 1.09 | $ | 1.25 | ||||||||
Diluted net income per share | $ | 0.32 | $ | 0.31 | $ | 1.07 | $ | 1.22 | ||||||||
Weighted average shares used in computing basic net income per share | 224.1 | 226.1 | 226.4 | 227.7 | ||||||||||||
Weighted average shares used in computing diluted net income per share | 229.6 | 231.5 | 231.7 | 233.3 |
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 leasehold improvements, net | 114.9 | 104.5 | |||||
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 compensation | (12.9 | ) | (31.5 | ) | ||||
Restructuring charges (benefits), net | 43.9 | (1.3 | ) | |||||
Other operating activities |
6.7 | (0.3 | ) | |||||
Changes in operating assets and liabilities, net of business combinations | (10.1 | ) | 97.0 | |||||
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 of issuance costs | 220.2 | 176.1 | ||||||
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 compensation | 12.9 | 31.5 | ||||||
Other financing activities | (6.1 | ) | — | |||||
Net cash provided by (used in) financing activities | 541.4 | (119.8 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents | 2.0 | (1.6 | ) | |||||
Net increase in cash and cash equivalents | 455.3 | 81.8 | ||||||
Cash and cash equivalents at beginning of fiscal year | 1,156.9 | 1,075.1 | ||||||
Cash and cash equivalents at end of fiscal year | $ | 1,612.2 | $ | 1,156.9 |