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x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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94-2819853
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(State or other jurisdiction
of incorporation or organization)
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(I.R.S. employer
Identification No.)
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111 McInnis Parkway,
San Rafael, California
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94903
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange
on which registered
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Common Stock, $0.01 Par Value
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The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
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Large accelerated filer x
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Accelerated filer o
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Non-accelerated filer o
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Smaller reporting company o
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Emerging growth company o
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Page
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Item 16.
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ITEM 1.
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BUSINESS
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•
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AutoCAD
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•
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AutoCAD Civil 3D
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•
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AutoCAD LT
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•
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BIM 360
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•
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CAM Solutions
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•
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Fusion 360
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•
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Industry Collections
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•
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Inventor
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•
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Maya
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•
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PlanGrid
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•
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Revit
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•
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Shotgun
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•
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3ds Max
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Date of closing
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Company
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Details
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January 2019
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BuildingConnected, Inc. ("BuildingConnected")
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The acquisition of BuildingConnected will enable Autodesk to add bid-management capabilities to its construction portfolio.
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December 2018
|
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PlanGrid, Inc. ("PlanGrid")
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The acquisition of PlanGrid will enable Autodesk to offer a more comprehensive, cloud-based construction platform.
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July 2018
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Assemble Systems, Inc. ("Assemble Systems")
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The acquisition of Assemble Systems will enable Autodesk's customers to influence, query and connect BIM data to key workflows across bid management, estimating, scheduling, site management and finance.
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•
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the inability to retain customers, key employees, vendors, distributors, business partners, and other entities associated with the acquired business;
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•
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the potential that due diligence of the acquired business or solution does not identify significant problems;
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•
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exposure to litigation or other claims in connection with, or inheritance of claims or litigation risk as a result of, an acquisition, including but not limited to, claims from terminated employees, customers, or other third parties;
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•
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the potential for incompatible business cultures;
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•
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significantly higher than anticipated transaction or integration-related costs;
|
•
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the potential additional exposure to fluctuations in currency exchange rates; and
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•
|
the potential impact on relationships with existing customers, vendors, and distributors as business partners as a result of acquiring another business.
|
•
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economic volatility;
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•
|
tariffs, quotas, and other trade barriers and restrictions;
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•
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fluctuating currency exchange rates, including devaluations, currency controls and inflation, and risks related to any hedging activities we undertake;
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•
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unexpected changes in regulatory requirements and practices;
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•
|
delays resulting from difficulty in obtaining export licenses for certain technology;
|
•
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different purchase patterns as compared to the developed world;
|
•
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operating in locations with a higher incidence of corruption and fraudulent business practices, particularly in emerging economies;
|
•
|
increasing enforcement by the U.S. under the Foreign Corrupt Practices Act, and adoption of stricter anti-corruption laws in certain countries, including the United Kingdom;
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•
|
difficulties in staffing and managing foreign sales and development operations;
|
•
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local competition;
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•
|
longer collection cycles for accounts receivable;
|
•
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U.S. and foreign tax law changes impacting how multinational companies are taxed;
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•
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tax arrangements with foreign governments, including our ability to meet and renew the terms of those tax arrangements;
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•
|
laws regarding the management of and access to data and public networks;
|
•
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possible future limitations upon foreign owned businesses;
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•
|
increased financial accounting and reporting burdens and complexities;
|
•
|
inadequate local infrastructure;
|
•
|
greater difficulty in protecting intellectual property;
|
•
|
software piracy; and
|
•
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other factors beyond our control, including popular uprisings, terrorism, war, natural disasters, and diseases.
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•
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general market, economic, business, and political conditions in particular geographies, including Europe, APAC, and emerging economies;
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•
|
failure to produce sufficient revenue, ARR, billings, subscription, profitability and cash flow growth;
|
•
|
failure to accurately predict the impact of acquired businesses or to identify and realize the anticipated benefits of acquisitions, and successfully integrate such acquired businesses and technologies;
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•
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failure to manage spend;
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•
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changes in subscription mix, pricing pressure or changes in subscription pricing;
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•
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weak or negative growth in one or more of the industries we serve, including AEC, manufacturing, and digital media and entertainment markets;
|
•
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the success of new business or sales initiatives;
|
•
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security breaches, related reputational harm, and potential financial penalties to customers and government entities;
|
•
|
restructuring or other accounting charges and unexpected costs or other operating expenses;
|
•
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timing of additional investments in our technologies or deployment of our services;
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•
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changes in revenue recognition or other accounting guidelines employed by us and/or established by the Financial Accounting Standards Board, Securities Exchange Commission or other rule-making bodies;
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•
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fluctuations in foreign currency exchange rates and the effectiveness of our hedging activity;
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•
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dependence on and the timing of large transactions;
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•
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changes in billings linearity;
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•
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adjustments arising from ongoing or future tax examinations;
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•
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the ability of governments around the world to adopt fiscal policies, meet their financial and debt obligations, and to finance infrastructure projects;
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•
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lower renewals of our maintenance program;
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•
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failure to expand our AutoCAD and AutoCAD LT customer base to related design products and services;
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•
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our ability to rapidly adapt to technological and customer preference changes, including those related to cloud computing, mobile devices and new computing platforms;
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•
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the timing of the introduction of new products by us or our competitors;
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•
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the financial and business condition of our reseller and distribution channels;
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•
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perceived or actual technical or other problems with a product or combination of subscriptions;
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•
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unexpected or negative outcomes of matters and expenses relating to litigation or regulatory inquiries;
|
•
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increases in cloud functionality-related expenses;
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•
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timing of releases and retirements of offerings;
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•
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changes in tax laws or regulations, tax arrangements with foreign governments or accounting rules, such as increased use of fair value measures;
|
•
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changes in sales compensation practices;
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•
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failure to effectively implement and maintain our copyright legalization programs, especially in developing countries;
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•
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renegotiation or termination of royalty or intellectual property arrangements;
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•
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interruptions or terminations in the business of our consultants or third-party developers;
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•
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the timing and degree of expected investments in growth and efficiency opportunities;
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•
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failure to achieve continued success in technology advancements;
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•
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catastrophic events or natural disasters;
|
•
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regulatory compliance costs;
|
•
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potential goodwill impairment charges related to prior acquisitions; and
|
•
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failure to appropriately estimate the scope of services under consulting arrangements.
|
•
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cause us to dedicate a substantial portion of our cash flows from operations towards debt service obligations and principal repayments;
|
•
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increase our vulnerability to adverse changes in general economic, industry and competitive conditions;
|
•
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limit our flexibility in planning for, or reacting to, changes in our business and our industry;
|
•
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impair our ability to obtain future financing for working capital, capital expenditures, acquisitions, general corporate or other purposes; and
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•
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due to limitations within the debt instruments, restrict our ability to grant liens on property, enter into certain mergers, dispose of all or substantially all of the assets of Autodesk and its subsidiaries, taken as a whole, materially change our business and incur subsidiary indebtedness, subject to customary exceptions.
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•
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shortfalls in our expected financial results, including net revenue, ARR, billings, earnings and cash flow or key performance metrics, such as subscriptions;
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•
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quarterly variations in our or our competitors' results of operations;
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•
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general socio-economic, political or market conditions;
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•
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changes in estimates of future results or recommendations or confusion on the part of analysts and investors about the
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•
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uncertainty about certain governments' abilities to repay debt or effect fiscal policy;
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•
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the announcement of new offerings or enhancements by us or our competitors;
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•
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unusual events such as significant acquisitions, divestitures, regulatory actions, and litigation;
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•
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changes in laws, rules, or regulations applicable to our business;
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•
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outstanding debt service obligations; and
|
•
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other factors, including factors unrelated to our operating performance, such as instability affecting the economy or the operating performance of our competitors.
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ITEM 1B.
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UNRESOLVED STAFF COMMENTS
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ITEM 2.
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PROPERTIES
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ITEM 3.
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LEGAL PROCEEDINGS
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ITEM 4.
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MINE SAFETY DISCLOSURES
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ITEM 5.
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MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
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(Shares in millions)
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Total Number of Shares Purchased
|
|
Average Price Paid per Share
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|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)
|
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(2)
|
|||||
November 1- November 30
|
0.2
|
|
|
$
|
133.83
|
|
|
0.2
|
|
|
17.4
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December 1 - December 31
|
—
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|
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—
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|
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—
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17.4
|
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January 1 - January 31
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—
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|
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—
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|
|
—
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17.4
|
|
|
Total
|
0.2
|
|
|
$
|
133.83
|
|
|
0.2
|
|
|
|
(1)
|
Represents shares purchased in open-market transactions under the stock repurchase program approved by the Board of Directors.
|
(2)
|
These amounts correspond to the plan publicly announced and approved by the Board of Directors in September 2016 that authorizes the repurchase of 30.0 million shares. The plan does not have a fixed expiration date.
|
(1)
|
Assumes $100 invested on January 31, 2014, in Autodesk’s stock, the Standard & Poor’s 500 Stock Index, and the Dow Jones U.S. Software Index, with reinvestment of all dividends. Total stockholder returns for prior periods are not an indication of future investment returns.
|
ITEM 6.
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SELECTED FINANCIAL DATA
|
|
Fiscal Year Ended January 31,
|
||||||||||||||||||
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2019 (1)
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
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(In millions, except per share data)
|
||||||||||||||||||
For the fiscal year:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenue
|
$
|
2,569.8
|
|
|
$
|
2,056.6
|
|
|
$
|
2,031.0
|
|
|
$
|
2,504.1
|
|
|
$
|
2,512.2
|
|
(Loss) income from operations
|
(25.0
|
)
|
|
(509.1
|
)
|
|
(499.6
|
)
|
|
1.3
|
|
|
120.7
|
|
|||||
Net (loss) income
|
(80.8
|
)
|
|
(566.9
|
)
|
|
(582.1
|
)
|
|
(330.5
|
)
|
|
81.8
|
|
|||||
Cash flow from operations
|
$
|
377.1
|
|
|
$
|
0.9
|
|
|
$
|
169.7
|
|
|
$
|
414.0
|
|
|
$
|
708.6
|
|
Common stock data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic net (loss) income per share
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
|
$
|
(2.61
|
)
|
|
$
|
(1.46
|
)
|
|
$
|
0.36
|
|
Diluted net (loss) income per share
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
|
$
|
(2.61
|
)
|
|
$
|
(1.46
|
)
|
|
$
|
0.35
|
|
At year end:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
4,729.2
|
|
|
$
|
4,113.6
|
|
|
$
|
4,798.1
|
|
|
$
|
5,515.3
|
|
|
$
|
4,909.7
|
|
Long-term liabilities
|
2,638.9
|
|
|
2,246.4
|
|
|
1,879.1
|
|
|
2,304.7
|
|
|
1,290.4
|
|
|||||
Stockholders’ (deficit) equity
|
$
|
(210.9
|
)
|
|
$
|
(256.0
|
)
|
|
$
|
733.6
|
|
|
$
|
1,619.6
|
|
|
$
|
2,219.2
|
|
(1)
|
Reflects the impact of the adoption of new accounting standards in fiscal year 2019 related to revenue recognition. See Part II, Item 8, Note 1, Business and Summary of Significant Accounting Policies, Accounting Standards Adopted, of our consolidated financial statements for additional information.
|
ITEM 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
Level 1 - Quoted prices for identical instruments in active markets;
|
•
|
Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and
|
•
|
Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
|
•
|
future expected cash flows from sales, maintenance agreements, and acquired developed technologies;
|
•
|
the acquired company's trade name, trademark and existing customer relationship, as well as assumptions about the period of time the acquired trade name and trademark will continue to be used in our product portfolio;
|
•
|
expected costs to develop the in-process research and development into commercially viable products and estimated cash flows from the projects when completed; and
|
•
|
discount rates used to determine the present value of estimated future cash flows.
|
•
|
Total net revenue was $2.57 billion during fiscal 2019, an increase of 25% compared to the prior fiscal year.
|
•
|
Total ARR was $2.75 billion, an increase of 34% compared to the prior fiscal year.
|
•
|
Subscription plan ARR was $2.20 billion, an increase of 87% compared to the prior fiscal year.
|
•
|
Total subscriptions increased 0.6 million from the prior fiscal year to 4.3 million.
|
•
|
Deferred revenue was $2.09 billion, an increase of 7% compared to the prior fiscal year. Total deferred revenue (deferred revenue plus unbilled deferred revenue) was $2.68 billion, an increase of approximately 18 percent compared to prior fiscal year.
|
•
|
We adopted ASC Topic 606 and ASC Topic 340-40 during the first quarter of fiscal 2019. See discussion below for additional information regarding certain metrics that were affected by the new standards under the heading “Impact of New Revenue Accounting Standard."
|
|
Fiscal Year Ended January 31, 2019
|
|
Change compared to
prior fiscal year end |
|
Fiscal Year Ended January 31, 2018
|
|
Change compared to
prior fiscal year end |
|
Fiscal Year Ended January 31, 2017
|
||||||||||||||||
|
|
$
|
|
%
|
|
|
$
|
|
%
|
|
|||||||||||||||
Recurring Revenue (in millions) (1)
|
$
|
2,437.2
|
|
|
$
|
554.9
|
|
|
29
|
%
|
|
$
|
1,882.3
|
|
|
$
|
342.0
|
|
|
22
|
%
|
|
$
|
1,540.3
|
|
As a percentage of net revenue
|
95
|
%
|
|
|
|
|
|
92
|
%
|
|
|
|
|
|
76
|
%
|
(1)
|
The acquisition of a business may cause variability in the comparison of recurring revenue in this table above and recurring revenue derived from the revenue reported in the Consolidated Statements of Operations.
|
|
|
|
Change compared to
prior fiscal year |
|
|
|||||||||
|
January 31, 2019
|
|
$
|
|
%
|
|
January 31, 2018
|
|||||||
ARR (in millions)
|
|
|
|
|
|
|
|
|||||||
Subscription plan ARR
|
$
|
2,200.1
|
|
|
$
|
1,025.1
|
|
|
87
|
%
|
|
$
|
1,175.0
|
|
Maintenance plan ARR
|
549.3
|
|
|
(329.8
|
)
|
|
(38
|
)%
|
|
879.1
|
|
|||
Total ARR (1)
|
$
|
2,749.4
|
|
|
$
|
695.3
|
|
|
34
|
%
|
|
$
|
2,054.1
|
|
|
|
|
|
|
|
|
|
|||||||
Number of subscriptions (in thousands) (2)
|
|
|
|
|
|
|
|
|||||||
Subscription plan
|
3,533.9
|
|
|
1,267.1
|
|
|
56
|
%
|
|
2,266.8
|
|
|||
Maintenance plan
|
796.1
|
|
|
(652.8
|
)
|
|
(45
|
)%
|
|
1,448.9
|
|
|||
Total subscriptions
|
4,330.0
|
|
|
614.3
|
|
|
17
|
%
|
|
3,715.7
|
|
|||
|
|
|
|
|
|
|
|
|||||||
ARPS (ARR divided by number of subscriptions) (2)
|
|
|
|
|
|
|
|
|||||||
Subscription plan ARPS
|
$
|
623
|
|
|
$
|
105
|
|
|
20
|
%
|
|
$
|
518
|
|
Maintenance plan ARPS
|
$
|
690
|
|
|
$
|
83
|
|
|
14
|
%
|
|
$
|
607
|
|
Total ARPS (3)
|
$
|
635
|
|
|
$
|
82
|
|
|
15
|
%
|
|
$
|
553
|
|
(1)
|
The acquisition of a business may cause variability in the comparison of ARR reported in this table above and ARR derived from the revenue reported in the Consolidated Statements of Operations.
|
(2)
|
In the first quarter of fiscal 2020, we will discontinue presenting subscriptions and ARPS on a quarterly basis.
|
(3)
|
There are small variances between ARR and total subscriptions due in part to the inherent limitation with collecting all subscriptions information. For example, Buzzsaw and Constructware are included with ARR but not in total subscriptions due to these inherent limitations. We do not view these variances as meaningful to amounts or quarterly comparisons presented here for ARPS.
|
|
Fiscal Year Ended January 31, 2019
|
|
Fiscal Year Ended January 31, 2018
|
||||||||
(in millions except ARPS)
|
ASC 606
|
|
ASC 605
|
|
ASC 605
|
||||||
Key Income Statement Metrics
|
|
|
|
|
|
||||||
Subscription revenue
|
$
|
1,802.3
|
|
|
$
|
1,785.7
|
|
|
$
|
894.3
|
|
Maintenance revenue
|
635.1
|
|
|
640.8
|
|
|
989.6
|
|
|||
Other revenue
|
132.4
|
|
|
121.1
|
|
|
172.7
|
|
|||
Total net revenue
|
2,569.8
|
|
|
2,547.6
|
|
|
2,056.6
|
|
|||
Gross profit
|
2,283.9
|
|
|
2,260.7
|
|
|
1,753.2
|
|
|||
Total spend (1)
|
2,594.8
|
|
|
2,577.9
|
|
|
2,565.7
|
|
|||
Net loss
|
$
|
(80.8
|
)
|
|
$
|
(90.9
|
)
|
|
$
|
(566.9
|
)
|
Basic and diluted net loss per share
|
$
|
(0.37
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
(2.58
|
)
|
ARR
|
|
|
|
|
|
||||||
Subscription plan ARR
|
$
|
2,200.1
|
|
|
$
|
2,160.1
|
|
|
$
|
1,175.0
|
|
Maintenance plan ARR
|
549.3
|
|
|
558.5
|
|
|
879.1
|
|
|||
Total ARR
|
$
|
2,749.4
|
|
|
$
|
2,718.6
|
|
|
$
|
2,054.1
|
|
ARPS (2)
|
|
|
|
|
|
||||||
Subscription plan ARPS
|
$
|
623
|
|
|
$
|
611
|
|
|
$
|
518
|
|
Maintenance plan ARPS
|
690
|
|
|
702
|
|
|
607
|
|
|||
Total ARPS
|
$
|
635
|
|
|
$
|
628
|
|
|
$
|
553
|
|
Net Revenue by Product Family (3)
|
|
|
|
|
|
||||||
Architecture, Engineering and Construction ("AEC")
|
$
|
1,021.6
|
|
|
$
|
1,014.5
|
|
|
$
|
787.5
|
|
AutoCAD and AutoCAD LT ("ACAD")
|
731.8
|
|
|
730.5
|
|
|
561.4
|
|
|||
Manufacturing ("MFG")
|
616.2
|
|
|
607.2
|
|
|
528.8
|
|
|||
Media and Entertainment ("M&E")
|
182.0
|
|
|
176.7
|
|
|
152.1
|
|
|||
Other
|
18.2
|
|
|
18.7
|
|
|
26.8
|
|
|||
Total Net Revenue
|
$
|
2,569.8
|
|
|
$
|
2,547.6
|
|
|
$
|
2,056.6
|
|
Net Revenue by Geography
|
|
|
|
|
|
||||||
Americas
|
$
|
1,049.9
|
|
|
$
|
1,034.6
|
|
|
$
|
871.1
|
|
Europe, Middle East and Africa ("EMEA")
|
1,034.3
|
|
|
1,028.8
|
|
|
815.4
|
|
|||
Asia Pacific ("APAC")
|
485.6
|
|
|
484.2
|
|
|
370.1
|
|
|||
Total net revenue
|
$
|
2,569.8
|
|
|
$
|
2,547.6
|
|
|
$
|
2,056.6
|
|
(1)
|
Our total spend is defined as cost of revenue plus operating expenses.
|
(2)
|
In the first quarter of fiscal 2020, we will discontinue presenting subscriptions and ARPS on a quarterly basis.
|
(3)
|
Due to changes in the go-to-market offerings of our AutoCAD product subscription, prior period balances have been adjusted to conform to current period presentation.
|
|
Fiscal Year Ended January 31, 2019
|
||||||
|
Percent change compared to
prior fiscal year (as reported) |
|
Constant currency percent change compared to
prior fiscal year (1) |
|
Positive/negative/neutral impact from foreign exchange rate changes
|
||
Revenue
|
25
|
%
|
|
24
|
%
|
|
Positive
|
Total spend
|
1
|
%
|
|
1
|
%
|
|
Neutral
|
(1)
|
Please refer to the Glossary of Terms for the definitions of our constant currency growth rates.
|
|
January 31, 2019
|
|
January 31, 2018
|
||||||||
(in millions)
|
ASC 606
|
|
ASC 605
|
|
ASC 605
|
||||||
Deferred revenue
|
$
|
2,091.4
|
|
|
$
|
2,269.2
|
|
|
$
|
1,955.1
|
|
Unbilled deferred revenue
|
591.0
|
|
|
491.6
|
|
|
326.4
|
|
|||
Total deferred revenue
|
$
|
2,682.4
|
|
|
$
|
2,760.8
|
|
|
$
|
2,281.5
|
|
|
Fiscal year ended January 31, 2019
|
|
Change compared to prior fiscal year
|
|
Fiscal year ended January 31, 2018
|
|
Management comments
|
|||||||||
(in millions)
|
$
|
|
%
|
|
|
|||||||||||
Net revenue:
|
|
|
|
|
|
|
|
|
|
|||||||
Subscription
|
$
|
1,802.3
|
|
|
$
|
908.0
|
|
|
102
|
%
|
|
$
|
894.3
|
|
|
Up due to growth across all subscription types, led by product subscription renewal revenue, which benefited from the success of the M2S program. Also contributing to the growth was an increase in revenue from new product subscriptions and EBA offerings.
|
Maintenance (1)
|
635.1
|
|
|
(354.5
|
)
|
|
(36
|
)%
|
|
989.6
|
|
|
Down primarily due to the migration of maintenance plan subscriptions to subscription plan subscriptions with the M2S program.
|
|||
Total subscription and maintenance revenue
|
2,437.4
|
|
|
553.5
|
|
|
29
|
%
|
|
1,883.9
|
|
|
|
|||
Other (2)
|
132.4
|
|
|
(40.3
|
)
|
|
(23
|
)%
|
|
172.7
|
|
|
|
|||
|
$
|
2,569.8
|
|
|
$
|
513.2
|
|
|
25
|
%
|
|
$
|
2,056.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
We expect maintenance revenue will continue to decline; however, the rate of decline will vary based on the number of renewals, the renewal rate, and our ability to incentivize maintenance plan customers to switch over to subscription plan offerings.
|
(2)
|
Previously labeled as "License and other" in prior periods.
|
|
Fiscal year ended January 31, 2018
|
|
Change compared to prior fiscal year
|
|
Fiscal Year Ended January 31, 2017
|
|
Management Comments
|
|||||||||
(in millions)
|
$
|
|
%
|
|
|
|||||||||||
Net revenue:
|
|
|
|
|
|
|
|
|
|
|||||||
Subscription
|
$
|
894.3
|
|
|
$
|
451.2
|
|
|
102
|
%
|
|
$
|
443.1
|
|
|
Up due to growth across all subscription types, led by product subscriptions and EBA offerings, primarily as a result of the business model transition.
|
Maintenance (1)
|
989.6
|
|
|
(113.5
|
)
|
|
(10
|
)%
|
|
1,103.1
|
|
|
Down due to the discontinued sale of new maintenance agreements and the migration of customers moving from maintenance to subscription.
|
|||
Total subscription and maintenance revenue
|
1,883.9
|
|
|
337.7
|
|
|
22
|
%
|
|
1,546.2
|
|
|
|
|||
Other (2)
|
172.7
|
|
|
(312.1
|
)
|
|
(64
|
)%
|
|
484.8
|
|
|
|
|||
|
$
|
2,056.6
|
|
|
$
|
25.6
|
|
|
1
|
%
|
|
$
|
2,031.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
We expect maintenance revenue will continue to decline; however, the rate of decline will vary based on the number of renewals, the renewal rate, and our ability to incentivize maintenance plan customers to switch over to subscription plan offerings.
|
(2)
|
Previously labeled as "License and other" in prior periods.
|
|
Fiscal year ended January 31, 2019
|
|
Change compared to prior fiscal year
|
|
Fiscal year ended January 31, 2018
|
|
Management Comments
|
|||||||||
|
|
|||||||||||||||
(in millions)
|
$
|
|
%
|
|
||||||||||||
Net revenue by product family (1):
|
|
|
|
|
|
|
|
|
|
|||||||
AEC
|
$
|
1,021.6
|
|
|
234.1
|
|
|
30
|
%
|
|
$
|
787.5
|
|
|
Up due to an increase in AEC collections as well as an increase in revenue from EBAs and our individual product offering, Revit.
|
|
ACAD
|
731.8
|
|
|
170.4
|
|
|
30
|
%
|
|
561.4
|
|
|
Up due to increases in revenue from both AutoCAD and AutoCAD LT.
|
|||
MFG
|
616.2
|
|
|
87.4
|
|
|
17
|
%
|
|
528.8
|
|
|
Up due to an increase in MFG collections as well as an increase in revenue from EBAs.
|
|||
M&E
|
182.0
|
|
|
29.9
|
|
|
20
|
%
|
|
152.1
|
|
|
Up due to an increase in revenue from our individual product offerings 3DS Max and Maya.
|
|||
Other
|
18.2
|
|
|
(8.6
|
)
|
|
(32
|
)%
|
|
26.8
|
|
|
|
|||
|
$
|
2,569.8
|
|
|
$
|
513.2
|
|
|
25
|
%
|
|
$
|
2,056.6
|
|
|
|
|
Fiscal year ended January 31, 2018
|
|
Change compared to prior fiscal year
|
|
Fiscal Year Ended January 31, 2017
|
|
Management Comments
|
|||||||||
|
|
|
||||||||||||||
(in millions)
|
$
|
|
%
|
|
|
|||||||||||
Net revenue by product family (1):
|
|
|
|
|
|
|
|
|
|
|||||||
AEC
|
$
|
787.5
|
|
|
$
|
(22.9
|
)
|
|
(3
|
)%
|
|
$
|
810.4
|
|
|
Down due to a net decrease in AEC collections and legacy suites due to the discontinuation of perpetual licenses. The decrease was partially offset by an increase in revenue from individual AEC product offerings and EBAs.
|
ACAD
|
561.4
|
|
|
88.7
|
|
|
19
|
%
|
|
472.7
|
|
|
Up due to increases in both AutoCAD LT and AutoCAD.
|
|||
MFG
|
528.8
|
|
|
(46.4
|
)
|
|
(8
|
)%
|
|
575.2
|
|
|
Down due to a net decrease in MFG collections and legacy suites due to the discontinuation of perpetual licenses, partially offset by an increase in revenue from MFG EBAs.
|
|||
M&E
|
152.1
|
|
|
13.3
|
|
|
10
|
%
|
|
138.8
|
|
|
Up due to an increase in Animation, partially offset by a decrease in Creative Finishing.
|
|||
Other
|
26.8
|
|
|
(7.1
|
)
|
|
(21
|
)%
|
|
33.9
|
|
|
|
|||
|
$
|
2,056.6
|
|
|
$
|
25.6
|
|
|
1
|
%
|
|
$
|
2,031.0
|
|
|
|
(1)
|
Due to changes in the go-to-market offerings of our AutoCAD product subscription, prior period balances have been adjusted to conform to current period presentation.
|
|
Fiscal Year Ended January 31, 2019
|
|
Change compared to prior fiscal year
|
|
Constant currency change compared to prior fiscal year
|
|
Fiscal Year Ended January 31, 2018
|
|
Change compared to prior fiscal year
|
|
Constant currency change compared to prior fiscal year
|
|
Fiscal Year Ended January 31, 2017
|
||||||||||||||||||
|
|||||||||||||||||||||||||||||||
(in millions)
|
|
$
|
|
%
|
%
|
|
$
|
|
%
|
%
|
|
||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
Net revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S.
|
$
|
874.6
|
|
|
$
|
134.2
|
|
|
18
|
%
|
|
*
|
|
|
$
|
740.4
|
|
|
$
|
(1.7
|
)
|
|
—
|
%
|
|
*
|
|
|
$
|
742.1
|
|
Other Americas
|
175.3
|
|
|
44.6
|
|
|
34
|
%
|
|
*
|
|
|
130.7
|
|
|
0.9
|
|
|
1
|
%
|
|
*
|
|
|
129.8
|
|
|||||
Total Americas
|
1,049.9
|
|
|
178.8
|
|
|
21
|
%
|
|
20
|
%
|
|
871.1
|
|
|
(0.8
|
)
|
|
—
|
%
|
|
—
|
%
|
|
871.9
|
|
|||||
EMEA
|
1,034.3
|
|
|
218.9
|
|
|
27
|
%
|
|
24
|
%
|
|
815.4
|
|
|
15.0
|
|
|
2
|
%
|
|
4
|
%
|
|
800.4
|
|
|||||
APAC
|
485.6
|
|
|
115.5
|
|
|
31
|
%
|
|
31
|
%
|
|
370.1
|
|
|
11.4
|
|
|
3
|
%
|
|
2
|
%
|
|
358.7
|
|
|||||
Total net revenue (1)
|
$
|
2,569.8
|
|
|
$
|
513.2
|
|
|
25
|
%
|
|
24
|
%
|
|
$
|
2,056.6
|
|
|
$
|
25.6
|
|
|
1
|
%
|
|
2
|
%
|
|
$
|
2,031.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Emerging economies
|
$
|
307.4
|
|
|
$
|
80.9
|
|
|
36
|
%
|
|
34
|
%
|
|
$
|
226.5
|
|
|
$
|
(1.0
|
)
|
|
—
|
%
|
|
—
|
%
|
|
$
|
227.5
|
|
(1)
|
Totals may not sum due to rounding.
|
|
Year ended
|
|
Change compared to
prior fiscal year |
|
Year ended
|
|
Management comments
|
|||||||||
(in millions)
|
January 31, 2019
|
$
|
|
%
|
|
January 31, 2018
|
|
|||||||||
Net revenue by sales channel:
|
|
|
|
|
|
|
|
|
|
|||||||
Indirect
|
$
|
1,830.8
|
|
|
$
|
387.0
|
|
|
27
|
%
|
|
$
|
1,443.8
|
|
|
Up due to an increase in subscription revenue.
|
Direct
|
739.0
|
|
|
126.2
|
|
|
21
|
%
|
|
612.8
|
|
|
Up due to an increase in revenue from EBAs and our online Autodesk branded store.
|
|||
Total net revenue
|
$
|
2,569.8
|
|
|
$
|
513.2
|
|
|
25
|
%
|
|
$
|
2,056.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
|
|
Change compared to
prior fiscal year |
|
Year ended
|
|
Management comments
|
|||||||||
(in millions)
|
January 31, 2018
|
$
|
|
%
|
|
January 31, 2017
|
|
|||||||||
Net revenue by sales channel:
|
|
|
|
|
|
|
|
|
|
|||||||
Indirect
|
$
|
1,443.8
|
|
|
$
|
(25.1
|
)
|
|
(2
|
)%
|
|
$
|
1,468.9
|
|
|
Down due to a decrease in sales with resellers.
|
Direct
|
612.8
|
|
|
50.7
|
|
|
9
|
%
|
|
562.1
|
|
|
Up due to an increase in revenue from EBAs and our online Autodesk branded store.
|
|||
Total net revenue
|
$
|
2,056.6
|
|
|
$
|
25.6
|
|
|
1
|
%
|
|
$
|
2,031.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal year ended January 31, 2019
|
|
Change compared to
prior fiscal year |
|
Fiscal year ended January 31, 2018
|
|
Management comments
|
|||||||||
|
||||||||||||||||
(in millions)
|
$
|
|
%
|
|||||||||||||
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|||||||
Subscription and maintenance
|
$
|
216.0
|
|
|
$
|
1.6
|
|
|
1
|
%
|
|
$
|
214.4
|
|
|
Up primarily due to an increase in cloud hosting costs partially offset by a decrease in royalty and depreciation expense.
|
Other (1)
|
54.4
|
|
|
(18.2
|
)
|
|
(25
|
)%
|
|
72.6
|
|
|
Down primarily due to lower employee-related costs from reduced headcount associated with the Fiscal 2018 Plan restructuring and lower professional fees.
|
|||
Amortization of developed technology
|
15.5
|
|
|
(0.9
|
)
|
|
(5
|
)%
|
|
16.4
|
|
|
Down as previously acquired developed technologies continue to become fully amortized.
|
|||
Total cost of revenue
|
$
|
285.9
|
|
|
$
|
(17.5
|
)
|
|
(6
|
)%
|
|
$
|
303.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Marketing and sales
|
$
|
1,183.9
|
|
|
$
|
96.6
|
|
|
9
|
%
|
|
$
|
1,087.3
|
|
|
Up due to increased employee-related costs driven by higher headcount, as well as higher cloud hosting costs and professional fees.
|
Research and development
|
725.0
|
|
|
(30.5
|
)
|
|
(4
|
)%
|
|
755.5
|
|
|
Down due to a decrease in employee-related costs from lower headcount associated with the Fiscal 2018 plan restructuring partially offset by higher professional fees.
|
|||
General and administrative
|
340.1
|
|
|
34.9
|
|
|
11
|
%
|
|
305.2
|
|
|
Up primarily due to higher professional fees, employee-related costs and facilities costs, partially offset by lower employee benefits costs.
|
|||
Amortization of purchased intangibles
|
18.0
|
|
|
(2.2
|
)
|
|
(11
|
)%
|
|
20.2
|
|
|
Down as previously acquired intangible assets continue to become fully amortized.
|
|||
Restructuring and other exit costs, net
|
41.9
|
|
|
(52.2
|
)
|
|
(55
|
)%
|
|
94.1
|
|
|
Down as we substantially completed the reduction in force and facilities consolidation of the Fiscal 2018 Plan.
|
|||
|
$
|
2,308.9
|
|
|
$
|
46.6
|
|
|
2
|
%
|
|
$
|
2,262.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal year ended January 31, 2018
|
|
Change compared to
prior fiscal year |
|
Fiscal year ended January 31, 2017
|
|
Management comments
|
|||||||||
|
||||||||||||||||
(in millions)
|
$
|
|
%
|
|||||||||||||
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|||||||
Subscription and maintenance
|
$
|
214.4
|
|
|
$
|
22.7
|
|
|
12
|
%
|
|
$
|
191.7
|
|
|
Up due to an increase in employee-related costs driven by increased headcount associated with maintenance and subscription services in support of the business model transition.
|
Other (1)
|
72.6
|
|
|
(37.6
|
)
|
|
(34
|
)%
|
|
110.2
|
|
|
Down due to lower employee-related costs from reduced headcount associated with license and other revenue products and services as a result of our move to a subscription based business model.
|
|||
Amortization of developed technology
|
16.4
|
|
|
(23.6
|
)
|
|
(59
|
)%
|
|
40.0
|
|
|
Down as previously acquired developed technologies continue to become fully amortized while fewer assets are acquired compared to the prior year.
|
|||
Total cost of revenue
|
$
|
303.4
|
|
|
$
|
(38.5
|
)
|
|
(11
|
)%
|
|
$
|
341.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Marketing and sales
|
$
|
1,087.3
|
|
|
$
|
64.8
|
|
|
6
|
%
|
|
$
|
1,022.5
|
|
|
Up due to increase in employee-related costs from higher headcount, increased commissions, and increased stock-based compensation expense from a higher fair value of awards granted.
|
Research and development
|
755.5
|
|
|
(10.6
|
)
|
|
(1
|
)%
|
|
766.1
|
|
|
Down due to a decrease in employee-related costs from lower headcount.
|
|||
General and administrative
|
305.2
|
|
|
17.4
|
|
|
6
|
%
|
|
287.8
|
|
|
Up driven by costs associated with the CEO transition and an increase in stock-based compensation expense from a higher fair value of awards granted, partially offset by a decrease in employee-related costs from lower headcount.
|
|||
Amortization of purchased intangibles
|
20.2
|
|
|
(11.6
|
)
|
|
(36
|
)%
|
|
31.8
|
|
|
Down as previously acquired intangible assets continue to become fully amortized and fewer assets are acquired compared to the prior year.
|
|||
Restructuring and other exit costs, net
|
94.1
|
|
|
13.6
|
|
|
17
|
%
|
|
80.5
|
|
|
Driven by the Fiscal 2018 Plan to re-balance resources to better align with the Company's strategic priorities and position itself to meet long-term goals. Costs associated with the Fiscal 2018 Plan are principally from employee termination benefits, lease termination costs and other exit costs.
|
|||
|
$
|
2,262.3
|
|
|
$
|
73.6
|
|
|
3
|
%
|
|
$
|
2,188.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Previously labeled as "License and other" in prior periods.
|
|
Absolute dollar impact
|
|
Percent of net revenue impact
|
Cost of revenue
|
Increase
|
|
Slight decrease
|
Marketing and sales
|
Increase
|
|
Decrease
|
Research and development
|
Increase
|
|
Decrease
|
General and administrative
|
Increase
|
|
Decrease
|
Amortization of purchased intangibles
|
Increase
|
|
Slight increase
|
|
Fiscal year ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(in millions)
|
||||||||||
Interest and investment expense, net
|
$
|
(52.1
|
)
|
|
$
|
(34.5
|
)
|
|
$
|
(29.7
|
)
|
Gain (loss) on foreign currency
|
5.1
|
|
|
(3.3
|
)
|
|
(3.3
|
)
|
|||
Gain (loss) on strategic investments
|
12.5
|
|
|
(16.4
|
)
|
|
0.3
|
|
|||
Other income
|
16.8
|
|
|
6.0
|
|
|
8.5
|
|
|||
Interest and other expense, net
|
$
|
(17.7
|
)
|
|
$
|
(48.2
|
)
|
|
$
|
(24.2
|
)
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(Unaudited)
|
||||||||||
Gross profit
|
$
|
2,283.9
|
|
|
$
|
1,753.2
|
|
|
$
|
1,689.1
|
|
Non-GAAP gross profit
|
$
|
2,317.0
|
|
|
$
|
1,785.5
|
|
|
$
|
1,743.2
|
|
Gross margin
|
89
|
%
|
|
85
|
%
|
|
83
|
%
|
|||
Non-GAAP gross margin
|
90
|
%
|
|
87
|
%
|
|
86
|
%
|
|||
Loss from operations
|
$
|
(25.0
|
)
|
|
$
|
(509.1
|
)
|
|
$
|
(499.6
|
)
|
Non-GAAP income (loss) from operations
|
$
|
316.0
|
|
|
$
|
(112.0
|
)
|
|
$
|
(125.5
|
)
|
Operating margin
|
(1
|
)%
|
|
(25
|
)%
|
|
(25
|
)%
|
|||
Non-GAAP operating margin
|
12
|
%
|
|
(5
|
)%
|
|
(6
|
)%
|
|||
Net loss
|
$
|
(80.8
|
)
|
|
$
|
(566.9
|
)
|
|
$
|
(582.1
|
)
|
Non-GAAP net income (loss)
|
$
|
223.3
|
|
|
$
|
(106.3
|
)
|
|
$
|
(111.0
|
)
|
Diluted net loss per share
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
|
$
|
(2.61
|
)
|
Non-GAAP diluted net income (loss) per share
|
$
|
1.01
|
|
|
$
|
(0.48
|
)
|
|
$
|
(0.50
|
)
|
GAAP diluted weighted average shares used in per share calculation
|
218.9
|
|
|
219.5
|
|
|
222.7
|
|
|||
Non-GAAP diluted weighted average shares used in per share calculation
|
222.0
|
|
|
219.5
|
|
|
222.7
|
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(Unaudited)
|
||||||||||
Gross profit
|
$
|
2,283.9
|
|
|
$
|
1,753.2
|
|
|
$
|
1,689.1
|
|
Stock-based compensation expense
|
17.6
|
|
|
15.9
|
|
|
14.1
|
|
|||
Amortization of developed technologies
|
15.5
|
|
|
16.4
|
|
|
40.0
|
|
|||
Non-GAAP gross profit
|
$
|
2,317.0
|
|
|
$
|
1,785.5
|
|
|
$
|
1,743.2
|
|
Gross margin
|
89
|
%
|
|
85
|
%
|
|
83
|
%
|
|||
Stock-based compensation expense
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|||
Amortization of developed technologies
|
1
|
%
|
|
1
|
%
|
|
2
|
%
|
|||
Non-GAAP gross margin (1)
|
90
|
%
|
|
87
|
%
|
|
86
|
%
|
|||
Loss from operations
|
$
|
(25.0
|
)
|
|
$
|
(509.1
|
)
|
|
$
|
(499.6
|
)
|
Stock-based compensation expense
|
249.5
|
|
|
245.0
|
|
|
221.8
|
|
|||
Amortization of developed technologies
|
15.5
|
|
|
16.4
|
|
|
40.0
|
|
|||
Amortization of purchased intangibles
|
18.0
|
|
|
20.2
|
|
|
31.8
|
|
|||
CEO transition costs (2)
|
(0.1
|
)
|
|
21.4
|
|
|
—
|
|
|||
Acquisition related costs
|
16.2
|
|
|
—
|
|
|
—
|
|
|||
Restructuring and other exit costs, net
|
41.9
|
|
|
94.1
|
|
|
80.5
|
|
|||
Non-GAAP income (loss) from operations
|
$
|
316.0
|
|
|
$
|
(112.0
|
)
|
|
$
|
(125.5
|
)
|
Operating margin
|
(1
|
)%
|
|
(25
|
)%
|
|
(25
|
)%
|
|||
Stock-based compensation expense
|
10
|
%
|
|
12
|
%
|
|
11
|
%
|
|||
Amortization of developed technologies
|
1
|
%
|
|
1
|
%
|
|
2
|
%
|
|||
Amortization of purchased intangibles
|
1
|
%
|
|
1
|
%
|
|
2
|
%
|
|||
CEO transition costs (2)
|
—
|
%
|
|
1
|
%
|
|
—
|
%
|
|||
Acquisition related costs
|
1
|
%
|
|
—
|
%
|
|
—
|
%
|
|||
Restructuring and other exit costs, net
|
1
|
%
|
|
5
|
%
|
|
4
|
%
|
|||
Non-GAAP operating margin (1)
|
12
|
%
|
|
(5
|
)%
|
|
(6
|
)%
|
|||
Net loss
|
$
|
(80.8
|
)
|
|
$
|
(566.9
|
)
|
|
$
|
(582.1
|
)
|
Stock-based compensation expense
|
249.5
|
|
|
245.0
|
|
|
221.8
|
|
|||
Amortization of developed technologies
|
15.5
|
|
|
16.4
|
|
|
40.0
|
|
|||
Amortization of purchased intangibles
|
18.0
|
|
|
20.2
|
|
|
31.8
|
|
|||
CEO transition costs (2)
|
(0.1
|
)
|
|
21.4
|
|
|
—
|
|
|||
Acquisition related costs
|
16.2
|
|
|
—
|
|
|
—
|
|
|||
Restructuring and other exit costs, net
|
31.7
|
|
|
94.1
|
|
|
80.5
|
|
|||
(Gain) loss on strategic investments
|
(12.5
|
)
|
|
16.5
|
|
|
(0.3
|
)
|
|||
Discrete tax provision items
|
(31.4
|
)
|
|
(20.7
|
)
|
|
(2.7
|
)
|
|||
Income tax effect of non-GAAP adjustments
|
17.2
|
|
|
67.7
|
|
|
100.0
|
|
|||
Non-GAAP net income (loss)
|
$
|
223.3
|
|
|
$
|
(106.3
|
)
|
|
$
|
(111.0
|
)
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(Unaudited)
|
||||||||||
Diluted net (loss) income per share
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
|
$
|
(2.61
|
)
|
Stock-based compensation expense
|
1.12
|
|
|
1.11
|
|
|
1.00
|
|
|||
Amortization of developed technologies
|
0.08
|
|
|
0.08
|
|
|
0.18
|
|
|||
Amortization of purchased intangibles
|
0.08
|
|
|
0.09
|
|
|
0.14
|
|
|||
CEO transition costs (2)
|
—
|
|
|
0.09
|
|
|
—
|
|
|||
Acquisition related costs
|
0.07
|
|
|
—
|
|
|
—
|
|
|||
Restructuring and other exit costs, net
|
0.14
|
|
|
0.43
|
|
|
0.35
|
|
|||
(Gain) loss on strategic investments
|
(0.05
|
)
|
|
0.08
|
|
|
—
|
|
|||
Discrete tax provision items
|
(0.14
|
)
|
|
(0.09
|
)
|
|
(0.01
|
)
|
|||
Income tax effect of non-GAAP adjustments
|
0.08
|
|
|
0.31
|
|
|
0.45
|
|
|||
Non-GAAP diluted income (loss) per share
|
$
|
1.01
|
|
|
$
|
(0.48
|
)
|
|
$
|
(0.50
|
)
|
(1)
|
Totals may not sum due to rounding.
|
(2)
|
CEO transition costs include stock-based compensation of $16.4 million related to the acceleration of eligible stock awards in conjunction with the Company's former CEOs' transition agreements for the fiscal year ended January 31, 2018.
|
|
Fiscal year ended January 31,
|
||||||||||
(in millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Net cash provided by operating activities
|
$
|
377.1
|
|
|
$
|
0.9
|
|
|
$
|
169.7
|
|
Net cash (used in) provided by investing activities
|
(710.4
|
)
|
|
506.4
|
|
|
272.0
|
|
|||
Net cash provided by (used in) financing activities
|
151.9
|
|
|
(656.6
|
)
|
|
(578.3
|
)
|
|
Total
|
|
Fiscal year 2020
|
|
Fiscal years 2021-2022
|
|
Fiscal years 2023-2024
|
|
Thereafter
|
||||||||||
|
|
|
|
|
(in millions)
|
|
|
|
|
||||||||||
Notes
|
$
|
1,898.3
|
|
|
$
|
57.3
|
|
|
$
|
541.7
|
|
|
$
|
422.3
|
|
|
$
|
877.0
|
|
Term loan
|
533.8
|
|
|
18.0
|
|
|
515.8
|
|
|
—
|
|
|
—
|
|
|||||
Operating lease obligations
|
409.8
|
|
|
75.4
|
|
|
115.3
|
|
|
92.1
|
|
|
127.0
|
|
|||||
Purchase obligations
|
82.7
|
|
|
47.8
|
|
|
17.0
|
|
|
11.7
|
|
|
6.2
|
|
|||||
Deferred compensation obligations
|
60.3
|
|
|
5.0
|
|
|
9.2
|
|
|
8.8
|
|
|
37.3
|
|
|||||
Pension obligations
|
25.5
|
|
|
2.4
|
|
|
4.6
|
|
|
4.6
|
|
|
13.9
|
|
|||||
Asset retirement obligations
|
10.4
|
|
|
6.7
|
|
|
1.1
|
|
|
1.2
|
|
|
1.4
|
|
|||||
Total (1)
|
$
|
3,020.8
|
|
|
$
|
212.6
|
|
|
$
|
1,204.7
|
|
|
$
|
540.7
|
|
|
$
|
1,062.8
|
|
(1)
|
This table generally excludes amounts already recorded on the balance sheet as current liabilities, certain purchase obligations as discussed below, long term deferred revenue, and amounts related to income tax liabilities for uncertain tax positions, since we cannot predict with reasonable reliability the timing of cash settlements to the respective taxing authorities (see Part II, Item 8, Note 5, “Income Taxes” in the Notes to Consolidated Financial Statements).
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
|
Fiscal year ended January 31,
|
||||||||||
2019
|
|
2018
|
|
2017
|
|||||||
Net revenue:
|
|
|
|
|
|
||||||
Subscription
|
$
|
1,802.3
|
|
|
$
|
894.3
|
|
|
$
|
443.1
|
|
Maintenance
|
635.1
|
|
|
989.6
|
|
|
1,103.1
|
|
|||
Total subscription and maintenance revenue
|
2,437.4
|
|
|
1,883.9
|
|
|
1,546.2
|
|
|||
Other (1)
|
132.4
|
|
|
172.7
|
|
|
484.8
|
|
|||
Total net revenue
|
2,569.8
|
|
|
2,056.6
|
|
|
2,031.0
|
|
|||
Cost of revenue:
|
|
|
|
|
|
||||||
Cost of subscription and maintenance revenue
|
216.0
|
|
|
214.4
|
|
|
191.7
|
|
|||
Cost of other revenue (2)
|
54.4
|
|
|
72.6
|
|
|
110.2
|
|
|||
Amortization of developed technology
|
15.5
|
|
|
16.4
|
|
|
40.0
|
|
|||
Total cost of revenue
|
285.9
|
|
|
303.4
|
|
|
341.9
|
|
|||
Gross profit
|
2,283.9
|
|
|
1,753.2
|
|
|
1,689.1
|
|
|||
Operating expenses:
|
|
|
|
|
|
||||||
Marketing and sales
|
1,183.9
|
|
|
1,087.3
|
|
|
1,022.5
|
|
|||
Research and development
|
725.0
|
|
|
755.5
|
|
|
766.1
|
|
|||
General and administrative
|
340.1
|
|
|
305.2
|
|
|
287.8
|
|
|||
Amortization of purchased intangibles
|
18.0
|
|
|
20.2
|
|
|
31.8
|
|
|||
Restructuring and other exit costs, net
|
41.9
|
|
|
94.1
|
|
|
80.5
|
|
|||
Total operating expenses
|
2,308.9
|
|
|
2,262.3
|
|
|
2,188.7
|
|
|||
Loss from operations
|
(25.0
|
)
|
|
(509.1
|
)
|
|
(499.6
|
)
|
|||
Interest and other expense, net
|
(17.7
|
)
|
|
(48.2
|
)
|
|
(24.2
|
)
|
|||
Loss before income taxes
|
(42.7
|
)
|
|
(557.3
|
)
|
|
(523.8
|
)
|
|||
Provision for income taxes
|
(38.1
|
)
|
|
(9.6
|
)
|
|
(58.3
|
)
|
|||
Net loss
|
$
|
(80.8
|
)
|
|
$
|
(566.9
|
)
|
|
$
|
(582.1
|
)
|
Basic net loss per share
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
|
$
|
(2.61
|
)
|
Diluted net loss per share
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
|
$
|
(2.61
|
)
|
Weighted average shares used in computing basic net loss per share
|
218.9
|
|
|
219.5
|
|
|
222.7
|
|
|||
Weighted average shares used in computing diluted net loss per share
|
218.9
|
|
|
219.5
|
|
|
222.7
|
|
(1)
|
Previously labeled as "License and other" in prior periods.
|
(2)
|
Previously labeled as "Cost of license and other revenue" in prior periods.
|
|
Fiscal year ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net loss
|
$
|
(80.8
|
)
|
|
$
|
(566.9
|
)
|
|
$
|
(582.1
|
)
|
Other comprehensive (loss) income, net of reclassifications:
|
|
|
|
|
|
||||||
Net gain (loss) on derivative instruments (net of tax effect of ($1.1), $3.2, and ($1.1))
|
31.6
|
|
|
(31.2
|
)
|
|
(1.1
|
)
|
|||
Change in net unrealized gain (loss) on available-for-sale securities (net of tax effect of $0.0, $0.1, and ($0.5))
|
2.0
|
|
|
(0.2
|
)
|
|
1.3
|
|
|||
Change in defined benefit pension items (net of tax effect of ($2.0), ($0.7), and ($0.9))
|
13.0
|
|
|
4.5
|
|
|
(5.5
|
)
|
|||
Net change in cumulative foreign currency translation (loss) gain (net of tax effect of $0.5, ($4.8), and $0.2))
|
(57.8
|
)
|
|
81.6
|
|
|
(52.1
|
)
|
|||
Total other comprehensive (loss) income
|
(11.2
|
)
|
|
54.7
|
|
|
(57.4
|
)
|
|||
Total comprehensive loss
|
$
|
(92.0
|
)
|
|
$
|
(512.2
|
)
|
|
$
|
(639.5
|
)
|
|
January 31,
2019 |
|
January 31,
2018 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
886.0
|
|
|
$
|
1,078.0
|
|
Marketable securities
|
67.6
|
|
|
245.2
|
|
||
Accounts receivable, net
|
474.3
|
|
|
438.2
|
|
||
Prepaid expenses and other current assets
|
192.1
|
|
|
116.5
|
|
||
Total current assets
|
1,620.0
|
|
|
1,877.9
|
|
||
Marketable securities
|
—
|
|
|
190.8
|
|
||
Computer equipment, software, furniture, and leasehold improvements, net
|
149.7
|
|
|
145.0
|
|
||
Developed technologies, net
|
105.6
|
|
|
27.1
|
|
||
Goodwill
|
2,450.8
|
|
|
1,620.2
|
|
||
Deferred income taxes, net
|
65.3
|
|
|
81.7
|
|
||
Other assets
|
337.8
|
|
|
170.9
|
|
||
Total assets
|
$
|
4,729.2
|
|
|
$
|
4,113.6
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
101.6
|
|
|
$
|
94.7
|
|
Accrued compensation
|
280.8
|
|
|
250.9
|
|
||
Accrued income taxes
|
13.2
|
|
|
28.0
|
|
||
Deferred revenue
|
1,763.3
|
|
|
1,551.6
|
|
||
Other accrued liabilities
|
142.3
|
|
|
198.0
|
|
||
Total current liabilities
|
2,301.2
|
|
|
2,123.2
|
|
||
Long-term deferred revenue
|
328.1
|
|
|
403.5
|
|
||
Long-term income taxes payable
|
21.5
|
|
|
41.6
|
|
||
Long-term deferred income taxes
|
79.8
|
|
|
66.6
|
|
||
Long-term notes payable, net
|
2,087.7
|
|
|
1,586.0
|
|
||
Long-term other liabilities
|
121.8
|
|
|
148.7
|
|
||
Commitments and contingencies
|
|
|
|
||||
Stockholders’ deficit:
|
|
|
|
||||
Preferred stock, $0.01 par value; shares authorized 2.0; none issued or outstanding at January 31, 2019 and 2018
|
—
|
|
|
—
|
|
||
Common stock and additional paid-in capital, $0.01 par value; shares authorized 750.0; 219.4 outstanding at January 31, 2019 and 218.3 outstanding at January 31, 2018
|
2,071.5
|
|
|
1,952.7
|
|
||
Accumulated other comprehensive loss
|
(135.0
|
)
|
|
(123.8
|
)
|
||
Accumulated deficit
|
(2,147.4
|
)
|
|
(2,084.9
|
)
|
||
Total stockholders’ deficit
|
(210.9
|
)
|
|
(256.0
|
)
|
||
Total liabilities and stockholders' deficit
|
$
|
4,729.2
|
|
|
$
|
4,113.6
|
|
|
Fiscal year ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Operating activities
|
|
|
|
|
|
||||||
Net loss
|
$
|
(80.8
|
)
|
|
$
|
(566.9
|
)
|
|
$
|
(582.1
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation, amortization, and accretion
|
95.2
|
|
|
108.4
|
|
|
139.2
|
|
|||
Stock-based compensation expense
|
249.5
|
|
|
261.4
|
|
|
221.8
|
|
|||
Deferred income taxes
|
(6.8
|
)
|
|
(39.1
|
)
|
|
(38.8
|
)
|
|||
Restructuring and other exit costs, net
|
31.7
|
|
|
94.1
|
|
|
80.5
|
|
|||
Other operating activities
|
2.2
|
|
|
7.3
|
|
|
(7.7
|
)
|
|||
Changes in operating assets and liabilities, net of business combinations:
|
|
|
|
|
|
||||||
Accounts receivable
|
(25.4
|
)
|
|
13.3
|
|
|
201.5
|
|
|||
Prepaid expenses and other current assets
|
7.5
|
|
|
(9.9
|
)
|
|
(13.5
|
)
|
|||
Accounts payable and accrued liabilities
|
(58.5
|
)
|
|
(13.9
|
)
|
|
2.7
|
|
|||
Deferred revenue
|
197.0
|
|
|
168.3
|
|
|
267.0
|
|
|||
Accrued income taxes
|
(34.5
|
)
|
|
(22.1
|
)
|
|
(100.9
|
)
|
|||
Net cash provided by operating activities
|
377.1
|
|
|
0.9
|
|
|
169.7
|
|
|||
Investing activities
|
|
|
|
|
|
||||||
Purchases of marketable securities
|
(138.2
|
)
|
|
(514.0
|
)
|
|
(1,867.9
|
)
|
|||
Sales of marketable securities
|
319.6
|
|
|
489.0
|
|
|
1,257.7
|
|
|||
Maturities of marketable securities
|
211.4
|
|
|
594.3
|
|
|
1,057.2
|
|
|||
Acquisitions, net of cash acquired
|
(1,040.2
|
)
|
|
—
|
|
|
(85.2
|
)
|
|||
Capital expenditures
|
(67.0
|
)
|
|
(50.7
|
)
|
|
(76.0
|
)
|
|||
Other investing activities
|
4.0
|
|
|
(12.2
|
)
|
|
(13.8
|
)
|
|||
Net cash (used in) provided by investing activities
|
(710.4
|
)
|
|
506.4
|
|
|
272.0
|
|
|||
Financing activities
|
|
|
|
|
|
||||||
Proceeds from issuance of common stock
|
90.9
|
|
|
94.4
|
|
|
119.6
|
|
|||
Taxes paid related to net share settlement of equity awards
|
(143.4
|
)
|
|
(143.1
|
)
|
|
(76.2
|
)
|
|||
Repurchase and retirement of common shares
|
(293.5
|
)
|
|
(699.0
|
)
|
|
(621.7
|
)
|
|||
Proceeds from debt, net of discount
|
500.0
|
|
|
496.9
|
|
|
—
|
|
|||
Repayments of debt
|
—
|
|
|
(400.0
|
)
|
|
—
|
|
|||
Other financing activities
|
(2.1
|
)
|
|
(5.8
|
)
|
|
—
|
|
|||
Net cash provided by (used in) financing activities
|
151.9
|
|
|
(656.6
|
)
|
|
(578.3
|
)
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
(10.6
|
)
|
|
14.2
|
|
|
(3.3
|
)
|
|||
Net decrease in cash and cash equivalents
|
(192.0
|
)
|
|
(135.1
|
)
|
|
(139.9
|
)
|
|||
Cash and cash equivalents at beginning of fiscal year
|
1,078.0
|
|
|
1,213.1
|
|
|
1,353.0
|
|
|||
Cash and cash equivalents at end of fiscal year
|
$
|
886.0
|
|
|
$
|
1,078.0
|
|
|
$
|
1,213.1
|
|
Supplemental cash flow information:
|
|
|
|
|
|
||||||
Cash paid during the year for interest
|
$
|
59.0
|
|
|
$
|
54.6
|
|
|
$
|
47.6
|
|
Cash paid for income taxes, net of tax refunds
|
$
|
78.0
|
|
|
$
|
84.5
|
|
|
$
|
77.7
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Fair value of equity awards assumed (See Note 6)
|
$
|
10.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Fair value of common stock issued as consideration for business combination (See Note 6)
|
$
|
44.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Common stock and additional paid-in capital
|
|
Accumulated other comprehensive loss
|
|
Accumulated deficit
|
|
Total stockholders' (deficit) equity
|
|||||||||||
Shares
|
|
Amount
|
|
|||||||||||||||
Balances, January 31, 2016
|
224.4
|
|
|
$
|
1,821.5
|
|
|
$
|
(121.1
|
)
|
|
$
|
(80.8
|
)
|
|
$
|
1,619.6
|
|
Common shares issued under stock plans
|
5.6
|
|
|
43.4
|
|
|
—
|
|
|
—
|
|
|
43.4
|
|
||||
Stock-based compensation expense
|
—
|
|
|
221.8
|
|
|
—
|
|
|
—
|
|
|
221.8
|
|
||||
Tax benefits from employee stock plans
|
—
|
|
|
6.9
|
|
|
—
|
|
|
113.0
|
|
|
119.9
|
|
||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(582.1
|
)
|
|
(582.1
|
)
|
||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(57.4
|
)
|
|
—
|
|
|
(57.4
|
)
|
||||
Repurchase and retirement of common shares
|
(9.7
|
)
|
|
(217.3
|
)
|
|
—
|
|
|
(414.3
|
)
|
|
(631.6
|
)
|
||||
Balances, January 31, 2017
|
220.3
|
|
|
1,876.3
|
|
|
(178.5
|
)
|
|
(964.2
|
)
|
|
733.6
|
|
||||
Common shares issued under stock plans
|
4.9
|
|
|
(48.7
|
)
|
|
—
|
|
|
—
|
|
|
(48.7
|
)
|
||||
Stock-based compensation expense
|
—
|
|
|
261.4
|
|
|
—
|
|
|
—
|
|
|
261.4
|
|
||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(566.9
|
)
|
|
(566.9
|
)
|
||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
54.7
|
|
|
—
|
|
|
54.7
|
|
||||
Repurchase and retirement of common shares
|
(6.9
|
)
|
|
(136.3
|
)
|
|
—
|
|
|
(553.8
|
)
|
|
(690.1
|
)
|
||||
Balances, January 31, 2018
|
218.3
|
|
|
1,952.7
|
|
|
(123.8
|
)
|
|
(2,084.9
|
)
|
|
(256.0
|
)
|
||||
Common shares issued under stock plans
|
3.0
|
|
|
(52.5
|
)
|
|
—
|
|
|
—
|
|
|
(52.5
|
)
|
||||
Stock-based compensation expense
|
—
|
|
|
249.5
|
|
|
—
|
|
|
—
|
|
|
249.5
|
|
||||
Pre-combination expense related to equity awards assumed
|
—
|
|
|
10.3
|
|
|
—
|
|
|
—
|
|
|
10.3
|
|
||||
Cumulative effect of accounting changes
|
—
|
|
|
—
|
|
|
—
|
|
|
177.5
|
|
|
177.5
|
|
||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(80.8
|
)
|
|
(80.8
|
)
|
||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(11.2
|
)
|
|
—
|
|
|
(11.2
|
)
|
||||
Shares issued as consideration for business combination
|
0.3
|
|
|
44.8
|
|
|
—
|
|
|
—
|
|
|
44.8
|
|
||||
Repurchase and retirement of common shares
|
(2.2
|
)
|
|
(133.3
|
)
|
|
—
|
|
|
(159.2
|
)
|
|
(292.5
|
)
|
||||
Balances, January 31, 2019
|
219.4
|
|
|
$
|
2,071.5
|
|
|
$
|
(135.0
|
)
|
|
$
|
(2,147.4
|
)
|
|
$
|
(210.9
|
)
|
|
2019
|
|
2018
|
||||
Trade accounts receivable
|
$
|
526.6
|
|
|
$
|
469.2
|
|
Less: Allowance for doubtful accounts
|
(2.2
|
)
|
|
(2.3
|
)
|
||
Product returns reserve
|
(0.3
|
)
|
|
(0.2
|
)
|
||
Partner programs and other obligations
|
(49.8
|
)
|
|
(28.5
|
)
|
||
Accounts receivable, net (1)
|
$
|
474.3
|
|
|
$
|
438.2
|
|
(1)
|
Autodesk adopted ASU No. 2014-09, “Revenue from Contracts with Customers" regarding Accounting Standards Codification (ASC Topic 606) during the first quarter of fiscal 2019. As such, current year balances are shown under ASC Topic 606 and prior year balances are shown under ASC Topic 605. See Note 1, "Business and Summary of Significant Accounting Policies-Accounting Standards Adopted", of our consolidated financial statements for additional information.
|
|
2019
|
|
2018
|
||||
Computer hardware, at cost
|
$
|
190.2
|
|
|
$
|
217.1
|
|
Computer software, at cost
|
66.7
|
|
|
72.6
|
|
||
Leasehold improvements, land and buildings, at cost
|
247.8
|
|
|
228.9
|
|
||
Furniture and equipment, at cost
|
67.2
|
|
|
63.4
|
|
||
Computer software, hardware, leasehold improvements, furniture, and equipment, at cost
|
571.9
|
|
|
582.0
|
|
||
Less: Accumulated depreciation
|
(422.2
|
)
|
|
(437.0
|
)
|
||
Computer software, hardware, leasehold improvements, furniture, and equipment, net
|
$
|
149.7
|
|
|
$
|
145.0
|
|
|
2019
|
|
2018
|
||||
Developed technologies, at cost
|
$
|
670.2
|
|
|
$
|
578.5
|
|
Customer relationships, trade names, patents, and user lists, at cost (1)
|
533.1
|
|
|
372.5
|
|
||
Other intangible assets, at cost (2)
|
1,203.3
|
|
|
951.0
|
|
||
Less: accumulated amortization
|
(922.5
|
)
|
|
(895.8
|
)
|
||
Other intangible assets, net
|
$
|
280.8
|
|
|
$
|
55.2
|
|
(1)
|
Included in “Other assets” in the accompanying Consolidated Balance Sheets.
|
(2)
|
Includes the effects of foreign currency translation.
|
|
Fiscal Year ended January 31,
|
||
2020
|
$
|
73.6
|
|
2021
|
64.8
|
|
|
2022
|
49.1
|
|
|
2023
|
37.6
|
|
|
Thereafter
|
19.2
|
|
|
Total
|
$
|
244.3
|
|
|
January 31, 2019
|
|
January 31, 2018
|
||||
Goodwill, beginning of the year
|
$
|
1,769.4
|
|
|
$
|
1,710.3
|
|
Less: accumulated impairment losses, beginning of the year
|
(149.2
|
)
|
|
(149.2
|
)
|
||
Additions arising from acquisitions during the year
|
866.9
|
|
|
—
|
|
||
Effect of foreign currency translation, measurement period adjustments, and other (1)
|
(36.3
|
)
|
|
59.1
|
|
||
Goodwill, end of the year
|
$
|
2,450.8
|
|
|
$
|
1,620.2
|
|
(1)
|
Purchase accounting adjustments reflect revisions made to the Company’s preliminary determination of estimated fair value of assets and liabilities assumed during fiscal 2019 and 2018.
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cost of subscription and maintenance revenue
|
$
|
13.2
|
|
|
$
|
11.9
|
|
|
$
|
8.6
|
|
Cost of other revenue
|
4.3
|
|
|
4.0
|
|
|
5.5
|
|
|||
Marketing and sales
|
109.4
|
|
|
107.3
|
|
|
94.1
|
|
|||
Research and development
|
82.6
|
|
|
82.9
|
|
|
81.3
|
|
|||
General and administrative
|
40.0
|
|
|
55.3
|
|
|
32.3
|
|
|||
Stock-based compensation expense related to stock awards and Employee Qualified Stock Purchase Plan ("ESPP") purchases
|
249.5
|
|
|
261.4
|
|
|
221.8
|
|
|||
Tax benefit
|
(2.6
|
)
|
|
(2.6
|
)
|
|
(2.6
|
)
|
|||
Stock-based compensation expense related to stock awards and ESPP purchases, net
|
$
|
246.9
|
|
|
$
|
258.8
|
|
|
$
|
219.2
|
|
|
|
Fiscal Year Ended
|
|
Fiscal Year Ended
|
|
Fiscal Year Ended
|
||||||||
|
|
January 31, 2019
|
|
January 31, 2018
|
|
January 31, 2017
|
||||||||
|
|
Stock Option Plans
|
|
Performance Stock Unit
|
|
ESPP
|
|
Performance Stock Unit
|
|
ESPP
|
|
Performance Stock Unit
|
|
ESPP
|
Range of expected volatilities
|
|
37 - 42%
|
|
36%
|
|
33 - 38%
|
|
32%
|
|
31 - 34%
|
|
38 - 39%
|
|
30 - 40%
|
Range of expected lives (in years)
|
|
0.5 - 3.8
|
|
N/A
|
|
0.5 - 2.0
|
|
N/A
|
|
0.5 - 2.0
|
|
N/A
|
|
0.5 - 2.0
|
Expected dividends
|
|
—%
|
|
—%
|
|
—%
|
|
—%
|
|
—%
|
|
—%
|
|
—%
|
Range of risk-free interest rates
|
|
2.3 - 2.7%
|
|
2.0%
|
|
1.9 - 2.8%
|
|
1.0 - 1.2%
|
|
0.9 - 1.4%
|
|
0.6 - 0.7%
|
|
0.5 - 0.9%
|
|
|
For the Fiscal Year ended January 31, 2019
|
||||||||||
|
|
As reported
|
|
Impact from the adoption of ASC 606 and 340-40
|
|
As adjusted
|
||||||
Net revenue (1)
|
|
|
|
|
|
|
||||||
Subscription
|
|
$
|
1,802.3
|
|
|
$
|
(16.6
|
)
|
|
$
|
1,785.7
|
|
Maintenance
|
|
635.1
|
|
|
5.7
|
|
|
640.8
|
|
|||
Other
|
|
132.4
|
|
|
(11.3
|
)
|
|
121.1
|
|
|||
Cost of revenue (1)
|
|
|
|
|
|
|
||||||
Cost of subscription and maintenance revenue
|
|
216.0
|
|
|
(0.1
|
)
|
|
215.9
|
|
|||
Cost of other revenue
|
|
54.4
|
|
|
1.1
|
|
|
55.5
|
|
|||
Operating expenses (1):
|
|
|
|
|
|
|
||||||
Marketing and sales
|
|
1,183.9
|
|
|
(17.9
|
)
|
|
1,166.0
|
|
|||
Provision for income taxes
|
|
(38.1
|
)
|
|
(4.8
|
)
|
|
(42.9
|
)
|
|||
Net loss (2)
|
|
$
|
(80.8
|
)
|
|
$
|
(10.1
|
)
|
|
$
|
(90.9
|
)
|
Basic net loss per share
|
|
$
|
(0.37
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.42
|
)
|
Diluted net loss per share
|
|
$
|
(0.37
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.42
|
)
|
(1)
|
While not shown here, gross margin, loss from operations, and loss before income taxes have consequently been affected as a result of the net effect of the adjustments noted above.
|
(2)
|
The impact on the Consolidated Statements of Comprehensive Loss is limited to the net effects of the impacts noted above on the Consolidated Statements of Operations, specifically on the line item "Net loss."
|
(1)
|
Short term and long term "contract assets" under ASC Topic 606 are included within "Prepaid expenses and other current assets" and "Other assets", respectively, on the Consolidated Balance Sheet.
|
(2)
|
Included in the "Accumulated deficit" adjustment is $179.4 million for the cumulative effect adjustment of adopting ASC Topic 606 and 340-40 on the opening balance as of February 1, 2018.
|
|
Fiscal Year ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net revenue by product family (1):
|
|
|
|
|
|
||||||
Architecture, Engineering and Construction
|
$
|
1,021.6
|
|
|
$
|
787.5
|
|
|
$
|
810.4
|
|
Manufacturing
|
616.2
|
|
|
528.8
|
|
|
575.2
|
|
|||
AutoCAD and AutoCAD LT
|
731.8
|
|
|
561.4
|
|
|
472.7
|
|
|||
Media and Entertainment
|
182
|
|
|
152.1
|
|
|
138.8
|
|
|||
Other
|
18.2
|
|
|
26.8
|
|
|
33.9
|
|
|||
Total net revenue
|
$
|
2,569.8
|
|
|
$
|
2,056.6
|
|
|
$
|
2,031.0
|
|
|
|
|
|
|
|
||||||
Net revenue by geographic area:
|
|
|
|
|
|
||||||
Americas
|
|
|
|
|
|
||||||
U.S.
|
$
|
874.6
|
|
|
$
|
740.4
|
|
|
$
|
742.1
|
|
Other Americas
|
175.3
|
|
|
130.7
|
|
|
129.8
|
|
|||
Total Americas
|
1,049.9
|
|
|
871.1
|
|
|
871.9
|
|
|||
Europe, Middle East and Africa
|
1,034.3
|
|
|
815.4
|
|
|
800.4
|
|
|||
Asia Pacific
|
485.6
|
|
|
370.1
|
|
|
358.7
|
|
|||
Total net revenue
|
$
|
2,569.8
|
|
|
$
|
2,056.6
|
|
|
$
|
2,031.0
|
|
|
|
|
|
|
|
|
|
|
|||
Net revenue by sales channel:
|
|
|
|
|
|
||||||
Indirect
|
$
|
1,830.8
|
|
|
$
|
1,443.8
|
|
|
$
|
1,468.9
|
|
Direct
|
739.0
|
|
|
612.8
|
|
|
562.1
|
|
|||
Total net revenue
|
$
|
2,569.8
|
|
|
$
|
2,056.6
|
|
|
$
|
2,031.0
|
|
(1)
|
Due to changes in the go-to-market offerings of our AutoCAD product subscription, prior period balances have been adjusted to conform to current period presentation.
|
|
|
|
January 31, 2019
|
||||||||||||||||||||||||||
|
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||
Cash equivalents (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Certificates of deposit
|
$
|
1.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
|
$
|
—
|
|
|
|
Commercial paper
|
87.9
|
|
|
—
|
|
|
—
|
|
|
87.9
|
|
|
—
|
|
|
87.9
|
|
|
—
|
|
||||||||
|
Corporate debt securities
|
5.0
|
|
|
—
|
|
|
—
|
|
|
5.0
|
|
|
—
|
|
|
5.0
|
|
|
—
|
|
||||||||
|
Custody cash deposit
|
0.8
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
||||||||
|
Money market funds
|
281.4
|
|
|
—
|
|
|
—
|
|
|
281.4
|
|
|
281.4
|
|
|
—
|
|
|
—
|
|
||||||||
Marketable securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Short-term available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Other (2)
|
6.2
|
|
|
1.1
|
|
|
—
|
|
|
7.3
|
|
|
2.7
|
|
|
4.6
|
|
|
—
|
|
|||||||
|
Short-term trading securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Mutual funds
|
56.6
|
|
|
3.7
|
|
|
—
|
|
|
60.3
|
|
|
60.3
|
|
|
—
|
|
|
—
|
|
|||||||
Convertible debt securities (3)
|
4.6
|
|
|
1.9
|
|
|
(2.1
|
)
|
|
4.4
|
|
|
—
|
|
|
—
|
|
|
4.4
|
|
|||||||||
Derivative contract assets (4)
|
1.7
|
|
|
8.6
|
|
|
(1.8
|
)
|
|
8.5
|
|
|
—
|
|
|
7.7
|
|
|
0.8
|
|
|||||||||
Derivative contract liabilities (5)
|
—
|
|
|
—
|
|
|
(7.4
|
)
|
|
(7.4
|
)
|
|
—
|
|
|
(7.4
|
)
|
|
—
|
|
|||||||||
|
|
Total
|
$
|
445.2
|
|
|
$
|
15.3
|
|
|
$
|
(11.3
|
)
|
|
$
|
449.2
|
|
|
$
|
345.2
|
|
|
$
|
98.8
|
|
|
$
|
5.2
|
|
(1)
|
Included in “Cash and cash equivalents” in the accompanying Consolidated Balance Sheets.
|
(2)
|
Consists of corporate bonds, commercial paper, and common stock.
|
(3)
|
Considered “available for sale” and included in “Other assets” in the accompanying Consolidated Balance Sheets.
|
(4)
|
Included in “Prepaid expenses and other current assets,” “Other assets,” or “Other accrued liabilities” in the accompanying Consolidated Balance Sheets.
|
(5)
|
Included in “Other accrued liabilities” in the accompanying Consolidated Balance Sheets.
|
|
|
|
January 31, 2018
|
||||||||||||||||||||||||||
|
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||
Cash equivalents (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Agency bonds
|
$
|
5.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5.0
|
|
|
$
|
5.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Certificates of deposit
|
17.4
|
|
|
—
|
|
|
—
|
|
|
17.4
|
|
|
17.4
|
|
|
—
|
|
|
—
|
|
||||||||
|
Commercial paper
|
324.2
|
|
|
—
|
|
|
—
|
|
|
324.2
|
|
|
—
|
|
|
324.2
|
|
|
—
|
|
||||||||
|
Corporate debt securities
|
5.0
|
|
|
—
|
|
|
—
|
|
|
5.0
|
|
|
5.0
|
|
|
—
|
|
|
—
|
|
||||||||
|
Custody cash deposit
|
5.2
|
|
|
—
|
|
|
—
|
|
|
5.2
|
|
|
5.2
|
|
|
—
|
|
|
—
|
|
||||||||
|
Money market funds
|
278.8
|
|
|
—
|
|
|
—
|
|
|
278.8
|
|
|
—
|
|
|
278.8
|
|
|
—
|
|
||||||||
|
Municipal bonds
|
5.0
|
|
|
—
|
|
|
—
|
|
|
5.0
|
|
|
5.0
|
|
|
—
|
|
|
—
|
|
||||||||
|
Sovereign debt
|
2.0
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
|
—
|
|
|
2.0
|
|
|
—
|
|
||||||||
|
U.S. government securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Marketable securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Short-term available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Agency bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Asset backed securities
|
13.1
|
|
|
—
|
|
|
—
|
|
|
13.1
|
|
|
—
|
|
|
13.1
|
|
|
—
|
|
|||||||
|
|
Certificates of deposit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Commercial paper
|
27.5
|
|
|
—
|
|
|
—
|
|
|
27.5
|
|
|
—
|
|
|
27.5
|
|
|
—
|
|
|||||||
|
|
Corporate debt securities
|
99.4
|
|
|
—
|
|
|
(0.1
|
)
|
|
99.3
|
|
|
99.3
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Municipal bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Sovereign debt
|
9.2
|
|
|
—
|
|
|
—
|
|
|
9.2
|
|
|
7.7
|
|
|
1.5
|
|
|
—
|
|
|||||||
|
|
U.S. government securities
|
37.1
|
|
|
—
|
|
|
—
|
|
|
37.1
|
|
|
37.1
|
|
|
—
|
|
|
—
|
|
|||||||
|
Short-term trading securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Mutual funds
|
50.1
|
|
|
8.9
|
|
|
—
|
|
|
59.0
|
|
|
59.0
|
|
|
—
|
|
|
—
|
|
|||||||
|
Long-term available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Agency bonds
|
13.7
|
|
|
—
|
|
|
(0.1
|
)
|
|
13.6
|
|
|
13.6
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Asset backed securities
|
36.8
|
|
|
—
|
|
|
(0.2
|
)
|
|
36.6
|
|
|
—
|
|
|
36.6
|
|
|
—
|
|
|||||||
|
|
Corporate debt securities
|
100.2
|
|
|
0.1
|
|
|
(0.4
|
)
|
|
99.9
|
|
|
99.9
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Municipal bonds
|
12.7
|
|
|
—
|
|
|
(0.1
|
)
|
|
12.6
|
|
|
12.6
|
|
|
—
|
|
|
—
|
|
|||||||
|
|
Sovereign debt
|
2.8
|
|
|
—
|
|
|
—
|
|
|
2.8
|
|
|
—
|
|
|
2.8
|
|
|
—
|
|
|||||||
|
|
U.S. government securities
|
25.5
|
|
|
—
|
|
|
(0.2
|
)
|
|
25.3
|
|
|
25.3
|
|
|
—
|
|
|
—
|
|
|||||||
Convertible debt securities (2)
|
7.5
|
|
|
0.5
|
|
|
(0.2
|
)
|
|
7.8
|
|
|
—
|
|
|
—
|
|
|
7.8
|
|
|||||||||
Derivative contract assets (3)
|
2.0
|
|
|
7.5
|
|
|
(1.3
|
)
|
|
8.2
|
|
|
—
|
|
|
7.2
|
|
|
1.0
|
|
|||||||||
Derivative contract liabilities (4)
|
—
|
|
|
—
|
|
|
(26.6
|
)
|
|
(26.6
|
)
|
|
—
|
|
|
(26.6
|
)
|
|
—
|
|
|||||||||
|
|
Total
|
$
|
1,080.2
|
|
|
$
|
17.0
|
|
|
$
|
(29.2
|
)
|
|
$
|
1,068.0
|
|
|
$
|
392.1
|
|
|
$
|
667.1
|
|
|
$
|
8.8
|
|
(1)
|
Included in “Cash and cash equivalents” in the accompanying Consolidated Balance Sheets.
|
(2)
|
Considered "available for sale" securities and included in "Other assets" in the accompanying Consolidated Balance Sheets.
|
(3)
|
Included in “Prepaid expenses and other current assets,” "Other assets," or “Other accrued liabilities” in the accompanying Consolidated Balance Sheets.
|
(4)
|
Included in “Other accrued liabilities” in the accompanying Consolidated Balance Sheets.
|
|
Fair Value Measurements Using
Significant Unobservable Inputs
|
|||||||||||
|
(Level 3)
|
|||||||||||
|
|
Derivative Contracts
|
|
Convertible Debt Securities
|
|
Total
|
||||||
Balances, January 31, 2018
|
|
$
|
1.0
|
|
|
$
|
7.8
|
|
|
$
|
8.8
|
|
Settlements
|
|
—
|
|
|
(3.5
|
)
|
|
(3.5
|
)
|
|||
(Losses) Gains included in earnings (1)
|
|
(0.2
|
)
|
|
0.5
|
|
|
0.3
|
|
|||
Losses included in OCI
|
|
—
|
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|||
Balances, January 31, 2019
|
|
$
|
0.8
|
|
|
$
|
4.4
|
|
|
$
|
5.2
|
|
(1)
|
Included in “Interest and other expense, net” in the accompanying Consolidated Statements of Operations.
|
|
January 31, 2019
|
||||||
|
Cost
|
|
Fair Value
|
||||
Due within 1 year
|
$
|
10.8
|
|
|
$
|
11.7
|
|
Total
|
$
|
10.8
|
|
|
$
|
11.7
|
|
|
Balance Sheet Location
|
|
Fair Value at
|
||||||
|
January 31, 2019
|
|
January 31, 2018
|
||||||
Derivative Assets
|
|
|
|
|
|
||||
Foreign currency contracts designated as cash flow hedges
|
Prepaid expenses and other current assets
|
|
$
|
4.3
|
|
|
$
|
6.2
|
|
Derivatives not designated as hedging instruments
|
Prepaid expenses and other current assets and Other assets
|
|
4.2
|
|
|
2.0
|
|
||
Total derivative assets
|
|
|
$
|
8.5
|
|
|
$
|
8.2
|
|
Derivative Liabilities
|
|
|
|
|
|
||||
Foreign currency contracts designated as cash flow hedges
|
Other accrued liabilities
|
|
$
|
3.3
|
|
|
$
|
18.7
|
|
Derivatives not designated as hedging instruments
|
Other accrued liabilities
|
|
4.1
|
|
|
7.9
|
|
||
Total derivative liabilities
|
|
|
$
|
7.4
|
|
|
$
|
26.6
|
|
|
Foreign Currency Contracts
|
||||||||||
|
Fiscal Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Amount of gain (loss) recognized in accumulated other comprehensive loss on derivatives (effective portion)
|
$
|
19.6
|
|
|
$
|
(21.3
|
)
|
|
$
|
6.3
|
|
Amount and location of (loss) gain reclassified from accumulated other comprehensive loss into (loss) income (effective portion)
|
|
|
|
|
|
||||||
Net revenue
|
$
|
(8.5
|
)
|
|
$
|
8.0
|
|
|
$
|
9.2
|
|
Operating expenses
|
(3.6
|
)
|
|
1.9
|
|
|
(1.8
|
)
|
|||
Total
|
$
|
(12.1
|
)
|
|
$
|
9.9
|
|
|
$
|
7.4
|
|
Amount and location of gain (loss) recognized in income (loss) on derivatives (ineffective portion and amount excluded from effectiveness testing)
|
|
|
|
|
|
||||||
Interest and other expense, net
|
$
|
0.2
|
|
|
$
|
(0.2
|
)
|
|
$
|
(0.3
|
)
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Amount and location of loss recognized in loss (income) on derivatives
|
|
|
|
|
|
||||||
Interest and other expense, net
|
$
|
6.6
|
|
|
$
|
(19.1
|
)
|
|
$
|
(11.1
|
)
|
|
Number of Shares (in millions)
|
|
Weighted average exercise price per share
|
|
Weighted average remaining contractual term (in years)
|
|
Aggregate Intrinsic Value (1) (in millions)
|
|||||
Options outstanding at January 31, 2018
|
0.2
|
|
|
$
|
40.49
|
|
|
|
|
|
||
Assumed from acquisitions
|
0.7
|
|
|
20.82
|
|
|
|
|
|
|||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
(0.1
|
)
|
|
37.64
|
|
|
|
|
|
|||
Canceled/Forfeited
|
—
|
|
|
—
|
|
|
|
|
|
|||
Options vested, exercisable and outstanding at January 31, 2019
|
0.8
|
|
|
$
|
23.95
|
|
|
7.7
|
|
$
|
100.7
|
|
Options vested and exercisable at January 31, 2019
|
0.2
|
|
|
$
|
37.10
|
|
|
2.6
|
|
$
|
17.2
|
|
Options vested and exercisable as of January 31, 2019 and expected to vest thereafter
|
0.8
|
|
|
$
|
23.95
|
|
|
7.7
|
|
$
|
100.7
|
|
Shares available for grant at January 31, 2019
|
19.4
|
|
|
|
|
|
|
|
(1)
|
Represents the total pre-tax intrinsic value, based on Autodesk’s closing stock price of $147.20 per share as of January 31, 2019.
|
|
Fiscal year ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Pre-tax intrinsic value of options exercised (1)
|
$
|
9.7
|
|
|
$
|
22.8
|
|
|
$
|
32.0
|
|
Weighted average grant date fair value per share of stock options assumed from acquisition
|
$
|
110.40
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
The intrinsic value of options exercised is calculated as the difference between the exercise price of the option and the market value of the stock on the date of exercise.
|
|
Options Vested and Exercisable
|
|
Options Outstanding
|
||||||||||||||||||||||
|
Number of Shares (in thousands)
|
|
Weighted average contractual life (in years)
|
|
Weighted average exercise price per share
|
|
Aggregate intrinsic value (in millions)
|
|
Number of Shares (in thousands)
|
|
Weighted average contractual life (in years)
|
|
Weighted average exercise price per share
|
|
Aggregate intrinsic value (in millions)
|
||||||||||
Range of per-share exercise prices:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
$2.90 - $16.12
|
2.6
|
|
|
|
|
$
|
9.51
|
|
|
|
|
122.7
|
|
|
|
|
$
|
14.62
|
|
|
|
||||
$19.32 - $20.65
|
5.4
|
|
|
|
|
20.03
|
|
|
|
|
85.7
|
|
|
|
|
20.19
|
|
|
|
||||||
$21.13 - $21.13
|
2.8
|
|
|
|
|
21.13
|
|
|
|
|
292.9
|
|
|
|
|
21.13
|
|
|
|
||||||
$21.32 - $21.32
|
11.7
|
|
|
|
|
21.32
|
|
|
|
|
85.1
|
|
|
|
|
21.32
|
|
|
|
||||||
$22.17 - $31.88
|
8.5
|
|
|
|
|
25.58
|
|
|
|
|
105.3
|
|
|
|
|
27.50
|
|
|
|
||||||
$32.58 - $33.92
|
4.0
|
|
|
|
|
33.82
|
|
|
|
|
4.0
|
|
|
|
|
33.82
|
|
|
|
||||||
$36.06 - $36.06
|
2.5
|
|
|
|
|
36.06
|
|
|
|
|
2.5
|
|
|
|
|
36.06
|
|
|
|
||||||
$36.44 - $36.44
|
5.2
|
|
|
|
|
36.44
|
|
|
|
|
5.2
|
|
|
|
|
36.44
|
|
|
|
||||||
$38.55 - $38.55
|
1.4
|
|
|
|
|
38.55
|
|
|
|
|
1.4
|
|
|
|
|
38.55
|
|
|
|
||||||
$41.62 - $41.62
|
112.3
|
|
|
|
|
41.62
|
|
|
|
|
112.3
|
|
|
|
|
41.62
|
|
|
|
||||||
|
156.4
|
|
|
2.6
|
|
$
|
37.10
|
|
|
$
|
17.2
|
|
|
817.1
|
|
|
7.7
|
|
$
|
23.95
|
|
|
$
|
100.7
|
|
|
Unreleased Restricted Stock Units (in thousands)
|
|
Weighted average grant date fair value per share
|
|||
Unvested restricted stock at January 31, 2018
|
5,670.7
|
|
|
$
|
82.94
|
|
Granted
|
2,250.7
|
|
|
144.37
|
|
|
Vested
|
(2,982.0
|
)
|
|
76.30
|
|
|
Canceled/Forfeited
|
(681.9
|
)
|
|
94.70
|
|
|
Performance Adjustment (1)
|
29.9
|
|
|
101.74
|
|
|
Unvested restricted stock at January 31, 2019
|
4,287.4
|
|
|
$
|
120.07
|
|
(1)
|
Based on Autodesk's financial results and relative total stockholder return for the fiscal 2018 performance period. The performance stock units were attained at rates ranging from 90.0% to 117.6% of the target award.
|
•
|
Up to one third of the performance stock units may vest following year one, depending upon the achievement of the performance criteria for fiscal 2019 as well as 1-year Relative TSR (covering year one).
|
•
|
Up to one third of the performance stock units may vest following year two, depending upon the achievement of the performance criteria for year two as well as 2-year Relative TSR (covering years one and two).
|
•
|
Up to one third of the performance stock units may vest following year three, depending upon the achievement of the performance criteria for year three as well as 3-year Relative TSR (covering years one, two and three).
|
|
|
Fiscal year ended January 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Issued shares
|
|
1.0
|
|
|
2.0
|
|
|
2.3
|
|
|||
Average price of issued shares
|
|
$
|
90.25
|
|
|
$
|
39.03
|
|
|
$
|
36.99
|
|
Weighted average grant date fair value of awards granted under the ESPP
|
|
$
|
42.75
|
|
|
$
|
32.41
|
|
|
$
|
19.20
|
|
|
(a)
|
|
(b)
|
|
(c)
|
|
||||
Plan category
|
Number of securities to be issued upon exercise or vesting of outstanding options and awards (in millions)
|
|
Weighted-average exercise price of outstanding options
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (in millions)
|
|
||||
Equity compensation plans approved by security holders
|
5.1
|
|
|
$
|
23.95
|
|
|
27.6
|
|
(1)
|
Total
|
5.1
|
|
|
$
|
23.95
|
|
|
27.6
|
|
|
(1)
|
Included in this amount are 8.1 million securities available for future issuance under Autodesk’s ESPP.
|
|
Fiscal year ended January 31,
|
||||||||||
2019
|
|
2018
|
|
2017
|
|||||||
Income tax provision (benefit) at U.S. Federal statutory rate
|
$
|
(9.0
|
)
|
|
$
|
(188.4
|
)
|
|
$
|
(177.0
|
)
|
State income tax benefit, net of the U.S. Federal benefit
|
(11.4
|
)
|
|
(21.9
|
)
|
|
(17.3
|
)
|
|||
Foreign income taxed at rates different from the U.S. statutory rate
|
117.8
|
|
|
(53.3
|
)
|
|
22.3
|
|
|||
U.S. valuation allowance
|
18.8
|
|
|
(82.5
|
)
|
|
233.0
|
|
|||
Transition tax
|
(16.0
|
)
|
|
408.4
|
|
|
—
|
|
|||
Increase in attributes due to ASU 2016-9 adoption
|
—
|
|
|
—
|
|
|
(119.4
|
)
|
|||
Change in valuation allowance from ASU 2016-9 adoption
|
—
|
|
|
—
|
|
|
119.4
|
|
|||
Tax effect of non-deductible stock-based compensation
|
7.6
|
|
|
20.7
|
|
|
18.8
|
|
|||
Stock compensation windfall / shortfall
|
(39.4
|
)
|
|
(67.7
|
)
|
|
(23.0
|
)
|
|||
Research and development tax credit benefit
|
(23.5
|
)
|
|
(11.3
|
)
|
|
(10.3
|
)
|
|||
Closure of income tax audits and changes in uncertain tax positions
|
(12.7
|
)
|
|
1.2
|
|
|
8.2
|
|
|||
Tax effect of officer compensation in excess of $1.0 million
|
5.0
|
|
|
2.2
|
|
|
2.2
|
|
|||
Non-deductible expenses
|
1.5
|
|
|
2.1
|
|
|
2.0
|
|
|||
Other
|
(0.6
|
)
|
|
0.1
|
|
|
(0.6
|
)
|
|||
|
$
|
38.1
|
|
|
$
|
9.6
|
|
|
$
|
58.3
|
|
|
January 31,
|
||||||
2019
|
|
2018
|
|||||
Stock-based compensation
|
$
|
25.9
|
|
|
$
|
26.7
|
|
Research and development tax credit carryforwards
|
238.7
|
|
|
170.3
|
|
||
Foreign tax credit carryforwards
|
198.6
|
|
|
162.2
|
|
||
Accrued compensation and benefits
|
6.5
|
|
|
25.9
|
|
||
Other accruals not currently deductible for tax
|
19.0
|
|
|
22.9
|
|
||
Purchased technology and capitalized software
|
32.6
|
|
|
43.4
|
|
||
Fixed assets
|
15.0
|
|
|
16.5
|
|
||
Tax loss carryforwards
|
237.2
|
|
|
85.7
|
|
||
Deferred revenue
|
49.0
|
|
|
120.3
|
|
||
Other
|
28.4
|
|
|
32.4
|
|
||
Total deferred tax assets
|
850.9
|
|
|
706.3
|
|
||
Less: valuation allowance
|
(797.8
|
)
|
|
(634.2
|
)
|
||
Net deferred tax assets
|
53.1
|
|
|
72.1
|
|
||
Indefinite lived intangibles
|
(67.6
|
)
|
|
(57.0
|
)
|
||
Total deferred tax liabilities
|
(67.6
|
)
|
|
(57.0
|
)
|
||
Net deferred tax assets (liabilities)
|
$
|
(14.5
|
)
|
|
$
|
15.1
|
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Gross unrecognized tax benefits at the beginning of the fiscal year
|
$
|
337.6
|
|
|
$
|
261.4
|
|
|
$
|
254.3
|
|
Increases for tax positions of prior years
|
7.9
|
|
|
22.8
|
|
|
11.9
|
|
|||
Decreases for tax positions of prior years
|
(146.3
|
)
|
|
(22.5
|
)
|
|
(4.1
|
)
|
|||
Increases for tax positions related to the current year
|
10.3
|
|
|
78.4
|
|
|
11.1
|
|
|||
Decreases relating to settlements with taxing authorities
|
—
|
|
|
(0.8
|
)
|
|
(10.8
|
)
|
|||
Reductions as a result of lapse of the statute of limitations
|
(0.5
|
)
|
|
(1.7
|
)
|
|
(1.0
|
)
|
|||
Gross unrecognized tax benefits at the end of the fiscal year
|
$
|
209.0
|
|
|
$
|
337.6
|
|
|
$
|
261.4
|
|
|
Assemble Systems (1)
|
|
PlanGrid
|
|
BuildingConnected
|
|
Total
|
||||||||
Developed technologies
|
$
|
4.4
|
|
|
$
|
78.0
|
|
|
$
|
12.5
|
|
|
$
|
94.9
|
|
Customer relationships and other non-current intangible assets
|
12.0
|
|
|
98.0
|
|
|
26.9
|
|
|
136.9
|
|
||||
Trade name
|
2.8
|
|
|
20.0
|
|
|
6.8
|
|
|
29.6
|
|
||||
Goodwill
|
72.0
|
|
|
588.7
|
|
|
206.3
|
|
|
867.0
|
|
||||
Deferred revenue (current and non-current)
|
(1.7
|
)
|
|
(25.5
|
)
|
|
(2.8
|
)
|
|
(30.0
|
)
|
||||
Net tangible assets
|
4.1
|
|
|
18.4
|
|
|
3.5
|
|
|
26.0
|
|
||||
Total
|
$
|
93.6
|
|
|
$
|
777.6
|
|
|
$
|
253.2
|
|
|
$
|
1,124.4
|
|
(1)
|
During Q4 of fiscal 2019, Autodesk recorded a measurement period adjustment related to the valuation of the deferred tax liability associated with the Assemble Systems acquisition. This adjustment increased goodwill and reduced net tangible assets by $0.1 million.
|
|
Fiscal Year ended January 31,
|
||||||
|
2019
|
|
2018
|
||||
Total revenues
|
$
|
2,632.6
|
|
|
$
|
2,099.2
|
|
Pretax loss
|
(157.5
|
)
|
|
(724.9
|
)
|
||
Net loss
|
(200.1
|
)
|
|
(734.5
|
)
|
|
|
||
2020
|
$
|
76.2
|
|
2021
|
61.7
|
|
|
2022
|
53.6
|
|
|
2023
|
50.7
|
|
|
2024
|
41.4
|
|
|
Thereafter
|
127.0
|
|
|
|
410.6
|
|
|
Less: Sublease income
|
0.8
|
|
|
|
$
|
409.8
|
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Rent expense
|
$
|
60.7
|
|
|
$
|
55.9
|
|
|
$
|
65.3
|
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Interest and investment expense, net
|
$
|
(52.1
|
)
|
|
$
|
(34.5
|
)
|
|
$
|
(29.7
|
)
|
Gain (loss) on foreign currency
|
5.1
|
|
|
(3.3
|
)
|
|
(3.3
|
)
|
|||
Gain (loss) on strategic investments
|
12.5
|
|
|
(16.4
|
)
|
|
0.3
|
|
|||
Other income
|
16.8
|
|
|
6.0
|
|
|
8.5
|
|
|||
Interest and other expense, net
|
$
|
(17.7
|
)
|
|
$
|
(48.2
|
)
|
|
$
|
(24.2
|
)
|
|
Net Unrealized Gains (Losses) on Derivative Instruments
|
|
Net Unrealized Gains (Losses) on Available for Sale Securities
|
|
Defined Benefit Pension Components
|
|
Foreign Currency Translation Adjustments
|
|
Total
|
||||||||||
Balances, January 31, 2017
|
$
|
14.6
|
|
|
$
|
1.5
|
|
|
$
|
(33.8
|
)
|
|
$
|
(160.8
|
)
|
|
$
|
(178.5
|
)
|
Other comprehensive (loss) income before reclassifications
|
(24.5
|
)
|
|
(0.6
|
)
|
|
4.3
|
|
|
86.3
|
|
|
65.5
|
|
|||||
Pre-tax losses (gains) reclassified from accumulated other comprehensive income
|
(9.9
|
)
|
|
0.3
|
|
|
0.9
|
|
|
0.1
|
|
|
(8.6
|
)
|
|||||
Tax effects
|
3.2
|
|
|
0.1
|
|
|
(0.7
|
)
|
|
(4.8
|
)
|
|
(2.2
|
)
|
|||||
Net current period other comprehensive (loss) income
|
(31.2
|
)
|
|
(0.2
|
)
|
|
4.5
|
|
|
81.6
|
|
|
54.7
|
|
|||||
Balances, January 31, 2018
|
(16.6
|
)
|
|
1.3
|
|
|
(29.3
|
)
|
|
(79.2
|
)
|
|
(123.8
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
20.6
|
|
|
0.7
|
|
|
14.7
|
|
|
(58.3
|
)
|
|
(22.3
|
)
|
|||||
Pre-tax gains reclassified from accumulated other comprehensive income
|
12.1
|
|
|
1.3
|
|
|
0.3
|
|
|
—
|
|
|
13.7
|
|
|||||
Tax effects
|
(1.1
|
)
|
|
—
|
|
|
(2.0
|
)
|
|
0.5
|
|
|
(2.6
|
)
|
|||||
Net current period other comprehensive income (loss)
|
31.6
|
|
|
2.0
|
|
|
13.0
|
|
|
(57.8
|
)
|
|
(11.2
|
)
|
|||||
Balances, January 31, 2019
|
$
|
15.0
|
|
|
$
|
3.3
|
|
|
$
|
(16.3
|
)
|
|
$
|
(137.0
|
)
|
|
$
|
(135.0
|
)
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net loss
|
$
|
(80.8
|
)
|
|
$
|
(566.9
|
)
|
|
$
|
(582.1
|
)
|
Denominator:
|
|
|
|
|
|
||||||
Denominator for basic net loss per share—weighted average shares
|
218.9
|
|
|
219.5
|
|
|
222.7
|
|
|||
Effect of dilutive securities (1)
|
—
|
|
|
—
|
|
|
—
|
|
|||
Denominator for dilutive net loss per share
|
218.9
|
|
|
219.5
|
|
|
222.7
|
|
|||
Basic net loss per share
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
|
$
|
(2.61
|
)
|
Diluted net loss per share
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
|
$
|
(2.61
|
)
|
(1)
|
The effect of dilutive securities of 3.1 million, 4.5 million, and 4.6 million shares for the fiscal years ended January 31, 2019, 2018, and 2017, respectively, have been excluded from the calculation of diluted net loss per share as those shares would have been anti-dilutive due to the net loss incurred during those fiscal years.
|
|
Fiscal year ended January 31,
|
||||||
|
2019
|
|
2018
|
||||
Beginning projected benefit obligation
|
$
|
158.1
|
|
|
$
|
146.4
|
|
Service cost
|
4.1
|
|
|
5.2
|
|
||
Interest cost
|
2.3
|
|
|
2.7
|
|
||
Actuarial (gain) loss
|
(4.3
|
)
|
|
(2.8
|
)
|
||
Benefits paid
|
(2.6
|
)
|
|
(3.3
|
)
|
||
Foreign currency exchange rate changes
|
(10.0
|
)
|
|
13.9
|
|
||
Curtailments and settlements
|
(61.0
|
)
|
|
(8.2
|
)
|
||
Contributions by plan participants
|
5.0
|
|
|
4.0
|
|
||
Plan amendment
|
—
|
|
|
0.2
|
|
||
Ending projected benefit obligation
|
$
|
91.6
|
|
|
$
|
158.1
|
|
|
|
|
|
||||
Beginning fair value of plan assets
|
$
|
121.1
|
|
|
$
|
107.4
|
|
Actual return on plan assets
|
1.4
|
|
|
3.8
|
|
||
Contributions paid by employer
|
5.9
|
|
|
6.5
|
|
||
Contributions paid by plan participants
|
5.0
|
|
|
4.0
|
|
||
Benefit payments
|
(2.6
|
)
|
|
(3.3
|
)
|
||
Curtailments and settlements
|
(42.3
|
)
|
|
(8.0
|
)
|
||
Foreign currency exchange rate changes
|
(7.7
|
)
|
|
10.7
|
|
||
Ending fair value of plan assets
|
$
|
80.8
|
|
|
$
|
121.1
|
|
Funded status
|
$
|
(10.8
|
)
|
|
$
|
(37.0
|
)
|
|
Fiscal Year Ended January 31,
|
||||||
|
2019
|
|
2018
|
||||
Other long-term liabilities
|
$
|
10.8
|
|
|
$
|
37.0
|
|
Accumulated other comprehensive loss, before tax
|
16.3
|
|
|
31.7
|
|
||
Net amount recognized
|
$
|
27.1
|
|
|
$
|
68.7
|
|
|
|
Fiscal Year Ended January 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Plans with accumulated benefit obligations in excess of plan assets:
|
|
|
|
|
||||
Accumulated benefit obligations
|
|
$
|
75.6
|
|
|
$
|
130.7
|
|
Plan assets
|
|
70.0
|
|
|
112.1
|
|
||
Plans with projected benefit obligations in excess of plan assets:
|
|
|
|
|
||||
Projected benefit obligations
|
|
$
|
91.6
|
|
|
$
|
158.1
|
|
Plan assets
|
|
80.8
|
|
|
121.1
|
|
|
Fiscal Year Ended January 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Total
|
||||||
Insurance contracts
|
$
|
—
|
|
|
$
|
28.0
|
|
|
$
|
—
|
|
|
$
|
28.0
|
|
|
$
|
53.0
|
|
Other investments
|
—
|
|
|
14.5
|
|
|
—
|
|
|
14.5
|
|
|
17.0
|
|
|||||
Total assets measured at fair value
|
$
|
—
|
|
|
$
|
42.5
|
|
|
$
|
—
|
|
|
42.5
|
|
|
70.0
|
|
||
Cash
|
|
|
|
|
|
|
4.3
|
|
|
0.2
|
|
||||||||
Investment Fund valued using net asset value
|
|
|
|
|
|
|
34.0
|
|
|
50.9
|
|
||||||||
Total pension plan assets at fair value
|
|
|
|
|
|
|
$
|
80.8
|
|
|
$
|
121.1
|
|
|
Pension Benefits
|
||
2020
|
$
|
2.4
|
|
2021
|
2.3
|
|
|
2022
|
2.3
|
|
|
2023
|
2.3
|
|
|
2024
|
2.3
|
|
|
2025-2029
|
13.9
|
|
|
Total
|
$
|
25.5
|
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Service cost for benefits earned during the period
|
$
|
4.1
|
|
|
$
|
5.2
|
|
|
$
|
5.6
|
|
Interest cost on projected benefit obligation (1)
|
2.3
|
|
|
2.7
|
|
|
3.0
|
|
|||
Expected return on plan assets (1)
|
(3.2
|
)
|
|
(3.9
|
)
|
|
(4.2
|
)
|
|||
Amortization of prior service credit (1)
|
(0.2
|
)
|
|
(0.3
|
)
|
|
(0.3
|
)
|
|||
Amortization of loss (1)
|
0.5
|
|
|
1.2
|
|
|
1.5
|
|
|||
Settlement loss (1)
|
4.3
|
|
|
1.9
|
|
|
1.2
|
|
|||
Curtailment gain (1)
|
(10.9
|
)
|
|
(0.1
|
)
|
|
—
|
|
|||
Net periodic (benefit) cost
|
$
|
(3.1
|
)
|
|
$
|
6.7
|
|
|
$
|
6.8
|
|
(1)
|
Included in Interest and other expense, net in Autodesk's fiscal 2019 Consolidated Statements of Operations as a result of the adoption of ASU No. 2017-07 in the first quarter of fiscal 2019.
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Prior service credit for period
|
$
|
(0.1
|
)
|
|
$
|
0.2
|
|
|
$
|
—
|
|
Net (gain) loss for period
|
(2.4
|
)
|
|
(2.5
|
)
|
|
7.2
|
|
|||
Effect of settlement
|
(4.3
|
)
|
|
(1.9
|
)
|
|
(1.2
|
)
|
|||
Effect of curtailment
|
(7.9
|
)
|
|
(0.2
|
)
|
|
—
|
|
|||
Amortization of prior service credit
|
0.2
|
|
|
0.3
|
|
|
0.3
|
|
|||
Amortization of net loss
|
(0.5
|
)
|
|
(1.2
|
)
|
|
(1.5
|
)
|
|||
Other comprehensive (income) loss
|
$
|
(15.0
|
)
|
|
$
|
(5.3
|
)
|
|
$
|
4.8
|
|
|
Fiscal Year Ended January 31,
|
||||||
|
2019
|
|
2018
|
||||
Net prior service credit
|
$
|
(1.4
|
)
|
|
$
|
(3.1
|
)
|
Net actuarial loss
|
17.7
|
|
|
34.8
|
|
||
Accumulated other comprehensive loss, before tax
|
$
|
16.3
|
|
|
$
|
31.7
|
|
|
Fiscal Year Ended January 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
Discount rate
|
2.5
|
%
|
|
2.4
|
%
|
|
3.2
|
%
|
Expected long-term rate of return on plan assets
|
3.3
|
%
|
|
3.3
|
%
|
|
4.3
|
%
|
Rate of compensation increase
|
2.3
|
%
|
|
2.3
|
%
|
|
2.2
|
%
|
|
Fiscal Year Ended January 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
Discount rate
|
2.0
|
%
|
|
1.8
|
%
|
|
1.7
|
%
|
Rate of compensation increase
|
2.7
|
%
|
|
2.6
|
%
|
|
2.6
|
%
|
|
Balances, January 31, 2018
|
|
Additions
|
|
Payments
|
|
Adjustments (1)
|
|
Balances, January 31, 2019
|
||||||||||
Fiscal 2018 Plan
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee terminations costs
|
$
|
53.0
|
|
|
$
|
39.2
|
|
|
$
|
(89.7
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
2.0
|
|
Facility terminations and other exit costs
|
2.5
|
|
|
3.2
|
|
|
(5.7
|
)
|
|
0.1
|
|
|
0.1
|
|
|||||
Total
|
$
|
55.5
|
|
|
$
|
42.4
|
|
|
$
|
(95.4
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
2.1
|
|
Current portion (2)
|
$
|
55.5
|
|
|
|
|
|
|
|
|
$
|
2.1
|
|
||||||
Total
|
$
|
55.5
|
|
|
|
|
|
|
|
|
$
|
2.1
|
|
(1)
|
Adjustments primarily relate to the impact of foreign exchange rate changes, settlement of lease contracts, and certain write offs related to fixed assets.
|
(2)
|
The current portions of the reserve are recorded in the Consolidated Balance Sheets under “Other accrued liabilities.” There was no non-current portion as of January 31, 2019.
|
|
Balances, January 31, 2017
|
|
Additions
|
|
Payments
|
|
Adjustments (1)
|
|
Balances, January 31, 2018
|
||||||||||
Fiscal 2018 Plan
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee terminations costs
|
$
|
—
|
|
|
$
|
87.3
|
|
|
$
|
(35.1
|
)
|
|
$
|
0.8
|
|
|
$
|
53.0
|
|
Facility terminations and other exit costs
|
—
|
|
|
6.3
|
|
|
(1.3
|
)
|
|
(2.5
|
)
|
|
2.5
|
|
|||||
Fiscal 2017 Plan
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee termination costs
|
1.1
|
|
|
0.1
|
|
|
(1.5
|
)
|
|
0.3
|
|
|
—
|
|
|||||
Facility terminations and other exit costs
|
1.9
|
|
|
0.1
|
|
|
(1.5
|
)
|
|
(0.3
|
)
|
|
0.2
|
|
|||||
Other facility termination costs
|
|
|
|
|
|
|
|
|
|
||||||||||
Facility termination costs
|
4.5
|
|
|
0.3
|
|
|
(3.0
|
)
|
|
(0.3
|
)
|
|
1.5
|
|
|||||
Total
|
$
|
7.5
|
|
|
$
|
94.1
|
|
|
$
|
(42.4
|
)
|
|
$
|
(2.0
|
)
|
|
$
|
57.2
|
|
Current portion (2)
|
$
|
5.9
|
|
|
|
|
|
|
|
|
$
|
57.2
|
|
||||||
Non-current portion (2)
|
1.6
|
|
|
|
|
|
|
|
|
—
|
|
||||||||
Total
|
$
|
7.5
|
|
|
|
|
|
|
|
|
$
|
57.2
|
|
(1)
|
Adjustments primarily relate to the accelerated depreciation of fixed assets and the impact of foreign exchange rate changes.
|
(2)
|
The current and non-current portions of the reserve are recorded in the Consolidated Balance Sheets under “Other accrued liabilities” and “Other liabilities,” respectively.
|
2019
|
1st quarter
|
|
2nd quarter
|
|
3rd quarter
|
|
4th quarter
|
|
Fiscal year
|
||||||||||
Net revenue (1)
|
$
|
559.9
|
|
|
$
|
611.7
|
|
|
$
|
660.9
|
|
|
$
|
737.3
|
|
|
$
|
2,569.8
|
|
Gross profit (1)
|
493.1
|
|
|
541.9
|
|
|
588.6
|
|
|
660.3
|
|
|
2,283.9
|
|
|||||
(Loss) Income from operations (1)
|
(55.3
|
)
|
|
(24.7
|
)
|
|
14.7
|
|
|
40.3
|
|
|
(25.0
|
)
|
|||||
Provision for income taxes
|
(18.6
|
)
|
|
(16.0
|
)
|
|
(35.2
|
)
|
|
31.7
|
|
|
(38.1
|
)
|
|||||
Net (loss) income (1)
|
(82.4
|
)
|
|
(39.4
|
)
|
|
(23.7
|
)
|
|
64.7
|
|
|
(80.8
|
)
|
|||||
Basic net (loss) income per share (1) (2)
|
$
|
(0.38
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
0.30
|
|
|
$
|
(0.37
|
)
|
Diluted net (loss) income per share (1) (2)
|
$
|
(0.38
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
0.29
|
|
|
$
|
(0.37
|
)
|
(Loss) Income from operations includes the following items:
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock-based compensation expense
|
$
|
54.4
|
|
|
$
|
56.9
|
|
|
$
|
64.2
|
|
|
$
|
74.0
|
|
|
$
|
249.5
|
|
Amortization of acquisition related intangibles
|
7.4
|
|
|
7.2
|
|
|
7.8
|
|
|
11.1
|
|
|
33.5
|
|
|||||
CEO transition costs
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|||||
Acquisition related costs
|
—
|
|
|
2.5
|
|
|
1.8
|
|
|
11.9
|
|
|
16.2
|
|
|||||
Restructuring and other exit costs, net
|
$
|
22.5
|
|
|
$
|
13.8
|
|
|
$
|
3.7
|
|
|
$
|
1.9
|
|
|
$
|
41.9
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2018
|
1st quarter
|
|
2nd quarter
|
|
3rd quarter
|
|
4th quarter
|
|
Fiscal year
|
||||||||||
Net revenue
|
$
|
485.7
|
|
|
$
|
501.8
|
|
|
$
|
515.3
|
|
|
$
|
553.8
|
|
|
$
|
2,056.6
|
|
Gross profit
|
407.5
|
|
|
427.2
|
|
|
437.8
|
|
|
480.7
|
|
|
1,753.2
|
|
|||||
Loss from operations
|
(119.6
|
)
|
|
(107.6
|
)
|
|
(100.0
|
)
|
|
(181.9
|
)
|
|
(509.1
|
)
|
|||||
(Provision) Benefit for income taxes
|
(8.2
|
)
|
|
(17.6
|
)
|
|
(8.6
|
)
|
|
24.8
|
|
|
(9.6
|
)
|
|||||
Net loss
|
(129.6
|
)
|
|
(144.0
|
)
|
|
(119.8
|
)
|
|
(173.5
|
)
|
|
(566.9
|
)
|
|||||
Basic net loss per share (2)
|
$
|
(0.59
|
)
|
|
$
|
(0.66
|
)
|
|
$
|
(0.55
|
)
|
|
$
|
(0.79
|
)
|
|
$
|
(2.58
|
)
|
Diluted net loss per share (2)
|
$
|
(0.59
|
)
|
|
$
|
(0.66
|
)
|
|
$
|
(0.55
|
)
|
|
$
|
(0.79
|
)
|
|
$
|
(2.58
|
)
|
Loss from operations includes the following items:
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock-based compensation expense
|
$
|
59.0
|
|
|
$
|
58.8
|
|
|
$
|
65.1
|
|
|
$
|
62.1
|
|
|
$
|
245.0
|
|
Amortization of acquisition related intangibles
|
10.4
|
|
|
8.9
|
|
|
8.7
|
|
|
8.6
|
|
|
36.6
|
|
|||||
CEO transition costs
|
11.0
|
|
|
10.6
|
|
|
—
|
|
|
(0.2
|
)
|
|
21.4
|
|
|||||
Restructuring and other exit costs, net
|
$
|
(0.3
|
)
|
|
$
|
0.5
|
|
|
$
|
—
|
|
|
$
|
93.9
|
|
|
$
|
94.1
|
|
(1)
|
Reflects the impact of the adoption of new accounting standards in fiscal year 2019 related to revenue recognition. See Note 1, "Business and Summary of Significant Accounting Policies, Accounting Standards Adopted", of our consolidated financial statements for additional information.
|
(2)
|
Net (loss) income per share were computed independently for each of the periods presented; therefore the sum of the net (loss) income per share amount for the quarters may not equal the total for the fiscal year.
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
ITEM 9A.
|
CONTROLS AND PROCEDURES
|
ITEM 9B.
|
OTHER INFORMATION
|
ITEM 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
Name
|
Age
|
|
Position
|
Andrew Anagnost
|
54
|
|
President and Chief Executive Officer
|
R. Scott Herren
|
57
|
|
SVP and Chief Financial Officer
|
Steve M. Blum
|
54
|
|
SVP, Worldwide Field Operations
|
Pascal W. Di Fronzo
|
54
|
|
SVP, Corporate Affairs, Chief Legal Officer & Secretary
|
Carmel Galvin
|
50
|
|
SVP, People and Places and Chief Human Resources Officer
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES
|
ITEM 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
1.
|
Financial Statements: The information concerning Autodesk’s financial statements, and the Report of Ernst & Young LLP, Independent Registered Public Accounting Firm required by this Item is incorporated by reference herein to the section of this Report in Item 8, entitled “Financial Statements and Supplementary Data.”
|
2.
|
Financial Statement Schedule: The following financial statement schedule of Autodesk, Inc., for the fiscal years ended January 31, 2019, 2018, and 2017, is filed as part of this Report and should be read in conjunction with the Consolidated Financial Statements of Autodesk, Inc.:
|
3.
|
Exhibits: See Item 15(b) below. We have filed, or incorporated into this Report by reference, the exhibits listed on the accompanying Index to Exhibits immediately following the signature page of this Form 10-K.
|
ITEM 15(A)(2)
|
FINANCIAL STATEMENT SCHEDULE II
|
Description
|
Balance at
Beginning
of Fiscal Year
|
|
Additions
Charged to
Costs and
Expenses or
Revenues
|
|
Deductions
and
Write-Offs
|
|
Balance at
End of Fiscal Year
|
||||
|
(in millions)
|
||||||||||
Fiscal Year Ended January 31, 2019
|
|
|
|
|
|
|
|
||||
Partner Program reserves (1)
|
36.5
|
|
|
294.7
|
|
|
279.5
|
|
|
51.7
|
|
Restructuring and other facility exit costs
|
57.2
|
|
|
41.9
|
|
|
97.0
|
|
|
2.1
|
|
Fiscal Year Ended January 31, 2018
|
|
|
|
|
|
|
|
||||
Partner Program reserves (1)
|
28.1
|
|
|
224.3
|
|
|
215.9
|
|
|
36.5
|
|
Restructuring and other facility exit costs
|
8.4
|
|
|
94.1
|
|
|
45.3
|
|
|
57.2
|
|
Fiscal Year Ended January 31, 2017
|
|
|
|
|
|
|
|
||||
Partner Program reserves (1)
|
45.2
|
|
|
240.3
|
|
|
257.4
|
|
|
28.1
|
|
Restructuring and other facility exit costs
|
1.3
|
|
|
77.8
|
|
|
70.7
|
|
|
8.4
|
|
(1)
|
The partner program reserves balance impacts "Accounts receivable, net" and "Accounts payable" on the accompanying Consolidated Balance Sheets.
|
ITEM 16
|
FORM 10-K SUMMARY
|
|
|
AUTODESK, INC.
|
|
|
|
By:
|
/s/ ANDREW ANAGNOST
|
|
|
|
Andrew Anagnost
|
|
|
|
President and Chief Executive Officer
|
Dated:
|
March 25, 2019
|
|
|
Signature
|
|
Title
|
/s/ ANDREW ANAGNOST
|
|
President and Chief Executive Officer, Director
(Principal Executive Officer)
|
Andrew Anagnost
|
|
|
|
|
|
/s/ R. SCOTT HERREN
|
|
Senior Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer) |
R. Scott Herren
|
|
|
|
|
|
/s/ STACY J. SMITH
|
|
Director
(Non-executive Chairman of the Board)
|
Stacy J. Smith
|
|
|
|
|
|
/s/ CRAWFORD W. BEVERIDGE
|
|
Director
|
Crawford W. Beveridge
|
|
|
|
|
|
/s/ KAREN BLASING
|
|
Director
|
Karen Blasing
|
|
|
|
|
|
/s/ REID FRENCH
|
|
Director
|
Reid French
|
|
|
|
|
|
/s/ MARY T. MCDOWELL
|
|
Director
|
Mary T. McDowell
|
|
|
|
|
|
|
|
Director
|
Blake J. Irving
|
|
|
|
|
|
/s/ STEPHEN D. MILLIGAN
|
|
Director
|
Stephen D. Milligan
|
|
|
|
|
|
/s/ LORRIE M. NORRINGTON
|
|
Director
|
Lorrie M. Norrington
|
|
|
|
|
|
/s/ ELIZABETH RAFAEL
|
|
Director
|
Elizabeth Rafael
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
4.3
|
|
|
|
|
|
4.4
|
|
|
|
|
|
10.1*
|
|
|
|
|
|
10.2*
|
|
|
|
|
|
10.3*
|
|
|
|
|
|
10.4*
|
|
|
|
|
|
10.5*
|
|
|
|
|
|
10.6*
|
|
|
|
|
|
10.7*
|
|
|
|
|
|
10.8*
|
|
Exhibit No.
|
|
Description
|
10.9*
|
|
|
|
|
|
10.10*
|
|
|
|
|
|
10.11*
|
|
|
|
|
|
10.12*
|
|
|
|
|
|
10.13*
|
|
|
|
|
|
10.14*
|
|
|
|
|
|
10.15*
|
|
|
|
|
|
10.16*
|
|
|
|
|
|
10.17*
|
|
|
|
|
|
10.18*
|
|
|
|
|
|
10.19*
|
|
|
|
|
|
10.20*
|
|
|
|
|
|
10.21*
|
|
|
|
|
|
10.22
|
|
|
|
|
|
10.23
|
|
|
|
|
|
10.24
|
|
|
|
|
|
10.25
|
|
|
|
|
|
10.26
|
|
|
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
21.1
|
|
|
|
|
|
23.1
|
|
|
|
|
|
24.1
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1†
|
|
|
|
|
|
101.INS ††
|
|
XBRL Instance Document
|
|
|
|
101.SCH ††
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
101.CAL ††
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
101.DEF ††
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
|
|
101.LAB ††
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
|
|
101.PRE ††
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
*
|
Denotes a management contract or compensatory plan or arrangement.
|
†
|
The certifications attached as Exhibit 32.1 that accompany this Annual Report on Form 10-K are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Autodesk, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-K, irrespective of any general incorporation language contained in such filing.
|
††
|
The financial information contained in these XBRL documents is unaudited.
|
(i)
|
withholding from Participant’s wages or other cash compensation paid to Participant by the Company and/or the Employer, including withholding from cash from Participant’s brokerage account designated by the Company; or
|
(ii)
|
withholding from proceeds of the sale of Shares acquired upon vesting/settlement of the Restricted Stock Units either through a voluntary sale or through a mandatory sale arranged by the Company (on Participant’s behalf pursuant to this authorization); or
|
(iii)
|
withholding in Shares to be issued upon settlement of the Restricted Stock Units.
|
(f)
|
Data Subject Rights. Participant has a number of rights under data privacy laws in his or her country. Depending on where Participant is based, his or her rights may include the right to (a) to request access or copies of personal data the Company’s processes, (b) rectification of incorrect data, (c) deletion of data, (d) restrictions on processing, (e) portability of data, (f) to lodge complaints with competent authorities in his or her country, and/or (g) a list with the names and addresses of any potential recipients of his or her personal data. To receive clarification regarding Participant’s rights or to exercise his or her rights please contact privacy.questions@autodesk.com.
|
Subsidiary Name
|
|
Jurisdiction of Incorporation
|
Assemble Systems, LLC
|
|
U.S.
|
Autodesk Americas LLC
|
|
U.S.
|
ADSK Ireland Limited
|
|
Ireland
|
Autodesk (China) Software Research and Development Co., Ltd.
|
|
China
|
Autodesk (EMEA) Sàrl
|
|
Switzerland
|
Autodesk AB
|
|
Sweden
|
Autodesk ApS
|
|
Denmark
|
Autodesk Asia Pte. Ltd.
|
|
Singapore
|
Autodesk Australia Pty Ltd.
|
|
Australia
|
Autodesk B.V.
|
|
The Netherlands
|
Autodesk Canada Co.
|
|
Canada
|
Autodesk Colombia S.A.S.
|
|
Colombia
|
Autodesk DC Limited
|
|
United Kingdom
|
Autodesk de Argentina S.A.
|
|
Argentina
|
Autodesk de Mexico, S.A. de C.V.
|
|
Mexico
|
Autodesk de Venezuela, S.A.
|
|
Venezuela
|
Autodesk Development B.V.
|
|
The Netherlands
|
Autodesk Development S.à.r.l.
|
|
Switzerland
|
Autodesk Direct Limited
|
|
United Kingdom
|
Autodesk do Brasil Ltda
|
|
Brazil
|
Autodesk Far East Ltd.
|
|
Hong Kong
|
Autodesk France
|
|
France
|
Autodesk Ges.mbH
|
|
Austria
|
Autodesk Global, Inc.
|
|
U.S.
|
Autodesk GmbH
|
|
Germany
|
Autodesk Holdings LLP
|
|
United Kingdom
|
Autodesk Hungary Kft
|
|
Hungary
|
Autodesk India Private Limited
|
|
India
|
Autodesk International Holding Co.
|
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U.S.
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Autodesk Ireland Operations Limited
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Ireland
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Autodesk Israel Ltd.
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Israel
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Autodesk Korea Ltd.
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South Korea
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Autodesk Limited
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United Kingdom
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Autodesk Limited
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Saudi Arabia
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Autodesk Ltd. Japan
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Japan
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Autodesk Netherlands Holdings, B.V.
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Netherlands
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Autodesk S.r.l.
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Italy
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Autodesk S.R.L.
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Romania
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Autodesk SA
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Switzerland
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Autodesk Software (China) Co., Ltd.
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China
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Autodesk Sp. z.o.o.
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Poland
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Autodesk spol. s.r.o.
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Czech Republic
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Autodesk Taiwan Limited
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Taiwan
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Autodesk UK Holdings Limited
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United Kingdom
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Autodesk Yazilim Hizmetleri Ticaret Limited Sirketi
(Autodesk Limited Sirketi) |
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Turkey
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Autodesk, S.A.
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Spain
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Beijing Delcam Integrated System Co. Ltd.
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China
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BuildingConnected, Inc.
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U.S.
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CadSoft Computer GmbH
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Germany
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Crispin Systems Limited
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United Kingdom
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Delcam (Malaysia) Sdn. Bhd.
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Malaysia
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Delcam Australia Pty Limited
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Australia
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Delcam Consulting and Technology Services Limited
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India
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Delcam Indonesia
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Indonesia
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Delcam Limited
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United Kingdom
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Delcam Partmaker Limited
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United Kingdom
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Delcam Professional Services Limited
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United Kingdom
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Delcam Software (India) Private Limited
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India
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Delta Soft LLC
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Russia
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Graitec GmbH
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Germany
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Hankook Delcam Limited
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South Korea
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Limited Liability Company Autodesk (CIS)
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Russia
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Moldflow International Pty Ltd.
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Australia
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Moldflow Pty Ltd.
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Australia
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netfabb GmbH
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Germany
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netfabb, Inc.
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U.S.
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PlanGrid, Inc.
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U.S.
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PlanGrid Australia Pty Ltd.
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Australia
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PlanGrid Hong Kong Limited
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Hong Kong
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PlanGrid UK Limited
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United Kingdom
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PlanGrid Canada ULC
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Canada
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Shotgun Software Inc.
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U.S.
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Solid Angle, S.L.U.
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Spain
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TradeTabb, Inc.
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U.S.
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Within Technologies Limited
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United Kingdom
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1.
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I have reviewed this report on Form 10-K of Autodesk, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ ANDREW ANAGNOST
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Andrew Anagnost
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President and Chief Executive Officer
(Principal Executive Officer)
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1.
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I have reviewed this report on Form 10-K of Autodesk, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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/s/ R. SCOTT HERREN
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R. Scott Herren
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Senior Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer) |
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/s/ ANDREW ANAGNOST
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Andrew Anagnost
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President and Chief Executive Officer
(Principal Executive Officer)
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/s/ R. SCOTT HERREN
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R. Scott Herren
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Senior Vice President and Chief Financial Officer
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(Principal Financial Officer and Principal Accounting Officer)
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