– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
- Second quarter revenue and billings both grew 17 percent year-over-year
- Second quarter GAAP and non-GAAP operating margin expanded by 6 and 5 percentage points, respectively
SAN FRANCISCO, Aug. 24, 2022 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the second quarter of fiscal 2023.
All growth rates are compared to the second quarter of fiscal 2022, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.
Second Quarter Fiscal 2023 Financial Highlights
"We are moving from products to platforms and capabilities, and bringing those capabilities to any device, anywhere, through the cloud," said Andrew Anagnost, Autodesk president and CEO. "By accelerating the convergence of workflows within and between the industries we serve, we are propelling the digital transformation of our customers and creating broader and deeper partnerships with them."
"Demand remained robust, our competitive performance strong, and subscription business resilient during the second quarter," said Debbie Clifford, Autodesk CFO. "With the underlying momentum of the business offsetting incremental foreign exchange headwinds, our guidance is unchanged at the mid-point across all metrics. We remain well on track to achieve our fiscal 23 goals."
Additional Financial Details
Second Quarter Fiscal 2023 Business Highlights |
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Net Revenue by Geographic Area |
|||||||||
Three Months |
Three Months |
Change prior fiscal year |
Constant currency |
||||||
(In millions, except percentages) (1) |
$ |
% |
% |
||||||
Net Revenue: |
|||||||||
Americas |
|||||||||
U.S. |
$ 424 |
$ 348 |
$ 76 |
22 % |
* |
||||
Other Americas |
91 |
75 |
16 |
21 % |
* |
||||
Total Americas |
515 |
423 |
92 |
22 % |
21 % |
||||
EMEA |
473 |
410 |
63 |
15 % |
15 % |
||||
APAC |
249 |
227 |
22 |
10 % |
13 % |
||||
Total Net Revenue |
$ 1,237 |
$ 1,060 |
$ 177 |
17 % |
17 % |
||||
____________________ |
* Constant currency data not provided at this level. |
(1) In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported amounts, |
Net Revenue by Product Family |
|||||||
Our product offerings are focused in four primary product families: Architecture, Engineering and Construction ("AEC"), AutoCAD |
|||||||
Three Months |
Three Months |
Change compared to prior fiscal year |
|||||
(In millions, except percentages) (1) |
$ |
% |
|||||
AEC (2) |
$ 564 |
$ 479 |
$ 85 |
18 % |
|||
AutoCAD and AutoCAD LT (2) |
344 |
304 |
40 |
13 % |
|||
MFG |
242 |
208 |
34 |
16 % |
|||
M&E |
71 |
59 |
12 |
20 % |
|||
Other |
16 |
10 |
6 |
60 % |
|||
Total Net Revenue |
$ 1,237 |
$ 1,060 |
$ 177 |
17 % |
|||
____________________ |
(1) In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported |
(2) During the fiscal quarter ended July 31, 2022, the Company corrected an immaterial classification error and reclassified certain |
Business Outlook
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement." Autodesk's business outlook for the third quarter and full-year fiscal 2023 takes into consideration the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2023 GAAP and non-GAAP estimates is provided below or in the tables following this press release.
Third Quarter Fiscal 2023 |
|
Q3 FY23 Guidance Metrics |
Q3 FY23 |
Revenue (in millions) |
$1,275 - $1,290 |
EPS GAAP |
$0.90 - $0.96 |
EPS non-GAAP (1) |
$1.66 - $1.72 |
____________________ |
|
(1) Non-GAAP earnings per diluted share excludes $0.74 related to stock-based compensation expense, $0.11 for |
|
Full Year Fiscal 2023 |
|
FY23 Guidance Metrics |
FY23 |
Billings (in millions) (1) |
$5,705 - $5,805 |
Revenue (in millions) (2) |
$4,985 - $5,035 |
GAAP operating margin |
Approx. 20% |
Non-GAAP operating margin (3) |
Approx. 36% |
EPS GAAP |
$3.40 - $3.59 |
EPS non-GAAP (4) |
$6.52 - $6.71 |
Free cash flow (in millions) (5) |
$2,000 - $2,080 |
____________________ |
|
(1) Excluding the approximately $185 million impact of foreign currency exchange rates and hedge gains/losses, |
|
(2) Excluding the approximately $75 million impact of foreign currency exchange rates and hedge gains/losses, |
|
(3) Non-GAAP operating margin excludes approximately 13% related to stock-based compensation expense, |
|
(4) Non-GAAP earnings per diluted share excludes $2.95 related to stock-based compensation expense, $0.44 |
|
(5) Free cash flow is cash flow from operating activities less approximately $60 million of capital expenditures. |
|
The third quarter and full-year fiscal 2023 outlook assume a projected annual effective tax rate of 21 percent and 17 percent for GAAP and non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. Therefore, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.
Earnings Conference Call and Webcast
Autodesk will host its second quarter conference call today at 5 p.m. ET. The live broadcast can be accessed at autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call.
A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor. This replay will be maintained on Autodesk's website for at least 12 months.
Investor Presentation Details
An investor presentation, excel financials and other supplemental materials providing additional information can be found at autodesk.com/investor.
Key Performance Metrics
To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue and net revenue retention rate ("NR3"). These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue. These metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.
Glossary of Terms
Billings: Total revenue plus the net change in deferred revenue from the beginning to the end of the period.
Cloud Service Offerings: Represents individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration. Cloud service offerings that are bundled with other product offerings are not captured as a separate cloud service offering.
Constant Currency (CC) Growth Rates: We attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods. We calculate constant currency growth rates by (i) applying the applicable prior period exchange rates to current period results and (ii) excluding any gains or losses from foreign currency hedge contracts that are reported in the current and comparative periods.
Design Business: Represents the combination of maintenance, product subscriptions, and all EBAs. Main products include, but are not limited to, AutoCAD, AutoCAD LT, Industry Collections, Revit, Inventor, Maya and 3ds Max. Certain products, such as our computer aided manufacturing solutions, incorporate both Design and Make functionality and are classified as Design.
Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term.
Free Cash Flow: Cash flow from operating activities minus capital expenditures.
Industry Collections: Autodesk Industry Collections are a combination of products and services that target a specific user objective and support a set of workflows for that objective. Our Industry Collections consist of: Autodesk Architecture, Engineering and Construction Collection, Autodesk Product Design and Manufacturing Collection, and Autodesk Media and Entertainment Collection.
Maintenance Plan: Our maintenance plans provide our customers with a cost effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts. Under our maintenance plans, customers are eligible to receive unspecified upgrades when and if available, and technical support. We recognize maintenance revenue over the term of the agreements, generally one year.
Make Business: Represents certain cloud-based product subscriptions. Main products include, but are not limited to, Assemble, Autodesk Build, BuildingConnected, Fusion 360 and ShotGrid. Certain products, such as Fusion 360, incorporate both Design and Make functionality and are classified as Make.
Net Revenue Retention Rate (NR3): Measures the year-over-year change in Recurring Revenue for the population of customers that existed one year ago ("base customers"). Net revenue retention rate is calculated by dividing the current quarter Recurring Revenue related to base customers by the total corresponding quarter Recurring Revenue from one year ago. Recurring Revenue is based on USD reported revenue, and fluctuations caused by changes in foreign currency exchange rates and hedge gains or losses have not been eliminated. Recurring Revenue related to acquired companies, one year after acquisition, has been captured as existing customers until such data conforms to the calculation methodology. This may cause variability in the comparison.
Other Revenue: Consists of revenue from consulting, training, and other products and services, and is recognized as the products are delivered and services are performed.
Product Subscription: Provides customers a flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools. Our product subscriptions currently represent a hybrid of desktop and cloud functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders.
Recurring Revenue: Consists of the revenue for the period from our traditional maintenance plans, our subscription plan offerings, and certain Other revenue. It excludes subscription revenue related to third-party products. Recurring revenue acquired with the acquisition of a business is captured when total subscriptions are captured in our systems and may cause variability in the comparison of this calculation.
Remaining Performance Obligations (RPO): The sum of total short-term, long-term, and unbilled deferred revenue. Current remaining performance obligations is the amount of revenue we expect to recognize in the next twelve months.
Spend: The sum of cost of revenue and operating expenses.
Subscription Plan: Comprises our term-based product subscriptions, cloud service offerings, and EBAs. Subscriptions represent a combined hybrid offering of desktop software and cloud functionality which provides a device-independent, collaborative design workflow for designers and their stakeholders. With subscription, customers can use our software anytime, anywhere, and get access to the latest updates to previous versions.
Subscription Revenue: Includes our cloud-enabled term-based product subscriptions, cloud service offerings, and flexible EBAs.
Unbilled Deferred Revenue: Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services, and maintenance for which the associated deferred revenue has not been recognized. Under FASB Accounting Standards Codification ("ASC") Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Condensed Consolidated Balance Sheet.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under "Business Outlook" above statements about our short-term and long-term goals, statements regarding our strategies, market and product positions, performance and results, and all statements that are not historical facts. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our strategy to develop and introduce new products and services and to move to platforms and capabilities, exposing us to risks such as limited customer acceptance, costs related to product defects, and large expenditures; the effects of the COVID-19 pandemic and related public health measures; global economic and political conditions, including recessionary fears, supply chain disruptions, resulting inflationary pressures and hiring conditions; costs and challenges associated with strategic acquisitions and investments; dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks, including risks related to the war against Ukraine launched by Russia and our exit from Russia; inability to predict subscription renewal rates and their impact on our future revenue and operating results; existing and increased competition and rapidly evolving technological changes; fluctuation of our financial results, key metrics and other operating metrics; deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections; any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives; net revenue, billings, earnings, cash flow, or subscriptions shortfalls; social and ethical issues relating to the use of artificial intelligence in our offerings; security incidents or other incidents compromising the integrity of our or our customers' offerings, services, data, or intellectual property; reliance on third parties to provide us with a number of operational and technical services as well as software; our highly complex software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory focus on privacy issues and expanding laws; governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls; protection of our intellectual property rights and intellectual property infringement claims from others; the government procurement process; fluctuations in currency exchange rates; our debt service obligations; and our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors. Our estimates as to tax rate are based on current tax law, including current interpretations of the Tax Cuts and Jobs Act, and could be affected by changing interpretations of that Act, as well as additional legislation and guidance around that Act.
Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk's Form 10-K and subsequent forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims 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.
Autodesk is changing how the world is designed and made. Our technology spans architecture, engineering, construction, product design, manufacturing, media and entertainment, empowering innovators everywhere to solve challenges big and small. From greener buildings to smarter products to more mesmerizing blockbusters, Autodesk software helps our customers to design and make a better world for all. For more information visit autodesk.com or follow @autodesk.
Autodesk uses its investors.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.
Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are registered trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. 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.
© 2022 Autodesk, Inc. All rights reserved.
Autodesk, Inc. |
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Condensed Consolidated Statements of Operations |
||||||||
(In millions, except per share data) (1) |
||||||||
Three Months Ended July 31, |
Six Months Ended July 31, |
|||||||
2022 |
2021 |
2022 |
2021 |
|||||
(Unaudited) |
(Unaudited) |
|||||||
Net revenue (2): |
||||||||
Subscription |
$ 1,160 |
$ 997 |
$ 2,249 |
$ 1,924 |
||||
Maintenance |
17 |
17 |
35 |
36 |
||||
Total subscription and maintenance revenue |
1,177 |
1,014 |
2,284 |
1,960 |
||||
Other |
60 |
46 |
123 |
89 |
||||
Total net revenue |
1,237 |
1,060 |
2,407 |
2,049 |
||||
Cost of revenue: |
||||||||
Cost of subscription and maintenance revenue |
83 |
76 |
167 |
144 |
||||
Cost of other revenue |
21 |
16 |
40 |
30 |
||||
Amortization of developed technologies |
15 |
14 |
29 |
24 |
||||
Total cost of revenue |
119 |
106 |
236 |
198 |
||||
Gross profit |
1,118 |
954 |
2,171 |
1,851 |
||||
Operating expenses: |
||||||||
Marketing and sales |
433 |
399 |
852 |
776 |
||||
Research and development |
306 |
277 |
595 |
543 |
||||
General and administrative |
128 |
119 |
248 |
231 |
||||
Amortization of purchased intangibles |
9 |
11 |
20 |
19 |
||||
Total operating expenses |
876 |
806 |
1,715 |
1,569 |
||||
Income from operations |
242 |
148 |
456 |
282 |
||||
Interest and other expense, net |
(10) |
(9) |
(29) |
(12) |
||||
Income before income taxes |
232 |
139 |
427 |
270 |
||||
(Provision) benefit for income taxes |
(46) |
(24) |
(95) |
1 |
||||
Net income |
$ 186 |
$ 115 |
$ 332 |
$ 271 |
||||
Basic net income per share |
$ 0.86 |
$ 0.52 |
$ 1.53 |
$ 1.23 |
||||
Diluted net income per share |
$ 0.85 |
$ 0.52 |
$ 1.52 |
$ 1.22 |
||||
Weighted average shares used in computing basic net income per share |
217 |
220 |
217 |
220 |
||||
Weighted average shares used in computing diluted net income per share |
218 |
222 |
218 |
222 |
||||
____________________ |
(1) In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported amounts, except per share |
(2) In current fiscal year, the Company changed its presentation of certain subscription plan offerings in our Condensed Consolidated Statement of Operations. |
Autodesk, Inc. |
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Condensed Consolidated Balance Sheets |
||||
(In millions) (1) |
||||
July 31, 2022 |
January 31, 2022 |
|||
(Unaudited) |
||||
ASSETS |
||||
Current assets: |
||||
Cash and cash equivalents |
$ 1,440 |
$ 1,528 |
||
Marketable securities |
85 |
236 |
||
Accounts receivable, net |
434 |
716 |
||
Prepaid expenses and other current assets |
370 |
284 |
||
Total current assets |
2,329 |
2,764 |
||
Long-term marketable securities |
46 |
45 |
||
Computer equipment, software, furniture and leasehold improvements, net |
154 |
162 |
||
Operating lease right-of-use assets |
292 |
305 |
||
Intangible assets, net |
451 |
494 |
||
Goodwill |
3,612 |
3,604 |
||
Deferred income taxes, net |
790 |
741 |
||
Long-term other assets |
553 |
492 |
||
Total assets |
$ 8,227 |
$ 8,607 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||
Current liabilities: |
||||
Accounts payable |
$ 109 |
$ 121 |
||
Accrued compensation |
223 |
341 |
||
Accrued income taxes |
16 |
30 |
||
Deferred revenue |
2,709 |
2,863 |
||
Operating lease liabilities |
80 |
87 |
||
Current portion of long-term notes payable, net |
350 |
350 |
||
Other accrued liabilities |
155 |
217 |
||
Total current liabilities |
3,642 |
4,009 |
||
Long-term deferred revenue |
994 |
927 |
||
Long-term operating lease liabilities |
336 |
346 |
||
Long-term income taxes payable |
57 |
20 |
||
Long-term deferred income taxes |
37 |
29 |
||
Long-term notes payable, net |
2,279 |
2,278 |
||
Long-term other liabilities |
142 |
149 |
||
Stockholders' equity: |
||||
Common stock and additional paid-in capital |
3,089 |
2,923 |
||
Accumulated other comprehensive loss |
(169) |
(124) |
||
Accumulated deficit |
(2,180) |
(1,950) |
||
Total stockholders' equity |
740 |
849 |
||
Total liabilities and stockholders' equity |
$ 8,227 |
$ 8,607 |
||
____________________ |
(1) In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported |
Autodesk, Inc. |
|||
Condensed Consolidated Statements of Cash Flows |
|||
(In millions) (1) |
|||
Six Months Ended July 31, |
|||
2022 |
2021 |
||
(Unaudited) |
|||
Operating activities: |
|||
Net income |
$ 332 |
$ 271 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||
Depreciation, amortization and accretion |
76 |
72 |
|
Stock-based compensation expense |
322 |
266 |
|
Deferred income taxes |
(43) |
26 |
|
Lease-related asset impairments |
9 |
— |
|
Other |
(11) |
9 |
|
Changes in operating assets and liabilities, net of business combinations: |
|||
Accounts receivable |
281 |
293 |
|
Prepaid expenses and other assets |
(25) |
(158) |
|
Accounts payable and other liabilities |
(199) |
(151) |
|
Deferred revenue |
(77) |
(71) |
|
Accrued income taxes |
26 |
(19) |
|
Net cash provided by operating activities |
691 |
538 |
|
Investing activities: |
|||
Purchases of marketable securities |
(97) |
— |
|
Sales and maturities of marketable securities |
245 |
4 |
|
Capital expenditures |
(23) |
(36) |
|
Purchases of developed technologies |
(5) |
(8) |
|
Business combinations, net of cash acquired |
(96) |
(1,155) |
|
Other investing activities |
(47) |
9 |
|
Net cash used in investing activities |
(23) |
(1,186) |
|
Financing activities: |
|||
Proceeds from issuance of common stock, net of issuance costs |
67 |
65 |
|
Taxes paid related to net share settlement of equity awards |
(92) |
(62) |
|
Repurchases of common stock |
(708) |
(199) |
|
Net cash used in financing activities |
(733) |
(196) |
|
Effect of exchange rate changes on cash and cash equivalents |
(23) |
(4) |
|
Net decrease in cash and cash equivalents |
(88) |
(848) |
|
Cash and cash equivalents at beginning of period |
1,528 |
1,772 |
|
Cash and cash equivalents at end of period |
$ 1,440 |
$ 924 |
|
Supplemental cash flow disclosure: |
|||
Non-cash financing activities: |
|||
Fair value of common stock issued to settle liability-classified restricted common stock |
$ 5 |
$ — |
|
Fair value of common stock issued related to business combinations |
$ 10 |
$ 3 |
|
____________________ |
(1) In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported |
Autodesk, Inc. |
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Reconciliation of GAAP financial measures to non-GAAP financial measures |
|||||||
(In millions, except per share data) (2) |
|||||||
To supplement our condensed consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP measures including non-GAAP operating margin, non-GAAP income from operations, non-GAAP diluted net income per share, 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 condensed 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. |
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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. |
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The following table shows Autodesk's GAAP results reconciled to non-GAAP results included in this release. |
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Three Months Ended July 31, |
Six Months Ended July 31, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
(Unaudited) |
(Unaudited) |
||||||
GAAP operating margin |
20 % |
14 % |
19 % |
14 % |
|||
Stock-based compensation expense |
14 % |
14 % |
13 % |
13 % |
|||
Amortization of developed technologies |
1 % |
1 % |
1 % |
1 % |
|||
Amortization of purchased intangibles |
1 % |
1 % |
1 % |
1 % |
|||
Acquisition-related costs |
— % |
— % |
— % |
1 % |
|||
Lease-related asset impairments and other charges |
1 % |
— % |
— % |
— % |
|||
Non-GAAP operating margin (1) |
36 % |
31 % |
35 % |
30 % |
|||
GAAP income from operations |
$ 242 |
$ 148 |
$ 456 |
$ 282 |
|||
Stock-based compensation expense |
169 |
153 |
324 |
269 |
|||
Amortization of developed technologies |
14 |
14 |
27 |
24 |
|||
Amortization of purchased intangibles |
9 |
11 |
20 |
19 |
|||
Acquisition-related costs |
3 |
5 |
6 |
17 |
|||
Lease-related asset impairments and other charges |
7 |
— |
8 |
— |
|||
Non-GAAP income from operations |
$ 444 |
$ 331 |
$ 841 |
$ 611 |
|||
GAAP diluted net income per share |
$ 0.85 |
$ 0.52 |
$ 1.52 |
$ 1.22 |
|||
Stock-based compensation expense |
0.78 |
0.69 |
1.49 |
1.21 |
|||
Amortization of developed technologies |
0.06 |
0.06 |
0.12 |
0.11 |
|||
Amortization of purchased intangibles |
0.04 |
0.05 |
0.09 |
0.09 |
|||
Acquisition-related costs |
0.01 |
0.02 |
0.03 |
0.07 |
|||
Lease-related asset impairments and other charges |
0.04 |
— |
0.04 |
— |
|||
Gain on strategic investments and dispositions, net |
— |
(0.01) |
— |
(0.03) |
|||
Discrete GAAP tax items |
0.01 |
— |
(0.03) |
(0.25) |
|||
Income tax effect of non-GAAP adjustments |
(0.14) |
(0.12) |
(0.17) |
(0.18) |
|||
Non-GAAP diluted net income per share |
$ 1.65 |
$ 1.21 |
$ 3.09 |
$ 2.24 |
|||
Net cash provided by operating activities |
$ 257 |
$ 202 |
$ 691 |
$ 538 |
|||
Capital expenditures |
(11) |
(16) |
(23) |
(36) |
|||
Free cash flow |
$ 246 |
$ 186 |
$ 668 |
$ 502 |
|||
____________________ |
(1) Totals may not sum due to rounding. |
(2) In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported amounts, except per share data or as otherwise noted. The current year rounding presentation has been applied to all prior year amounts presented and, in certain circumstances, this change may adjust previously reported balances. |
SOURCE Autodesk, Inc.
- Выручка и счета за второй квартал выросли на 17 процентов в годовом исчислении.
- Операционная маржа по ОПБУ и без ОПБУ за второй квартал увеличилась на 6 и 5 процентных пунктов соответственно
САН-ФРАНЦИСКО, 24 августа 2022 г. /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) сегодня сообщила о финансовых результатах за второй квартал 2023 финансового года.
Все темпы роста сравниваются со вторым кварталом 2022 финансового года, если не указано иное. Сверка результатов GAAP с результатами, не относящимися к GAAP, приведена в прилагаемых таблицах. Для получения определений, пожалуйста, ознакомьтесь с Глоссарием терминов далее в этом документе.
Основные финансовые показатели Второго квартала 2023 финансового года
"Мы переходим от продуктов к платформам и возможностям и переносим эти возможности на любое устройство, в любом месте, через облако", - сказал Эндрю Анагност, президент и главный исполнительный директор Autodesk. "Ускоряя конвергенцию рабочих процессов внутри отраслей, которые мы обслуживаем, и между ними, мы способствуем цифровой трансформации наших клиентов и налаживаем с ними более широкие и глубокие партнерские отношения".
"Спрос оставался устойчивым, наши конкурентные показатели высокими, а бизнес по подписке устойчивым во втором квартале", - сказала Дебби Клиффорд, финансовый директор Autodesk. "С учетом того, что основной импульс бизнеса компенсирует нарастающие колебания валютных курсов, наши рекомендации остаются неизменными в средней точке по всем показателям. Мы по-прежнему находимся на верном пути к достижению наших целей в 23-м финансовом году".
Дополнительные Финансовые Подробности
Second Quarter Fiscal 2023 Business Highlights |
|||||||||
Net Revenue by Geographic Area |
|||||||||
Three Months |
Three Months |
Change prior fiscal year |
Constant currency |
||||||
(In millions, except percentages) (1) |
$ |
% |
% |
||||||
Net Revenue: |
|||||||||
Americas |
|||||||||
U.S. |
$ 424 |
$ 348 |
$ 76 |
22 % |
* |
||||
Other Americas |
91 |
75 |
16 |
21 % |
* |
||||
Total Americas |
515 |
423 |
92 |
22 % |
21 % |
||||
EMEA |
473 |
410 |
63 |
15 % |
15 % |
||||
APAC |
249 |
227 |
22 |
10 % |
13 % |
||||
Total Net Revenue |
$ 1,237 |
$ 1,060 |
$ 177 |
17 % |
17 % |
||||
____________________ |
* Constant currency data not provided at this level. |
(1) In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported amounts, |
Net Revenue by Product Family |
|||||||
Our product offerings are focused in four primary product families: Architecture, Engineering and Construction ("AEC"), AutoCAD |
|||||||
Three Months |
Three Months |
Change compared to prior fiscal year |
|||||
(In millions, except percentages) (1) |
$ |
% |
|||||
AEC (2) |
$ 564 |
$ 479 |
$ 85 |
18 % |
|||
AutoCAD and AutoCAD LT (2) |
344 |
304 |
40 |
13 % |
|||
MFG |
242 |
208 |
34 |
16 % |
|||
M&E |
71 |
59 |
12 |
20 % |
|||
Other |
16 |
10 |
6 |
60 % |
|||
Total Net Revenue |
$ 1,237 |
$ 1,060 |
$ 177 |
17 % |
|||
____________________ |
(1) In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported |
(2) During the fiscal quarter ended July 31, 2022, the Company corrected an immaterial classification error and reclassified certain |
Перспективы бизнеса
Нижеследующие заявления являются прогнозными, основанными на текущих ожиданиях и предположениях, и связаны с рисками и неопределенностями, некоторые из которых изложены ниже в разделе "Заявление о безопасной гавани". Бизнес-прогноз Autodesk на третий квартал и весь 2023 финансовый год учитывает текущую экономическую ситуацию и ситуацию с курсом иностранной валюты. Сверка между оценками GAAP на 2023 финансовый год и оценками, не относящимися к GAAP, приведена ниже или в таблицах, следующих за этим пресс-релизом.
Third Quarter Fiscal 2023 |
|
Q3 FY23 Guidance Metrics |
Q3 FY23 |
Revenue (in millions) |
$1,275 - $1,290 |
EPS GAAP |
$0.90 - $0.96 |
EPS non-GAAP (1) |
$1.66 - $1.72 |
____________________ |
|
(1) Non-GAAP earnings per diluted share excludes $0.74 related to stock-based compensation expense, $0.11 for |
|
Full Year Fiscal 2023 |
|
FY23 Guidance Metrics |
FY23 |
Billings (in millions) (1) |
$5,705 - $5,805 |
Revenue (in millions) (2) |
$4,985 - $5,035 |
GAAP operating margin |
Approx. 20% |
Non-GAAP operating margin (3) |
Approx. 36% |
EPS GAAP |
$3.40 - $3.59 |
EPS non-GAAP (4) |
$6.52 - $6.71 |
Free cash flow (in millions) (5) |
$2,000 - $2,080 |
____________________ |
|
(1) Excluding the approximately $185 million impact of foreign currency exchange rates and hedge gains/losses, |
|
(2) Excluding the approximately $75 million impact of foreign currency exchange rates and hedge gains/losses, |
|
(3) Non-GAAP operating margin excludes approximately 13% related to stock-based compensation expense, |
|
(4) Non-GAAP earnings per diluted share excludes $2.95 related to stock-based compensation expense, $0.44 |
|
(5) Free cash flow is cash flow from operating activities less approximately $60 million of capital expenditures. |
|
Прогноз на третий квартал и на весь 2023 финансовый год предполагает прогнозируемую годовую эффективную налоговую ставку в размере 21 процента и 17 процентов для результатов по GAAP и не по GAAP соответственно. Изменения в географической прибыльности продолжают влиять на годовую эффективную налоговую ставку из-за значительных различий в налоговых ставках в различных юрисдикциях. Таким образом, допущения в отношении годовой эффективной налоговой ставки регулярно оцениваются и могут изменяться в зависимости от прогнозируемого географического распределения доходов.
Заработок Конференц-связь и веб-трансляция
Autodesk проведет свою селекторную конференцию за второй квартал сегодня в 5 часов вечера по восточному времени. Прямую трансляцию можно посмотреть по адресу Autodesk.com/investor . Стенограмма вступительного комментария также будет доступна после телефонной конференции.
Повтор трансляции будет доступен в 7 часов вечера по восточному времени по адресу Autodesk.com/investor . Этот повтор будет сохраняться на веб-сайте Autodesk не менее 12 месяцев.
Подробная информация о Презентации Инвестора
Презентацию инвестора, финансовые отчеты excel и другие дополнительные материалы, содержащие дополнительную информацию, можно найти по адресу Autodesk.com/investor .
Ключевые показатели эффективности
Чтобы лучше понять наши финансовые показатели, мы используем несколько ключевых показателей эффективности, включая выставление счетов, постоянную выручку и коэффициент удержания чистой выручки ("NR3"). Эти показатели являются ключевыми показателями эффективности и должны рассматриваться независимо от выручки и доходов будущих периодов. Эти показатели не предназначены для объединения с этими элементами. Мы используем эти показатели для мониторинга эффективности нашего постоянного бизнеса. Мы считаем, что эти показатели полезны для инвесторов, поскольку они могут помочь в мониторинге долгосрочного состояния нашего бизнеса. Наше определение и представление этих показателей может отличаться от показателей других компаний. Представление этих показателей предназначено для рассмотрения в дополнение, а не в качестве замены или в отрыве от наших финансовых показателей, подготовленных в соответствии с GAAP.
Глоссарий терминов
Счета: Общая выручка плюс чистое изменение отложенной выручки с начала до конца периода.
Предложения облачных сервисов: Представляют собой индивидуальные предложения на основе терминов, развернутые с помощью технологий веб-браузера или в гибридной конфигурации программного обеспечения и облака. Предложения облачных сервисов, которые поставляются в комплекте с другими предложениями продуктов, не рассматриваются как отдельное предложение облачных сервисов.
Постоянные темпы роста в валюте (CC): Мы пытаемся отразить изменения в основных бизнес-операциях, устраняя колебания, вызванные изменениями курсов иностранных валют, а также исключая прибыли или убытки от хеджирования, зарегистрированные в текущем и сравнительном периодах. Мы рассчитываем постоянные темпы роста валюты путем (i) применения применимых обменных курсов предыдущего периода к результатам текущего периода и (ii) исключения любых прибылей или убытков от контрактов на хеджирование в иностранной валюте, которые отражаются в текущем и сравнительном периодах.
Дизайнерский бизнес: Представляет собой комбинацию обслуживания, подписки на продукты и всех EBA. Основные продукты включают, но не ограничиваются ими, AutoCAD, AutoCAD LT, Industry Collections, Revit, Inventor, Maya и 3ds Max. Некоторые продукты, такие как наши решения для автоматизированного производства, включают в себя как дизайн, так и функциональность изготовления и классифицируются как Дизайн.
Корпоративные деловые соглашения (EBAS): Представляет программы, предоставляющие корпоративным клиентам доступ на основе токенов к широкому пулу продуктов Autodesk в течение определенного срока действия контракта.
Свободный Денежный Поток: Денежный поток от операционной деятельности за вычетом капитальных затрат.
Отраслевые коллекции: Отраслевые коллекции Autodesk представляют собой комбинацию продуктов и услуг, которые нацелены на конкретную пользовательскую цель и поддерживают набор рабочих процессов для достижения этой цели. Наши Отраслевые коллекции состоят из: Коллекции Autodesk Architecture, Engineering and Construction, коллекции Autodesk Product Design and Manufacturing и коллекции Autodesk Media and Entertainment.
План технического обслуживания: Наши планы технического обслуживания предоставляют нашим клиентам экономически эффективный и предсказуемый бюджетный вариант для получения преимуществ производительности от наших новых выпусков и улучшений, когда и если они будут выпущены в течение срока действия их контрактов. В соответствии с нашими планами технического обслуживания клиенты имеют право на получение неуказанных обновлений, когда и если они доступны, а также на техническую поддержку. Мы признаем доход от технического обслуживания в течение срока действия соглашений, как правило, в течение одного года.
Делайте Бизнес: Представляет определенные подписки на облачные продукты. Основные продукты включают, но не ограничиваются ими, Assembly, Autodesk Build, BuildingConnected, Fusion 360 и ShotGrid. Некоторые продукты, такие как Fusion 360, включают в себя как дизайн, так и функциональность Make и классифицируются как Make.
Коэффициент удержания чистой выручки (NR3): Измеряет годовое изменение регулярного дохода для совокупности клиентов, существовавших год назад ("базовые клиенты"). Коэффициент удержания чистой выручки рассчитывается путем деления повторяющейся выручки за текущий квартал, относящейся к базовым клиентам, на общую сумму повторяющейся выручки за соответствующий квартал годичной давности. Текущая выручка основана на заявленной выручке в долларах США, и колебания, вызванные изменениями обменных курсов иностранных валют, а также прибыли или убытки от хеджирования, не были устранены. Повторяющиеся доходы, связанные с приобретенными компаниями, через год после приобретения учитываются как существующие клиенты до тех пор, пока такие данные не будут соответствовать методологии расчета. Это может привести к различиям в сравнении.
Прочая выручка: Состоит из выручки от консалтинга, обучения и других продуктов и услуг и признается по мере поставки продуктов и оказания услуг.
Подписка на продукт: Предоставляет клиентам гибкий и экономичный способ доступа к программным средствам 3D-проектирования, инжиниринга и развлечений и управления ими. Наши подписки на продукты в настоящее время представляют собой гибрид настольных и облачных функций, который обеспечивает независимый от устройства, совместный рабочий процесс проектирования для дизайнеров и их заинтересованных сторон.
Периодический доход: Состоит из дохода за период от наших традиционных планов обслуживания, наших предложений по подписке и некоторых других доходов. Это исключает доходы от подписки, связанные со сторонними продуктами. Повторяющийся доход, полученный при приобретении бизнеса, учитывается при учете общего количества подписок в наших системах и может привести к различиям в сравнении этого расчета.
Оставшиеся обязательства по исполнению (RPO): сумма общих краткосрочных, долгосрочных и неоплаченных отложенных доходов. Текущие оставшиеся обязательства по исполнению обязательств - это сумма выручки, которую мы ожидаем признать в течение следующих двенадцати месяцев.
Расходы: сумма затрат на выручку и операционных расходов.
План подписки: Включает в себя наши долгосрочные подписки на продукты, предложения облачных сервисов и EBA. Подписки представляют собой комбинированное гибридное предложение настольного программного обеспечения и облачных функций, которое обеспечивает независимый от устройства, совместный рабочий процесс проектирования для дизайнеров и их заинтересованных сторон. Благодаря подписке клиенты могут использовать наше программное обеспечение в любое время и в любом месте и получать доступ к последним обновлениям предыдущих версий.
Доход от подписки: Включает в себя наши долгосрочные подписки на продукты с поддержкой облачных технологий, предложения облачных сервисов и гибкие EBA.
Неоплаченная отсроченная выручка: Неоплаченная отсроченная выручка представляет собой указанные в контракте или зафиксированные заказы в рамках планов досрочного продления и многолетних счетов за подписку, услуги и обслуживание, для которых соответствующая отсроченная выручка не была признана. В соответствии с Кодификацией стандартов бухгалтерского учета FASB ("ASC") Раздел 606, нераспределенная отсроченная выручка не включается в качестве дебиторской задолженности или отложенной выручки в нашем Сокращенном консолидированном балансе.
Заявление о безопасной гавани
Настоящий пресс-релиз содержит заявления прогнозного характера, которые связаны с рисками и неопределенностями, включая цитаты руководства, заявления в пунктах раздела "Перспективы бизнеса" выше, заявления о наших краткосрочных и долгосрочных целях, заявления относительно наших стратегий, позиций на рынке и продуктов, результатов и результатов, а также все заявления, которые являются не исторические факты. Есть значительное число факторов, которые могут вызвать фактические результаты могут существенно отличаться от заявления в данном пресс-релизе, в том числе: в нашей стратегии по разработке и внедрению новых продуктов и услуг и переходить на платформы и возможности, подставив нам такие риски, как общества приемки заказчиком, затраты, связанные с дефектами товара, и большие расходы; последствия COVID-19 пандемией и соответствующих мер в области общественного здравоохранения; глобальные экономические и политические условия, в том числе в кризисные страхи, цепочки поставок, перебои, в результате чего инфляционные процессы и условия найма; затраты и проблемы, связанные со стратегическим вопросам приобретения и инвестирования; зависимость от международных доходов и операций, выставляя нас в значимых международных нормативных, экономической, интеллектуальной собственности, сборники, курс валют, налогообложение, политических и других рисков, включая риски, связанные с войной против Украины запустил России и выезда из России; неумение прогнозировать продление подписки ставок и их влияние на наши будущие доходы и операционные результаты; существующие и усилением конкуренции и быстро меняющихся технологических изменений; колебания на финансовых результатах нашей компании, ключевых метрик и других операционных показателей; выводя значительную часть чистой прибыли из небольшого количества решений, в том числе и наши, основанные на AutoCAD программные продукты и коллекций; неспособность успешно выполнять и управлять инициативами, чтобы перестроить или внедрять новые бизнес-инициативы и продаж, Чистая прибыль, Биллингс, прибыли, денежного потока, или подписок недостатков; социальные и этические вопросы использования искусственного интеллекта в наших предложениях; охрана аварий или других инцидентов нарушения целостности нашей или наших клиентов предложений, услуг, сведения или объекты интеллектуальной собственности; полагаться на третьих лиц, чтобы предоставить нам ряд оперативных и технических служб, а также программного обеспечения; наш сложнейшее программное обеспечение, которое может содержать невыявленные ошибки, дефекты и уязвимости; повышение нормативно фокус на конфиденциальность вопросы и расширения законодательства; государственного контроля над экспортом и импортом, что может ослабить нашу способность конкурировать на международных рынках или подвергать нас ответственности, если мы нарушаем контроля; защиты нашей интеллектуальной собственности, прав и нарушения прав интеллектуальной собственности претензий от других лиц; государственные закупки процесса; колебания валютных курсов; наши обязательства по обслуживанию долга; и наш инвестиционный портфель, состоящий из различных инвестиционных инструментов, которые подвержены тенденции динамики процентных ставок, волатильности на рынке и другими экономическими факторами. Наши оценки налоговой ставки основаны на действующем налоговом законодательстве, включая текущие толкования Закона о снижении налогов и создании рабочих мест, и на них могут повлиять изменяющиеся толкования этого Закона, а также дополнительные законодательные акты и рекомендации в отношении этого Закона.
Дополнительная информация о потенциальных факторах, которые могут повлиять на финансовые результаты Autodesk, включена в Форму 10-K Autodesk и последующие формы 10-Q, которые хранятся в Комиссии по ценным бумагам и биржам США. Autodesk отказывается от каких-либо обязательств по обновлению предоставленных прогнозных заявлений, чтобы отразить события, которые происходят, или обстоятельства, которые существуют после даты, на которую они были сделаны.
Autodesk меняет то, как устроен и устроен мир. Наши технологии охватывают архитектуру, инжиниринг, строительство, дизайн продукции, производство, средства массовой информации и развлечения, позволяя новаторам во всем мире решать большие и малые задачи. От более экологичных зданий до более интеллектуальных продуктов и более завораживающих блокбастеров, программное обеспечение Autodesk помогает нашим клиентам проектировать и создавать лучший мир для всех. Для получения дополнительной информации посетите сайт Autodesk.com или следуйте @Autodesk.
Autodesk использует своих инвесторов.Autodesk.com веб-сайт как средство раскрытия существенной непубличной информации, объявления о предстоящих конференциях инвесторов и для выполнения своих обязательств по раскрытию информации в соответствии с Положением FD. Соответственно, вам следует следить за нашим веб-сайтом по связям с инвесторами в дополнение к нашим пресс-релизам, заявкам SEC и публичным конференциям и веб-трансляциям.
Autodesk, AutoCAD, AutoCAD LT, BIM 360 и Fusion 360 являются зарегистрированными товарными знаками Autodesk, Inc. и/или ее дочерних компаний и/или филиалов в США и/или других странах. Все остальные торговые марки, названия продуктов или товарные знаки принадлежат их соответствующим владельцам. Autodesk оставляет за собой право изменять предложения продуктов и услуг, а также спецификации и цены в любое время без предварительного уведомления и не несет ответственности за типографские или графические ошибки, которые могут появиться в этом документе.
© 2022 Autodesk, Inc. Все права защищены.
Autodesk, Inc. |
||||||||
Condensed Consolidated Statements of Operations |
||||||||
(In millions, except per share data) (1) |
||||||||
Three Months Ended July 31, |
Six Months Ended July 31, |
|||||||
2022 |
2021 |
2022 |
2021 |
|||||
(Unaudited) |
(Unaudited) |
|||||||
Net revenue (2): |
||||||||
Subscription |
$ 1,160 |
$ 997 |
$ 2,249 |
$ 1,924 |
||||
Maintenance |
17 |
17 |
35 |
36 |
||||
Total subscription and maintenance revenue |
1,177 |
1,014 |
2,284 |
1,960 |
||||
Other |
60 |
46 |
123 |
89 |
||||
Total net revenue |
1,237 |
1,060 |
2,407 |
2,049 |
||||
Cost of revenue: |
||||||||
Cost of subscription and maintenance revenue |
83 |
76 |
167 |
144 |
||||
Cost of other revenue |
21 |
16 |
40 |
30 |
||||
Amortization of developed technologies |
15 |
14 |
29 |
24 |
||||
Total cost of revenue |
119 |
106 |
236 |
198 |
||||
Gross profit |
1,118 |
954 |
2,171 |
1,851 |
||||
Operating expenses: |
||||||||
Marketing and sales |
433 |
399 |
852 |
776 |
||||
Research and development |
306 |
277 |
595 |
543 |
||||
General and administrative |
128 |
119 |
248 |
231 |
||||
Amortization of purchased intangibles |
9 |
11 |
20 |
19 |
||||
Total operating expenses |
876 |
806 |
1,715 |
1,569 |
||||
Income from operations |
242 |
148 |
456 |
282 |
||||
Interest and other expense, net |
(10) |
(9) |
(29) |
(12) |
||||
Income before income taxes |
232 |
139 |
427 |
270 |
||||
(Provision) benefit for income taxes |
(46) |
(24) |
(95) |
1 |
||||
Net income |
$ 186 |
$ 115 |
$ 332 |
$ 271 |
||||
Basic net income per share |
$ 0.86 |
$ 0.52 |
$ 1.53 |
$ 1.23 |
||||
Diluted net income per share |
$ 0.85 |
$ 0.52 |
$ 1.52 |
$ 1.22 |
||||
Weighted average shares used in computing basic net income per share |
217 |
220 |
217 |
220 |
||||
Weighted average shares used in computing diluted net income per share |
218 |
222 |
218 |
222 |
||||
____________________ |
(1) In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported amounts, except per share |
(2) In current fiscal year, the Company changed its presentation of certain subscription plan offerings in our Condensed Consolidated Statement of Operations. |
Autodesk, Inc. |
||||
Condensed Consolidated Balance Sheets |
||||
(In millions) (1) |
||||
July 31, 2022 |
January 31, 2022 |
|||
(Unaudited) |
||||
ASSETS |
||||
Current assets: |
||||
Cash and cash equivalents |
$ 1,440 |
$ 1,528 |
||
Marketable securities |
85 |
236 |
||
Accounts receivable, net |
434 |
716 |
||
Prepaid expenses and other current assets |
370 |
284 |
||
Total current assets |
2,329 |
2,764 |
||
Long-term marketable securities |
46 |
45 |
||
Computer equipment, software, furniture and leasehold improvements, net |
154 |
162 |
||
Operating lease right-of-use assets |
292 |
305 |
||
Intangible assets, net |
451 |
494 |
||
Goodwill |
3,612 |
3,604 |
||
Deferred income taxes, net |
790 |
741 |
||
Long-term other assets |
553 |
492 |
||
Total assets |
$ 8,227 |
$ 8,607 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||
Current liabilities: |
||||
Accounts payable |
$ 109 |
$ 121 |
||
Accrued compensation |
223 |
341 |
||
Accrued income taxes |
16 |
30 |
||
Deferred revenue |
2,709 |
2,863 |
||
Operating lease liabilities |
80 |
87 |
||
Current portion of long-term notes payable, net |
350 |
350 |
||
Other accrued liabilities |
155 |
217 |
||
Total current liabilities |
3,642 |
4,009 |
||
Long-term deferred revenue |
994 |
927 |
||
Long-term operating lease liabilities |
336 |
346 |
||
Long-term income taxes payable |
57 |
20 |
||
Long-term deferred income taxes |
37 |
29 |
||
Long-term notes payable, net |
2,279 |
2,278 |
||
Long-term other liabilities |
142 |
149 |
||
Stockholders' equity: |
||||
Common stock and additional paid-in capital |
3,089 |
2,923 |
||
Accumulated other comprehensive loss |
(169) |
(124) |
||
Accumulated deficit |
(2,180) |
(1,950) |
||
Total stockholders' equity |
740 |
849 |
||
Total liabilities and stockholders' equity |
$ 8,227 |
$ 8,607 |
||
____________________ |
(1) In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported |
Autodesk, Inc. |
|||
Condensed Consolidated Statements of Cash Flows |
|||
(In millions) (1) |
|||
Six Months Ended July 31, |
|||
2022 |
2021 |
||
(Unaudited) |
|||
Operating activities: |
|||
Net income |
$ 332 |
$ 271 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||
Depreciation, amortization and accretion |
76 |
72 |
|
Stock-based compensation expense |
322 |
266 |
|
Deferred income taxes |
(43) |
26 |
|
Lease-related asset impairments |
9 |
— |
|
Other |
(11) |
9 |
|
Changes in operating assets and liabilities, net of business combinations: |
|||
Accounts receivable |
281 |
293 |
|
Prepaid expenses and other assets |
(25) |
(158) |
|
Accounts payable and other liabilities |
(199) |
(151) |
|
Deferred revenue |
(77) |
(71) |
|
Accrued income taxes |
26 |
(19) |
|
Net cash provided by operating activities |
691 |
538 |
|
Investing activities: |
|||
Purchases of marketable securities |
(97) |
— |
|
Sales and maturities of marketable securities |
245 |
4 |
|
Capital expenditures |
(23) |
(36) |
|
Purchases of developed technologies |
(5) |
(8) |
|
Business combinations, net of cash acquired |
(96) |
(1,155) |
|
Other investing activities |
(47) |
9 |
|
Net cash used in investing activities |
(23) |
(1,186) |
|
Financing activities: |
|||
Proceeds from issuance of common stock, net of issuance costs |
67 |
65 |
|
Taxes paid related to net share settlement of equity awards |
(92) |
(62) |
|
Repurchases of common stock |
(708) |
(199) |
|
Net cash used in financing activities |
(733) |
(196) |
|
Effect of exchange rate changes on cash and cash equivalents |
(23) |
(4) |
|
Net decrease in cash and cash equivalents |
(88) |
(848) |
|
Cash and cash equivalents at beginning of period |
1,528 |
1,772 |
|
Cash and cash equivalents at end of period |
$ 1,440 |
$ 924 |
|
Supplemental cash flow disclosure: |
|||
Non-cash financing activities: |
|||
Fair value of common stock issued to settle liability-classified restricted common stock |
$ 5 |
$ — |
|
Fair value of common stock issued related to business combinations |
$ 10 |
$ 3 |
|
____________________ |
(1) In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported |
Autodesk, Inc. |
|||||||
Reconciliation of GAAP financial measures to non-GAAP financial measures |
|||||||
(In millions, except per share data) (2) |
|||||||
To supplement our condensed consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP measures including non-GAAP operating margin, non-GAAP income from operations, non-GAAP diluted net income per share, 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 condensed 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 GAAP results reconciled to non-GAAP results included in this release. |
|||||||
Three Months Ended July 31, |
Six Months Ended July 31, |
||||||
2022 |
2021 |
2022 |
2021 |
||||
(Unaudited) |
(Unaudited) |
||||||
GAAP operating margin |
20 % |
14 % |
19 % |
14 % |
|||
Stock-based compensation expense |
14 % |
14 % |
13 % |
13 % |
|||
Amortization of developed technologies |
1 % |
1 % |
1 % |
1 % |
|||
Amortization of purchased intangibles |
1 % |
1 % |
1 % |
1 % |
|||
Acquisition-related costs |
— % |
— % |
— % |
1 % |
|||
Lease-related asset impairments and other charges |
1 % |
— % |
— % |
— % |
|||
Non-GAAP operating margin (1) |
36 % |
31 % |
35 % |
30 % |
|||
GAAP income from operations |
$ 242 |
$ 148 |
$ 456 |
$ 282 |
|||
Stock-based compensation expense |
169 |
153 |
324 |
269 |
|||
Amortization of developed technologies |
14 |
14 |
27 |
24 |
|||
Amortization of purchased intangibles |
9 |
11 |
20 |
19 |
|||
Acquisition-related costs |
3 |
5 |
6 |
17 |
|||
Lease-related asset impairments and other charges |
7 |
— |
8 |
— |
|||
Non-GAAP income from operations |
$ 444 |
$ 331 |
$ 841 |
$ 611 |
|||
GAAP diluted net income per share |
$ 0.85 |
$ 0.52 |
$ 1.52 |
$ 1.22 |
|||
Stock-based compensation expense |
0.78 |
0.69 |
1.49 |
1.21 |
|||
Amortization of developed technologies |
0.06 |
0.06 |
0.12 |
0.11 |
|||
Amortization of purchased intangibles |
0.04 |
0.05 |
0.09 |
0.09 |
|||
Acquisition-related costs |
0.01 |
0.02 |
0.03 |
0.07 |
|||
Lease-related asset impairments and other charges |
0.04 |
— |
0.04 |
— |
|||
Gain on strategic investments and dispositions, net |
— |
(0.01) |
— |
(0.03) |
|||
Discrete GAAP tax items |
0.01 |
— |
(0.03) |
(0.25) |
|||
Income tax effect of non-GAAP adjustments |
(0.14) |
(0.12) |
(0.17) |
(0.18) |
|||
Non-GAAP diluted net income per share |
$ 1.65 |
$ 1.21 |
$ 3.09 |
$ 2.24 |
|||
Net cash provided by operating activities |
$ 257 |
$ 202 |
$ 691 |
$ 538 |
|||
Capital expenditures |
(11) |
(16) |
(23) |
(36) |
|||
Free cash flow |
$ 246 |
$ 186 |
$ 668 |
$ 502 |
|||
____________________ |
(1) Totals may not sum due to rounding. |
(2) In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported amounts, except per share data or as otherwise noted. The current year rounding presentation has been applied to all prior year amounts presented and, in certain circumstances, this change may adjust previously reported balances. |
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