[February 26, 2015] |
|
Autodesk Reports Strong Fourth Quarter Results
Autodesk,
Inc. (NASDAQ:ADSK) today reported financial results for the fourth
quarter and full fiscal year ended January 31, 2015. The strong increase
in billings and subscriptions and record cash flow from operating
activities reflect continued progress on the company's ongoing business
model transition.
Fourth Quarter Fiscal 2015
-
Total billings increased 13 percent, compared to the fourth quarter
last year as reported, and 20 percent on a constant currency basis.
-
Deferred revenue increased 28 percent to a record $1.16 billion,
compared to $901 million in the fourth quarter last year.
-
Total subscriptions, including maintenance, desktop (rental), and
cloud subscriptions, increased by approximately 100,000 from the third
quarter of fiscal 2015, including approximately 17,000 subscriptions
related to the recent acquisition of Shotgun. This is the first
quarter that Shotgun subscriptions have been included in the
subscription count.
-
Revenue was $665 million, an increase of 13 percent compared to the
fourth quarter last year as reported, and 15 percent on a constant
currency basis. Revenue contribution from the recent acquisition of
Delcam was approximately $20 million.
-
GAAP operating margin was 2 percent, compared to 9 percent in the
fourth quarter last year.
-
Non-GAAP operating margin was 13 percent, compared to 20 percent in
the fourth quarter last year. A reconciliation of GAAP to non-GAAP
results is provided in the accompanying tables.
-
GAAP diluted earnings per share were $0.05, compared to $0.23 in the
fourth quarter last year.
-
Non-GAAP diluted earnings per share were $0.25, compared to $0.40 in
the fourth quarter last year.
-
Cash flow from operating activities was a record $257 million,
compared to $184 million in the fourth quarter last year.
"Our strong fourth quarter results capped off a terrific year for
Autodesk," said Carl
Bass, Autodesk president and CEO. "Strength in our core
Architecture, Engineering and Construction (AEC) and Manufacturing
business segments led to over-performance on nearly all metrics,
including billings, revenue, deferred revenue, subscription additions,
and cash flow. Fiscal 2015 was the first year of our business model
transition to more cloud and term-based subscription offerings and we
are pleased with our early progress. Our subscription offerings provide
our customers with greater flexibility and create a new and better
experience. Over the course of the next two years we expect to
transition the vast majority of our business to these subscription
offerings."
Fourth Quarter Operational Overview
EMEA revenue was $273 million, an increase of 19 percent compared to the
fourth quarter last year as reported, and 21 percent on a constant
currency basis. Revenue in the Americas increased 15 percent compared to
the fourth quarter last year to $238 million. Revenue in APAC was $154
million, an increase of 2 percent compared to the fourth quarter last
year as reported, and 7 percent on a constant currency basis. Revenue
from emerging economies was $107 million, an increase of 21 percent
compared to the fourth quarter last year as reported, and 22 percent on
a constant currency basis. Revenue from emerging economies represented
16 percent of total revenue in the fourth quarter.
Revenue from the AEC business segment was $242 million, an increase of
24 percent compared to the fourth quarter last year. Revenue from the
Platform Solutions and Emerging Business (PSEB) segment was $189
million, a decrease of 4 percent compared to the fourth quarter last
year. Revenue from the Manufacturing business segment was $190 million,
an increase of 23 percent compared to the fourth quarter last year.
Revenue from the Media and Entertainment business (M&E) segment was $43
million, an increase of 5 percent compared to the fourth quarter last
year.
Revenue from Flagship products was $298 million, an increase of 4
percent compared to the fourth quarter last year. Revenue from Suites
was $249 million, an increase of 15 percent compared to the fourth
quarter last year. Revenue from New and Adjacent products was $117
million, an increase of 41 percent compared to the fourth quarter last
year.
Fiscal 2015 Highlights*
-
Total billings increased 18 percent compared to fiscal 2014 as
reported, and increased 20 percent on a constant currency basis.
-
Revenue was $2.51 billion, an increase of 10 percent compared to
fiscal 2014 as reported, and 12 percent on a constant currency basis.
Revenue contribution from the recent acquisition of Delcam was
approximately $48 million.
-
Total subscriptions (maintenance, desktop, and cloud) increased by
approximately 385,000 to 2.23 million.
-
Revenue from Suites increased 17 percent.
-
Revenue from the AEC business segment increased 19 percent.
-
Revenue from the Manufacturing business segment increased 17 percent.
-
Total deferred revenue increased 28 percent to $1.16 billion.
-
Cash flow from operations increased 26 percent to $708 million.
*All numbers are compared to fiscal 2014.
Business Outlook
The following are forward-looking statements based on current
expectations and assumptions, and involve risks and uncertainties some
of which are set forth below. Autodesk's business outlook for the first
quarter and full year fiscal 2016 assumes, among other things, a
continuation of the current economic environment and foreign exchange
currency rate environment. A reconciliation between the GAAP and
non-GAAP estimates for fiscal 2016 is provided below or in the tables
following this press release.
First Quarter Fiscal 2016
|
|
|
|
Q1 FY16 (ending
|
Q1 FY16 Guidance Metrics
|
|
|
April 30, 2015)
|
Revenue (in millions)
|
|
|
$625 - $645
|
EPS GAAP
|
|
|
$0.01 - $0.06
|
EPS Non-GAAP (1)
|
|
|
$0.25 - $0.30
|
_______________
|
|
|
|
(1)
|
|
Non-GAAP earnings per diluted share exclude $0.16 related to
stock-based compensation expense and $0.08 for the amortization of
acquisition related intangibles, net of tax.
|
Full Year Fiscal 2016
|
|
|
FY16 (ending
|
FY16 Guidance Metrics
|
|
|
January 31, 2016)
|
Billings growth (1)
|
|
|
3 - 5%
|
Revenue growth (2)
|
|
|
3 - 5%
|
GAAP operating margin
|
|
|
2 - 4%
|
Non-GAAP operating margin
|
|
|
13 - 15%
|
EPS GAAP
|
|
|
$0.10 - $0.25
|
EPS Non-GAAP (3)
|
|
|
$1.05 - $1.20
|
Net subscription additions
|
|
|
375,000 - 425,000
|
_______________
|
|
|
|
(1)
|
|
On a constant currency basis, billings growth would be 9% - 11%.
|
(2)
|
|
On a constant currency basis, revenue growth would be 7% - 9%.
|
(3)
|
|
Non-GAAP earnings per diluted share exclude $0.70 related to
stock-based compensation expense and $0.25 for the amortization of
acquisition related intangibles, net of tax.
|
The first quarter and full year fiscal 2016 outlook assume a projected
annual effective tax rate of 28 percent and 26 percent for GAAP and
non-GAAP results, respectively.
Earnings Conference Call and Webcast
Autodesk will host its fourth quarter conference call today at 5:00 p.m.
ET. The live broadcast can be accessed at http://www.autodesk.com/investors.
Supplemental financial information and prepared remarks for the
conference call will be posted to the investor relations section of
Autodesk's website simultaneously with this press release.
NOTE: The prepared remarks will not be read on the conference
call. The conference call will include only brief remarks followed by
questions and answers.
A replay of the broadcast will be available at 7:00 pm ET at http://www.autodesk.com/investors.
This replay will be maintained on Autodesk's website for at least 12
months.
Safe Harbor Statement
This press release contains forward-looking statements that involve
risks and uncertainties, including statements in the paragraphs under
"Business Outlook" above, statements regarding the impacts of our
business model transition, statements regarding growth in our cloud and
term-based subscription offerings, and other statements regarding our
strategies, market and products positions, performance, and results.
There are a significant number of factors that could cause actual
results to differ materially from statements made in this press release,
including: general market, political, economic and business conditions;
failure to maintain our revenue growth and profitability; failure to
successfully manage transitions to new business models and markets,
including the introduction of additional ratable revenue streams and our
continuing efforts to attract customers to our cloud-based offerings and
expenses related to the transition of our business model; failure to
control our expenses; our performance in particular geographies,
including emerging economies; the ability of governments around the
world to meet their financial and debt obligations, and finance
infrastructure projects; weak or negative growth in the industries we
serve; slowing momentum in subscription billings or revenues; difficulty
in predicting revenue from new businesses and the potential impact on
our financial results from changes in our business models; difficulties
encountered in integrating new or acquired businesses and technologies;
the inability to identify and realize the anticipated benefits of
acquisitions; the financial and business condition of our reseller and
distribution channels; dependence on and the timing of large
transactions; fluctuation in foreign currency exchange rates; the
success of our foreign currency hedging program; failure to achieve
sufficient sell-through in our channels for new or existing products;
pricing pressure; unexpected fluctuations in our tax rate; the timing
and degree of expected investments in growth and efficiency
opportunities; changes in the timing of product releases and
retirements; and any unanticipated accounting charges.
Further information on potential factors that could affect the financial
results of Autodesk are included in Autodesk's Annual Report on Form
10-K for the year ended January 31, 2014 and Quarterly Reports on Form
10-Q for the quarters ended April 30, July 31, 2014, and October 31,
2014, which are on file with the U.S. Securities and Exchange
Commission. Autodesk disclaims any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were made.
About Autodesk
Autodesk helps people imagine, design and create a better world.
Everyone--from design professionals, engineers and architects to digital
artists, students and hobbyists--uses Autodesk software to unlock their
creativity and solve important challenges. For more information
visit autodesk.com or follow @autodesk.
Autodesk is a registered trademark of Autodesk, Inc., and/or its
subsidiaries and/or affiliates in the USA and/or other countries. All
other brand names, product names or trademarks belong to their
respective holders. Autodesk reserves the right to alter product and
service offerings, and specifications and pricing at any time without
notice, and is not responsible for typographical or graphical errors
that may appear in this document.
© 2015 Autodesk, Inc. All rights reserved.
|
Autodesk, Inc.
|
Condensed Consolidated Statements of Operations
|
(In millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended January 31,
|
|
Fiscal Year Ended January 31,
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
Net revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
License and other
|
|
$
|
354.3
|
|
|
$
|
320.7
|
|
|
$
|
1,341.4
|
|
|
$
|
1,254.9
|
|
Subscription
|
|
310.3
|
|
|
265.9
|
|
|
1,170.8
|
|
|
1,019.0
|
|
Total net revenue
|
|
664.6
|
|
|
586.6
|
|
|
2,512.2
|
|
|
2,273.9
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of license and other revenue
|
|
53.9
|
|
|
48.1
|
|
|
208.5
|
|
|
178.7
|
|
Cost of subscription revenue
|
|
35.6
|
|
|
23.8
|
|
|
133.6
|
|
|
95.6
|
|
Total cost of revenue
|
|
89.5
|
|
|
71.9
|
|
|
342.1
|
|
|
274.3
|
|
Gross profit
|
|
575.1
|
|
|
514.7
|
|
|
2,170.1
|
|
|
1,999.6
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and sales
|
|
289.9
|
|
|
232.3
|
|
|
998.0
|
|
|
842.6
|
|
Research and development
|
|
191.5
|
|
|
162.4
|
|
|
725.2
|
|
|
611.1
|
|
General and administrative (1)
|
|
70.4
|
|
|
53.0
|
|
|
283.3
|
|
|
211.8
|
|
Amortization of purchased intangibles (1)
|
|
9.3
|
|
|
9.0
|
|
|
39.8
|
|
|
36.5
|
|
Restructuring charges, net
|
|
-
|
|
|
6.3
|
|
|
3.1
|
|
|
12.8
|
|
Total operating expenses
|
|
561.1
|
|
|
463.0
|
|
|
2,049.4
|
|
|
1,714.8
|
|
Income from operations
|
|
14.0
|
|
|
51.7
|
|
|
120.7
|
|
|
284.8
|
|
Interest and other (expense) income, net
|
|
(21.1
|
)
|
|
4.6
|
|
|
(37.7
|
)
|
|
(4.9
|
)
|
(Loss) income before income taxes
|
|
(7.1
|
)
|
|
56.3
|
|
|
83.0
|
|
|
279.9
|
|
Benefit (provision) for income taxes
|
|
18.6
|
|
|
(2.4
|
)
|
|
(1.2
|
)
|
|
(51.1
|
)
|
Net income
|
|
$
|
11.5
|
|
|
$
|
53.9
|
|
|
$
|
81.8
|
|
|
$
|
228.8
|
|
Basic net income per share
|
|
$
|
0.05
|
|
|
$
|
0.24
|
|
|
$
|
0.36
|
|
|
$
|
1.02
|
|
Diluted net income per share
|
|
$
|
0.05
|
|
|
$
|
0.23
|
|
|
$
|
0.35
|
|
|
$
|
1.00
|
|
Weighted average shares used in computing basic net income per share
|
|
227.2
|
|
|
225.5
|
|
|
227.1
|
|
|
224.0
|
|
Weighted average shares used in computing diluted net income per
share
|
|
232.2
|
|
|
231.1
|
|
|
232.4
|
|
|
229.6
|
|
_____________________
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Effective in second quarter of fiscal 2015, Autodesk elected to
present amortization of purchased customer relationships, trade
names, patents, and user lists as a separate line item within
operating expenses. As a result, amortization previously reflected
in "General and Administrative" expense was reclassified to
"Amortization of Purchased Intangibles" within Operating Expenses.
Prior period amounts have been revised to conform to the current
period presentation.
|
|
|
|
|
Autodesk, Inc.
|
Condensed Consolidated Balance Sheets
|
(In millions)
|
|
|
|
|
|
|
|
|
|
January 31, 2015
|
|
January 31, 2014
|
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,410.6
|
|
|
$
|
1,853.0
|
|
Marketable securities
|
|
615.8
|
|
|
414.1
|
|
Accounts receivable, net
|
|
458.9
|
|
|
423.7
|
|
Deferred income taxes, net
|
|
85.1
|
|
|
56.8
|
|
Prepaid expenses and other current assets
|
|
100.9
|
|
|
87.4
|
|
Total current assets
|
|
2,671.3
|
|
|
2,835.0
|
|
Marketable securities
|
|
273.0
|
|
|
277.3
|
|
Computer equipment, software, furniture and leasehold improvements,
net
|
|
159.2
|
|
|
130.3
|
|
Developed technologies, net
|
|
86.5
|
|
|
63.1
|
|
Goodwill
|
|
1,456.2
|
|
|
1,009.9
|
|
Deferred income taxes, net
|
|
100.0
|
|
|
131.1
|
|
Other assets
|
|
167.6
|
|
|
148.3
|
|
Total assets
|
|
$
|
4,913.8
|
|
|
$
|
4,595.0
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
100.5
|
|
|
$
|
84.5
|
|
Accrued compensation
|
|
253.3
|
|
|
181.2
|
|
Accrued income taxes
|
|
28.2
|
|
|
24.3
|
|
Deferred revenue
|
|
900.8
|
|
|
696.2
|
|
Other accrued liabilities
|
|
117.3
|
|
|
85.3
|
|
Total current liabilities
|
|
1,400.1
|
|
|
1,071.5
|
|
Deferred revenue
|
|
256.3
|
|
|
204.4
|
|
Long term income taxes payable
|
|
158.8
|
|
|
211.8
|
|
Long term notes payable, net of discount
|
|
747.2
|
|
|
746.4
|
|
Other liabilities
|
|
132.2
|
|
|
99.4
|
|
Stockholders' equity:
|
|
|
|
|
|
|
Preferred stock
|
|
-
|
|
|
-
|
|
Common stock and additional paid-in capital
|
|
1,773.1
|
|
|
1,637.3
|
|
Accumulated other comprehensive loss
|
|
(53.3
|
)
|
|
(0.6
|
)
|
Retained earnings
|
|
499.4
|
|
|
624.8
|
|
Total stockholders' equity
|
|
2,219.2
|
|
|
2,261.5
|
|
Total liabilities and stockholders' equity
|
|
$
|
4,913.8
|
|
|
$
|
4,595.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autodesk, Inc.
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended January 31,
|
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
Operating activities:
|
|
|
|
|
|
|
Net income
|
|
$
|
81.8
|
|
|
$
|
228.8
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
Depreciation, amortization and accretion
|
|
145.9
|
|
|
128.9
|
|
Stock-based compensation expense
|
|
165.6
|
|
|
132.2
|
|
Excess tax benefits from stock-based compensation
|
|
(0.5
|
)
|
|
(9.1
|
)
|
Restructuring charges, net
|
|
3.1
|
|
|
12.8
|
|
Other operating activities
|
|
16.2
|
|
|
(16.1
|
)
|
Changes in operating assets and liabilities, net of business
combinations
|
|
296.0
|
|
|
86.0
|
|
Net cash provided by operating activities
|
|
708.1
|
|
|
563.5
|
|
Investing activities:
|
|
|
|
|
|
|
Purchases of marketable securities
|
|
(1,355.1
|
)
|
|
(1,214.2
|
)
|
Sales of marketable securities
|
|
190.0
|
|
|
537.0
|
|
Maturities of marketable securities
|
|
969.0
|
|
|
742.1
|
|
Acquisitions, net of cash acquired
|
|
(630.0
|
)
|
|
(176.1
|
)
|
Capital Expenditures
|
|
(75.5
|
)
|
|
(64.2
|
)
|
Other investing activities
|
|
(4.0
|
)
|
|
(18.6
|
)
|
Net cash used in investing activities
|
|
(905.6
|
)
|
|
(194.0
|
)
|
Financing activities:
|
|
|
|
|
|
|
Proceeds from issuance of common stock, net of issuance costs
|
|
135.4
|
|
|
288.2
|
|
Repurchase and retirement of common stock
|
|
(372.4
|
)
|
|
(423.8
|
)
|
Excess tax benefits from stock-based compensation
|
|
0.5
|
|
|
9.1
|
|
Other financing activities
|
|
(3.4
|
)
|
|
-
|
|
Net cash used in financing activities
|
|
(239.9
|
)
|
|
(126.5
|
)
|
Effect of exchange rate changes on cash and cash equivalents
|
|
(5.0
|
)
|
|
(2.2
|
)
|
Net (decrease) increase in cash and cash equivalents
|
|
(442.4
|
)
|
|
240.8
|
|
Cash and cash equivalents at beginning of fiscal year
|
|
1,853.0
|
|
|
1,612.2
|
|
Cash and cash equivalents at end of fiscal year
|
|
$
|
1,410.6
|
|
|
$
|
1,853.0
|
|
|
|
|
|
|
|
|
|
|
Autodesk, Inc.
Reconciliation of GAAP financial measures to non-GAAP financial
measures
(In millions, except per share data)
To supplement our consolidated financial statements presented on a GAAP
basis, Autodesk provides investors with certain non-GAAP measures
including non-GAAP gross margin, non-GAAP operating expenses, non-GAAP
operating margin, non-GAAP net income, non-GAAP net income per share and
billings. Excluding billings, these non-GAAP financial measures are
adjusted to exclude certain costs, expenses, gains and losses, including
stock-based compensation expense, restructuring charges, amortization of
purchased intangibles, gain and loss on strategic investments, and
related income tax expenses. In the case of billings, we reconcile to
revenue by adjusting for the change in deferred revenue from the
beginning to the end of the period less any deferred revenue balances
acquired from business combination(s) during the period and other
discounts. See our reconciliation of GAAP financial measures to non-GAAP
financial measures herein. We believe these exclusions are appropriate
to enhance an overall understanding of our past financial performance
and also our prospects for the future, as well as to facilitate
comparisons with our historical operating results. These adjustments to
our GAAP results are made with the intent of providing both management
and investors a more complete understanding of Autodesk's underlying
operational results and trends and our marketplace performance. For
example, non-GAAP results are an indication of our baseline performance
before gains, losses or other charges that are considered by management
to be outside our core operating results. In addition, these non-GAAP
financial measures are among the primary indicators management uses as a
basis for our planning and forecasting of future periods.
There are limitations in using non-GAAP financial measures because the
non-GAAP financial measures are not prepared in accordance with
generally accepted accounting principles and may be different from
non-GAAP financial measures used by other companies. The non-GAAP
financial measures are limited in value because they exclude certain
items that may have a material impact upon our reported financial
results. The presentation of this additional information is not meant to
be considered in isolation or as a substitute for the directly
comparable financial measures prepared in accordance with GAAP in the
United States. Investors should review the reconciliation of the
non-GAAP financial measures to their most directly comparable GAAP
financial measures as provided in the tables accompanying this press
release.
|
|
|
|
|
|
|
Three Months Ended January 31,
|
|
Fiscal Year Ended January 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP cost of license and other revenue
|
|
$
|
53.9
|
|
|
$
|
48.1
|
|
|
$
|
208.5
|
|
|
$
|
178.7
|
|
Stock-based compensation expense
|
|
(1.4
|
)
|
|
(1.1
|
)
|
|
(4.6
|
)
|
|
(3.8
|
)
|
Amortization of developed technology
|
|
(11.5
|
)
|
|
(10.6
|
)
|
|
(48.6
|
)
|
|
(40.1
|
)
|
Non-GAAP cost of license and other revenue
|
|
$
|
41.0
|
|
|
$
|
36.4
|
|
|
$
|
155.3
|
|
|
$
|
134.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP cost of subscription revenue
|
|
$
|
35.6
|
|
|
$
|
23.8
|
|
|
$
|
133.6
|
|
|
$
|
95.6
|
|
Stock-based compensation expense
|
|
(1.4
|
)
|
|
(0.6
|
)
|
|
(4.3
|
)
|
|
(2.2
|
)
|
Amortization of developed technology
|
|
(1.1
|
)
|
|
(1.0
|
)
|
|
(4.6
|
)
|
|
(4.1
|
)
|
Non-GAAP cost of subscription revenue
|
|
$
|
33.1
|
|
|
$
|
22.2
|
|
|
$
|
124.7
|
|
|
$
|
89.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
575.1
|
|
|
$
|
514.7
|
|
|
$
|
2,170.1
|
|
|
$
|
1,999.6
|
|
Stock-based compensation expense
|
|
2.8
|
|
|
1.7
|
|
|
8.9
|
|
|
6.0
|
|
Amortization of developed technology
|
|
12.6
|
|
|
11.6
|
|
|
53.2
|
|
|
44.2
|
|
Non-GAAP gross profit
|
|
$
|
590.5
|
|
|
$
|
528.0
|
|
|
$
|
2,232.2
|
|
|
$
|
2,049.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP marketing and sales
|
|
$
|
289.9
|
|
|
$
|
232.3
|
|
|
$
|
998.0
|
|
|
$
|
842.6
|
|
Stock-based compensation expense
|
|
(21.4
|
)
|
|
(16.1
|
)
|
|
(72.4
|
)
|
|
(58.6
|
)
|
Non-GAAP marketing and sales
|
|
$
|
268.5
|
|
|
$
|
216.2
|
|
|
$
|
925.6
|
|
|
$
|
784.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development
|
|
$
|
191.5
|
|
|
$
|
162.4
|
|
|
$
|
725.2
|
|
|
$
|
611.1
|
|
Stock-based compensation expense
|
|
(16.7
|
)
|
|
(12.4
|
)
|
|
(56.0
|
)
|
|
(43.7
|
)
|
Non-GAAP research and development
|
|
$
|
174.8
|
|
|
$
|
150.0
|
|
|
$
|
669.2
|
|
|
$
|
567.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative
|
|
$
|
70.4
|
|
|
$
|
53.0
|
|
|
$
|
283.3
|
|
|
$
|
211.8
|
|
Stock-based compensation expense
|
|
(8.2
|
)
|
|
(5.9
|
)
|
|
(28.3
|
)
|
|
(23.9
|
)
|
Non-GAAP general and administrative
|
|
$
|
62.2
|
|
|
$
|
47.1
|
|
|
$
|
255.0
|
|
|
$
|
187.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP amortization of purchased intangibles
|
|
$
|
9.3
|
|
|
$
|
9.0
|
|
|
$
|
39.8
|
|
|
$
|
36.5
|
|
Amortization of purchased intangibles
|
|
$
|
(9.3
|
)
|
|
$
|
(9.0
|
)
|
|
$
|
(39.8
|
)
|
|
$
|
(36.5
|
)
|
Non-GAAP Amortization of purchased intangibles
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP restructuring charges, net
|
|
$
|
-
|
|
|
$
|
6.3
|
|
|
$
|
3.1
|
|
|
$
|
12.8
|
|
Restructuring charges, net
|
|
-
|
|
|
(6.3
|
)
|
|
(3.1
|
)
|
|
(12.8
|
)
|
Non-GAAP restructuring charges, net
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses
|
|
$
|
561.1
|
|
|
$
|
463.0
|
|
|
$
|
2,049.4
|
|
|
$
|
1,714.8
|
|
Stock-based compensation expense
|
|
(46.3
|
)
|
|
(34.4
|
)
|
|
(156.7
|
)
|
|
(126.2
|
)
|
Amortization of purchased intangibles
|
|
(9.3
|
)
|
|
(9.0
|
)
|
|
(39.8
|
)
|
|
(36.5
|
)
|
Restructuring charges, net
|
|
-
|
|
|
(6.3
|
)
|
|
(3.1
|
)
|
|
(12.8
|
)
|
Non-GAAP operating expenses
|
|
$
|
505.5
|
|
|
$
|
413.3
|
|
|
$
|
1,849.8
|
|
|
$
|
1,539.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from operations
|
|
$
|
14.0
|
|
|
$
|
51.7
|
|
|
$
|
120.7
|
|
|
$
|
284.8
|
|
Stock-based compensation expense
|
|
49.1
|
|
|
36.1
|
|
|
165.6
|
|
|
132.2
|
|
Amortization of developed technology
|
|
12.6
|
|
|
11.6
|
|
|
53.2
|
|
|
44.2
|
|
Amortization of purchased intangibles
|
|
9.3
|
|
|
9.0
|
|
|
39.8
|
|
|
36.5
|
|
Restructuring charges, net
|
|
-
|
|
|
6.3
|
|
|
3.1
|
|
|
12.8
|
|
Non-GAAP income from operations
|
|
$
|
85.0
|
|
|
$
|
114.7
|
|
|
$
|
382.4
|
|
|
$
|
510.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP interest and other income, net
|
|
$
|
(21.1
|
)
|
|
$
|
4.6
|
|
|
$
|
(37.7
|
)
|
|
$
|
(4.9
|
)
|
Loss on strategic investments
|
|
15.7
|
|
|
0.8
|
|
|
23.3
|
|
|
1.8
|
|
Non-GAAP interest and other income, net
|
|
$
|
(5.4
|
)
|
|
$
|
5.4
|
|
|
$
|
(14.4
|
)
|
|
$
|
(3.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP provision for income taxes
|
|
$
|
18.6
|
|
|
$
|
(2.4
|
)
|
|
$
|
(1.2
|
)
|
|
$
|
(51.1
|
)
|
Discrete GAAP tax provision items
|
|
(9.5
|
)
|
|
(7.9
|
)
|
|
(18.7
|
)
|
|
(10.2
|
)
|
Income tax effect of non-GAAP adjustments
|
|
(29.9
|
)
|
|
(16.6
|
)
|
|
(75.8
|
)
|
|
(60.5
|
)
|
Non-GAAP provision for income tax
|
|
$
|
(20.8
|
)
|
|
$
|
(26.9
|
)
|
|
$
|
(95.7
|
)
|
|
$
|
(121.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
|
|
$
|
11.5
|
|
|
$
|
53.9
|
|
|
$
|
81.8
|
|
|
$
|
228.8
|
|
Stock-based compensation expense
|
|
49.1
|
|
|
36.1
|
|
|
165.6
|
|
|
132.2
|
|
Amortization of developed technology
|
|
12.6
|
|
|
11.6
|
|
|
53.2
|
|
|
44.2
|
|
Amortization of purchased intangibles
|
|
9.3
|
|
|
9.0
|
|
|
39.8
|
|
|
36.5
|
|
Restructuring charges, net
|
|
-
|
|
|
6.3
|
|
|
3.1
|
|
|
12.8
|
|
Loss on strategic investments
|
|
15.7
|
|
|
0.8
|
|
|
23.3
|
|
|
1.8
|
|
Discrete GAAP tax provision items
|
|
(9.5
|
)
|
|
(7.9
|
)
|
|
(18.7
|
)
|
|
(10.2
|
)
|
Income tax effect of non-GAAP adjustments
|
|
(29.9
|
)
|
|
(16.6
|
)
|
|
(75.8
|
)
|
|
(60.5
|
)
|
Non-GAAP net income
|
|
$
|
58.8
|
|
|
$
|
93.2
|
|
|
$
|
272.3
|
|
|
$
|
385.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net income per share
|
|
$
|
0.05
|
|
|
$
|
0.23
|
|
|
$
|
0.35
|
|
|
$
|
1.00
|
|
Stock-based compensation expense
|
|
0.21
|
|
|
0.15
|
|
|
0.71
|
|
|
0.57
|
|
Amortization of developed technology
|
|
0.05
|
|
|
0.05
|
|
|
0.23
|
|
|
0.19
|
|
Amortization of purchased intangibles
|
|
0.04
|
|
|
0.04
|
|
|
0.17
|
|
|
0.16
|
|
Restructuring charges, net
|
|
-
|
|
|
0.03
|
|
|
0.01
|
|
|
0.06
|
|
Loss on strategic investments
|
|
0.07
|
|
|
-
|
|
|
0.10
|
|
|
-
|
|
Discrete GAAP tax provision items
|
|
(0.04
|
)
|
|
(0.03
|
)
|
|
(0.08
|
)
|
|
(0.04
|
)
|
Income tax effect of non-GAAP adjustments
|
|
(0.13
|
)
|
|
(0.07
|
)
|
|
(0.32
|
)
|
|
(0.26
|
)
|
Non-GAAP diluted net income per share
|
|
$
|
0.25
|
|
|
$
|
0.40
|
|
|
$
|
1.17
|
|
|
$
|
1.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Autodesk, Inc.
|
Other Supplemental Financial Information (a)
|
|
Fiscal Year 2015
|
|
QTR 1
|
|
QTR 2
|
|
QTR 3
|
|
QTR 4
|
|
YTD 2015
|
Financial Statistics ($ in millions, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Revenue:
|
|
$
|
593
|
|
|
$
|
637
|
|
|
$
|
618
|
|
|
$
|
665
|
|
|
$
|
2,512
|
|
License and Other Revenue
|
|
$
|
316
|
|
|
$
|
350
|
|
|
$
|
321
|
|
|
$
|
354
|
|
|
$
|
1,341
|
|
Subscription Revenue
|
|
$
|
276
|
|
|
$
|
287
|
|
|
$
|
298
|
|
|
$
|
310
|
|
|
$
|
1,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross Margin
|
|
87
|
%
|
|
86
|
%
|
|
86
|
%
|
|
87
|
%
|
|
86
|
%
|
Non-GAAP Gross Margin (1)(2)
|
|
89
|
%
|
|
89
|
%
|
|
89
|
%
|
|
89
|
%
|
|
89
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Expenses
|
|
$
|
472
|
|
|
$
|
499
|
|
|
$
|
517
|
|
|
$
|
561
|
|
|
$
|
2,049
|
|
GAAP Operating Margin
|
|
7
|
%
|
|
8
|
%
|
|
2
|
%
|
|
2
|
%
|
|
5
|
%
|
GAAP Net Income
|
|
$
|
28
|
|
|
$
|
31
|
|
|
$
|
11
|
|
|
$
|
12
|
|
|
$
|
82
|
|
GAAP Diluted Net Income Per Share (b)
|
|
$
|
0.12
|
|
|
$
|
0.13
|
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating Expenses (1)(3)
|
|
$
|
427
|
|
|
$
|
451
|
|
|
$
|
467
|
|
|
$
|
506
|
|
|
$
|
1,850
|
|
Non-GAAP Operating Margin (1)(4)
|
|
17
|
%
|
|
18
|
%
|
|
13
|
%
|
|
13
|
%
|
|
15
|
%
|
Non-GAAP Net Income (1)(5)(c)
|
|
$
|
74
|
|
|
$
|
82
|
|
|
$
|
58
|
|
|
$
|
59
|
|
|
$
|
272
|
|
Non-GAAP Diluted Net Income Per Share (1)(6)(b)(c)
|
|
$
|
0.32
|
|
|
$
|
0.35
|
|
|
$
|
0.25
|
|
|
$
|
0.25
|
|
|
$
|
1.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cash and Marketable Securities
|
|
$
|
2,388
|
|
|
$
|
2,169
|
|
|
$
|
2,157
|
|
|
$
|
2,299
|
|
|
$
|
2,299
|
|
Days Sales Outstanding
|
|
50
|
|
|
52
|
|
|
55
|
|
|
63
|
|
|
|
|
Capital Expenditures
|
|
$
|
15
|
|
|
$
|
17
|
|
|
$
|
28
|
|
|
$
|
16
|
|
|
$
|
76
|
|
Cash Flow from Operating Activities
|
|
$
|
219
|
|
|
$
|
96
|
|
|
$
|
136
|
|
|
$
|
257
|
|
|
$
|
708
|
|
GAAP Depreciation, Amortization and Accretion
|
|
$
|
36
|
|
|
$
|
37
|
|
|
$
|
37
|
|
|
$
|
36
|
|
|
$
|
146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Subscription Revenue Balance (c)
|
|
$
|
848
|
|
|
$
|
839
|
|
|
$
|
839
|
|
|
$
|
937
|
|
|
$
|
937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Geography:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
$
|
206
|
|
|
$
|
223
|
|
|
$
|
231
|
|
|
$
|
238
|
|
|
$
|
898
|
|
Europe, Middle East and Africa
|
|
$
|
226
|
|
|
$
|
244
|
|
|
$
|
238
|
|
|
$
|
273
|
|
|
$
|
980
|
|
Asia Pacific
|
|
$
|
161
|
|
|
$
|
170
|
|
|
$
|
149
|
|
|
$
|
154
|
|
|
$
|
634
|
|
% of Total Rev from Emerging Economies
|
|
13
|
%
|
|
15
|
%
|
|
15
|
%
|
|
16
|
%
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Architecture, Engineering and Construction
|
|
$
|
196
|
|
|
$
|
218
|
|
|
$
|
217
|
|
|
$
|
242
|
|
|
$
|
873
|
|
Platform Solutions and Emerging Business
|
|
$
|
212
|
|
|
$
|
208
|
|
|
$
|
188
|
|
|
$
|
189
|
|
|
$
|
797
|
|
Manufacturing
|
|
$
|
147
|
|
|
$
|
168
|
|
|
$
|
170
|
|
|
$
|
190
|
|
|
$
|
676
|
|
Media and Entertainment
|
|
$
|
38
|
|
|
$
|
44
|
|
|
$
|
43
|
|
|
$
|
43
|
|
|
$
|
167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of Total Rev from Flagship
|
|
50
|
%
|
|
48
|
%
|
|
47
|
%
|
|
45
|
%
|
|
48
|
%
|
% of Total Rev from Suites
|
|
35
|
%
|
|
36
|
%
|
|
36
|
%
|
|
37
|
%
|
|
36
|
%
|
% of Total Rev from New and Adjacent
|
|
14
|
%
|
|
16
|
%
|
|
17
|
%
|
|
18
|
%
|
|
16
|
%
|
% of Total Rev from AutoCAD and AutoCAD LT
|
|
32
|
%
|
|
29
|
%
|
|
27
|
%
|
|
25
|
%
|
|
28
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Favorable (Unfavorable) Impact of U.S. Dollar Translation
Relative to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign Currencies Compared to Comparable Prior Year Period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FX Impact on Total Net Revenue
|
|
$
|
(9
|
)
|
|
$
|
-
|
|
|
$
|
(4
|
)
|
|
$
|
(11
|
)
|
|
$
|
(24
|
)
|
FX Impact on Cost of Revenue and Total Operating Expenses
|
|
$
|
2
|
|
|
$
|
(2
|
)
|
|
$
|
3
|
|
|
$
|
14
|
|
|
$
|
17
|
|
FX Impact on Operating Income
|
|
$
|
(7
|
)
|
|
$
|
(2
|
)
|
|
$
|
(1
|
)
|
|
$
|
3
|
|
|
$
|
(7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin by Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Architecture, Engineering and Construction
|
|
$
|
176
|
|
|
$
|
196
|
|
|
$
|
194
|
|
|
$
|
220
|
|
|
$
|
786
|
|
Platform Solutions and Emerging Business
|
|
$
|
191
|
|
|
$
|
185
|
|
|
$
|
167
|
|
|
$
|
169
|
|
|
$
|
712
|
|
Manufacturing (a)
|
|
$
|
133
|
|
|
$
|
152
|
|
|
$
|
153
|
|
|
$
|
167
|
|
|
$
|
604
|
|
Media and Entertainment
|
|
$
|
29
|
|
|
$
|
32
|
|
|
$
|
32
|
|
|
$
|
34
|
|
|
$
|
127
|
|
Unallocated amounts (a)
|
|
$
|
(15
|
)
|
|
$
|
(16
|
)
|
|
$
|
(15
|
)
|
|
$
|
(15
|
)
|
|
$
|
(59
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding
|
|
227.5
|
|
|
227.2
|
|
|
227.2
|
|
|
227.0
|
|
|
227.0
|
|
Fully Diluted Weighted Average Shares Outstanding
|
|
231.6
|
|
|
232.4
|
|
|
231.5
|
|
|
232.2
|
|
|
232.4
|
|
Shares Repurchased
|
|
2.0
|
|
|
1.9
|
|
|
1.9
|
|
|
1.1
|
|
|
6.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Subscriptions (c)
|
|
1.94
|
|
|
2.01
|
|
|
2.13
|
|
|
2.23
|
|
|
2.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Totals may not agree with the sum of the components due to
rounding.
|
(b) Earnings per share were computed independently for each of the
periods presented; therefore the sum of the earnings per share
amounts for the quarters may not equal the total for the year.
|
(c) Total Subscriptions consists of subscriptions from our
maintenance, desktop, cloud service and enterprise license
offerings that are active as of the quarter end date. For certain
cloud based and enterprise license offerings, subscriptions
represent the monthly average activity within the last three
months of the quarter end date. Total subscriptions do not include
data from education offerings, consumer product offerings, certain
Creative Finishing product offerings, Autodesk Buzzsaw, Autodesk
Constructware and third party products. Subscriptions acquired
with the acquisition of a business are captured once the data
conforms to our subscription count methodology and when added, may
cause variability in the quarterly comparisons of this calculation.
|
|
(1) To supplement our consolidated financial statements presented
on a GAAP basis, Autodesk provides investors with certain non-GAAP
measures including non-GAAP gross margin, non-GAAP operating
expenses, non-GAAP operating margin, non-GAAP net income, non-GAAP
net income per share and billings. Excluding net billings, these
non-GAAP financial measures are adjusted to exclude certain costs,
expenses, gains and losses, including stock-based compensation
expense, restructuring charges, amortization of purchased
intangibles, gain and loss on strategic investments, and related
income tax expenses. In the case of billings, we reconcile to
revenue by adjusting for the change in deferred revenue from the
beginning to the end of the period less any deferred revenue
balances acquired from business combination(s) during the period
and other discounts. See our reconciliation of GAAP financial
measures to non-GAAP financial measures herein. We believe these
exclusions are appropriate to enhance an overall understanding of
our past financial performance and also our prospects for the
future, as well as to facilitate comparisons with our historical
operating results. These adjustments to our GAAP results are made
with the intent of providing both management and investors a more
complete understanding of Autodesk's underlying operational
results and trends and our marketplace performance. For example,
non-GAAP results are an indication of our baseline performance
before gains, losses or other charges that are considered by
management to be outside our core operating results. In addition,
these non-GAAP financial measures are among the primary indicators
management uses as a basis for our planning and forecasting of
future periods. There are limitations in using non-GAAP financial
measures because the non-GAAP financial measures are not prepared
in accordance with generally accepted accounting principles and
may be different from non-GAAP financial measures used by other
companies. The non-GAAP financial measures are limited in value
because they exclude certain items that may have a material impact
upon our reported financial results. The presentation of this
additional information is not meant to be considered in isolation
or as a substitute for the directly comparable financial measures
prepared in accordance with GAAP in the United States. Investors
should review the reconciliation of the non-GAAP financial
measures to their most directly comparable GAAP financial measures
as provided in the tables accompanying Autodesk's press release.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) GAAP Gross Margin
|
|
87
|
%
|
|
|
86
|
%
|
|
|
86
|
%
|
|
|
87
|
%
|
|
86
|
%
|
Stock-based compensation expense
|
|
-
|
%
|
|
|
-
|
%
|
|
|
-
|
%
|
|
|
-
|
%
|
|
1
|
%
|
Amortization of developed technology
|
|
2
|
%
|
|
|
3
|
%
|
|
|
3
|
%
|
|
|
2
|
%
|
|
2
|
%
|
Non-GAAP Gross Margin
|
|
89
|
%
|
|
|
89
|
%
|
|
|
89
|
%
|
|
|
89
|
%
|
|
89
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) GAAP Operating Expenses
|
|
$
|
472
|
|
|
$
|
499
|
|
|
$
|
517
|
|
|
$
|
561
|
|
|
$
|
2,049
|
|
Stock-based compensation expense
|
|
(32
|
)
|
|
|
(38
|
)
|
|
|
(41
|
)
|
|
|
(46
|
)
|
|
(157
|
)
|
Amortization of purchased intangibles
|
|
(11
|
)
|
|
|
(10
|
)
|
|
|
(10
|
)
|
|
|
(9
|
)
|
|
(40
|
)
|
Restructuring charges, net
|
|
(2
|
)
|
|
|
(1
|
)
|
|
|
-
|
|
|
-
|
|
|
(3
|
)
|
Non-GAAP Operating Expenses
|
|
$
|
427
|
|
|
$
|
451
|
|
|
$
|
467
|
|
|
$
|
506
|
|
|
$
|
1,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) GAAP Operating Margin
|
|
7
|
%
|
|
|
8
|
%
|
|
|
2
|
%
|
|
|
2
|
%
|
|
5
|
%
|
Stock-based compensation expense
|
|
6
|
%
|
|
|
6
|
%
|
|
|
7
|
%
|
|
|
8
|
%
|
|
7
|
%
|
Amortization of developed technology
|
|
2
|
%
|
|
|
2
|
%
|
|
|
2
|
%
|
|
|
2
|
%
|
|
2
|
%
|
Amortization of purchased intangibles
|
|
2
|
%
|
|
|
2
|
%
|
|
|
2
|
%
|
|
|
1
|
%
|
|
1
|
%
|
Restructuring charges, net
|
|
-
|
%
|
|
|
-
|
%
|
|
|
-
|
%
|
|
|
-
|
%
|
|
-
|
%
|
Non-GAAP Operating Margin
|
|
17
|
%
|
|
|
18
|
%
|
|
|
13
|
%
|
|
|
13
|
%
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) GAAP Net Income
|
|
$
|
28
|
|
|
$
|
31
|
|
|
$
|
11
|
|
|
$
|
12
|
|
|
$
|
82
|
|
Stock-based compensation expense
|
|
34
|
|
|
40
|
|
|
43
|
|
|
49
|
|
|
166
|
|
Amortization of developed technology
|
|
13
|
|
|
15
|
|
|
13
|
|
|
13
|
|
|
53
|
|
Amortization of purchased intangibles
|
|
11
|
|
|
10
|
|
|
10
|
|
|
9
|
|
|
40
|
|
Restructuring charges, net
|
|
2
|
|
|
1
|
|
|
-
|
|
|
-
|
|
|
3
|
|
Loss on strategic investments
|
|
4
|
|
|
3
|
|
|
1
|
|
|
16
|
|
|
23
|
|
Discrete GAAP tax provision items
|
|
(2
|
)
|
|
|
(3
|
)
|
|
|
(5
|
)
|
|
|
(10
|
)
|
|
(19
|
)
|
Income tax effect of non-GAAP adjustments
|
|
(16
|
)
|
|
|
(15
|
)
|
|
|
(15
|
)
|
|
|
(30
|
)
|
|
(76
|
)
|
Non-GAAP Net Income
|
|
$
|
74
|
|
|
$
|
82
|
|
|
$
|
58
|
|
|
$
|
59
|
|
|
$
|
272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) GAAP Diluted Net Income Per Share
|
|
$
|
0.12
|
|
|
$
|
0.13
|
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.35
|
|
Stock-based compensation expense
|
|
0.14
|
|
|
0.18
|
|
|
0.19
|
|
|
0.21
|
|
|
0.71
|
|
Amortization of developed technology
|
|
0.06
|
|
|
0.06
|
|
|
0.06
|
|
|
0.05
|
|
|
0.23
|
|
Amortization of purchased intangibles
|
|
0.05
|
|
|
0.04
|
|
|
0.04
|
|
|
0.04
|
|
|
0.17
|
|
Restructuring charges, net
|
|
0.01
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.01
|
|
Loss on strategic investments
|
|
0.02
|
|
|
0.01
|
|
|
-
|
|
|
0.07
|
|
|
0.10
|
|
Discrete GAAP tax provision items
|
|
(0.01
|
)
|
|
|
(0.01
|
)
|
|
|
(0.02
|
)
|
|
|
(0.04
|
)
|
|
(0.08
|
)
|
Income tax effect of non-GAAP adjustments
|
|
(0.07
|
)
|
|
|
(0.06
|
)
|
|
|
(0.07
|
)
|
|
|
(0.13
|
)
|
|
(0.32
|
)
|
Non-GAAP Diluted Net Income Per Share
|
|
$
|
0.32
|
|
|
$
|
0.35
|
|
|
$
|
0.25
|
|
|
$
|
0.25
|
|
|
$
|
1.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation for Billings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q115
|
|
|
Q215
|
|
|
Q315
|
|
|
Q415
|
|
FY15
|
Year over year change in GAAP Net Revenue
|
|
4
|
%
|
|
|
13
|
%
|
|
|
11
|
%
|
|
|
13
|
%
|
|
10
|
%
|
Change in deferred revenue in the current period
|
|
8
|
%
|
|
|
12
|
%
|
|
|
13
|
%
|
|
|
2
|
%
|
|
8
|
%
|
Change in acquisition related deferred revenue and other
|
|
(2
|
)%
|
|
|
2
|
%
|
|
|
1
|
%
|
|
|
(2
|
)%
|
|
-
|
%
|
Year over year change in Billings
|
|
10
|
%
|
|
|
27
|
%
|
|
|
25
|
%
|
|
|
13
|
%
|
|
18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation for Guidance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a reconciliation of anticipated full year fiscal
2016 GAAP and non-GAAP operating margins:
|
|
|
Fiscal 2016
|
|
|
|
|
|
|
|
|
|
|
GAAP operating margin
|
|
2
|
%
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
8
|
%
|
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
Amortization of purchased intangibles
|
|
3
|
%
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating margin
|
|
13
|
%
|
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
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