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☒
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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,
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San Rafael,
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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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Trading Symbol(s)
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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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ADSK
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The Nasdaq Global Select Market
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Large accelerated filer
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x
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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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 Civil 3D
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•
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BIM 360
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•
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Industry Collections
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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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AutoCAD
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•
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AutoCAD LT
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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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Vault
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•
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Industry Collections
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•
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Maya
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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 enabled 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 enabled 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 enabled 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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•
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the potential additional exposure to fluctuations in currency exchange rates; and
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•
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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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•
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economic volatility;
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•
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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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•
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delays resulting from difficulty in obtaining export licenses for certain technology;
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•
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different purchase patterns as compared to the developed world;
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•
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operating in locations with a higher incidence of corruption and fraudulent business practices, particularly in emerging economies;
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•
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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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•
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difficulties in staffing and managing foreign sales and development operations;
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•
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local competition;
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•
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longer collection cycles for accounts receivable;
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•
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U.S. and foreign tax law changes impacting how multinational companies are taxed and the complexities of tax reporting;
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•
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laws regarding the management of and access to data and public networks;
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•
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possible future limitations upon foreign owned businesses;
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•
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increased financial accounting and reporting burdens and complexities;
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•
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inadequate local infrastructure;
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•
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greater difficulty in protecting intellectual property;
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•
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software piracy; and
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•
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other factors beyond our control, including popular uprisings, terrorism, war, natural disasters, and diseases, such as COVID-19.
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•
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general market, economic, business, and political conditions in Europe, APAC, and emerging economies;
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•
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failure to produce sufficient revenue, ARR, billings, subscription, profitability and cash flow growth;
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•
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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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potential goodwill impairment charges related to prior acquisitions
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•
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failure to manage spend;
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•
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changes in billings linearity;
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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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•
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the success of new business or sales initiatives;
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•
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security breaches, related reputational harm, and potential financial penalties to customers and government entities;
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•
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restructuring or other accounting charges and unexpected costs or other operating expenses;
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•
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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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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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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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•
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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, tax or accounting rules and regulations, such as increased use of fair value measures;
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•
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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, natural disasters, or public health situations, such as pandemics and epidemics, including COVID-19;
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•
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regulatory compliance costs; and
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•
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failure to appropriately estimate the scope of services under consulting arrangements.
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•
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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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•
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increase our vulnerability to adverse changes in general economic, industry and competitive conditions;
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•
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limit our flexibility in planning for, or reacting to, changes in our business and our industry;
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•
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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, and how those results compare to securities analyst expectations, including whether those results fail to meet, exceed, or significantly exceed securities analyst expectations;
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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 forward-looking estimates of future results, how those estimates compare to securities analyst expectations, or changes in recommendations or confusion on the part of analysts and investors about the short-term and long-term impact to our business;
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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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•
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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
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Average Price Paid per Share
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Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)
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Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(2)
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|||||
November 1 - November 30
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—
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$
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—
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—
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15.7
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December 1 - December 31
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0.4
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182.41
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0.4
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15.3
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January 1 - January 31
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0.6
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193.71
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0.6
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14.7
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Total
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1.0
|
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$
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189.52
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1.0
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(1)
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Represents shares purchased in open-market transactions under the stock repurchase program approved by the Board of Directors.
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(2)
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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.
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(1)
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Assumes $100 invested on January 31, 2015, 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.
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ITEM 6.
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SELECTED FINANCIAL DATA
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Fiscal Year Ended January 31,
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||||||||||||||||||
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2020 (1)
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2019 (2)
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2018
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2017
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2016
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||||||||||
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(In millions, except per share data)
|
||||||||||||||||||
Net revenue
|
$
|
3,274.3
|
|
|
$
|
2,569.8
|
|
|
$
|
2,056.6
|
|
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$
|
2,031.0
|
|
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$
|
2,504.1
|
|
Income (loss) from operations
|
343.0
|
|
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(25.0
|
)
|
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(509.1
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)
|
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(499.6
|
)
|
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1.3
|
|
|||||
Net income (loss)
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214.5
|
|
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(80.8
|
)
|
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(566.9
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)
|
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(582.1
|
)
|
|
(330.5
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)
|
|||||
Cash flow from operations
|
$
|
1,415.1
|
|
|
$
|
377.1
|
|
|
$
|
0.9
|
|
|
$
|
169.7
|
|
|
$
|
414.0
|
|
Common stock data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic net income (loss) per share
|
$
|
0.98
|
|
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
|
$
|
(2.61
|
)
|
|
$
|
(1.46
|
)
|
Diluted net income (loss) per share
|
$
|
0.96
|
|
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
|
$
|
(2.61
|
)
|
|
$
|
(1.46
|
)
|
Balance sheet data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
6,179.3
|
|
|
$
|
4,729.2
|
|
|
$
|
4,113.6
|
|
|
$
|
4,798.1
|
|
|
$
|
5,515.3
|
|
Long-term liabilities
|
3,099.2
|
|
|
2,638.9
|
|
|
2,246.4
|
|
|
1,879.1
|
|
|
2,304.7
|
|
|||||
Stockholders’ (deficit) equity
|
$
|
(139.1
|
)
|
|
$
|
(210.9
|
)
|
|
$
|
(256.0
|
)
|
|
$
|
733.6
|
|
|
$
|
1,619.6
|
|
(1)
|
Reflects the impact of the adoption of a new accounting standard in fiscal year 2020, Accounting Standards Codification ("ASC") Topic 842. 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. Prior periods were not adjusted.
|
(2)
|
Reflects the impact of the adoption of new accounting standards in fiscal year 2019 related to ASC Topic 606 and ASC Topic 340. Prior periods were not adjusted.
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ITEM 7.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
future expected cash flows from sales, subscriptions and 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;
|
•
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expected costs to develop the in-process research and development into commercially viable products and estimated cash flows from the projects when completed;
|
•
|
uncertain tax positions and tax related valuation allowances assumed; and
|
•
|
discount rates used to determine the present value of estimated future cash flows.
|
•
|
Total net revenue was $3.27 billion during fiscal 2020, an increase of 27% compared to the prior fiscal year.
|
•
|
Total ARR was $3.43 billion, an increase of 25% compared to the prior fiscal year.
|
•
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Subscription plan ARR was $3.11 billion, an increase of 41% compared to the prior fiscal year.
|
•
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Deferred revenue was $3.01 billion, an increase of 44% compared to the prior fiscal year.
|
•
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Remaining performance obligations ("RPO") was $3.56 billion, an increase of approximately 33% compared to prior fiscal year.
|
|
Fiscal Year Ended January 31, 2020
|
|
Change compared to
prior fiscal year end |
|
Fiscal Year Ended January 31, 2019
|
|
Change compared to
prior fiscal year end |
|
Fiscal Year Ended January 31, 2018
|
||||||||||||||||
|
|
$
|
|
%
|
|
|
$
|
|
%
|
|
|||||||||||||||
Recurring Revenue (in millions) (1)
|
$
|
3,138.5
|
|
|
$
|
701.3
|
|
|
29
|
%
|
|
$
|
2,437.2
|
|
|
$
|
554.9
|
|
|
29
|
%
|
|
$
|
1,882.3
|
|
As a percentage of net revenue
|
96
|
%
|
|
|
|
|
|
95
|
%
|
|
|
|
|
|
92
|
%
|
(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.
|
(in millions, except percentages)
|
|
|
Change compared to
prior fiscal year |
|
|
|
Management Comments
|
|||||||||
|
January 31, 2020
|
|
$
|
|
%
|
|
January 31, 2019
|
|
|
|||||||
Subscription plan ARR
|
$
|
3,109.3
|
|
|
$
|
909.2
|
|
|
41
|
%
|
|
$
|
2,200.1
|
|
|
Up due to growth in all subscription plan types, led by renewal product subscription, which benefited from the success of the M2S program.
|
Maintenance plan ARR
|
319.8
|
|
|
(229.5
|
)
|
|
(42
|
)%
|
|
549.3
|
|
|
Down primarily due to the migration of maintenance plan subscriptions to subscription plan subscriptions with the M2S program.
|
|||
Total ARR (1)
|
$
|
3,429.1
|
|
|
$
|
679.7
|
|
|
25
|
%
|
|
$
|
2,749.4
|
|
|
|
(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.
|
|
Fiscal Year Ended January 31, 2020
|
||||||
|
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
|
||
Net revenue
|
27
|
%
|
|
28
|
%
|
|
Negative
|
Total spend
|
13
|
%
|
|
14
|
%
|
|
Positive
|
(1)
|
Please refer to the "Glossary of Terms" in Part I, Item 1 Business for the definitions of our constant currency growth rates.
|
(in millions)
|
January 31, 2020
|
|
January 31, 2019
|
||||
Deferred revenue
|
$
|
3,007.1
|
|
|
$
|
2,091.4
|
|
Unbilled deferred revenue
|
549.6
|
|
|
591.0
|
|
||
RPO
|
$
|
3,556.7
|
|
|
$
|
2,682.4
|
|
|
Fiscal Year Ended January 31, 2020
|
|
Change compared to prior fiscal year
|
|
Fiscal Year Ended January 31, 2019
|
|
Management Comments
|
|||||||||
(in millions, except percentages)
|
$
|
|
%
|
|
|
|||||||||||
Net revenue:
|
|
|
|
|
|
|
|
|
|
|||||||
Subscription
|
$
|
2,751.9
|
|
|
$
|
949.6
|
|
|
53
|
%
|
|
$
|
1,802.3
|
|
|
Up due to growth across all subscription plan types, led by renewal product subscription revenue, which benefited from the success of the M2S program. Also contributing to the increase was growth in new product subscriptions, cloud service offerings (which benefited from our acquisitions in the fourth quarter of fiscal year 2019) and EBA offerings.
|
Maintenance (1)
|
386.6
|
|
|
(248.5
|
)
|
|
(39
|
)%
|
|
635.1
|
|
|
Down primarily due to the migration of maintenance plan subscriptions to subscription plan subscriptions with the M2S program.
|
|||
Total subscription and maintenance revenue
|
3,138.5
|
|
|
701.1
|
|
|
29
|
%
|
|
2,437.4
|
|
|
|
|||
Other
|
135.8
|
|
|
3.4
|
|
|
3
|
%
|
|
132.4
|
|
|
|
|||
|
$
|
3,274.3
|
|
|
$
|
704.5
|
|
|
27
|
%
|
|
$
|
2,569.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended January 31, 2019
|
|
Change compared to prior fiscal year
|
Fiscal Year Ended January 31, 2018
|
|
Management Comments
|
|||||||||
(in millions, except percentages)
|
$
|
|
%
|
|
|||||||||||
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
|
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.
|
|
Fiscal Year Ended January 31, 2020
|
|
Change compared to prior fiscal year
|
|
Fiscal Year Ended January 31, 2019
|
|
Management Comments
|
|||||||||
|
|
|||||||||||||||
(in millions, except percentages)
|
$
|
|
%
|
|
||||||||||||
Net revenue by product family:
|
|
|
|
|
|
|
|
|
|
|||||||
AEC
|
$
|
1,377.1
|
|
|
355.5
|
|
|
35
|
%
|
|
$
|
1,021.6
|
|
|
Up due to an increases in revenue from AEC collections, PlanGrid, EBAs, and BIM 360.
|
|
AutoCAD and AutoCAD LT
|
948.2
|
|
|
216.4
|
|
|
30
|
%
|
|
731.8
|
|
|
Up due to increases in revenue from both AutoCAD and AutoCAD LT.
|
|||
MFG
|
726.1
|
|
|
109.9
|
|
|
18
|
%
|
|
616.2
|
|
|
Up due to increases in revenue from MFG Collections and EBAs.
|
|||
M&E
|
199.2
|
|
|
17.2
|
|
|
9
|
%
|
|
182.0
|
|
|
Up due to increases in revenue from Maya, M&E Collections and 3DS Max.
|
|||
Other
|
23.7
|
|
|
5.5
|
|
|
30
|
%
|
|
18.2
|
|
|
|
|||
|
$
|
3,274.3
|
|
|
$
|
704.5
|
|
|
27
|
%
|
|
$
|
2,569.8
|
|
|
|
|
Fiscal Year Ended January 31, 2019
|
|
Change compared to prior fiscal year
|
|
Fiscal Year Ended January 31, 2018
|
|
Management Comments
|
|||||||||
|
|
|
||||||||||||||
(in millions, except percentages)
|
$
|
|
%
|
|
|
|||||||||||
Net revenue by product family:
|
|
|
|
|
|
|
|
|
|
|||||||
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.
|
AutoCAD and AutoCAD LT
|
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, 2020
|
|
Change compared to prior fiscal year
|
|
Constant currency change compared to prior fiscal year
|
|
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
|
||||||||||||||||||
|
|||||||||||||||||||||||||||||||
(in millions, except percentages)
|
|
$
|
|
%
|
%
|
|
$
|
|
%
|
%
|
|
||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||
Net revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S.
|
$
|
1,108.9
|
|
|
$
|
234.3
|
|
|
27
|
%
|
|
*
|
|
|
$
|
874.6
|
|
|
$
|
134.2
|
|
|
18
|
%
|
|
*
|
|
|
$
|
740.4
|
|
Other Americas
|
226.9
|
|
|
51.6
|
|
|
29
|
%
|
|
*
|
|
|
175.3
|
|
|
44.6
|
|
|
34
|
%
|
|
*
|
|
|
130.7
|
|
|||||
Total Americas
|
1,335.8
|
|
|
285.9
|
|
|
27
|
%
|
|
27
|
%
|
|
1,049.9
|
|
|
178.8
|
|
|
21
|
%
|
|
20
|
%
|
|
871.1
|
|
|||||
EMEA
|
1,303.5
|
|
|
269.2
|
|
|
26
|
%
|
|
26
|
%
|
|
1,034.3
|
|
|
218.9
|
|
|
27
|
%
|
|
24
|
%
|
|
815.4
|
|
|||||
APAC
|
635.0
|
|
|
149.4
|
|
|
31
|
%
|
|
32
|
%
|
|
485.6
|
|
|
115.5
|
|
|
31
|
%
|
|
31
|
%
|
|
370.1
|
|
|||||
Total net revenue
|
$
|
3,274.3
|
|
|
$
|
704.5
|
|
|
27
|
%
|
|
28
|
%
|
|
$
|
2,569.8
|
|
|
$
|
513.2
|
|
|
25
|
%
|
|
24
|
%
|
|
$
|
2,056.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Emerging economies
|
$
|
396.2
|
|
|
$
|
88.8
|
|
|
29
|
%
|
|
29
|
%
|
|
$
|
307.4
|
|
|
$
|
80.9
|
|
|
36
|
%
|
|
34
|
%
|
|
$
|
226.5
|
|
|
Fiscal Year Ended January 31, 2020
|
|
Change compared to prior fiscal year
|
|
Fiscal Year Ended January 31, 2019
|
|
Management Comments
|
|||||||||
(in millions, except percentages)
|
$
|
|
%
|
|
|
|||||||||||
Net revenue by sales channel:
|
|
|
|
|
|
|
|
|
|
|||||||
Indirect
|
$
|
2,282.2
|
|
|
$
|
451.4
|
|
|
25
|
%
|
|
$
|
1,830.8
|
|
|
Up due to an increase in subscription revenue offset by lower maintenance plan subscriptions as we continue to migrate customers to subscriptions through the M2S program.
|
Direct
|
992.1
|
|
|
253.1
|
|
|
34
|
%
|
|
739.0
|
|
|
Up due to an increase in revenue from our acquisitions in the fourth quarter of fiscal year 2019, EBAs, and our online Autodesk branded store
|
|||
Total net revenue
|
$
|
3,274.3
|
|
|
$
|
704.5
|
|
|
27
|
%
|
|
$
|
2,569.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended January 31, 2019
|
|
Change compared to prior fiscal year
|
|
Fiscal Year Ended January 31, 2018
|
|
Management Comments
|
|||||||||
(in millions, except percentages)
|
$
|
|
%
|
|
|
|||||||||||
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended January 31, 2020
|
|
Change compared to prior fiscal year
|
|
Fiscal Year Ended January 31, 2019
|
|
Management Comments
|
|||||||||
|
||||||||||||||||
(In millions, except percentages)
|
$
|
|
%
|
|||||||||||||
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|||||||
Subscription and maintenance
|
$
|
223.9
|
|
|
$
|
7.9
|
|
|
4
|
%
|
|
$
|
216.0
|
|
|
Up due to an increase in cloud hosting and employee-related costs driven by higher headcount.
|
Other
|
66.5
|
|
|
12.1
|
|
|
22
|
%
|
|
54.4
|
|
|
Up due to an increase in employee-related costs due to higher headcount.
|
|||
Amortization of developed technology
|
34.5
|
|
|
19.0
|
|
|
123
|
%
|
|
15.5
|
|
|
Up due to an increase in amortization expense from acquired developed technologies as a result of our acquisitions in the fourth quarter of fiscal year 2019.
|
|||
Total cost of revenue
|
$
|
324.9
|
|
|
$
|
39.0
|
|
|
14
|
%
|
|
$
|
285.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|||||||
Marketing and sales
|
$
|
1,310.3
|
|
|
$
|
126.4
|
|
|
11
|
%
|
|
$
|
1,183.9
|
|
|
Up primarily due to increased employee-related costs driven by higher headcount as well as an increase in stock-based compensation expense driven by awards granted and assumed through our acquisitions in the fourth quarter of fiscal 2019.
|
Research and development
|
851.1
|
|
|
126.1
|
|
|
17
|
%
|
|
725.0
|
|
|
Up primarily due to increased employee-related costs driven by higher headcount as well as an increase in stock-based compensation expense driven by awards granted and assumed through our acquisitions in the fourth quarter of fiscal 2019.
|
|||
General and administrative
|
405.6
|
|
|
65.5
|
|
|
19
|
%
|
|
340.1
|
|
|
Up primarily due to an increase in stock-based compensation expense driven by awards granted and assumed through our acquisitions in the fourth quarter of fiscal 2019 as well as increased employee-related costs driven by higher headcount.
|
|||
Amortization of purchased intangibles
|
38.9
|
|
|
20.9
|
|
|
116
|
%
|
|
18.0
|
|
|
Up due to an increase in amortization expense from acquired purchased intangibles as a result of our acquisitions in the fourth quarter of fiscal year 2019.
|
|||
Restructuring and other exit costs, net
|
0.5
|
|
|
(41.4
|
)
|
|
(99
|
)%
|
|
41.9
|
|
|
Decreased as we substantially completed the actions authorized under the Fiscal 2018 restructuring plan.
|
|||
Total operating expenses
|
$
|
2,606.4
|
|
|
$
|
297.5
|
|
|
13
|
%
|
|
$
|
2,308.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended January 31, 2019
|
|
Change compared to prior fiscal year
|
|
Fiscal Year Ended January 31, 2018
|
|
Management comments
|
|||||||||
|
||||||||||||||||
(In millions, except percentages)
|
$
|
|
%
|
|||||||||||||
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
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|||||||
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.
|
|||
Total operating expenses
|
$
|
2,308.9
|
|
|
$
|
46.6
|
|
|
2
|
%
|
|
$
|
2,262.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Absolute dollar impact
|
|
Percent of net revenue impact
|
Cost of revenue
|
increase
|
|
decrease
|
Marketing and sales
|
increase
|
|
decrease
|
Research and development
|
increase
|
|
decrease
|
General and administrative
|
increase
|
|
decrease
|
Amortization of purchased intangibles
|
decrease
|
|
decrease
|
|
Fiscal year ended January 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(in millions)
|
||||||||||
Interest and investment expense, net
|
$
|
(54.0
|
)
|
|
$
|
(52.1
|
)
|
|
$
|
(34.5
|
)
|
Gain (loss) on foreign currency
|
3.9
|
|
|
5.1
|
|
|
(3.3
|
)
|
|||
(Loss) gain on strategic investments
|
(3.3
|
)
|
|
12.5
|
|
|
(16.4
|
)
|
|||
Other income
|
5.2
|
|
|
16.8
|
|
|
6.0
|
|
|||
Interest and other expense, net
|
$
|
(48.2
|
)
|
|
$
|
(17.7
|
)
|
|
$
|
(48.2
|
)
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(Unaudited)
|
||||||||||
Gross profit
|
$
|
2,949.4
|
|
|
$
|
2,283.9
|
|
|
$
|
1,753.2
|
|
Non-GAAP gross profit
|
$
|
3,004.0
|
|
|
$
|
2,317.0
|
|
|
$
|
1,785.5
|
|
Gross margin
|
90
|
%
|
|
89
|
%
|
|
85
|
%
|
|||
Non-GAAP gross margin
|
92
|
%
|
|
90
|
%
|
|
87
|
%
|
|||
Income (loss) from operations
|
$
|
343.0
|
|
|
$
|
(25.0
|
)
|
|
$
|
(509.1
|
)
|
Non-GAAP income (loss) from operations
|
$
|
802.6
|
|
|
$
|
316.0
|
|
|
$
|
(112.0
|
)
|
Operating margin
|
10
|
%
|
|
(1
|
)%
|
|
(25
|
)%
|
|||
Non-GAAP operating margin
|
25
|
%
|
|
12
|
%
|
|
(5
|
)%
|
|||
Net income (loss)
|
$
|
214.5
|
|
|
$
|
(80.8
|
)
|
|
$
|
(566.9
|
)
|
Non-GAAP net income (loss)
|
$
|
621.2
|
|
|
$
|
223.3
|
|
|
$
|
(106.3
|
)
|
Diluted net income (loss) per share
|
$
|
0.96
|
|
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
Non-GAAP diluted net income (loss) per share
|
$
|
2.79
|
|
|
$
|
1.01
|
|
|
$
|
(0.48
|
)
|
GAAP diluted weighted average shares used in per share calculation
|
222.5
|
|
|
218.9
|
|
|
219.5
|
|
|||
Non-GAAP diluted weighted average shares used in per share calculation
|
222.5
|
|
|
222.0
|
|
|
219.5
|
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(Unaudited)
|
||||||||||
Gross profit
|
$
|
2,949.4
|
|
|
$
|
2,283.9
|
|
|
$
|
1,753.2
|
|
Stock-based compensation expense
|
19.6
|
|
|
17.6
|
|
|
15.9
|
|
|||
Acquisition related costs
|
0.5
|
|
|
—
|
|
|
—
|
|
|||
Amortization of developed technologies
|
34.5
|
|
|
15.5
|
|
|
16.4
|
|
|||
Non-GAAP gross profit
|
$
|
3,004.0
|
|
|
$
|
2,317.0
|
|
|
$
|
1,785.5
|
|
Gross margin
|
90
|
%
|
|
89
|
%
|
|
85
|
%
|
|||
Stock-based compensation expense
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|||
Amortization of developed technologies
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|||
Non-GAAP gross margin (1)
|
92
|
%
|
|
90
|
%
|
|
87
|
%
|
|||
Income (loss) from operations
|
$
|
343.0
|
|
|
$
|
(25.0
|
)
|
|
$
|
(509.1
|
)
|
Stock-based compensation expense
|
362.4
|
|
|
249.5
|
|
|
245.0
|
|
|||
Amortization of developed technologies
|
34.5
|
|
|
15.5
|
|
|
16.4
|
|
|||
Amortization of purchased intangibles
|
38.9
|
|
|
18.0
|
|
|
20.2
|
|
|||
CEO transition costs (2)
|
—
|
|
|
(0.1
|
)
|
|
21.4
|
|
|||
Acquisition related costs
|
23.3
|
|
|
16.2
|
|
|
—
|
|
|||
Restructuring and other exit costs, net
|
0.5
|
|
|
41.9
|
|
|
94.1
|
|
|||
Non-GAAP income (loss) from operations
|
$
|
802.6
|
|
|
$
|
316.0
|
|
|
$
|
(112.0
|
)
|
Operating margin
|
10
|
%
|
|
(1
|
)%
|
|
(25
|
)%
|
|||
Stock-based compensation expense
|
11
|
%
|
|
10
|
%
|
|
12
|
%
|
|||
Amortization of developed technologies
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|||
Amortization of purchased intangibles
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|||
CEO transition costs (2)
|
—
|
%
|
|
—
|
%
|
|
1
|
%
|
|||
Acquisition related costs
|
1
|
%
|
|
1
|
%
|
|
—
|
%
|
|||
Restructuring and other exit costs, net
|
—
|
%
|
|
1
|
%
|
|
5
|
%
|
|||
Non-GAAP operating margin (1)
|
25
|
%
|
|
12
|
%
|
|
(5
|
)%
|
|||
Net income (loss)
|
$
|
214.5
|
|
|
$
|
(80.8
|
)
|
|
$
|
(566.9
|
)
|
Stock-based compensation expense
|
362.4
|
|
|
249.5
|
|
|
245.0
|
|
|||
Amortization of developed technologies
|
34.5
|
|
|
15.5
|
|
|
16.4
|
|
|||
Amortization of purchased intangibles
|
38.9
|
|
|
18.0
|
|
|
20.2
|
|
|||
CEO transition costs (2)
|
—
|
|
|
(0.1
|
)
|
|
21.4
|
|
|||
Acquisition related costs
|
23.3
|
|
|
16.2
|
|
|
—
|
|
|||
Restructuring and other exit costs, net
|
0.5
|
|
|
31.7
|
|
|
94.1
|
|
|||
Loss (gain) on strategic investments
|
3.2
|
|
|
(12.5
|
)
|
|
16.5
|
|
|||
Release of valuation allowance on deferred tax assets (3)
|
(40.4
|
)
|
|
(16.8
|
)
|
|
—
|
|
|||
Discrete tax provision items
|
2.1
|
|
|
(14.6
|
)
|
|
(20.7
|
)
|
|||
Income tax effect of non-GAAP adjustments
|
(17.8
|
)
|
|
17.2
|
|
|
67.7
|
|
|||
Non-GAAP net income (loss)
|
$
|
621.2
|
|
|
$
|
223.3
|
|
|
$
|
(106.3
|
)
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(Unaudited)
|
||||||||||
Diluted net income (loss) per share
|
$
|
0.96
|
|
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
Stock-based compensation expense
|
1.63
|
|
|
1.12
|
|
|
1.11
|
|
|||
Amortization of developed technologies
|
0.16
|
|
|
0.08
|
|
|
0.08
|
|
|||
Amortization of purchased intangibles
|
0.17
|
|
|
0.08
|
|
|
0.09
|
|
|||
CEO transition costs (2)
|
—
|
|
|
—
|
|
|
0.09
|
|
|||
Acquisition related costs
|
0.11
|
|
|
0.07
|
|
|
—
|
|
|||
Restructuring and other exit costs, net
|
—
|
|
|
0.14
|
|
|
0.43
|
|
|||
Loss (gain) on strategic investments
|
0.01
|
|
|
(0.05
|
)
|
|
0.08
|
|
|||
Release of valuation allowance on deferred tax assets (3)
|
(0.18
|
)
|
|
(0.08
|
)
|
|
—
|
|
|||
Discrete tax provision items
|
0.01
|
|
|
(0.06
|
)
|
|
(0.09
|
)
|
|||
Income tax effect of non-GAAP adjustments
|
(0.08
|
)
|
|
0.08
|
|
|
0.31
|
|
|||
Non-GAAP diluted net income (loss) per share
|
$
|
2.79
|
|
|
$
|
1.01
|
|
|
$
|
(0.48
|
)
|
(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.
|
(3)
|
Fiscal year 2019 balances previously presented in "Discrete tax provision items."
|
|
Fiscal year ended January 31,
|
||||||||||
(in millions)
|
2020
|
|
2019
|
|
2018
|
||||||
Net cash provided by operating activities
|
$
|
1,415.1
|
|
|
$
|
377.1
|
|
|
$
|
0.9
|
|
Net cash (used in) provided by investing activities
|
(57.3
|
)
|
|
(710.4
|
)
|
|
506.4
|
|
|||
Net cash (used in) provided by financing activities
|
(466.8
|
)
|
|
151.9
|
|
|
(656.6
|
)
|
(in millions)
|
Total
|
|
Fiscal year 2021
|
|
Fiscal years 2022-2023
|
|
Fiscal years 2024-2025
|
|
Thereafter
|
Management Comments
|
||||||||||
Notes payable
|
$
|
2,483.1
|
|
|
$
|
512.7
|
|
|
$
|
463.5
|
|
|
$
|
89.8
|
|
|
$
|
1,417.1
|
|
Notes payable consist of the notes issued in December 2012, June 2015, June 2017 and January 2020 including interest. See Part II, Item 8, Note 8, "Borrowing Arrangements," in the Notes to Consolidated Financial Statements for further discussion.
|
Operating leases
|
526.9
|
|
|
60.4
|
|
|
175.3
|
|
|
123.6
|
|
|
167.6
|
|
Operating lease obligations consist primarily of obligations for real estate, vehicles and certain equipment.
|
|||||
Purchase obligations
|
402.0
|
|
|
89.3
|
|
|
133.1
|
|
|
176.1
|
|
|
3.5
|
|
Purchase obligations are contractual obligations for purchase of goods or services and are defined as agreements that are enforceable and legally binding to Autodesk and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. Purchase obligations relate primarily to acquisition of cloud services, IT infrastructure, marketing, and software development services, as well as commitments related to our investment agreements with limited liability partnership funds.
|
|||||
Deferred compensation obligations
|
69.0
|
|
|
5.3
|
|
|
10.7
|
|
|
11.0
|
|
|
42.0
|
|
Deferred compensation obligations relate to amounts held in a rabbi trust under our non-qualified deferred compensation plan. See Part II, Item 8, Note 7, “Deferred Compensation,” in our Notes to Consolidated Financial Statements for further information regarding this plan.
|
|||||
Pension obligations
|
23.9
|
|
|
2.3
|
|
|
4.2
|
|
|
5.0
|
|
|
12.4
|
|
Pension obligations relate to our obligations for pension plans outside of the U.S. See Part II, Item 8, Note 15, “Retirement Benefit Plans,” in our Notes to Consolidated Financial Statements for further information regarding these obligations.
|
|||||
Asset retirement obligations
|
10.2
|
|
|
1.0
|
|
|
6.1
|
|
|
2.3
|
|
|
0.8
|
|
Asset retirement obligations represent the estimated costs to bring certain office buildings that we lease back to their original condition after the termination of the lease.
|
|||||
Total (1)
|
$
|
3,515.1
|
|
|
$
|
671.0
|
|
|
$
|
792.9
|
|
|
$
|
407.8
|
|
|
$
|
1,643.4
|
|
|
(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,
|
||||||||||
2020
|
|
2019
|
|
2018
|
|||||||
Net revenue:
|
|
|
|
|
|
||||||
Subscription
|
$
|
2,751.9
|
|
|
$
|
1,802.3
|
|
|
$
|
894.3
|
|
Maintenance
|
386.6
|
|
|
635.1
|
|
|
989.6
|
|
|||
Total subscription and maintenance revenue
|
3,138.5
|
|
|
2,437.4
|
|
|
1,883.9
|
|
|||
Other
|
135.8
|
|
|
132.4
|
|
|
172.7
|
|
|||
Total net revenue
|
3,274.3
|
|
|
2,569.8
|
|
|
2,056.6
|
|
|||
Cost of revenue:
|
|
|
|
|
|
||||||
Cost of subscription and maintenance revenue
|
223.9
|
|
|
216.0
|
|
|
214.4
|
|
|||
Cost of other revenue
|
66.5
|
|
|
54.4
|
|
|
72.6
|
|
|||
Amortization of developed technology
|
34.5
|
|
|
15.5
|
|
|
16.4
|
|
|||
Total cost of revenue
|
324.9
|
|
|
285.9
|
|
|
303.4
|
|
|||
Gross profit
|
2,949.4
|
|
|
2,283.9
|
|
|
1,753.2
|
|
|||
Operating expenses:
|
|
|
|
|
|
||||||
Marketing and sales
|
1,310.3
|
|
|
1,183.9
|
|
|
1,087.3
|
|
|||
Research and development
|
851.1
|
|
|
725.0
|
|
|
755.5
|
|
|||
General and administrative
|
405.6
|
|
|
340.1
|
|
|
305.2
|
|
|||
Amortization of purchased intangibles
|
38.9
|
|
|
18.0
|
|
|
20.2
|
|
|||
Restructuring and other exit costs, net
|
0.5
|
|
|
41.9
|
|
|
94.1
|
|
|||
Total operating expenses
|
2,606.4
|
|
|
2,308.9
|
|
|
2,262.3
|
|
|||
Income (loss) from operations
|
343.0
|
|
|
(25.0
|
)
|
|
(509.1
|
)
|
|||
Interest and other expense, net
|
(48.2
|
)
|
|
(17.7
|
)
|
|
(48.2
|
)
|
|||
Income (loss) before income taxes
|
294.8
|
|
|
(42.7
|
)
|
|
(557.3
|
)
|
|||
Provision for income taxes
|
(80.3
|
)
|
|
(38.1
|
)
|
|
(9.6
|
)
|
|||
Net income (loss)
|
$
|
214.5
|
|
|
$
|
(80.8
|
)
|
|
$
|
(566.9
|
)
|
Basic net income (loss) per share
|
$
|
0.98
|
|
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
Diluted net income (loss) per share
|
$
|
0.96
|
|
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
Weighted average shares used in computing basic net income (loss) per share
|
219.7
|
|
|
218.9
|
|
|
219.5
|
|
|||
Weighted average shares used in computing diluted net income (loss) per share
|
222.5
|
|
|
218.9
|
|
|
219.5
|
|
|
Fiscal year ended January 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Net income (loss)
|
$
|
214.5
|
|
|
$
|
(80.8
|
)
|
|
$
|
(566.9
|
)
|
Other comprehensive income (loss), net of reclassifications:
|
|
|
|
|
|
||||||
Net (loss) gain on derivative instruments (net of tax effect of ($1.1), ($1.1), and $3.2)
|
(6.6
|
)
|
|
31.6
|
|
|
(31.2
|
)
|
|||
Change in net unrealized gain (loss) on available-for-sale securities (net of tax effect of ($0.4), $0.0, and $0.1)
|
1.4
|
|
|
2.0
|
|
|
(0.2
|
)
|
|||
Change in defined benefit pension items (net of tax effect of $1.6, ($2.0), and ($0.7))
|
(6.5
|
)
|
|
13.0
|
|
|
4.5
|
|
|||
Net change in cumulative foreign currency translation (loss) gain (net of tax effect of $0.1, $0.5, and ($4.8))
|
(13.6
|
)
|
|
(57.8
|
)
|
|
81.6
|
|
|||
Total other comprehensive (loss) income
|
(25.3
|
)
|
|
(11.2
|
)
|
|
54.7
|
|
|||
Total comprehensive income (loss)
|
$
|
189.2
|
|
|
$
|
(92.0
|
)
|
|
$
|
(512.2
|
)
|
|
January 31,
2020 |
|
January 31,
2019 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,774.7
|
|
|
$
|
886.0
|
|
Marketable securities
|
69.0
|
|
|
67.6
|
|
||
Accounts receivable, net
|
652.3
|
|
|
474.3
|
|
||
Prepaid expenses and other current assets
|
163.3
|
|
|
192.1
|
|
||
Total current assets
|
2,659.3
|
|
|
1,620.0
|
|
||
Computer equipment, software, furniture, and leasehold improvements, net
|
161.7
|
|
|
149.7
|
|
||
Operating lease right-of-use assets
|
438.8
|
|
|
—
|
|
||
Developed technologies, net
|
70.9
|
|
|
105.6
|
|
||
Goodwill
|
2,445.0
|
|
|
2,450.8
|
|
||
Deferred income taxes, net
|
56.4
|
|
|
65.3
|
|
||
Other assets
|
347.2
|
|
|
337.8
|
|
||
Total assets
|
$
|
6,179.3
|
|
|
$
|
4,729.2
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
83.7
|
|
|
$
|
101.6
|
|
Accrued compensation
|
272.1
|
|
|
280.8
|
|
||
Accrued income taxes
|
21.2
|
|
|
13.2
|
|
||
Deferred revenue
|
2,176.1
|
|
|
1,763.3
|
|
||
Operating lease liabilities
|
48.1
|
|
|
—
|
|
||
Current portion of long-term notes payable, net
|
449.7
|
|
|
—
|
|
||
Other accrued liabilities
|
168.3
|
|
|
142.3
|
|
||
Total current liabilities
|
3,219.2
|
|
|
2,301.2
|
|
||
Long-term deferred revenue
|
831.0
|
|
|
328.1
|
|
||
Long-term operating lease liabilities
|
411.7
|
|
|
—
|
|
||
Long-term income taxes payable
|
19.1
|
|
|
21.5
|
|
||
Long-term deferred income taxes
|
82.5
|
|
|
79.8
|
|
||
Long-term notes payable, net
|
1,635.1
|
|
|
2,087.7
|
|
||
Long-term other liabilities
|
119.8
|
|
|
121.8
|
|
||
Commitments and contingencies
|
|
|
|
||||
Stockholders’ deficit:
|
|
|
|
||||
Preferred stock, $0.01 par value; shares authorized 2.0; none issued or outstanding at January 31, 2020 and 2019
|
—
|
|
|
—
|
|
||
Common stock and additional paid-in capital, $0.01 par value; shares authorized 750.0; 219.4 outstanding at January 31, 2020 and 2019
|
2,317.0
|
|
|
2,071.5
|
|
||
Accumulated other comprehensive loss
|
(160.3
|
)
|
|
(135.0
|
)
|
||
Accumulated deficit
|
(2,295.8
|
)
|
|
(2,147.4
|
)
|
||
Total stockholders’ deficit
|
(139.1
|
)
|
|
(210.9
|
)
|
||
Total liabilities and stockholders' deficit
|
$
|
6,179.3
|
|
|
$
|
4,729.2
|
|
|
Fiscal year ended January 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Operating activities
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
214.5
|
|
|
$
|
(80.8
|
)
|
|
$
|
(566.9
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation, amortization, and accretion
|
127.3
|
|
|
95.2
|
|
|
108.4
|
|
|||
Stock-based compensation expense
|
362.4
|
|
|
249.5
|
|
|
261.4
|
|
|||
Deferred income taxes
|
10.3
|
|
|
(6.8
|
)
|
|
(39.1
|
)
|
|||
Restructuring and other exit costs, net
|
0.5
|
|
|
31.7
|
|
|
94.1
|
|
|||
Other operating activities
|
(11.9
|
)
|
|
2.2
|
|
|
7.3
|
|
|||
Changes in operating assets and liabilities, net of business combinations:
|
|
|
|
|
|
||||||
Accounts receivable
|
(178.5
|
)
|
|
(25.4
|
)
|
|
13.3
|
|
|||
Prepaid expenses and other current assets
|
58.5
|
|
|
7.5
|
|
|
(9.9
|
)
|
|||
Accounts payable and accrued liabilities
|
(90.8
|
)
|
|
(58.5
|
)
|
|
(13.9
|
)
|
|||
Deferred revenue
|
916.7
|
|
|
197.0
|
|
|
168.3
|
|
|||
Accrued income taxes
|
6.1
|
|
|
(34.5
|
)
|
|
(22.1
|
)
|
|||
Net cash provided by operating activities
|
1,415.1
|
|
|
377.1
|
|
|
0.9
|
|
|||
Investing activities
|
|
|
|
|
|
||||||
Purchases of marketable securities
|
(19.9
|
)
|
|
(138.2
|
)
|
|
(514.0
|
)
|
|||
Sales of marketable securities
|
22.4
|
|
|
319.6
|
|
|
489.0
|
|
|||
Maturities of marketable securities
|
5.0
|
|
|
211.4
|
|
|
594.3
|
|
|||
Acquisitions, net of cash acquired
|
—
|
|
|
(1,040.2
|
)
|
|
—
|
|
|||
Capital expenditures
|
(53.2
|
)
|
|
(67.0
|
)
|
|
(50.7
|
)
|
|||
Other investing activities
|
(11.6
|
)
|
|
4.0
|
|
|
(12.2
|
)
|
|||
Net cash (used in) provided by investing activities
|
(57.3
|
)
|
|
(710.4
|
)
|
|
506.4
|
|
|||
Financing activities
|
|
|
|
|
|
||||||
Proceeds from issuance of common stock
|
93.7
|
|
|
90.9
|
|
|
94.4
|
|
|||
Taxes paid related to net share settlement of equity awards
|
(112.5
|
)
|
|
(143.4
|
)
|
|
(143.1
|
)
|
|||
Repurchase and retirement of common shares
|
(442.5
|
)
|
|
(293.5
|
)
|
|
(699.0
|
)
|
|||
Proceeds from debt, net of discount
|
498.9
|
|
|
500.0
|
|
|
496.9
|
|
|||
Repayments of debt
|
(500.0
|
)
|
|
—
|
|
|
(400.0
|
)
|
|||
Other financing activities
|
(4.4
|
)
|
|
(2.1
|
)
|
|
(5.8
|
)
|
|||
Net cash (used in) provided by financing activities
|
(466.8
|
)
|
|
151.9
|
|
|
(656.6
|
)
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
(2.3
|
)
|
|
(10.6
|
)
|
|
14.2
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
888.7
|
|
|
(192.0
|
)
|
|
(135.1
|
)
|
|||
Cash and cash equivalents at beginning of fiscal year
|
886.0
|
|
|
1,078.0
|
|
|
1,213.1
|
|
|||
Cash and cash equivalents at end of fiscal year
|
$
|
1,774.7
|
|
|
$
|
886.0
|
|
|
$
|
1,078.0
|
|
Supplemental cash flow information:
|
|
|
|
|
|
||||||
Cash paid during the year for interest
|
$
|
67.8
|
|
|
$
|
59.0
|
|
|
$
|
54.6
|
|
Cash paid for income taxes, net of tax refunds
|
$
|
60.3
|
|
|
$
|
78.0
|
|
|
$
|
84.5
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Fair value of common stock issued to settle liability-classified restricted stock units
|
$
|
23.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
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, 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 adoption of accounting standards
|
—
|
|
|
—
|
|
|
—
|
|
|
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
|
)
|
||||
Common shares issued under stock plans
|
2.7
|
|
|
(18.6
|
)
|
|
—
|
|
|
—
|
|
|
(18.6
|
)
|
||||
Stock-based compensation expense
|
—
|
|
|
332.7
|
|
|
—
|
|
|
—
|
|
|
332.7
|
|
||||
Settlement of liability-classified restricted stock units
|
—
|
|
|
23.5
|
|
|
—
|
|
|
—
|
|
|
23.5
|
|
||||
Pre-combination expense related to equity awards assumed
|
—
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
||||
Cumulative effect of adoption of accounting standards
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|
(0.7
|
)
|
||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
214.5
|
|
|
214.5
|
|
||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(25.3
|
)
|
|
—
|
|
|
(25.3
|
)
|
||||
Repurchase and retirement of common shares
|
(2.7
|
)
|
|
(93.3
|
)
|
|
—
|
|
|
(362.2
|
)
|
|
(455.5
|
)
|
||||
Balances, January 31, 2020
|
219.4
|
|
|
$
|
2,317.0
|
|
|
$
|
(160.3
|
)
|
|
$
|
(2,295.8
|
)
|
|
$
|
(139.1
|
)
|
|
January 31,
|
||||||
|
2020
|
|
2019
|
||||
Long-lived assets (1):
|
|
|
|
||||
Americas
|
|
|
|
||||
U.S.
|
$
|
434.2
|
|
|
$
|
97.5
|
|
Other Americas
|
33.2
|
|
|
17.5
|
|
||
Total Americas
|
467.4
|
|
|
115.0
|
|
||
Europe, Middle East, and Africa
|
75.8
|
|
|
23.0
|
|
||
Asia Pacific
|
57.3
|
|
|
11.7
|
|
||
Total long-lived assets
|
$
|
600.5
|
|
|
$
|
149.7
|
|
(1)
|
Long-lived assets exclude deferred tax assets, marketable securities, goodwill, and other intangible assets.
|
|
2020
|
|
2019
|
||||
Trade accounts receivable
|
$
|
716.1
|
|
|
$
|
529.3
|
|
Less: Allowance for doubtful accounts
|
(4.9
|
)
|
|
(4.9
|
)
|
||
Product returns reserve
|
(0.5
|
)
|
|
(0.3
|
)
|
||
Partner programs and other obligations
|
(58.4
|
)
|
|
(49.8
|
)
|
||
Accounts receivable, net
|
$
|
652.3
|
|
|
$
|
474.3
|
|
|
2020
|
|
2019
|
||||
Computer hardware, at cost
|
$
|
159.7
|
|
|
$
|
190.2
|
|
Computer software, at cost
|
64.0
|
|
|
66.7
|
|
||
Leasehold improvements, land and buildings, at cost
|
284.0
|
|
|
247.8
|
|
||
Furniture and equipment, at cost
|
69.0
|
|
|
67.2
|
|
||
Computer software, hardware, leasehold improvements, furniture, and equipment, at cost
|
576.7
|
|
|
571.9
|
|
||
Less: Accumulated depreciation
|
(415.0
|
)
|
|
(422.2
|
)
|
||
Computer software, hardware, leasehold improvements, furniture, and equipment, net
|
$
|
161.7
|
|
|
$
|
149.7
|
|
|
2020
|
|
2019
|
||||
Developed technologies, at cost
|
$
|
647.1
|
|
|
$
|
670.2
|
|
Customer relationships, trade names, patents, and user lists, at cost (1)
|
532.2
|
|
|
533.1
|
|
||
Other intangible assets, at cost (2)
|
1,179.3
|
|
|
1,203.3
|
|
||
Less: accumulated amortization
|
(972.2
|
)
|
|
(922.5
|
)
|
||
Other intangible assets, net
|
$
|
207.1
|
|
|
$
|
280.8
|
|
(1)
|
Included in “Other assets” in the accompanying Consolidated Balance Sheets.
|
(2)
|
Includes the effects of foreign currency translation.
|
|
Fiscal Year ended January 31,
|
||
2021
|
$
|
64.7
|
|
2022
|
49.0
|
|
|
2023
|
37.6
|
|
|
2024
|
19.2
|
|
|
2025
|
13.0
|
|
|
Thereafter
|
23.6
|
|
|
Total
|
$
|
207.1
|
|
|
January 31, 2020
|
|
January 31, 2019
|
||||
Goodwill, beginning of the year
|
$
|
2,600.0
|
|
|
$
|
1,769.4
|
|
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 and measurement period adjustments (1)
|
(5.8
|
)
|
|
(36.3
|
)
|
||
Goodwill, end of the year
|
$
|
2,445.0
|
|
|
$
|
2,450.8
|
|
(1)
|
Measurement period adjustments reflect revisions made to the Company's preliminary determination of estimated fair value of assets and liabilities assumed.
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Cost of subscription and maintenance revenue
|
$
|
13.8
|
|
|
$
|
13.2
|
|
|
$
|
11.9
|
|
Cost of other revenue
|
5.8
|
|
|
4.3
|
|
|
4.0
|
|
|||
Marketing and sales
|
149.0
|
|
|
109.4
|
|
|
107.3
|
|
|||
Research and development
|
120.8
|
|
|
82.6
|
|
|
82.9
|
|
|||
General and administrative
|
73.0
|
|
|
40.0
|
|
|
55.3
|
|
|||
Stock-based compensation expense related to stock awards and Employee Qualified Stock Purchase Plan ("ESPP") purchases
|
362.4
|
|
|
249.5
|
|
|
261.4
|
|
|||
Tax benefit
|
(1.1
|
)
|
|
(2.6
|
)
|
|
(2.6
|
)
|
|||
Stock-based compensation expense related to stock awards and ESPP purchases, net
|
$
|
361.3
|
|
|
$
|
246.9
|
|
|
$
|
258.8
|
|
|
|
Fiscal Year Ended
|
|
Fiscal Year Ended
|
|
Fiscal Year Ended
|
|||||||
|
|
January 31, 2020
|
|
January 31, 2019
|
|
January 31, 2018
|
|||||||
|
|
Performance Stock Unit
|
|
ESPP
|
|
Stock Option Plans
|
Performance Stock Unit
|
|
ESPP
|
|
Performance Stock Unit
|
|
ESPP
|
Range of expected volatilities
|
|
36%
|
|
33 - 40%
|
|
37 - 42%
|
36%
|
|
33 - 38%
|
|
32%
|
|
31 - 34%
|
Range of expected lives (in years)
|
|
N/A
|
|
0.5 - 2.0
|
|
0.5 - 3.8
|
N/A
|
|
0.5 - 2.0
|
|
N/A
|
|
0.5 - 2.0
|
Expected dividends
|
|
—%
|
|
—%
|
|
—%
|
—%
|
|
—%
|
|
—%
|
|
—%
|
Range of risk-free interest rates
|
|
2.5%
|
|
1.7 - 2.5%
|
|
2.3 - 2.7%
|
2.0%
|
|
1.9 - 2.8%
|
|
1.0 - 1.2%
|
|
0.9 - 1.4%
|
|
As reported January 31, 2019
|
|
Impact from the adoption (1)
|
|
As adjusted
|
||||||
ASSETS
|
|
|
|
|
|
||||||
Prepaid expenses and other current assets
|
$
|
192.1
|
|
|
$
|
(5.9
|
)
|
|
$
|
186.2
|
|
Total current assets
|
1,620.0
|
|
(5.9
|
)
|
|
1,614.1
|
|
||||
Operating lease right-of-use assets
|
—
|
|
|
283.4
|
|
|
283.4
|
|
|||
Total assets
|
4,729.2
|
|
|
277.5
|
|
|
5,006.7
|
|
|||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
|
|
|
|
|
||||||
Current liabilities:
|
|
|
|
|
|
||||||
Other accrued liabilities
|
142.3
|
|
|
(4.9
|
)
|
|
137.4
|
|
|||
Operating lease liabilities
|
—
|
|
|
54.1
|
|
|
54.1
|
|
|||
Long-term operating lease liabilities
|
—
|
|
|
245.9
|
|
|
245.9
|
|
|||
Other liabilities
|
121.8
|
|
|
(16.9
|
)
|
|
104.9
|
|
|||
Accumulated deficit
|
$
|
(2,147.4
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(2,148.1
|
)
|
(1)
|
Adoption of ASC Topic 842 did not have any other material impacts on Autodesk's consolidated financial statements.
|
|
Fiscal Year ended January 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Net revenue by product family:
|
|
|
|
|
|
||||||
Architecture, Engineering and Construction
|
$
|
1,377.1
|
|
|
$
|
1,021.6
|
|
|
$
|
787.5
|
|
Manufacturing
|
726.1
|
|
|
616.2
|
|
|
528.8
|
|
|||
AutoCAD and AutoCAD LT
|
948.2
|
|
|
731.8
|
|
|
561.4
|
|
|||
Media and Entertainment
|
199.2
|
|
|
182.0
|
|
|
152.1
|
|
|||
Other
|
23.7
|
|
|
18.2
|
|
|
26.8
|
|
|||
Total net revenue
|
$
|
3,274.3
|
|
|
$
|
2,569.8
|
|
|
$
|
2,056.6
|
|
|
|
|
|
|
|
||||||
Net revenue by geographic area:
|
|
|
|
|
|
||||||
Americas
|
|
|
|
|
|
||||||
U.S.
|
$
|
1,108.9
|
|
|
$
|
874.6
|
|
|
$
|
740.4
|
|
Other Americas
|
226.9
|
|
|
175.3
|
|
|
130.7
|
|
|||
Total Americas
|
1,335.8
|
|
|
1,049.9
|
|
|
871.1
|
|
|||
Europe, Middle East and Africa
|
1,303.5
|
|
|
1,034.3
|
|
|
815.4
|
|
|||
Asia Pacific
|
635.0
|
|
|
485.6
|
|
|
370.1
|
|
|||
Total net revenue
|
$
|
3,274.3
|
|
|
$
|
2,569.8
|
|
|
$
|
2,056.6
|
|
|
|
|
|
|
|
|
|
|
|||
Net revenue by sales channel:
|
|
|
|
|
|
||||||
Indirect
|
$
|
2,282.2
|
|
|
$
|
1,830.8
|
|
|
$
|
1,443.8
|
|
Direct
|
992.1
|
|
|
739.0
|
|
|
612.8
|
|
|||
Total net revenue
|
$
|
3,274.3
|
|
|
$
|
2,569.8
|
|
|
$
|
2,056.6
|
|
|
|
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.
|
|
|
|
January 31, 2020
|
||||||||||||||||||||||||||
|
|
(in millions)
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||
Cash equivalents (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Agency discount notes
|
$
|
6.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6.0
|
|
|
$
|
—
|
|
|
$
|
6.0
|
|
|
$
|
—
|
|
|
|
Commercial paper
|
36.8
|
|
|
—
|
|
|
—
|
|
|
36.8
|
|
|
—
|
|
|
36.8
|
|
|
—
|
|
||||||||
|
Money market funds
|
1,135.5
|
|
|
—
|
|
|
—
|
|
|
1,135.5
|
|
|
1,135.5
|
|
|
—
|
|
|
—
|
|
||||||||
|
Other (2)
|
2.3
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
|
1.3
|
|
|
1.0
|
|
|
—
|
|
||||||||
Marketable securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Short-term trading securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Mutual funds
|
59.9
|
|
|
9.2
|
|
|
(0.1
|
)
|
|
69.0
|
|
|
69.0
|
|
|
—
|
|
|
—
|
|
|||||||
Derivative contract assets (3)
|
1.1
|
|
|
9.7
|
|
|
(1.3
|
)
|
|
9.5
|
|
|
—
|
|
|
8.9
|
|
|
0.6
|
|
|||||||||
Derivative contract liabilities (4)
|
—
|
|
|
—
|
|
|
(4.7
|
)
|
|
(4.7
|
)
|
|
—
|
|
|
(4.7
|
)
|
|
—
|
|
|||||||||
|
|
Total
|
$
|
1,241.6
|
|
|
$
|
18.9
|
|
|
$
|
(6.1
|
)
|
|
$
|
1,254.4
|
|
|
$
|
1,205.8
|
|
|
$
|
48.0
|
|
|
$
|
0.6
|
|
(1)
|
Included in “Cash and cash equivalents” in the accompanying Consolidated Balance Sheets.
|
(2)
|
Consists of custody cash deposits and certificates of deposit.
|
(3)
|
Included in “Prepaid expenses and other current assets,” or “Other assets,” in the accompanying Consolidated Balance Sheets.
|
(4)
|
Included in “Other accrued liabilities” in the accompanying Consolidated Balance Sheets.
|
|
|
|
January 31, 2019
|
||||||||||||||||||||||||||
|
|
(in millions)
|
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" securities 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.
|
|
Fair Value Measurements Using
Significant Unobservable Inputs
|
|||||||||||
|
(Level 3)
|
|||||||||||
(in millions)
|
|
Derivative Contracts
|
|
Convertible Debt Securities
|
|
Total
|
||||||
Balances, January 31, 2019
|
|
$
|
0.8
|
|
|
$
|
4.4
|
|
|
$
|
5.2
|
|
Impairments
|
|
—
|
|
|
(1.0
|
)
|
|
(1.0
|
)
|
|||
Settlements
|
|
—
|
|
|
(3.5
|
)
|
|
(3.5
|
)
|
|||
(Losses) gains included in earnings (1)
|
|
(0.2
|
)
|
|
0.2
|
|
|
—
|
|
|||
Losses included in OCI
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|||
Balances, January 31, 2020
|
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
0.6
|
|
(1)
|
Included in “Interest and other expense, net” in the accompanying Consolidated Statements of Operations.
|
|
Balance Sheet Location
|
|
Fair Value at
|
||||||
(in millions)
|
January 31, 2020
|
|
January 31, 2019
|
||||||
Derivative Assets
|
|
|
|
|
|
||||
Foreign currency contracts designated as cash flow hedges
|
Prepaid expenses and other current assets
|
|
$
|
1.0
|
|
|
$
|
4.3
|
|
Derivatives not designated as hedging instruments
|
Prepaid expenses and other current assets and Other assets
|
|
8.4
|
|
|
4.2
|
|
||
Total derivative assets
|
|
|
$
|
9.4
|
|
|
$
|
8.5
|
|
Derivative Liabilities
|
|
|
|
|
|
||||
Foreign currency contracts designated as cash flow hedges
|
Other accrued liabilities
|
|
$
|
2.8
|
|
|
$
|
3.3
|
|
Derivatives not designated as hedging instruments
|
Other accrued liabilities
|
|
1.9
|
|
|
4.1
|
|
||
Total derivative liabilities
|
|
|
$
|
4.7
|
|
|
$
|
7.4
|
|
|
Foreign Currency Contracts
|
||||||||||
|
Fiscal Year Ended January 31,
|
||||||||||
(in millions)
|
2020
|
|
2019
|
|
2018
|
||||||
Amount of gain (loss) recognized in accumulated other comprehensive loss on derivatives (effective portion)
|
$
|
3.0
|
|
|
$
|
19.6
|
|
|
$
|
(21.3
|
)
|
Amount and location of gain (loss) reclassified from accumulated other comprehensive loss into income (loss) (effective portion)
|
|
|
|
|
|
||||||
Net revenue
|
$
|
17.6
|
|
|
$
|
(8.5
|
)
|
|
$
|
8.0
|
|
Cost of revenue
|
(0.9
|
)
|
|
—
|
|
|
—
|
|
|||
Operating expenses
|
(7.1
|
)
|
|
(3.6
|
)
|
|
1.9
|
|
|||
Total
|
$
|
9.6
|
|
|
$
|
(12.1
|
)
|
|
$
|
9.9
|
|
|
Fiscal Year Ended January 31,
|
||||||||||
(in millions)
|
2020
|
|
2019
|
|
2018
|
||||||
Amount and location of gain (loss) recognized on derivatives in net income (loss)
|
|
|
|
|
|
||||||
Interest and other expense, net
|
$
|
6.0
|
|
|
$
|
6.6
|
|
|
$
|
(19.1
|
)
|
|
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, 2019
|
0.8
|
|
|
$
|
23.95
|
|
|
|
|
|
||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
(0.3
|
)
|
|
23.43
|
|
|
|
|
|
|||
Canceled/Forfeited
|
(0.1
|
)
|
|
21.27
|
|
|
|
|
|
|||
Options outstanding at January 31, 2020
|
0.4
|
|
|
$
|
24.80
|
|
|
6.6
|
|
$
|
73.8
|
|
Options vested and exercisable at January 31, 2020
|
0.2
|
|
|
$
|
31.73
|
|
|
3.9
|
|
$
|
25.3
|
|
Shares available for grant at January 31, 2020
|
14.6
|
|
|
|
|
|
|
|
(1)
|
Represents the total pre-tax intrinsic value, based on Autodesk’s closing stock price of $196.85 per share as of January 31, 2020.
|
|
Fiscal year ended January 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Pre-tax intrinsic value of options exercised (1)
|
$
|
44.1
|
|
|
$
|
9.7
|
|
|
$
|
22.8
|
|
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.
|
|
Unreleased Restricted Stock Units (in thousands)
|
|
Weighted average grant date fair value per share
|
|||
Unvested restricted stock at January 31, 2019
|
4,287.4
|
|
|
$
|
120.07
|
|
Granted
|
3,136.1
|
|
|
156.24
|
|
|
Vested
|
(2,276.5
|
)
|
|
112.50
|
|
|
Canceled/Forfeited
|
(422.5
|
)
|
|
133.82
|
|
|
Performance Adjustment (1)
|
7.8
|
|
|
142.17
|
|
|
Unvested restricted stock at January 31, 2020
|
4,732.3
|
|
|
$
|
147.24
|
|
(1)
|
Based on Autodesk's financial results and relative total stockholder return for the fiscal 2019 performance period. The performance stock units were attained at rates ranging from 105.2% to 122.5% 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 2020 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,
|
||||||||||
|
|
2020
|
|
2019
|
|
2018
|
||||||
Issued shares
|
|
0.9
|
|
|
1.0
|
|
|
2.0
|
|
|||
Average price of issued shares
|
|
$
|
102.20
|
|
|
$
|
90.25
|
|
|
$
|
39.03
|
|
Weighted average grant date fair value of awards granted under the ESPP
|
|
$
|
47.78
|
|
|
$
|
42.75
|
|
|
$
|
32.41
|
|
|
(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
|
5.2
|
|
|
$
|
24.80
|
|
|
21.9
|
|
(1)
|
Total
|
5.2
|
|
|
$
|
24.80
|
|
|
21.9
|
|
|
(1)
|
Included in this amount are 7.3 million securities available for future issuance under Autodesk’s ESPP.
|
|
Fiscal year ended January 31,
|
||||||||||
2020
|
|
2019
|
|
2018
|
|||||||
Income tax provision (benefit) at U.S. Federal statutory rate
|
$
|
61.9
|
|
|
$
|
(9.0
|
)
|
|
$
|
(188.4
|
)
|
State income tax benefit, net of the U.S. Federal benefit
|
(5.3
|
)
|
|
(11.4
|
)
|
|
(21.9
|
)
|
|||
Foreign income taxed at rates different from the U.S. statutory rate including GILTI
|
(41.2
|
)
|
|
117.8
|
|
|
(53.3
|
)
|
|||
Valuation allowance adjustment
|
65.3
|
|
|
18.8
|
|
|
(82.5
|
)
|
|||
Transition tax and revisions due to subsequent regulations
|
9.6
|
|
|
(16.0
|
)
|
|
408.4
|
|
|||
Tax effect of non-deductible stock-based compensation
|
24.9
|
|
|
7.6
|
|
|
20.7
|
|
|||
Stock compensation windfall / shortfall
|
(22.4
|
)
|
|
(39.4
|
)
|
|
(67.7
|
)
|
|||
Research and development tax credit benefit
|
(19.8
|
)
|
|
(23.5
|
)
|
|
(11.3
|
)
|
|||
Closure of income tax audits and changes in uncertain tax positions
|
(2.0
|
)
|
|
(12.7
|
)
|
|
1.2
|
|
|||
Tax effect of officer compensation in excess of $1.0 million
|
3.4
|
|
|
5.0
|
|
|
2.2
|
|
|||
Non-deductible expenses
|
5.4
|
|
|
1.5
|
|
|
2.1
|
|
|||
Other
|
0.5
|
|
|
(0.6
|
)
|
|
0.1
|
|
|||
|
$
|
80.3
|
|
|
$
|
38.1
|
|
|
$
|
9.6
|
|
|
January 31,
|
||||||
2020
|
|
2019
|
|||||
Stock-based compensation
|
$
|
32.8
|
|
|
$
|
25.9
|
|
Research and development tax credit carryforwards
|
263.4
|
|
|
238.7
|
|
||
Foreign tax credit carryforwards
|
253.9
|
|
|
198.6
|
|
||
Accrued compensation and benefits
|
3.4
|
|
|
6.5
|
|
||
Other accruals not currently deductible for tax
|
28.4
|
|
|
19.0
|
|
||
Purchased technology and capitalized software
|
37.7
|
|
|
32.6
|
|
||
Fixed assets
|
11.6
|
|
|
15.0
|
|
||
Lease liability
|
106.4
|
|
|
—
|
|
||
Tax loss carryforwards
|
241.2
|
|
|
237.2
|
|
||
Deferred revenue
|
29.2
|
|
|
49.0
|
|
||
Other
|
28.0
|
|
|
28.4
|
|
||
Total deferred tax assets
|
1,036.0
|
|
|
850.9
|
|
||
Less: valuation allowance
|
(883.4
|
)
|
|
(797.8
|
)
|
||
Net deferred tax assets
|
152.6
|
|
|
53.1
|
|
||
Indefinite lived intangibles
|
(76.5
|
)
|
|
(67.6
|
)
|
||
Right-of-use assets
|
(101.3
|
)
|
|
—
|
|
||
Unremitted earnings of foreign subsidiaries
|
(0.9
|
)
|
|
—
|
|
||
Total deferred tax liabilities
|
(178.7
|
)
|
|
(67.6
|
)
|
||
Net deferred tax assets (liabilities)
|
$
|
(26.1
|
)
|
|
$
|
(14.5
|
)
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Gross unrecognized tax benefits at the beginning of the fiscal year
|
$
|
209.0
|
|
|
$
|
337.6
|
|
|
$
|
261.4
|
|
Increases for tax positions of prior years
|
2.8
|
|
|
7.9
|
|
|
22.8
|
|
|||
Decreases for tax positions of prior years
|
(0.4
|
)
|
|
(146.3
|
)
|
|
(22.5
|
)
|
|||
Increases for tax positions related to the current year
|
11.1
|
|
|
10.3
|
|
|
78.4
|
|
|||
Decreases relating to settlements with taxing authorities
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|||
Reductions as a result of lapse of the statute of limitations
|
(1.9
|
)
|
|
(0.5
|
)
|
|
(1.7
|
)
|
|||
Gross unrecognized tax benefits at the end of the fiscal year
|
$
|
220.6
|
|
|
$
|
209.0
|
|
|
$
|
337.6
|
|
|
Assemble Systems (1)
|
|
PlanGrid (2)
|
|
BuildingConnected (3)
|
|
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
|
71.8
|
|
|
589.5
|
|
|
206.7
|
|
|
868.0
|
|
||||
Deferred revenue (current and non-current)
|
(1.7
|
)
|
|
(25.5
|
)
|
|
(2.8
|
)
|
|
(30.0
|
)
|
||||
Net tangible assets
|
4.3
|
|
|
17.6
|
|
|
3.1
|
|
|
25.0
|
|
||||
Total
|
$
|
93.6
|
|
|
$
|
777.6
|
|
|
$
|
253.2
|
|
|
$
|
1,124.4
|
|
(1)
|
During fiscal 2020, Autodesk recorded a measurement period adjustment related to the valuation of the deferred tax liability associated with the Assemble Systems acquisition. This adjustment reduced goodwill and increased net tangible assets by $0.2 million.
|
(2)
|
During fiscal 2020, Autodesk recorded measurement period adjustments to the preliminary determination of estimated fair value of assets and liabilities assumed associated with the PlanGrid acquisition in the amount of $0.8 million. These adjustments increased goodwill and reduced net tangible assets.
|
(3)
|
During fiscal 2020, Autodesk recorded measurement period adjustments to the preliminary determination of estimated fair value of assets and liabilities assumed associated with the BuildingConnected in the amount of $0.4 million. These adjustments increased goodwill and reduced net tangible assets.
|
|
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
|
)
|
|
Aggregate Principal Amount
|
|
Fair value
|
||||
2012 Notes
|
$
|
350.0
|
|
|
$
|
364.0
|
|
$450 2015 Notes
|
450.0
|
|
|
451.5
|
|
||
$300 2015 Notes
|
300.0
|
|
|
331.9
|
|
||
2017 Notes
|
500.0
|
|
|
535.0
|
|
||
2020 Notes
|
500.0
|
|
|
513.3
|
|
Fiscal year ending
|
|
||
2021
|
$
|
450.0
|
|
2022
|
—
|
|
|
2023
|
350.0
|
|
|
2024
|
—
|
|
|
2025
|
—
|
|
|
Thereafter
|
1,300.0
|
|
|
Total principal outstanding
|
$
|
2,100.0
|
|
|
Fiscal Year Ended January 31, 2020
|
|||||||||||||||||
|
Cost of subscription and maintenance revenue
|
Cost of other revenue
|
Marketing and sales
|
Research and development
|
General and administrative
|
Total
|
||||||||||||
Operating lease cost
|
$
|
6.6
|
|
$
|
2.2
|
|
$
|
38.0
|
|
$
|
27.3
|
|
$
|
12.7
|
|
$
|
86.8
|
|
Variable lease cost
|
0.9
|
|
0.3
|
|
5.4
|
|
3.8
|
|
1.8
|
|
12.2
|
|
|
Fiscal Year Ended January 31, 2020
|
||
Cash paid for operating leases included in operating cash flows (1)
|
$
|
93.5
|
|
Non-cash operating lease liabilities arising from obtaining operating right-of-use assets
|
231.7
|
|
Fiscal year ending
|
|
||
2021
|
$
|
60.4
|
|
2022
|
90.9
|
|
|
2023
|
84.4
|
|
|
2024
|
71.3
|
|
|
2025
|
52.3
|
|
|
Thereafter
|
167.6
|
|
|
|
526.9
|
|
|
Less imputed interest
|
(67.1
|
)
|
|
Present value of operating lease liabilities
|
$
|
459.8
|
|
|
Fiscal Year Ended January 31,
|
||||||
|
2019
|
|
2018
|
||||
Rent expense
|
$
|
60.7
|
|
|
$
|
55.9
|
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Interest and investment expense, net
|
$
|
(54.0
|
)
|
|
$
|
(52.1
|
)
|
|
$
|
(34.5
|
)
|
Gain (loss) on foreign currency
|
3.9
|
|
|
5.1
|
|
|
(3.3
|
)
|
|||
(Loss) gain on strategic investments
|
(3.3
|
)
|
|
12.5
|
|
|
(16.4
|
)
|
|||
Other income
|
5.2
|
|
|
16.8
|
|
|
6.0
|
|
|||
Interest and other expense, net
|
$
|
(48.2
|
)
|
|
$
|
(17.7
|
)
|
|
$
|
(48.2
|
)
|
|
Net Unrealized (Losses) Gains on Derivative Instruments
|
|
Net Unrealized Gains (Losses) on Available for Sale Securities
|
|
Defined Benefit Pension Components
|
|
Foreign Currency Translation Adjustments
|
|
Total
|
||||||||||
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
|
)
|
|||||
Other comprehensive income (loss) before reclassifications
|
4.1
|
|
|
1.8
|
|
|
—
|
|
|
(13.7
|
)
|
|
(7.8
|
)
|
|||||
Pre-tax losses reclassified from accumulated other comprehensive income
|
(9.6
|
)
|
|
—
|
|
|
(8.1
|
)
|
|
—
|
|
|
(17.7
|
)
|
|||||
Tax effects
|
(1.1
|
)
|
|
(0.4
|
)
|
|
1.6
|
|
|
0.1
|
|
|
0.2
|
|
|||||
Net current period other comprehensive (loss) income
|
(6.6
|
)
|
|
1.4
|
|
|
(6.5
|
)
|
|
(13.6
|
)
|
|
(25.3
|
)
|
|||||
Balances, January 31, 2020
|
$
|
8.4
|
|
|
$
|
4.7
|
|
|
$
|
(22.8
|
)
|
|
$
|
(150.6
|
)
|
|
$
|
(160.3
|
)
|
|
Fiscal Year Ended January 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
214.5
|
|
|
$
|
(80.8
|
)
|
|
$
|
(566.9
|
)
|
Denominator:
|
|
|
|
|
|
||||||
Denominator for basic net income (loss) per share—weighted average shares
|
219.7
|
|
|
218.9
|
|
|
219.5
|
|
|||
Effect of dilutive securities (1)
|
2.8
|
|
|
—
|
|
|
—
|
|
|||
Denominator for dilutive net income (loss) per share
|
222.5
|
|
|
218.9
|
|
|
219.5
|
|
|||
Basic net income (loss) per share
|
$
|
0.98
|
|
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
Diluted net income (loss) per share
|
$
|
0.96
|
|
|
$
|
(0.37
|
)
|
|
$
|
(2.58
|
)
|
(1)
|
The effect of dilutive securities of 3.1 million and 4.5 million shares for the fiscal years ended January 31, 2019 and 2018, 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.
|
(in millions)
|
Pension Benefits
|
||
2021
|
$
|
2.3
|
|
2022
|
2.1
|
|
|
2023
|
2.1
|
|
|
2024
|
2.1
|
|
|
2025
|
2.9
|
|
|
2026-2030
|
12.4
|
|
|
Total
|
$
|
23.9
|
|
2020
|
1st quarter
|
|
2nd quarter
|
|
3rd quarter
|
|
4th quarter
|
|
Fiscal year
|
||||||||||
Net revenue
|
$
|
735.5
|
|
|
$
|
796.8
|
|
|
$
|
842.7
|
|
|
$
|
899.3
|
|
|
$
|
3,274.3
|
|
Gross profit
|
652.8
|
|
|
717.3
|
|
|
763.2
|
|
|
816.1
|
|
|
2,949.4
|
|
|||||
Income from operations
|
24.8
|
|
|
73.8
|
|
|
110.6
|
|
|
133.8
|
|
|
343.0
|
|
|||||
(Provision) benefit for income taxes
|
(32.8
|
)
|
|
(26.3
|
)
|
|
(29.7
|
)
|
|
8.5
|
|
|
(80.3
|
)
|
|||||
Net (loss) income
|
(24.2
|
)
|
|
40.2
|
|
|
66.7
|
|
|
131.8
|
|
|
214.5
|
|
|||||
Basic net (loss) income per share (2)
|
$
|
(0.11
|
)
|
|
$
|
0.18
|
|
|
$
|
0.30
|
|
|
$
|
0.60
|
|
|
$
|
0.98
|
|
Diluted net (loss) income per share (2)
|
$
|
(0.11
|
)
|
|
$
|
0.18
|
|
|
$
|
0.30
|
|
|
$
|
0.59
|
|
|
$
|
0.96
|
|
(Loss) Income from operations includes the following items:
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock-based compensation expense
|
$
|
75.2
|
|
|
$
|
88.2
|
|
|
$
|
94.0
|
|
|
$
|
105.0
|
|
|
$
|
362.4
|
|
Amortization of acquisition related intangibles
|
19.0
|
|
|
18.3
|
|
|
18.1
|
|
|
18.0
|
|
|
73.4
|
|
|||||
Acquisition related costs
|
12.7
|
|
|
6.0
|
|
|
2.5
|
|
|
2.1
|
|
|
23.3
|
|
|||||
Restructuring and other exit costs, net
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
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) benefit 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
|
|
(1)
|
Reflects the impact of the adoption of new accounting standards in fiscal year 2019 related to ASC Topic 606 and ASC Topic 340.
|
(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.
|
|
Revenue Recognition
|
Description of the Matter
|
As discussed in Note 1 to the consolidated financial statements, revenue is recognized when the Company's offerings are delivered to customers, in an amount that reflects the consideration expected in exchange for products and services. Determining whether the Company’s products and services are considered distinct performance obligations that should be accounted for separately or as one combined performance obligation may require significant judgment. For the Company’s product subscriptions and enterprise business agreement ("EBA") subscriptions in which the desktop software and related cloud functionalities are highly interrelated, the combined performance obligation is recognized ratably over the contract term as the subscription is delivered. Judgment is required to determine the level of integration and interdependency between individual components of desktop software applications and cloud functionalities. This determination influences whether the desktop software is considered distinct and accounted for separately as a license performance obligation recognized at the time of delivery, or not distinct and accounted for together with the cloud functionalities as a single subscription performance obligation recognized over time.
Auditing the Company’s revenue recognition accounting policy required a significant level of auditor judgment to assess whether the products and services included in the Company’s product subscriptions and EBA subscriptions should be accounted for as distinct performance obligations or as one combined performance obligation.
|
|
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls over the Company's identification and evaluation of performance obligations. For example, we tested management’s assessment of performance obligations included in new product and service offerings.
Our audit procedures also included, among others, evaluating the interdependency and level of integration between the software and cloud functionality. We also assessed key assumptions related to the software and cloud functionality with the Company’s product specialists and further reviewed information externally available on the Company’s product offerings. We have also evaluated the Company’s revenue disclosures in relation to these matters.
|
|
|
|
Uncertain tax positions
|
Description of the Matter
|
As discussed in Note 1 and Note 5 to the consolidated financial statements, the Company makes estimates in determining the accruals for uncertain tax positions. As of January 31, 2020, the Company had gross unrecognized tax benefits of $220.6 million for uncertain tax positions.
Auditing management's estimate of the amount of tax benefit related to the Company's uncertain tax positions that qualified for recognition involved especially challenging auditor judgment because management's estimate required significant judgment in evaluating the technical merits of the positions, including interpretations of applicable tax laws and regulations.
|
|
|
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design, and tested the operating effectiveness of internal controls over the Company’s accounting process for uncertain tax positions. For example, we tested controls over management’s identification of uncertain tax positions and its application of the recognition and measurement principles, including management’s review of the inputs and calculations of unrecognized income tax benefits.
Our audit procedures included, among others, involvement of our tax professionals to assess the technical merits of the Company’s tax positions. These procedures included assessing the Company’s correspondence with the relevant tax authorities and evaluating income tax opinions or other third-party advice obtained by the Company. We also evaluated the appropriateness of the Company’s accounting for its tax positions taking into consideration relevant international and local income tax laws. We analyzed the Company’s assumptions and data used to determine the amount of tax benefit to recognize and tested the accuracy of the calculations. For certain tax positions related to intercompany transactions, we assessed the assumptions and pricing method used in setting arm’s length prices and the documentation to support the pricing. We also evaluated the adequacy of the Company’s financial statement disclosures related to these tax matters.
|
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
|
55
|
|
President and Chief Executive Officer
|
R. Scott Herren
|
58
|
|
SVP and Chief Financial Officer
|
Steve M. Blum
|
55
|
|
SVP, Worldwide Field Operations
|
Pascal W. Di Fronzo
|
55
|
|
SVP, Corporate Affairs, Chief Legal Officer & Secretary
|
Carmel Galvin
|
51
|
|
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, 2020, 2019, and 2018, 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 prior to 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, 2020
|
|
|
|
|
|
|
|
||||||
Partner Program reserves (1)
|
$
|
51.7
|
|
|
453.7
|
|
|
445.0
|
|
|
$
|
60.4
|
|
Restructuring and other facility exit costs
|
$
|
2.1
|
|
|
0.3
|
|
|
2.4
|
|
|
$
|
—
|
|
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
|
|
(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
|
Exhibit No.
|
|
Description
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
4.3
|
|
|
|
|
|
4.4
|
|
|
|
|
|
4.5
|
|
|
|
|
|
4.6
|
|
|
|
|
|
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
|
104
|
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
*
|
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.
|
|
|
AUTODESK, INC.
|
|
|
|
By:
|
/s/ ANDREW ANAGNOST
|
|
|
|
Andrew Anagnost
|
|
|
|
President and Chief Executive Officer
|
Dated:
|
March 19, 2020
|
|
|
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) |
R. Scott Herren
|
|
|
|
|
|
/s/ STEPHEN W. HOPE
|
|
Vice President and Chief Accounting Officer
(Principal Accounting Officer)
|
Stephen W. Hope
|
|
|
|
|
|
/s/ STACY J. SMITH
|
|
Director
(Non-executive Chairman of the Board)
|
Stacy J. Smith
|
|
|
|
|
|
/s/ KAREN BLASING
|
|
Director
|
Karen Blasing
|
|
|
|
|
|
/s/ REID FRENCH
|
|
Director
|
Reid French
|
|
|
|
|
|
/s/ AYANNA HOWARD
|
|
Director
|
Ayanna Howard
|
|
|
|
|
|
/s/ MARY T. MCDOWELL
|
|
Director
|
Mary T. McDowell
|
|
|
|
|
|
/s/ BLAKE J. IRVING
|
|
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
|
|
|
• 750,000,000 shares are designated as common stock; and
|
• 2,000,000 shares are designated as preferred stock.
|
• the transaction was approved by the board of directors prior to the time that the stockholder became an interested stockholder;
|
|
• upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding shares owned by directors who are also officers of the corporation and shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
|
• at or subsequent to the time the stockholder became an interested stockholder, the business combination was approved by the board of directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.
|
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.
|
|
U.S.
|
Autodesk Ireland Operations Limited
|
|
Ireland
|
Autodesk Israel Ltd.
|
|
Israel
|
Autodesk Korea Ltd.
|
|
South Korea
|
Autodesk Limited
|
|
United Kingdom
|
Autodesk Limited
|
|
Saudi Arabia
|
Autodesk Ltd. Japan
|
|
Japan
|
Autodesk Netherlands Holdings, B.V.
|
|
Netherlands
|
Autodesk S.r.l.
|
|
Italy
|
Autodesk S.R.L.
|
|
Romania
|
Autodesk SA
|
|
Switzerland
|
Autodesk Software (China) Co., Ltd.
|
|
China
|
Autodesk Sp. z.o.o.
|
|
Poland
|
Autodesk spol. s.r.o.
|
|
Czech Republic
|
Autodesk Taiwan Limited
|
|
Taiwan
|
Autodesk UK Holdings Limited
|
|
United Kingdom
|
Autodesk Yazilim Hizmetleri Ticaret Limited Sirketi
(Autodesk Limited Sirketi) |
|
Turkey
|
Autodesk, S.A.
|
|
Spain
|
Autodesk Inc Jordan PSC
|
|
Jordan
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Beijing Delcam Integrated System Co. Ltd.
|
|
China
|
BuildingConnected, Inc.
|
|
U.S.
|
CadSoft Computer GmbH
|
|
Germany
|
Crispin Systems Limited
|
|
United Kingdom
|
Delcam (Malaysia) Sdn. Bhd.
|
|
Malaysia
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Delcam Australia Pty Limited
|
|
Australia
|
Delcam Consulting and Technology Services Limited
|
|
India
|
Delcam Indonesia
|
|
Indonesia
|
Delcam Limited
|
|
United Kingdom
|
Delcam Partmaker Limited
|
|
United Kingdom
|
Delcam Professional Services Limited
|
|
United Kingdom
|
Delcam Software (India) Private Limited
|
|
India
|
Delta Soft LLC
|
|
Russia
|
Graitec GmbH
|
|
Germany
|
Hankook Delcam Limited
|
|
South Korea
|
Limited Liability Company Autodesk (CIS)
|
|
Russia
|
netfabb GmbH
|
|
Germany
|
netfabb, Inc.
|
|
U.S.
|
PlanGrid, Inc.
|
|
U.S.
|
PlanGrid Australia Pty Ltd.
|
|
Australia
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PlanGrid Hong Kong Limited
|
|
Hong Kong
|
PlanGrid UK Limited
|
|
United Kingdom
|
PlanGrid Canada ULC
|
|
Canada
|
Shotgun Software, Inc.
|
|
U.S.
|
Solid Angle, S.L.U.
|
|
Spain
|
TradeTapp, Inc.
|
|
U.S.
|
Within Technologies Limited
|
|
United Kingdom
|
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)
|
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)
|
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)
|
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.
|
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/ ANDREW ANAGNOST
|
|
Andrew Anagnost
|
|
President and Chief Executive Officer
(Principal Executive Officer)
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1.
|
I have reviewed this report on Form 10-K of Autodesk, Inc.;
|
2.
|
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;
|
3.
|
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;
|
4.
|
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)
|
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)
|
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
|
d)
|
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.
|
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
|
b)
|
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.
|
|
/s/ R. SCOTT HERREN
|
|
R. Scott Herren
|
|
Senior Vice President and Chief Financial Officer
(Principal Financial Officer) |
|
/s/ ANDREW ANAGNOST
|
|
Andrew Anagnost
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
/s/ R. SCOTT HERREN
|
|
R. Scott Herren
|
|
Senior Vice President and Chief Financial Officer
|
|
(Principal Financial Officer)
|