Autodesk, Inc. Announces Fiscal 2021 First Quarter Results

 

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, we provide investors with certain non-GAAP measures including non-GAAP net income per share, non-GAAP operating margin, non-GAAP spend, non-GAAP EPS and free cash flow. For our internal budgeting and resource allocation process and as a means to evaluate period-to-period comparisons, we use non-GAAP measures to supplement our consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain items that may have a material impact upon our future reported financial results. We use non-GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain expenses and charges that may not be indicative of our core business operating results.  For the reasons set forth below, we believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. This allows investors and others to better understand and evaluate our operating results and future prospects in the same manner as management, compare financial results across accounting periods and to those of peer companies and to better understand the long-term performance of our core business. We also use some of these measures for purposes of determining company-wide incentive compensation.


There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP 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. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for or in isolation from, the directly comparable financial measures prepared in accordance with GAAP. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included in this presentation, and not to rely on any single financial measure to evaluate our business.





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




Three Months Ended

April 30,


2020


2019


(Unaudited)





GAAP cost of subscription and maintenance revenue

$

57.4



$

59.7


Stock-based compensation expense

(3.6)



(3.6)


Acquisition related costs

(0.2)




Non-GAAP cost of subscription and maintenance revenue

$

53.6



$

56.1






GAAP cost of other revenue

$

17.1



$

13.8


Stock-based compensation expense

(1.5)



(1.3)


Non-GAAP cost of other revenue

$

15.6



$

12.5






GAAP amortization of developed technologies

$

7.4



$

9.2


Amortization of developed technologies

(7.4)



(9.2)


Non-GAAP amortization of developed technologies

$



$






GAAP gross profit

$

803.8



$

652.8


Stock-based compensation expense

5.1



4.9


Amortization of developed technologies

7.4



9.2


Acquisition related costs

0.2




Non-GAAP gross profit

$

816.5



$

666.9






GAAP marketing and sales

$

341.3



$

313.3


Stock-based compensation expense

(40.7)



(32.5)


Acquisition related costs

(1.7)




Non-GAAP marketing and sales

$

298.9



$

280.8






GAAP research and development

$

217.4



$

205.6


Stock-based compensation expense

(33.0)



(26.7)


Non-GAAP research and development

$

184.4



$

178.9






GAAP general and administrative

$

104.8



$

99.1


Stock-based compensation expense

(19.4)



(11.1)


Acquisition related costs



(12.7)


Non-GAAP general and administrative

$

85.4



$

75.3






GAAP amortization of purchased intangibles

$

9.7



$

9.8


Amortization of purchased intangibles

(9.7)



(9.8)


Non-GAAP amortization of purchased intangibles

$



$






GAAP restructuring and other exit costs, net

$



$

0.2


Restructuring and other exit costs, net



(0.2)


Non-GAAP restructuring and other exit costs, net

$



$






GAAP operating expenses

$

673.2



$

628.0


Stock-based compensation expense

(93.1)



(70.3)


Amortization of purchased intangibles

(9.7)



(9.8)


Acquisition related costs

(1.7)



(12.7)


Restructuring and other exit costs, net



(0.2)


Non-GAAP operating expenses

$

568.7



$

535.0






GAAP spend

$

755.1



$

710.7


Stock-based compensation expense

(98.2)



(75.2)


Amortization of developed technologies

(7.4)



(9.2)


Amortization of purchased intangibles

(9.7)



(9.8)


Acquisition related costs

(1.9)



(12.7)


Restructuring and other exit costs, net



(0.2)


Non-GAAP spend

$

637.9



$

603.6






GAAP operating margin

15

%


3

%

Stock-based compensation expense

11

%


10

%

Amortization of developed technologies

1

%


1

%

Amortization of purchased intangibles

1

%


1

%

Acquisition related costs

%


2

%

Non-GAAP operating margin

28

%


18

%





GAAP income from operations

$

130.6



$

24.8


Stock-based compensation expense

98.2



75.2


Amortization of developed technologies

7.4



9.2


Amortization of purchased intangibles

9.7



9.8


Acquisition related costs

1.9



12.7


Restructuring and other exit costs, net



0.2


Non-GAAP income from operations

$

247.8



$

131.9






GAAP interest and other expense, net

$

(40.1)



$

(16.2)


Loss on strategic investments and dispositions, net

16.6



5.0


Non-GAAP interest and other expense, net

$

(23.5)



$

(11.2)






GAAP provision for income taxes

$

(24.0)



$

(32.8)


Discrete GAAP tax items

0.5



(2.3)


Income tax effect of non-GAAP adjustments

(12.4)



13.4


Non-GAAP provision for income tax

$

(35.9)



$

(21.7)






GAAP net income (loss)

$

66.5



$

(24.2)


Stock-based compensation expense

98.2



75.2


Amortization of developed technologies

7.4



9.2


Amortization of purchased intangibles

9.7



9.8


Acquisition related costs

1.9



12.7


Restructuring and other exit costs, net



0.2


Loss on strategic investments and dispositions, net

16.6



5.0


Discrete GAAP tax items

0.5



(2.3)


Income tax effect of non-GAAP adjustments

(12.4)



13.4


Non-GAAP net income

$

188.4



$

99.0






GAAP diluted net income (loss) per share

$

0.30



$

(0.11)


Stock-based compensation expense

0.44



0.34


Amortization of developed technologies

0.03



0.04


Amortization of purchased intangibles

0.04



0.04


Acquisition related costs

0.01



0.07


Loss on strategic investments and dispositions, net

0.08



0.02


Discrete GAAP tax items



(0.01)


Income tax effect of non-GAAP adjustments

(0.05)



0.06


Non-GAAP diluted net income per share

$

0.85



$

0.45






GAAP weighted average shares used in computing diluted net income (loss) per share

221.3



219.6


Dilutive effect of restricted awards



2.4


Non-GAAP weighted average shares used in computing diluted net income (loss) per share

221.3



222.0



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