☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 94-2819853 | ||||||||||
(State or other jurisdiction
of incorporation or organization) |
(I.R.S. employer
Identification No.) |
||||||||||
111 McInnis Parkway, | |||||||||||
San Rafael, | California | 94903 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) |
Name of each exchange
on which registered |
||||||||||||
Common Stock, $0.01 Par Value | ADSK | The Nasdaq Global Select Market |
Large accelerated filer | x | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
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Date of closing | Company | Details | ||||||||||||
November 2020 | Spacemaker AS ("Spacemaker") | The acquisition of Spacemaker strengthened and enabled Autodesk’s early-stage design and outcome-based design capabilities. | ||||||||||||
January 2019 | BuildingConnected, Inc. ("BuildingConnected") | The acquisition of BuildingConnected enabled Autodesk to add bid-management capabilities to its construction portfolio. | ||||||||||||
December 2018 | PlanGrid, Inc. ("PlanGrid") | The acquisition of PlanGrid enabled Autodesk to offer a more comprehensive, cloud-based construction platform. | ||||||||||||
July 2018 | Assemble Systems, Inc. ("Assemble Systems") | 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. |
(Shares in thousands) | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(2) | |||||||||||||||||||
November 1 - November 30 | 82.0 | $ | 250.26 | 82.0 | 12,523.0 | ||||||||||||||||||
December 1 - December 31 | 95.0 | 300.31 | 95.0 | 12,428.0 | |||||||||||||||||||
January 1 - January 31 | 353.0 | 304.02 | 353.0 | 12,075.0 | |||||||||||||||||||
Total | 530.0 | $ | 295.06 | 530.0 |
Fiscal Year Ended January 31, | |||||||||||||||||||||||||||||
2021 | 2020 (1) | 2019 (2) | 2018 | 2017 | |||||||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||||||||||
Net revenue | $ | 3,790.4 | $ | 3,274.3 | $ | 2,569.8 | $ | 2,056.6 | $ | 2,031.0 | |||||||||||||||||||
Income (loss) from operations | 629.1 | 343.0 | (25.0) | (509.1) | (499.6) | ||||||||||||||||||||||||
Net income (loss) (3) | 1,208.2 | 214.5 | (80.8) | (566.9) | (582.1) | ||||||||||||||||||||||||
Cash flow from operations | $ | 1,437.2 | $ | 1,415.1 | $ | 377.1 | $ | 0.9 | $ | 169.7 | |||||||||||||||||||
Common stock data: | |||||||||||||||||||||||||||||
Basic net income (loss) per share | $ | 5.51 | $ | 0.98 | $ | (0.37) | $ | (2.58) | $ | (2.61) | |||||||||||||||||||
Diluted net income (loss) per share | $ | 5.44 | $ | 0.96 | $ | (0.37) | $ | (2.58) | $ | (2.61) | |||||||||||||||||||
Balance sheet data: | |||||||||||||||||||||||||||||
Total assets | $ | 7,279.8 | $ | 6,179.3 | $ | 4,729.2 | $ | 4,113.6 | $ | 4,798.1 | |||||||||||||||||||
Long-term liabilities | 3,059.6 | 3,099.2 | 2,638.9 | 2,246.4 | 1,879.1 | ||||||||||||||||||||||||
Stockholders’ equity (deficit) | $ | 965.5 | $ | (139.1) | $ | (210.9) | $ | (256.0) | $ | 733.6 |
Fiscal Year Ended January 31, 2021 |
Change compared to
prior fiscal year end |
Fiscal Year Ended January 31, 2020 |
Change compared to
prior fiscal year end |
Fiscal Year Ended January 31, 2019 | |||||||||||||||||||||||||||||||||||||
$ | % | $ | % | ||||||||||||||||||||||||||||||||||||||
Recurring Revenue (in millions) (1)
|
$3,662.2 | $ | 523.7 | 17 | % | $ | 3,138.5 | $ | 701.3 | 29 | % | $ | 2,437.2 | ||||||||||||||||||||||||||||
As a percentage of net revenue | 97 | % | N/A | N/A | 96 | % | N/A | N/A | 95 | % | |||||||||||||||||||||||||||||||
Fiscal Year Ended January 31, 2021 | |||||||||||||||||
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 | 16 | % | 17 | % | Negative | ||||||||||||
Total spend | 8 | % | 8 | % | Neutral |
(in millions) | January 31, 2021 | January 31, 2020 | |||||||||
Deferred revenue | $ | 3,360.2 | $ | 3,007.1 | |||||||
Unbilled deferred revenue | 880.5 | 549.6 | |||||||||
RPO
|
$ | 4,240.7 | $ | 3,556.7 |
(in millions) | January 31, 2021 | January 31, 2020 | |||||||||||||||||||||||||||
Current RPO | $ | 2,738.0 | $ | 2,368.6 | |||||||||||||||||||||||||
Non-current RPO | 1,502.7 | 1,188.1 | |||||||||||||||||||||||||||
RPO
|
$ | 4,240.7 | $ | 3,556.7 |
Fiscal Year Ended January 31, 2021 | Change compared to prior fiscal year | Fiscal Year Ended January 31, 2020 | Management Comments | ||||||||||||||||||||||||||
(in millions, except percentages) | $ | % | |||||||||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||||||||
Subscription | $ | 3,478.9 | $ | 727.0 | 26 | % | $ | 2,751.9 | Increase 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) | 183.3 | (203.3) | (53) | % | 386.6 | Decrease primarily due to the migration of maintenance plan subscriptions to subscription plan subscriptions with the M2S program. | |||||||||||||||||||||||
Total subscription and maintenance revenue
|
3,662.2 | 523.7 | 17 | % | 3,138.5 | ||||||||||||||||||||||||
Other | 128.2 | (7.6) | (6) | % | 135.8 |
|
|||||||||||||||||||||||
$ | 3,790.4 | $ | 516.1 | 16 | % | $ | 3,274.3 | ||||||||||||||||||||||
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 | Increase 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 | Decrease 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, 2021 | Change compared to prior fiscal year | Fiscal Year Ended January 31, 2020 | Management Comments | ||||||||||||||||||||||||||
(in millions, except percentages) | $ | % | |||||||||||||||||||||||||||
Net revenue by product family:
|
|||||||||||||||||||||||||||||
AEC
|
$ | 1,648.6 | 271.5 | 20 | % | $ | 1,377.1 | Increase due to growth in revenue from AEC collections, EBAs, BIM360 and PlanGrid. | |||||||||||||||||||||
AutoCAD and AutoCAD LT
|
1,099.4 | 151.2 | 16 | % | 948.2 | Increase due to growth in revenue from both AutoCAD and AutoCAD LT. | |||||||||||||||||||||||
MFG | 798.6 | 72.5 | 10 | % | 726.1 | Increase due to growth in revenue from MFG Collections, EBAs, and Fusion360. | |||||||||||||||||||||||
M&E
|
219.4 | 20.2 | 10 | % | 199.2 | Increase due to growth in revenue from EBAs, M&E Collections, Maya, and 3DS Max. | |||||||||||||||||||||||
Other
|
24.4 | 0.7 | 3 | % | 23.7 | ||||||||||||||||||||||||
$ | 3,790.4 | $ | 516.1 | 16 | % | $ | 3,274.3 |
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 | Increase due to growth in revenue from AEC collections, PlanGrid, EBAs, and BIM 360. | ||||||||||||||||||||
AutoCAD and AutoCAD LT
|
948.2 | 216.4 | 30 | % | 731.8 | Increase due to growth in revenue from both AutoCAD and AutoCAD LT. | |||||||||||||||||||||||
MFG | 726.1 | 109.9 | 18 | % | 616.2 | Increase due to growth in revenue from MFG Collections and EBAs. | |||||||||||||||||||||||
M&E
|
199.2 | 17.2 | 9 | % | 182.0 | Increase due to growth 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, 2021 | Change compared to prior fiscal year | Constant currency change compared to prior fiscal year | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except percentages) | $ | % | % | $ | % | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net revenue:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S.
|
$ | 1,281.8 | $ | 172.9 | 16 | % | * | $ | 1,108.9 | $ | 234.3 | 27 | % | * | $ | 874.6 | |||||||||||||||||||||||||||||||||||||
Other Americas
|
260.6 | 33.7 | 15 | % | * | 226.9 | 51.6 | 29 | % | * | 175.3 | ||||||||||||||||||||||||||||||||||||||||||
Total Americas | 1,542.4 | 206.6 | 15 | % | 16 | % | 1,335.8 | 285.9 | 27 | % | 27 | % | 1,049.9 | ||||||||||||||||||||||||||||||||||||||||
EMEA | 1,472.6 | 169.1 | 13 | % | 15 | % | 1,303.5 | 269.2 | 26 | % | 26 | % | 1,034.3 | ||||||||||||||||||||||||||||||||||||||||
APAC | 775.4 | 140.4 | 22 | % | 22 | % | 635.0 | 149.4 | 31 | % | 32 | % | 485.6 | ||||||||||||||||||||||||||||||||||||||||
Total net revenue | $ | 3,790.4 | $ | 516.1 | 16 | % | 17 | % | $ | 3,274.3 | $ | 704.5 | 27 | % | 28 | % | $ | 2,569.8 | |||||||||||||||||||||||||||||||||||
Emerging economies | $ | 463.2 | $ | 67.0 | 17 | % | 17 | % | $ | 396.2 | $ | 88.8 | 29 | % | 29 | % | $ | 307.4 |
Fiscal Year Ended January 31, 2021 | Change compared to prior fiscal year | Fiscal Year Ended January 31, 2020 | Management Comments | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except percentages) | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Net revenue by sales channel: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect | $ | 2,600.0 | $ | 317.8 | 14 | % | $ | 2,282.2 | Increase due to growth in subscription revenue offset by lower maintenance plan subscriptions as we continue to migrate customers to subscriptions through the M2S program. | |||||||||||||||||||||||||||||||||||||||||
Direct | 1,190.4 | 198.3 | 20 | % | 992.1 | Increase due to growth in EBAs and our online Autodesk branded store. | ||||||||||||||||||||||||||||||||||||||||||||
Total net revenue | $ | 3,790.4 | $ | 516.1 | 16 | % | $ | 3,274.3 | ||||||||||||||||||||||||||||||||||||||||||
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 | Increase due to growth 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 | Increase due to growth 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, 2021 |
Change compared to
prior fiscal year |
Fiscal Year Ended January 31, 2020 | |||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | $ | % | Management Comments | ||||||||||||||||||||||||||||||||||||||
Net Revenue by Product Type: | |||||||||||||||||||||||||||||||||||||||||
Design | $ | 3,365.8 | $ | 445.7 | 15 | % | $ | 2,920.1 | Increase is due to growth in AEC & MFG collections, AutoCAD Family, AutoCAD LT, and EBA offerings. | ||||||||||||||||||||||||||||||||
Make | 296.4 | 78.0 | 36 | % | 218.4 | Increase primarily due to growth in revenue from BIM Family, Plangrid, and Fusion products. | |||||||||||||||||||||||||||||||||||
Other | 128.2 | (7.6) | (6) | % | 135.8 | ||||||||||||||||||||||||||||||||||||
Total Net Revenue | $ | 3,790.4 | $ | 516.1 | 16 | % | $ | 3,274.3 | |||||||||||||||||||||||||||||||||
Fiscal Year Ended January 31, 2020 |
Change compared to
prior fiscal year |
Fiscal Year Ended January 31, 2019 | |||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | $ | % | Management Comments | ||||||||||||||||||||||||||||||||||||||
Net Revenue by Product Type: | |||||||||||||||||||||||||||||||||||||||||
Design | $ | 2,920.1 | $ | 572.3 | 24 | % | $ | 2,347.8 | Increase is due to growth in AEC & MFG collections, AutoCAD Family, AutoCAD LT, and EBA offerings. | ||||||||||||||||||||||||||||||||
Make | 218.4 | 128.8 | 144 | % | 89.6 | Increase primarily due to growth in revenue from BIM Family, Plangrid, and Fusion products. | |||||||||||||||||||||||||||||||||||
Other | 135.8 | 3.4 | 3 | % | 132.4 | ||||||||||||||||||||||||||||||||||||
Total Net Revenue | $ | 3,274.3 | $ | 704.5 | 27 | % | $ | 2,569.8 | |||||||||||||||||||||||||||||||||
Fiscal Year Ended January 31, 2021 | Change compared to prior fiscal year | Fiscal Year Ended January 31, 2020 | Management Comments | ||||||||||||||||||||||||||
(In millions, except percentages) | $ | % | |||||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||
Subscription and maintenance
|
$ | 242.1 | $ | 18.2 | 8 | % | $ | 223.9 | Increase primarily due to an increase in cloud hosting costs as well as an increase in stock-based compensation expense. | ||||||||||||||||||||
Other
|
64.1 | (2.4) | (4) | % | 66.5 | Decrease primarily due to lower travel and entertainment expense partially offset by an increase in employee-related costs driven by higher headcount. | |||||||||||||||||||||||
Amortization of developed technologies | 30.9 | (3.6) | (10) | % | 34.5 | Decrease primarily due to previously acquired developed technologies continuing to become fully amortized partially offset by amortization from recently acquired developed technologies. | |||||||||||||||||||||||
Total cost of revenue | $ | 337.1 | $ | 12.2 | 4 | % | $ | 324.9 | |||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Marketing and sales
|
$ | 1,440.3 | $ | 130.0 | 10 | % | $ | 1,310.3 | Increase primarily due to increased employee-related costs driven by higher headcount, an increase in stock-based compensation expense, as well as an increase in SaaS vendor costs and allocated IT costs partially offset by a decrease in travel and entertainment expenses. | ||||||||||||||||||||
Research and development
|
932.5 | 81.4 | 10 | % | 851.1 | Increase primarily due to increased employee-related costs driven by higher headcount, an increase in stock-based compensation expense, as well as an increase in SaaS vendor costs and allocated IT costs partially offset by a decrease in travel and entertainment expenses. | |||||||||||||||||||||||
General and administrative
|
413.9 | 8.3 | 2 | % | 405.6 | Increase primarily due to increase in employee related costs driven by higher headcount, as well as an increase in net SaaS vendor costs partially offset by a decrease in stock-based compensation expense. | |||||||||||||||||||||||
Amortization of purchased intangibles
|
37.5 | (1.4) | (4) | % | 38.9 | Decrease as previously acquired purchased intangibles continue to become fully amortized partially offset by amortization from recently acquired purchased intangibles. | |||||||||||||||||||||||
Restructuring and other exit costs, net | — | (0.5) | (100) | % | 0.5 | ||||||||||||||||||||||||
Total operating expenses | $ | 2,824.2 | $ | 217.8 | 8 | % | $ | 2,606.4 | |||||||||||||||||||||
Fiscal Year Ended January 31, 2020 | Change compared to prior fiscal year | Fiscal Year Ended January 31, 2019 | Management comments | ||||||||||||||||||||||||||
(In millions, except percentages) | $ | % | |||||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||
Subscription and maintenance
|
$ | 223.9 | $ | 7.9 | 4 | % | $ | 216.0 | Increase due to growth in cloud hosting and employee-related costs driven by higher headcount. | ||||||||||||||||||||
Other
|
66.5 | 12.1 | 22 | % | 54.4 | Increase due to growth in employee-related costs due to higher headcount. | |||||||||||||||||||||||
Amortization of developed technologies | 34.5 | 19.0 | 123 | % | 15.5 | Increase due to growth 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 | Increase 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 | Increase due to growth in 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 | Increase 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 | Increase due to growth 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 | |||||||||||||||||||||
Absolute dollar impact | Percent of net revenue impact | ||||||||||
Cost of revenue | Increase | Flat | |||||||||
Marketing and sales | Increase | Flat | |||||||||
Research and development | Increase | Increase | |||||||||
General and administrative | Decrease | Decrease | |||||||||
Amortization of purchased intangibles | Flat | Flat |
Fiscal year ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in millions) | |||||||||||||||||
Interest and investment expense, net | $ | (51.1) | $ | (54.0) | $ | (52.1) | |||||||||||
Gain on foreign currency | 3.5 | 3.9 | 5.1 | ||||||||||||||
(Loss) gain on strategic investments | (41.7) | (3.3) | 12.5 | ||||||||||||||
Other income | 6.9 | 5.2 | 16.8 | ||||||||||||||
Interest and other expense, net | $ | (82.4) | $ | (48.2) | $ | (17.7) |
Fiscal Year Ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(Unaudited) | |||||||||||||||||
Gross profit | $ | 3,453.3 | $ | 2,949.4 | $ | 2,283.9 | |||||||||||
Non-GAAP gross profit | $ | 3,508.5 | $ | 3,004.0 | $ | 2,317.0 | |||||||||||
Gross margin | 91 | % | 90 | % | 89 | % | |||||||||||
Non-GAAP gross margin | 93 | % | 92 | % | 90 | % | |||||||||||
Income (loss) from operations | $ | 629.1 | $ | 343.0 | $ | (25.0) | |||||||||||
Non-GAAP income from operations | $ | 1,111.9 | $ | 802.6 | $ | 316.0 | |||||||||||
Operating margin | 17 | % | 10 | % | (1) | % | |||||||||||
Non-GAAP operating margin | 29 | % | 25 | % | 12 | % | |||||||||||
Net income (loss) | $ | 1,208.2 | $ | 214.5 | $ | (80.8) | |||||||||||
Non-GAAP net income | $ | 899.8 | $ | 621.2 | $ | 223.3 | |||||||||||
Diluted net income (loss) per share | $ | 5.44 | $ | 0.96 | $ | (0.37) | |||||||||||
Non-GAAP diluted net income per share | $ | 4.05 | $ | 2.79 | $ | 1.01 | |||||||||||
GAAP diluted weighted average shares used in per share calculation | 222.1 | 222.5 | 218.9 | ||||||||||||||
Non-GAAP diluted weighted average shares used in per share calculation | 222.1 | 222.5 | 222.0 |
Fiscal Year Ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(Unaudited) | |||||||||||||||||
Gross profit | $ | 3,453.3 | $ | 2,949.4 | $ | 2,283.9 | |||||||||||
Stock-based compensation expense | 23.6 | 19.6 | 17.6 | ||||||||||||||
Acquisition-related costs | 0.7 | 0.5 | — | ||||||||||||||
Amortization of developed technologies | 30.9 | 34.5 | 15.5 | ||||||||||||||
Non-GAAP gross profit | $ | 3,508.5 | $ | 3,004.0 | $ | 2,317.0 | |||||||||||
Gross margin | 91 | % | 90 | % | 89 | % | |||||||||||
Stock-based compensation expense | 1 | % | 1 | % | 1 | % | |||||||||||
Amortization of developed technologies | 1 | % | 1 | % | 1 | % | |||||||||||
Non-GAAP gross margin (1) | 93 | % | 92 | % | 90 | % | |||||||||||
Income (loss) from operations | $ | 629.1 | $ | 343.0 | $ | (25.0) | |||||||||||
Stock-based compensation expense | 399.8 | 362.4 | 249.5 | ||||||||||||||
Amortization of developed technologies | 30.9 | 34.5 | 15.5 | ||||||||||||||
Amortization of purchased intangibles | 37.5 | 38.9 | 18.0 | ||||||||||||||
CEO transition costs (2) | — | — | (0.1) | ||||||||||||||
Acquisition-related costs | 14.6 | 23.3 | 16.2 | ||||||||||||||
Restructuring and other exit costs, net | — | 0.5 | 41.9 | ||||||||||||||
Non-GAAP income from operations | $ | 1,111.9 | $ | 802.6 | $ | 316.0 | |||||||||||
Operating margin | 17 | % | 10 | % | (1) | % | |||||||||||
Stock-based compensation expense | 11 | % | 11 | % | 10 | % | |||||||||||
Amortization of developed technologies | 1 | % | 1 | % | 1 | % | |||||||||||
Amortization of purchased intangibles | 1 | % | 1 | % | 1 | % | |||||||||||
CEO transition costs (2) | — | % | — | % | — | % | |||||||||||
Acquisition-related costs | — | % | 1 | % | 1 | % | |||||||||||
Restructuring and other exit costs, net | — | % | — | % | 1 | % | |||||||||||
Non-GAAP operating margin (1) | 29 | % | 25 | % | 12 | % | |||||||||||
Net income (loss) | $ | 1,208.2 | $ | 214.5 | $ | (80.8) | |||||||||||
Stock-based compensation expense | 399.8 | 362.4 | 249.5 | ||||||||||||||
Amortization of developed technologies | 30.9 | 34.5 | 15.5 | ||||||||||||||
Amortization of purchased intangibles | 37.5 | 38.9 | 18.0 | ||||||||||||||
CEO transition costs (2) | — | — | (0.1) | ||||||||||||||
Acquisition-related costs | 14.6 | 23.3 | 16.2 | ||||||||||||||
Restructuring and other exit costs, net | — | 0.5 | 31.7 | ||||||||||||||
Loss (gain) on strategic investments | 41.7 | 3.2 | (12.5) | ||||||||||||||
Release of valuation allowance on deferred tax assets (3) | (679.0) | (40.4) | (16.8) | ||||||||||||||
Discrete tax provision items | (43.9) | 2.1 | (14.6) | ||||||||||||||
Income tax effect of non-GAAP adjustments | (110.0) | (17.8) | 17.2 | ||||||||||||||
Non-GAAP net income | $ | 899.8 | $ | 621.2 | $ | 223.3 |
Fiscal Year Ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(Unaudited) | |||||||||||||||||
Diluted net income (loss) per share | $ | 5.44 | $ | 0.96 | $ | (0.37) | |||||||||||
Stock-based compensation expense | 1.80 | 1.63 | 1.12 | ||||||||||||||
Amortization of developed technologies | 0.14 | 0.16 | 0.08 | ||||||||||||||
Amortization of purchased intangibles | 0.17 | 0.17 | 0.08 | ||||||||||||||
CEO transition costs (2) | — | — | — | ||||||||||||||
Acquisition-related costs | 0.07 | 0.11 | 0.07 | ||||||||||||||
Restructuring and other exit costs, net | — | — | 0.14 | ||||||||||||||
Loss (gain) on strategic investments | 0.19 | 0.01 | (0.05) | ||||||||||||||
Release of valuation allowance on deferred tax assets (3) | (3.06) | (0.18) | (0.08) | ||||||||||||||
Discrete tax provision items | (0.20) | 0.01 | (0.06) | ||||||||||||||
Income tax effect of non-GAAP adjustments | (0.50) | (0.08) | 0.08 | ||||||||||||||
Non-GAAP diluted net income per share | $ | 4.05 | $ | 2.79 | $ | 1.01 |
Fiscal year ended January 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Net cash provided by operating activities | $ | 1,437.2 | $ | 1,415.1 | $ | 377.1 | |||||||||||
Net cash used in investing activities | (403.9) | (57.3) | (710.4) | ||||||||||||||
Net cash (used in) provided by financing activities | (1,046.8) | (466.8) | 151.9 |
(in millions) | Total | Fiscal year 2022 | Fiscal years 2023-2024 | Fiscal years 2025-2026 | Thereafter | Management Comments | ||||||||||||||||||||||||||
Notes payable | $ | 1,970.4 | $ | 57.5 | $ | 450.8 | $ | 381.6 | $ | 1,080.5 | 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 | 510.6 | 82.8 | 174.2 | 104.5 | 149.1 | Operating lease obligations consist primarily of obligations for real estate, vehicles, and certain equipment. See Part II, Item 8, Note 9, “Leases,” in the Notes to Consolidated Financial Statements for further discussion. | ||||||||||||||||||||||||||
Purchase obligations | 374.8 | 118.2 | 130.3 | 125.0 | 1.3 | 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 commitments related to our investment agreements with limited liability partnership funds. | ||||||||||||||||||||||||||
Deferred compensation obligations | 81.0 | 7.3 | 12.7 | 12.8 | 48.2 | 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 | 31.8 | 2.6 | 5.3 | 6.8 | 17.1 | Pension obligations relate to our obligations for pension plans outside of the United States. 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 | 10.9 | 2.2 | 4.1 | 2.4 | 2.2 | 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) | $ | 2,979.5 | $ | 270.6 | $ | 777.4 | $ | 633.1 | $ | 1,298.4 |
Fiscal year ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net revenue: | |||||||||||||||||
Subscription | $ | 3,478.9 | $ | 2,751.9 | $ | 1,802.3 | |||||||||||
Maintenance | 183.3 | 386.6 | 635.1 | ||||||||||||||
Total subscription and maintenance revenue | 3,662.2 | 3,138.5 | 2,437.4 | ||||||||||||||
Other | 128.2 | 135.8 | 132.4 | ||||||||||||||
Total net revenue | 3,790.4 | 3,274.3 | 2,569.8 | ||||||||||||||
Cost of revenue: | |||||||||||||||||
Cost of subscription and maintenance revenue | 242.1 | 223.9 | 216.0 | ||||||||||||||
Cost of other revenue | 64.1 | 66.5 | 54.4 | ||||||||||||||
Amortization of developed technologies | 30.9 | 34.5 | 15.5 | ||||||||||||||
Total cost of revenue | 337.1 | 324.9 | 285.9 | ||||||||||||||
Gross profit | 3,453.3 | 2,949.4 | 2,283.9 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Marketing and sales | 1,440.3 | 1,310.3 | 1,183.9 | ||||||||||||||
Research and development | 932.5 | 851.1 | 725.0 | ||||||||||||||
General and administrative | 413.9 | 405.6 | 340.1 | ||||||||||||||
Amortization of purchased intangibles | 37.5 | 38.9 | 18.0 | ||||||||||||||
Restructuring and other exit costs, net | — | 0.5 | 41.9 | ||||||||||||||
Total operating expenses | 2,824.2 | 2,606.4 | 2,308.9 | ||||||||||||||
Income (loss) from operations | 629.1 | 343.0 | (25.0) | ||||||||||||||
Interest and other expense, net | (82.4) | (48.2) | (17.7) | ||||||||||||||
Income (loss) before income taxes | 546.7 | 294.8 | (42.7) | ||||||||||||||
Benefit (provision) for income taxes | 661.5 | (80.3) | (38.1) | ||||||||||||||
Net income (loss) | $ | 1,208.2 | $ | 214.5 | $ | (80.8) | |||||||||||
Basic net income (loss) per share | $ | 5.51 | $ | 0.98 | $ | (0.37) | |||||||||||
Diluted net income (loss) per share | $ | 5.44 | $ | 0.96 | $ | (0.37) | |||||||||||
Weighted average shares used in computing basic net income (loss) per share | 219.4 | 219.7 | 218.9 | ||||||||||||||
Weighted average shares used in computing diluted net income (loss) per share | 222.1 | 222.5 | 218.9 |
Fiscal year ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net income (loss) | $ | 1,208.2 | $ | 214.5 | $ | (80.8) | |||||||||||
Other comprehensive income (loss), net of reclassifications: | |||||||||||||||||
Net (loss) gain on derivative instruments (net of tax effect of $5.0, ($1.1), and ($1.1))
|
(32.5) | (6.6) | 31.6 | ||||||||||||||
Change in net unrealized gain on available-for-sale securities (net of tax effect of $0.1, ($0.4), and $0.0)
|
1.7 | 1.4 | 2.0 | ||||||||||||||
Change in defined benefit pension items (net of tax effect of ($0.3), $1.6, and ($2.0))
|
1.5 | (6.5) | 13.0 | ||||||||||||||
Net change in cumulative foreign currency translation gain (loss) (net of tax effect of ($0.6), $0.1, and $0.5)
|
63.7 | (13.6) | (57.8) | ||||||||||||||
Total other comprehensive income (loss) | 34.4 | (25.3) | (11.2) | ||||||||||||||
Total comprehensive income (loss) | $ | 1,242.6 | $ | 189.2 | $ | (92.0) |
January 31,
2021 |
January 31,
2020 |
||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,772.2 | $ | 1,774.7 | |||||||
Marketable securities | 85.0 | 69.0 | |||||||||
Accounts receivable, net | 643.1 | 652.3 | |||||||||
Prepaid expenses and other current assets | 198.9 | 163.3 | |||||||||
Total current assets | 2,699.2 | 2,659.3 | |||||||||
Computer equipment, software, furniture, and leasehold improvements, net | 192.8 | 161.7 | |||||||||
Operating lease right-of-use assets | 416.7 | 438.8 | |||||||||
Developed technologies, net | 88.6 | 70.9 | |||||||||
Goodwill | 2,706.5 | 2,445.0 | |||||||||
Deferred income taxes, net | 763.1 | 56.4 | |||||||||
Long-term other assets | 412.9 | 347.2 | |||||||||
Total assets | $ | 7,279.8 | $ | 6,179.3 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 122.5 | $ | 83.7 | |||||||
Accrued compensation | 322.6 | 272.1 | |||||||||
Accrued income taxes | 42.6 | 21.2 | |||||||||
Deferred revenue | 2,500.9 | 2,176.1 | |||||||||
Operating lease liabilities | 71.4 | 48.1 | |||||||||
Current portion of long-term notes payable, net | — | 449.7 | |||||||||
Other accrued liabilities | 194.7 | 168.3 | |||||||||
Total current liabilities | 3,254.7 | 3,219.2 | |||||||||
Long-term deferred revenue | 859.3 | 831.0 | |||||||||
Long-term operating lease liabilities | 396.0 | 411.7 | |||||||||
Long-term income taxes payable | 15.9 | 19.1 | |||||||||
Long-term deferred income taxes | 11.4 | 82.5 | |||||||||
Long-term notes payable, net | 1,637.2 | 1,635.1 | |||||||||
Long-term other liabilities | 139.8 | 119.8 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity (deficit): | |||||||||||
Preferred stock, $0.01 par value; shares authorized 2.0; none issued or outstanding at January 31, 2021 and 2020
|
— | — | |||||||||
Common stock and additional paid-in capital, $0.01 par value; shares authorized 750.0; 219.6 and 219.4 issued and outstanding at January 31, 2021 and 2020, respectively
|
2,578.9 | 2,317.0 | |||||||||
Accumulated other comprehensive loss | (125.9) | (160.3) | |||||||||
Accumulated deficit | (1,487.5) | (2,295.8) | |||||||||
Total stockholders’ equity (deficit) | 965.5 | (139.1) | |||||||||
Total liabilities and stockholders' equity (deficit) | $ | 7,279.8 | $ | 6,179.3 |
Fiscal year ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Operating activities | |||||||||||||||||
Net income (loss) | $ | 1,208.2 | $ | 214.5 | $ | (80.8) | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||
Depreciation, amortization, and accretion | 123.8 | 127.3 | 95.2 | ||||||||||||||
Stock-based compensation expense | 398.4 | 362.4 | 249.5 | ||||||||||||||
Deferred income taxes | (778.6) | 10.3 | (6.8) | ||||||||||||||
Restructuring and other exit costs, net | — | 0.5 | 31.7 | ||||||||||||||
Other operating activities | 38.8 | (11.9) | 2.2 | ||||||||||||||
Changes in operating assets and liabilities, net of business combinations: | |||||||||||||||||
Accounts receivable | 12.6 | (178.5) | (25.4) | ||||||||||||||
Prepaid expenses and other assets | (56.4) | 58.5 | 7.5 | ||||||||||||||
Accounts payable and other liabilities | 129.6 | (90.8) | (58.5) | ||||||||||||||
Deferred revenue | 344.4 | 916.7 | 197.0 | ||||||||||||||
Accrued income taxes | 16.4 | 6.1 | (34.5) | ||||||||||||||
Net cash provided by operating activities | 1,437.2 | 1,415.1 | 377.1 | ||||||||||||||
Investing activities | |||||||||||||||||
Purchases of marketable securities | (21.0) | (19.9) | (138.2) | ||||||||||||||
Sales of marketable securities | — | 22.4 | 319.6 | ||||||||||||||
Maturities of marketable securities | 17.0 | 5.0 | 211.4 | ||||||||||||||
Purchases of developed technologies | (4.8) | — | — | ||||||||||||||
Business combinations, net of cash acquired | (246.2) | — | (1,040.2) | ||||||||||||||
Capital expenditures | (91.1) | (53.2) | (67.0) | ||||||||||||||
Other investing activities | (57.8) | (11.6) | 4.0 | ||||||||||||||
Net cash used in investing activities | (403.9) | (57.3) | (710.4) | ||||||||||||||
Financing activities | |||||||||||||||||
Proceeds from issuance of common stock, net of issuance costs | 114.1 | 93.7 | 90.9 | ||||||||||||||
Taxes paid related to net share settlement of equity awards | (156.7) | (112.5) | (143.4) | ||||||||||||||
Repurchase and retirement of common stock | (551.7) | (442.5) | (293.5) | ||||||||||||||
Proceeds from debt, net of discount | — | 498.9 | 500.0 | ||||||||||||||
Repayments of debt | (450.0) | (500.0) | — | ||||||||||||||
Other financing activities | (2.5) | (4.4) | (2.1) | ||||||||||||||
Net cash (used in) provided by financing activities | (1,046.8) | (466.8) | 151.9 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 11.0 | (2.3) | (10.6) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (2.5) | 888.7 | (192.0) | ||||||||||||||
Cash and cash equivalents at beginning of fiscal year | 1,774.7 | 886.0 | 1,078.0 | ||||||||||||||
Cash and cash equivalents at end of fiscal year | $ | 1,772.2 | $ | 1,774.7 | $ | 886.0 | |||||||||||
Supplemental cash flow information: | |||||||||||||||||
Cash paid during the year for interest | $ | 62.7 | $ | 67.8 | $ | 59.0 | |||||||||||
Cash paid for income taxes, net of tax refunds | $ | 92.8 | $ | 60.3 | $ | 78.0 | |||||||||||
Non-cash investing and financing activities:
|
|||||||||||||||||
Fair value of common stock issued to settle liability-classified restricted stock units | $ | 28.7 | $ | 23.5 | $ | — | |||||||||||
Fair value of equity awards assumed (See Note 6) | $ | — | $ | — | $ | 10.3 | |||||||||||
Fair value of common stock issued related to business combination (See Note 6) | $ | 37.9 | $ | — | $ | 44.8 |
Common stock and additional paid-in capital | Accumulated other comprehensive loss | Accumulated deficit | Total stockholders' (deficit) equity | ||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balances, January 31, 2018 | 218.3 | $ | 1,952.7 | $ | (123.8) | $ | (2,084.9) | $ | (256.0) | ||||||||||||||||||||||||||
Common stock 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 stock | (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 stock 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 stock | (2.7) | (93.3) | — | (362.2) | (455.5) | ||||||||||||||||||||||||||||||
Balances, January 31, 2020 | 219.4 | 2,317.0 | (160.3) | (2,295.8) | (139.1) | ||||||||||||||||||||||||||||||
Common stock issued under stock plans | 2.7 | (41.2) | — | — | (41.2) | ||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 385.6 | — | — | 385.6 | ||||||||||||||||||||||||||||||
Settlement of liability-classified restricted stock units | — | 28.7 | — | — | 28.7 | ||||||||||||||||||||||||||||||
Pre-combination expense related to equity awards assumed | — | 0.4 | — | — | 0.4 | ||||||||||||||||||||||||||||||
Net income | — | — | — | 1,208.2 | 1,208.2 | ||||||||||||||||||||||||||||||
Other comprehensive income | — | — | 34.4 | — | 34.4 | ||||||||||||||||||||||||||||||
Shares issued related to business combination | 0.1 | 37.9 | 37.9 | ||||||||||||||||||||||||||||||||
Repurchase and retirement of common stock | (2.6) | (149.5) | — | (399.9) | (549.4) | ||||||||||||||||||||||||||||||
Balances, January 31, 2021 | 219.6 | $ | 2,578.9 | $ | (125.9) | $ | (1,487.5) | $ | 965.5 |
January 31, | |||||||||||
2021 | 2020 | ||||||||||
Long-lived assets (1): | |||||||||||
Americas | |||||||||||
U.S. | $ | 423.6 | $ | 434.2 | |||||||
Other Americas | 29.5 | 33.2 | |||||||||
Total Americas | 453.1 | 467.4 | |||||||||
Europe, Middle East, and Africa | 109.7 | 75.8 | |||||||||
Asia Pacific | 46.7 | 57.3 | |||||||||
Total long-lived assets | $ | 609.5 | $ | 600.5 |
2021 | 2020 | ||||||||||
Trade accounts receivable | $ | 701.3 | $ | 716.1 | |||||||
Less: Allowance for credit losses | (3.8) | (4.9) | |||||||||
Product returns reserve | (0.7) | (0.5) | |||||||||
Partner programs and other obligations | (53.7) | (58.4) | |||||||||
Accounts receivable, net | $ | 643.1 | $ | 652.3 |
2021 | 2020 | ||||||||||
Computer hardware, at cost | $ | 153.3 | $ | 159.7 | |||||||
Computer software, at cost | 57.9 | 64.0 | |||||||||
Leasehold improvements, land and buildings, at cost | 335.9 | 284.0 | |||||||||
Furniture and equipment, at cost | 88.4 | 69.0 | |||||||||
Computer software, hardware, leasehold improvements, furniture, and equipment, at cost | 635.5 | 576.7 | |||||||||
Less: Accumulated depreciation | (442.7) | (415.0) | |||||||||
Computer software, hardware, leasehold improvements, furniture, and equipment, net
|
$ | 192.8 | $ | 161.7 |
2021 | 2020 | ||||||||||
Developed technologies, at cost | $ | 698.4 | $ | 647.1 | |||||||
Customer relationships, trade names, patents, and user lists, at cost (1) | 548.8 | 532.2 | |||||||||
Other intangible assets, at cost (2) | 1,247.2 | 1,179.3 | |||||||||
Less: accumulated amortization | (1,047.9) | (972.2) | |||||||||
Other intangible assets, net | $ | 199.3 | $ | 207.1 |
Fiscal Year ended January 31, | |||||
2022 | $ | 60.5 | |||
2023 | 48.8 | ||||
2024 | 30.5 | ||||
2025 | 22.7 | ||||
2026 | 18.9 | ||||
Thereafter | 17.9 | ||||
Total | $ | 199.3 |
January 31, 2021 | January 31, 2020 | ||||||||||
Goodwill, beginning of the year | $ | 2,594.2 | $ | 2,600.0 | |||||||
Less: accumulated impairment losses, beginning of the year | (149.2) | (149.2) | |||||||||
Additions arising from acquisitions during the year | 220.8 | — | |||||||||
Effect of foreign currency translation | 40.7 | (5.8) | |||||||||
Goodwill, end of the year | $ | 2,706.5 | $ | 2,445.0 |
Fiscal Year Ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cost of subscription and maintenance revenue | $ | 17.2 | $ | 13.8 | $ | 13.2 | |||||||||||
Cost of other revenue | 6.4 | 5.8 | 4.3 | ||||||||||||||
Marketing and sales | 178.4 | 149.0 | 109.4 | ||||||||||||||
Research and development | 145.0 | 120.8 | 82.6 | ||||||||||||||
General and administrative | 52.8 | 73.0 | 40.0 | ||||||||||||||
Stock-based compensation expense related to stock awards and Employee Qualified Stock Purchase Plan ("ESPP") purchases
|
399.8 | 362.4 | 249.5 | ||||||||||||||
Tax benefit | (42.0) | (1.1) | (2.6) | ||||||||||||||
Stock-based compensation expense related to stock awards and ESPP purchases, net
|
$ | 357.8 | $ | 361.3 | $ | 246.9 |
Fiscal Year Ended | Fiscal Year Ended | Fiscal Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
January 31, 2021 | January 31, 2020 | January 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
Performance Stock Unit | ESPP | Performance Stock Unit | ESPP | Stock Option Plans | Performance Stock Unit | ESPP | ||||||||||||||||||||||||||||||||||||||||||||
Range of expected volatilities
|
50.7%
|
39.4 - 45.8%
|
36.3%
|
33.0 - 40.0%
|
37.0 - 42.0%
|
35.7%
|
33.0 - 38.0%
|
|||||||||||||||||||||||||||||||||||||||||||
Range of expected lives (in years)
|
N/A
|
0.5 - 2.0
|
N/A
|
0.5 - 2.0
|
0.5 - 3.8
|
N/A
|
0.5 - 2.0
|
|||||||||||||||||||||||||||||||||||||||||||
Expected dividends |
—%
|
—%
|
—%
|
—%
|
—%
|
—%
|
—%
|
|||||||||||||||||||||||||||||||||||||||||||
Range of risk-free interest rates
|
0.3%
|
0.1 - 0.5%
|
2.5%
|
1.7 - 2.5%
|
2.3 - 2.7%
|
2.0%
|
1.9 - 2.8%
|
Fiscal Year ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Net revenue by product family: | |||||||||||||||||
Architecture, Engineering and Construction | $ | 1,648.6 | $ | 1,377.1 | $ | 1,021.6 | |||||||||||
Manufacturing | 798.6 | 726.1 | 616.2 | ||||||||||||||
AutoCAD and AutoCAD LT | 1,099.4 | 948.2 | 731.8 | ||||||||||||||
Media and Entertainment | 219.4 | 199.2 | 182 | ||||||||||||||
Other | 24.4 | 23.7 | 18.2 | ||||||||||||||
Total net revenue | $ | 3,790.4 | $ | 3,274.3 | $ | 2,569.8 | |||||||||||
Net revenue by geographic area: | |||||||||||||||||
Americas | |||||||||||||||||
U.S. | $ | 1,281.8 | $ | 1,108.9 | $ | 874.6 | |||||||||||
Other Americas | 260.6 | 226.9 | 175.3 | ||||||||||||||
Total Americas | 1,542.4 | 1,335.8 | 1,049.9 | ||||||||||||||
Europe, Middle East and Africa | 1,472.6 | 1,303.5 | 1,034.3 | ||||||||||||||
Asia Pacific | 775.4 | 635.0 | 485.6 | ||||||||||||||
Total net revenue | $ | 3,790.4 | $ | 3,274.3 | $ | 2,569.8 | |||||||||||
Net revenue by sales channel: | |||||||||||||||||
Indirect | $ | 2,600.0 | $ | 2,282.2 | $ | 1,830.8 | |||||||||||
Direct | 1,190.4 | 992.1 | 739.0 | ||||||||||||||
Total net revenue | $ | 3,790.4 | $ | 3,274.3 | $ | 2,569.8 | |||||||||||
Net revenue by product type: | |||||||||||||||||
Design | $ | 3,365.8 | $ | 2,920.1 | $ | 2,347.8 | |||||||||||
Make | 296.4 | 218.4 | 89.6 | ||||||||||||||
Other | 128.2 | 135.8 | 132.4 | ||||||||||||||
Total net revenue | $ | 3,790.4 | $ | 3,274.3 | $ | 2,569.8 |
January 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents (1): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | $ | 36.0 | $ | — | $ | — | $ | 36.0 | $ | — | $ | 36.0 | $ | — | ||||||||||||||||||||||||||||||||||||
Money market funds | 686.9 | — | — | 686.9 | 686.9 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Other (2) | 4.4 | — | — | 4.4 | 4.0 | 0.4 | — | |||||||||||||||||||||||||||||||||||||||||||
Marketable securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term available-for-sale | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other (3) | 4.0 | — | 4.0 | 4.0 | — | |||||||||||||||||||||||||||||||||||||||||||||
Short-term trading securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds (4) | 64.5 | 16.5 | — | 81.0 | 81.0 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Strategic investments derivative asset (5)
|
0.1 | 0.4 | (0.3) | 0.2 | — | — | 0.2 | |||||||||||||||||||||||||||||||||||||||||||
Derivative contract assets (5) | 0.4 | 9.8 | (0.4) | 9.8 | — | 9.8 | ||||||||||||||||||||||||||||||||||||||||||||
Derivative contract liabilities (6) | — | — | (17.5) | (17.5) | — | (17.5) | — | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 796.3 | $ | 26.7 | $ | (18.2) | $ | 804.8 | $ | 771.9 | $ | 32.7 | $ | 0.2 |
January 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 (3) | 59.9 | 9.2 | (0.1) | 69.0 | 69.0 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Strategic investments derivative asset (4)
|
0.1 | 0.5 | — | 0.6 | — | — | 0.6 | |||||||||||||||||||||||||||||||||||||||||||
Derivative contract assets (4) | 1.0 | 9.2 | (1.3) | 8.9 | — | 8.9 | — | |||||||||||||||||||||||||||||||||||||||||||
Derivative contract liabilities (5) | — | — | (4.7) | (4.7) | — | (4.7) | — | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,241.6 | $ | 18.9 | $ | (6.1) | $ | 1,254.4 | $ | 1,205.8 | $ | 48.0 | $ | 0.6 |
Fiscal Year Ended | Cumulative Amount as of | ||||||||||||||||||||||
2021 | 2020 | 2019 | January 31, 2021 | ||||||||||||||||||||
Upward adjustments (1) | $ | 6.6 | $ | 3.2 | $ | 6.2 | $ | 16.0 | |||||||||||||||
Negative adjustments, including impairments (1) | (51.6) | (4.2) | (4.8) | (60.6) | |||||||||||||||||||
Net adjustments | $ | (45.0) | $ | (1.0) | $ | 1.4 | $ | (44.6) |
Fiscal Year Ended January 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Net revenue | Cost of revenue | Operating expenses | ||||||||||||||||||||||||||||||||||||
|
Subscription revenue | Maintenance revenue | Cost of subscription and maintenance revenue | Marketing and sales | Research and development | General and administrative | ||||||||||||||||||||||||||||||||
Total amounts of income and expense line items presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ | 3,478.9 | $ | 183.3 | $ | 242.1 | $ | 1,440.3 | $ | 932.5 | $ | 413.9 | ||||||||||||||||||||||||||
(Loss) gain on cash flow hedging relationships in Subtopic ASC 815-20 | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
||||||||||||||||||||||||||||||||||||||
Amount of (loss) gain reclassified from accumulated other comprehensive income into income | $ | (0.4) | $ | 0.1 | $ | 0.6 | $ | 2.4 | $ | 0.5 | $ | 1.2 |
Fiscal Year Ended January 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Net revenue | Cost of revenue | Operating expenses | ||||||||||||||||||||||||||||||||||||
|
Subscription revenue | Maintenance revenue | Cost of subscription and maintenance revenue | Marketing and sales | Research and development | General and administrative | ||||||||||||||||||||||||||||||||
Total amounts of income and expense line items presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ | 2,751.9 | $ | 386.6 | $ | 223.9 | $ | 1,310.3 | $ | 851.1 | $ | 405.6 | ||||||||||||||||||||||||||
Gain (loss) on cash flow hedging relationships in Subtopic ASC 815-20 | ||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts
|
||||||||||||||||||||||||||||||||||||||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | $ | 11.7 | $ | 5.9 | $ | (0.9) | $ | (4.3) | $ | (0.7) | $ | (2.1) |
Balance Sheet Location | Fair Value at | ||||||||||||||||
|
January 31, 2021 | January 31, 2020 | |||||||||||||||
Derivative Assets | |||||||||||||||||
Foreign currency contracts designated as cash flow hedges
|
Prepaid expenses and other current assets | $ | 4.7 | $ | 1.0 | ||||||||||||
Derivatives not designated as hedging instruments | Prepaid expenses and other current assets and long-term other assets | 5.3 | 8.4 | ||||||||||||||
Total derivative assets | $ | 10.0 | $ | 9.4 | |||||||||||||
Derivative Liabilities | |||||||||||||||||
Foreign currency contracts designated as cash flow hedges | Other accrued liabilities | $ | 16.5 | $ | 2.8 | ||||||||||||
Derivatives not designated as hedging instruments | Other accrued liabilities | 1.0 | 1.9 | ||||||||||||||
Total derivative liabilities | $ | 17.5 | $ | 4.7 |
Foreign Currency Contracts | |||||||||||||||||
Fiscal Year Ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Amount of (loss) gain recognized in accumulated other comprehensive loss on derivatives (effective portion) | $ | (28.1) | $ | 3.0 | $ | 19.6 | |||||||||||
Amount and location of (loss) gain reclassified from accumulated other comprehensive loss into income (loss) (effective portion) | |||||||||||||||||
Net revenue | $ | (0.3) | $ | 17.6 | $ | (8.5) | |||||||||||
Cost of revenue | 0.6 | (0.9) | — | ||||||||||||||
Operating expenses | 4.1 | (7.1) | (3.6) | ||||||||||||||
Total | $ | 4.4 | $ | 9.6 | $ | (12.1) |
Fiscal Year Ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Amount and location of (loss) gain recognized on derivatives in net income (loss) | |||||||||||||||||
Interest and other expense, net | $ | (0.8) | $ | 6.0 | $ | 6.6 |
Unreleased Restricted Stock Units (in thousands) | Weighted average grant date fair value per share | ||||||||||
Unvested restricted stock at January 31, 2020 | 4,732.3 | $ | 147.24 | ||||||||
Granted | 2,462.2 | 224.20 | |||||||||
Vested | (2,341.6) | 142.15 | |||||||||
Canceled/Forfeited | (327.8) | 158.00 | |||||||||
Performance Adjustment (1)
|
(18.0) | 190.74 | |||||||||
Unvested restricted stock at January 31, 2021 | 4,507.1 | $ | 191.88 |
Fiscal year ended January 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Issued shares | 0.9 | 0.9 | 1.0 | |||||||||||||||||
Average price of issued shares | $ | 122.73 | $ | 102.20 | $ | 90.25 | ||||||||||||||
Weighted average grant date fair value of awards granted under the ESPP | $ | 55.98 | $ | 47.78 | $ | 42.75 |
(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
|
4.7 | $ | 23.75 | 17.3 | (1) | |||||||||||||||
Total | 4.7 | $ | 23.75 | 17.3 |
Fiscal year ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Federal: | |||||||||||||||||
Current | $ | 9.8 | $ | (2.3) | $ | (13.3) | |||||||||||
Deferred | (741.0) | 7.6 | (6.7) | ||||||||||||||
State: | |||||||||||||||||
Current | 19.0 | (0.4) | (1.8) | ||||||||||||||
Deferred | (57.5) | 2.1 | 0.1 | ||||||||||||||
Foreign: | |||||||||||||||||
Current | 87.6 | 69.6 | 65.3 | ||||||||||||||
Deferred | 20.6 | 3.7 | (5.5) | ||||||||||||||
Income tax provision (benefit) | $ | (661.5) | $ | 80.3 | $ | 38.1 |
Fiscal year ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Income tax provision (benefit) at U.S. Federal statutory rate | $ | 114.8 | $ | 61.9 | $ | (9.0) | |||||||||||
State income tax benefit, net of the U.S. Federal benefit | (7.9) | (5.3) | (11.4) | ||||||||||||||
Foreign income taxed at rates different from the U.S. statutory rate | (15.7) | (41.2) | 117.8 | ||||||||||||||
Valuation allowance adjustment | (661.7) | 65.3 | 18.8 | ||||||||||||||
Transition tax and revisions due to subsequent regulations | 9.6 | (16.0) | |||||||||||||||
Tax effect of non-deductible stock-based compensation | 20.4 | 24.9 | 7.6 | ||||||||||||||
Stock compensation windfall / shortfall | (35.4) | (22.4) | (39.4) | ||||||||||||||
Research and development tax credit benefit | (22.1) | (19.8) | (23.5) | ||||||||||||||
Closure of income tax audits and changes in uncertain tax positions | — | (2.0) | (12.7) | ||||||||||||||
Tax effect of officer compensation in excess of $1.0 million
|
4.6 | 3.4 | 5.0 | ||||||||||||||
Non-deductible expenses | 2.3 | 5.4 | 1.5 | ||||||||||||||
Global intangible low-taxed income, foreign derived intangible income | (65.0) | — | — | ||||||||||||||
Other | 4.2 | 0.5 | (0.6) | ||||||||||||||
Income tax provision (benefit) | $ | (661.5) | $ | 80.3 | $ | 38.1 |
January 31, | |||||||||||
2021 | 2020 | ||||||||||
Stock-based compensation | $ | 39.0 | $ | 32.8 | |||||||
Research and development tax credit carryforwards | 220.4 | 263.4 | |||||||||
Foreign tax credit carryforwards | 69.9 | 253.9 | |||||||||
Accrued compensation and benefits | 3.4 | 3.4 | |||||||||
Other accruals not currently deductible for tax | 14.1 | 28.4 | |||||||||
Purchased technology and capitalized software | 48.2 | 37.7 | |||||||||
Fixed assets | 8.1 | 11.6 | |||||||||
Lease liability | 114.2 | 106.4 | |||||||||
Tax loss carryforwards | 65.5 | 241.2 | |||||||||
Deferred revenue | 501.5 | 29.2 | |||||||||
Other | 40.2 | 28.0 | |||||||||
Total deferred tax assets | 1,124.5 | 1,036.0 | |||||||||
Less: valuation allowance | (186.5) | (883.4) | |||||||||
Net deferred tax assets | 938.0 | 152.6 | |||||||||
Indefinite lived intangibles | (83.1) | (76.5) | |||||||||
Right-of-use assets | (101.6) | (101.3) | |||||||||
Unremitted earnings of foreign subsidiaries | (1.6) | (0.9) | |||||||||
Total deferred tax liabilities | (186.3) | (178.7) | |||||||||
Net deferred tax assets (liabilities) | $ | 751.7 | $ | (26.1) |
Fiscal Year Ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Gross unrecognized tax benefits at the beginning of the fiscal year | $ | 220.6 | $ | 209.0 | $ | 337.6 | |||||||||||
Increases for tax positions of prior years | 12.7 | 2.8 | 7.9 | ||||||||||||||
Decreases for tax positions of prior years | (41.1) | (0.4) | (146.3) | ||||||||||||||
Increases for tax positions related to the current year | 6.4 | 11.1 | 10.3 | ||||||||||||||
Decreases relating to settlements with taxing authorities | — | — | — | ||||||||||||||
Reductions as a result of lapse of the statute of limitations | (0.6) | (1.9) | (0.5) | ||||||||||||||
Gross unrecognized tax benefits at the end of the fiscal year | $ | 198.0 | $ | 220.6 | $ | 209.0 |
Spacemaker | Other | Total | |||||||||||||||
Developed technologies | $ | 29.8 | $ | 12.0 | $ | 41.8 | |||||||||||
Customer relationships | 3.9 | 5.7 | 9.6 | ||||||||||||||
Trade name | 1.1 | 0.8 | 1.9 | ||||||||||||||
Goodwill | 189.4 | 31.4 | 220.8 | ||||||||||||||
Deferred revenue (current and non-current) | (0.4) | (2.2) | (2.6) | ||||||||||||||
Net tangible assets (liabilities) | 7.3 | (2.3) | 5.0 | ||||||||||||||
Total
|
$ | 231.1 | $ | 45.4 | $ | 276.5 |
Aggregate Principal Amount | Fair value | ||||||||||
2012 Notes | $ | 350.0 | $ | 366.3 | |||||||
$300 2015 Notes
|
300.0 | 341.4 | |||||||||
2017 Notes | 500.0 | 564.6 | |||||||||
2020 Notes | 500.0 | 542.7 |
Fiscal year ending | |||||||||||||||||||||||
2022 | $ | — | |||||||||||||||||||||
2023 | 350.0 | ||||||||||||||||||||||
2024 | — | ||||||||||||||||||||||
2025 | — | ||||||||||||||||||||||
2026 | 300.0 | ||||||||||||||||||||||
Thereafter | 1,000.0 | ||||||||||||||||||||||
Total principal outstanding | $ | 1,650.0 |
Fiscal Year Ended January 31, 2021 | ||||||||||||||||||||
Cost of subscription and maintenance revenue | Cost of other revenue | Marketing and sales | Research and development | General and administrative | Total | |||||||||||||||
Operating lease cost | $ | 7.2 | $ | 1.9 | $ | 45.0 | $ | 29.2 | $ | 18.1 | $ | 101.4 | ||||||||
Variable lease cost | 0.9 | 0.2 | 5.3 | 3.5 | 2.1 | 12.0 |
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, 2021 | Fiscal Year Ended January 31, 2020 | ||||||||||
Cash paid for operating leases included in operating cash flows (1) | $ | 96.3 | $ | 93.5 | |||||||
Non-cash operating lease liabilities arising from obtaining operating right-of-use assets | 67.4 | 231.7 |
Fiscal year ending | |||||
2022 | $ | 82.8 | |||
2023 | 95.0 | ||||
2024 | 79.2 | ||||
2025 | 59.3 | ||||
2026 | 45.2 | ||||
Thereafter | 149.1 | ||||
510.6 | |||||
Less imputed interest | 43.2 | ||||
Present value of operating lease liabilities | $ | 467.4 |
Fiscal Year Ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Interest and investment expense, net | $ | (51.1) | $ | (54.0) | $ | (52.1) | |||||||||||
Gain on foreign currency | 3.5 | 3.9 | 5.1 | ||||||||||||||
(Loss) gain on strategic investments | (41.7) | (3.3) | 12.5 | ||||||||||||||
Other income | 6.9 | 5.2 | 16.8 | ||||||||||||||
Interest and other expense, net | $ | (82.4) | $ | (48.2) | $ | (17.7) |
Net Unrealized Gains (Losses) on Derivative Instruments | Net Unrealized Gains (Losses) on Available for Sale Securities | Defined Benefit Pension Components | Foreign Currency Translation Adjustments | Total | |||||||||||||||||||||||||
Balances, January 31, 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) | ||||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (33.1) | 1.5 | 0.3 | 64.3 | 33.0 | ||||||||||||||||||||||||
Pre-tax (gain) loss reclassified from accumulated other comprehensive income | (4.4) | 0.1 | 1.5 | — | (2.8) | ||||||||||||||||||||||||
Tax effects | 5.0 | 0.1 | (0.3) | (0.6) | 4.2 | ||||||||||||||||||||||||
Net current period other comprehensive (loss) income | (32.5) | 1.7 | 1.5 | 63.7 | 34.4 | ||||||||||||||||||||||||
Balances, January 31, 2021 | $ | (24.1) | $ | 6.4 | $ | (21.3) | $ | (86.9) | $ | (125.9) |
Fiscal Year Ended January 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | 1,208.2 | $ | 214.5 | $ | (80.8) | |||||||||||
Denominator: | |||||||||||||||||
Denominator for basic net income (loss) per share—weighted average shares | 219.4 | 219.7 | 218.9 | ||||||||||||||
Effect of dilutive securities (1) | 2.7 | 2.8 | — | ||||||||||||||
Denominator for dilutive net income (loss) per share | 222.1 | 222.5 | 218.9 | ||||||||||||||
Basic net income (loss) per share | $ | 5.51 | $ | 0.98 | $ | (0.37) | |||||||||||
Diluted net income (loss) per share | $ | 5.44 | $ | 0.96 | $ | (0.37) |
Pension Benefits | |||||
2022 | $ | 2.6 | |||
2023 | 2.6 | ||||
2024 | 2.7 | ||||
2025 | 3.9 | ||||
2026 | 2.9 | ||||
2027-2031 | 17.1 | ||||
Total | $ | 31.8 |
2021 | 1st quarter | 2nd quarter | 3rd quarter | 4th quarter | Fiscal year | ||||||||||||||||||||||||
Net revenue | $ | 885.7 | $ | 913.1 | $ | 952.4 | $ | 1,039.2 | $ | 3,790.4 | |||||||||||||||||||
Gross profit | 803.8 | 832.2 | 868.7 | 948.6 | 3,453.3 | ||||||||||||||||||||||||
Income from operations | 130.6 | 146.1 | 168.0 | 184.4 | 629.1 | ||||||||||||||||||||||||
(Provision) benefit for income taxes | (24.0) | (30.8) | (23.9) | 740.2 | 661.5 | ||||||||||||||||||||||||
Net income | 66.5 | 98.2 | 132.2 | 911.3 | 1,208.2 | ||||||||||||||||||||||||
Basic net income per share (1) | $ | 0.30 | $ | 0.45 | $ | 0.60 | $ | 4.15 | $ | 5.51 | |||||||||||||||||||
Diluted net income per share (1) | $ | 0.30 | $ | 0.44 | $ | 0.59 | $ | 4.10 | $ | 5.44 | |||||||||||||||||||
Income from operations includes the following items: | |||||||||||||||||||||||||||||
Stock-based compensation expense | $ | 98.2 | $ | 95.9 | $ | 97.4 | $ | 108.3 | $ | 399.8 | |||||||||||||||||||
Amortization of acquisition related intangibles
|
17.1 | 16.9 | 17.2 | 17.2 | 68.4 | ||||||||||||||||||||||||
Acquisition related costs | 1.9 | 3.5 | 4.5 | 4.7 | 14.6 | ||||||||||||||||||||||||
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 (1) | $ | (0.11) | $ | 0.18 | $ | 0.30 | $ | 0.60 | $ | 0.98 | |||||||||||||||||||
Diluted net (loss) income per share (1) | $ | (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 |
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 accounting process related to the realizability of deferred tax assets. This included controls over the Company’s evaluation of positive and negative evidence used in determining the amount of deferred tax assets that were more likely than not to be realized in the future, the Company’s scheduling of the future reversal of existing taxable temporary differences, and projections of future taxable income. Our audit procedures included, among others, assessing the Company’s evaluation of positive and negative evidence and testing the Company’s scheduling of the reversal of existing taxable temporary differences. We evaluated the assumptions used by the Company to develop projections of future taxable income by jurisdiction and tested the completeness and accuracy of the underlying data used in its projections. For example, we compared the projections of future taxable income with the actual results of prior periods, as well as the Company’s analysis of current industry and economic trends. We also assessed the historical accuracy of the Company’s projections and compared the projections of future taxable income with other forecasted financial information prepared by the Company. We evaluated the adequacy of the Company’s financial statement disclosures related to the release of its valuation allowance. |
Name | Age | Position | |||||||||
Andrew Anagnost | 56 | President and Chief Executive Officer | |||||||||
Deborah L. Clifford
|
46 | EVP and Chief Financial Officer | |||||||||
Steve M. Blum | 56 | Chief Revenue Officer | |||||||||
Pascal W. Di Fronzo | 56 | EVP, Corporate Affairs, Chief Legal Officer & Secretary |
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, 2021 | |||||||||||||||||||||||
Partner Program reserves (1) | $ | 60.4 | 491.9 | 488.3 | $ | 64.0 | |||||||||||||||||
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 |
Exhibit | Filed | Incorporated by Reference | ||||||||||||||||||
Number | Description | Herewith | Form | SEC File No. | Exhibit | Filing Date | ||||||||||||||
3.1 | 10-K | 000-14338 | 3.1 | 3/20/2006 | ||||||||||||||||
3.2 | 8-K | 000-14338 | 3.1 | 3/23/2020 | ||||||||||||||||
4.1 | 8-K | 000-14338 | 4.1 | 12/13/2012 | ||||||||||||||||
4.2 | 8-K | 000-14338 | 4.2 | 12/13/2012 | ||||||||||||||||
4.3 | 8-K | 000-14338 | 4.1 | 6/8/2017 | ||||||||||||||||
4.4 | 8-K | 000-14338 | 4.1 | 1/14/2020 | ||||||||||||||||
4.5 | 10-K | 000-14338 | 4.6 | 3/19/2020 | ||||||||||||||||
10.1* | 8-K | 000-14338 | 3/26/2018 | |||||||||||||||||
10.2* | 10-Q | 000-14338 | 10.3 | 8/30/2018 | ||||||||||||||||
10.3* | 10-Q | 000-14338 | 10.5 | 8/30/2016 | ||||||||||||||||
10.4* | 10-Q | 000-14338 | 10.2 | 8/30/2018 | ||||||||||||||||
10.5* | 10-Q | 000-14338 | 10.2 | 8/30/2016 | ||||||||||||||||
10.6* | 10-Q | 000-14338 | 10.3 | 8/30/2016 | ||||||||||||||||
10.7* | 8-K | 000-14338 | 10.2 | 3/13/2012 | ||||||||||||||||
10.8* | 8-K | 000-14338 | 10.4 | 3/13/2012 | ||||||||||||||||
10.9* | S-8 | 333-228934 | 99.1 | 12/21/2018 | ||||||||||||||||
10.10* | S-8 | 333-229346 | 99.1 | 1/24/2019 | ||||||||||||||||
10.11* | 10-K | 000-14338 | 10.18 | 3/21/2017 | ||||||||||||||||
10.12* | 8-K | 000-14338 | 10.5 | 3/13/2012 | ||||||||||||||||
10.13* | 10-Q | 000-14338 | 10.1 | 6/4/2019 | ||||||||||||||||
10.14* | 10-K | 000-14338 | 10.23 | 3/23/2016 | ||||||||||||||||
10.15* | 10-Q | 000-14338 | 10.1 | 12/8/2009 | ||||||||||||||||
10.16* | 8-K | 000-14338 | 10.1 | 12/21/2016 | ||||||||||||||||
10.17* | 10-K | 000-14338 | 10.17 | 3/25/2019 | ||||||||||||||||
10.18* | 10-K | 000-14338 | 10.8 | 3/31/2005 | ||||||||||||||||
10.19* | 8-K | 000-14338 | 10.1 | 6/19/2017 | ||||||||||||||||
10.20* | 8-K | 000-14338 | 99.1 | 8/30/2018 | ||||||||||||||||
10.21* | X | |||||||||||||||||||
10.22* | 10-Q | 000-14338 | 10.1 | 10/31/2004 | ||||||||||||||||
10.23 | 10-K | 000-14338 | 10.30 | 3/19/2010 | ||||||||||||||||
10.24 | 8-K | 000-14338 | 10.1 | 12/20/2018 |
Exhibit | Filed | Incorporated by Reference | ||||||||||||||||||
Number | Description | Herewith | Form | SEC File No. | Exhibit | Filing Date | ||||||||||||||
10.25 | 8-K | 000-14338 | 10.2 | 12/20/2018 | ||||||||||||||||
21.1 | X | |||||||||||||||||||
23.1 | X | |||||||||||||||||||
24.1 | X | |||||||||||||||||||
31.1 | X | |||||||||||||||||||
31.2 | X | |||||||||||||||||||
32.1† | X | |||||||||||||||||||
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) |
AUTODESK, INC. | |||||||||||
By: | /s/ ANDREW ANAGNOST | ||||||||||
Andrew Anagnost | |||||||||||
President and Chief Executive Officer | |||||||||||
Dated: | March 19, 2021 |
Signature | Title | |||||||
/s/ ANDREW ANAGNOST |
President and Chief Executive Officer, Director
(Principal Executive Officer)
|
|||||||
Andrew Anagnost | ||||||||
/s/ DEBORAH L. CLIFFORD |
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
|||||||
Deborah L. Clifford
|
||||||||
/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 |
Subsidiary Name | Jurisdiction of Incorporation | |||||||
1695543 Ontario Inc. | Canada | |||||||
ADSK Ireland Limited | Ireland | |||||||
Assemble Systems, LLC | U.S. | |||||||
Autodesk (China) Software Research and Development Co., Ltd. | China | |||||||
Autodesk (EMEA) Sárl | Switzerland | |||||||
Autodesk AB | Sweden | |||||||
Autodesk Americas LLC | U.S. | |||||||
Autodesk ApS | Denmark | |||||||
Autodesk Asia Pte. Ltd. | Singapore | |||||||
Autodesk Australia Pty. Ltd. | Australia | |||||||
Autodesk B.V. | Netherlands | |||||||
Autodesk Canada Co. | Canada | |||||||
Autodesk Colombia, S.A.S. | Colombia | |||||||
Autodesk de Argentina S.A. | Argentina | |||||||
Autodesk de Costa Rica, S.R.L. | Costa Rica | |||||||
Autodesk de Mexico, S.A. de C.V. | Mexico | |||||||
Autodesk de Venezuela, S.A. | Venezuela | |||||||
Autodesk Development B.V. | Netherlands | |||||||
Autodesk Development S.á.r.l. | Switzerland | |||||||
Autodesk Direct Limited | United Kingdom | |||||||
Autodesk do Brasil Ltda | Brazil | |||||||
Autodesk Far East Limited | Hong Kong | |||||||
Autodesk France S.A.S. | 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 Limited | South Korea | |||||||
Autodesk Limited | Saudi Arabia | |||||||
Autodesk Limited | United Kingdom | |||||||
Autodesk Ltd. Japan | Japan | |||||||
Autodesk Netherlands Holdings B.V. | Netherlands |
Autodesk Norway AS | Norway | |||||||
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 | |||||||
BuildingConnected, Inc. | U.S. | |||||||
CadSoft Computer GmbH | Germany | |||||||
CAMplete Solutions, Inc. | Canada | |||||||
Crispin Systems Limited | United Kingdom | |||||||
Delcam (Malaysia) Sdn. Bhd | Malaysia | |||||||
Delcam Australia Pty Limited | Australia | |||||||
Delcam Consulting and Technology Services Limited | India | |||||||
Delcam Indonesia | Indonesia | |||||||
Delcam 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 Australia Pty Ltd. | Australia | |||||||
PlanGrid Canada ULC | Canada | |||||||
PlanGrid Hong Kong Limited | Hong Kong | |||||||
PlanGrid, Inc. | U.S. | |||||||
Pype LLC | U.S. | |||||||
Pype Technologies Private Limited | India | |||||||
Shotgun Software, LLC | U.S. | |||||||
Spacemaker AEC Software Oy | Finland | |||||||
Spacemaker AS Norway | Norway | |||||||
Spacemaker France SAS | France | |||||||
Spacemaker Sweden AB | Sweden | |||||||
Spacemaker US Inc. | U.S. | |||||||
Solid Angle S.L.U. | Spain | |||||||
TradeTapp, Inc. | U.S. | |||||||
Within Technologies Limited | United Kingdom |
Form S-3ASR | 333-248557 | Senior Debt Securities | ||||||
Form S-8 | 333-229346 | Amended and Restated BuildingConnected, Inc. 2013 Stock Plan | ||||||
Form S-8 | 333-228934 | PlanGrid 2012 Equity Incentive Plan | ||||||
Form S-3ASR | 333-226196 | Autodesk, Inc. Common Stock | ||||||
Form S-8 | 333-223861 | Autodesk, Inc. 2012 Employee Stock Plan | ||||||
Form S-8 | 333-213701 | Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan | ||||||
Form S-8 | 333-205038 | Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan and Autodesk, Inc. 2012 Employee Stock Plan | ||||||
Form S-8 | 333-194463 | Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan and Autodesk, Inc. 2012 Employee Stock Plan | ||||||
Form S-8 | 333-187338 | Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan | ||||||
Form S-8 | 333-179514 | Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan, Autodesk, Inc. 2012 Employee Stock Plan and Autodesk, Inc. 2012 Outside Directors' Stock Plan | ||||||
Form S-8 | 333-172936 | Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan | ||||||
Form S-8 | 333-165561 | Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan and Autodesk, Inc. 2010 Outside Directors' Stock Plan | ||||||
Form S-8 | 333-158131 | Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan | ||||||
Form S-8 | 333-149964 | Autodesk, Inc. 2008 Employee Stock Plan, Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan | ||||||
Form S-8 | 333-133015 | Autodesk, Inc. 2006 Employee Stock Plan, Autodesk, Inc. 2000 Directors' Option Plan, Autodesk, Inc. 1998 Employee Qualified Stock Purchase Plan, and Alias Systems Holdings Inc. 2004 Stock Option Plan | ||||||
Form S-8 | 333-116203 | 1996 Stock Plan and 1998 Employee Qualified Stock Purchase Plan | ||||||
Form S-8 | 333-106556 | 1996 Stock Plan and 1998 Employee Qualified Stock Purchase Plan | ||||||
Form S-8 | 333-88682 | Revit Technology Corporation 1998 Stock Plan, 1996 Stock Plan and 1998 Employee Qualified Stock Purchase Plan | ||||||
Form S-8 | 333-67974 | 1996 Stock Plan, 1998 Employee Qualified Stock Purchase Plan and Nonstatutory Stock Option Plan | ||||||
Form S-8 | 333-45928 | 1996 Stock Plan, 2000 Directors' Option Plan and 1998 Employee Qualified Stock Purchase Plan | ||||||
Form S-8 | 333-81207 | 1996 Stock Plan, 1998 Employee Qualified Stock Purchase Plan and Nonstatutory Stock Option Plan | ||||||
Form S-8 | 333-62655 | 1996 Stock Plan and 1998 Employee Qualified Stock Purchase Plan | ||||||
Form S-8 | 333-08693 | 1996 Stock Plan, 1990 Directors' Option Plan, 1998 Employee Qualified Stock Purchase Plan and Teleos Research 1996 Stock Plan |
/s/ ANDREW ANAGNOST | |||||
Andrew Anagnost | |||||
President and Chief Executive Officer
(Principal Executive Officer) |
/s/ DEBORAH L. CLIFFORD | |||||
Deborah L. Clifford | |||||
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
/s/ ANDREW ANAGNOST | |||||
Andrew Anagnost | |||||
President and Chief Executive Officer
(Principal Executive Officer) |
/s/ DEBORAH L. CLIFFORD | |||||
Deborah L. Clifford | |||||
Executive Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) |