falsedesktopADSK2020-10-31000076939720000040{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large accelerated filer\t☒\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmaller reporting company\t☐\n\t\tEmerging growth company\t☐\n", "q10k_tbl_1": "\t\tPage No.\n\tPART I. FINANCIAL INFORMATION\t\nItem 1.\tFinancial Statements:\t\n\tCondensed Consolidated Statements of Operations for the Three and Nine Months Ended October 31 2020 and 2019\t4\n\tCondensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended October 31 2020 and 2019\t5\n\tCondensed Consolidated Balance Sheets as of October 31 2020 and January 31 2020\t6\n\tCondensed Consolidated Statements of Cash Flows for the Nine Months Ended October 31 2020 and 2019\t7\n\tNotes to Condensed Consolidated Financial Statements\t8\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t31\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t53\nItem 4.\tControls and Procedures\t53\n\tPART II. OTHER INFORMATION\t\nItem 1.\tLegal Proceedings\t55\nItem 1A.\tRisk Factors\t55\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t69\nItem 3.\tDefaults Upon Senior Securities\t70\nItem 4.\tMine Safety Disclosures\t70\nItem 5.\tOther Information\t70\nItem 6.\tExhibits\t70\n\tSignatures\t71\n", "q10k_tbl_2": "\tThree Months Ended October 31\t\tNine Months Ended October 31\t\n\t2020\t2019\t2020\t2019\nNet revenue:\t\t\t\t\nSubscription\t884.4\t715.0\t2528.6\t1974.5\nMaintenance\t39.8\t91.2\t153.1\t306.7\nTotal subscription and maintenance revenue\t924.2\t806.2\t2681.7\t2281.2\nOther\t28.2\t36.5\t69.5\t93.8\nTotal net revenue\t952.4\t842.7\t2751.2\t2375.0\nCost of revenue:\t\t\t\t\nCost of subscription and maintenance revenue\t60.7\t54.2\t176.6\t166.9\nCost of other revenue\t15.4\t16.9\t47.5\t48.6\nAmortization of developed technology\t7.6\t8.4\t22.4\t26.2\nTotal cost of revenue\t83.7\t79.5\t246.5\t241.7\nGross profit\t868.7\t763.2\t2504.7\t2133.3\nOperating expenses:\t\t\t\t\nMarketing and sales\t359.3\t330.7\t1051.5\t960.8\nResearch and development\t233.0\t213.0\t682.9\t634.0\nGeneral and administrative\t98.8\t99.1\t296.8\t299.6\nAmortization of purchased intangibles\t9.6\t9.7\t28.8\t29.2\nRestructuring and other exit costs net\t0\t0.1\t0\t0.5\nTotal operating expenses\t700.7\t652.6\t2060.0\t1924.1\nIncome from operations\t168.0\t110.6\t444.7\t209.2\nInterest and other expense net\t(11.9)\t(14.2)\t(69.1)\t(37.7)\nIncome before income taxes\t156.1\t96.4\t375.6\t171.5\nProvision for income taxes\t(23.9)\t(29.7)\t(78.7)\t(88.8)\nNet income\t132.2\t66.7\t296.9\t82.7\nBasic net income per share\t0.60\t0.30\t1.35\t0.38\nDiluted net income per share\t0.59\t0.30\t1.34\t0.37\nWeighted average shares used in computing basic net income per share\t219.6\t219.7\t219.4\t219.6\nWeighted average shares used in computing diluted net income per share\t222.3\t221.9\t222.1\t222.1\n", "q10k_tbl_3": "\tThree Months Ended October 31\t\tNine Months Ended October 31\t\n\t2020\t2019\t2020\t2019\nNet income\t132.2\t66.7\t296.9\t82.7\nOther comprehensive (loss) income net of reclassifications:\t\t\t\t\nNet loss on derivative instruments (net of tax effect of ($0.4) $0.4 $1.5 and ($1.6) respectively)\t3.9\t(3.3)\t(11.6)\t(4.3)\nChange in net unrealized gain (loss) on available-for-sale debt securities (net of tax effect of zero ($0.1) $0.1 and ($0.4) respectively)\t0.6\t0.5\t1.9\t1.4\nChange in defined benefit pension items (net of tax effect of zero $0.3 zero and $0.8 respectively)\t0.3\t(0.1)\t0\t(2.5)\nNet change in cumulative foreign currency translation gain (loss) (net of tax effect of $0.1 $0.1 ($0.3) and $0.1 respectively)\t(6.7)\t17.3\t13.6\t(15.9)\nTotal other comprehensive (loss) income\t(1.9)\t14.4\t3.9\t(21.3)\nTotal comprehensive income\t130.3\t81.1\t300.8\t61.4\n", "q10k_tbl_4": "\tOctober 31 2020\tJanuary 31 2020\nASSETS\t\t\nCurrent assets:\t\t\nCash and cash equivalents\t1537.0\t1774.7\nMarketable securities\t78.5\t69.0\nAccounts receivable net\t540.4\t652.3\nPrepaid expenses and other current assets\t183.9\t163.3\nTotal current assets\t2339.8\t2659.3\nComputer equipment software furniture and leasehold improvements net\t191.5\t161.7\nOperating lease right-of-use assets\t426.4\t438.8\nDeveloped technologies net\t65.4\t70.9\nGoodwill\t2484.2\t2445.0\nDeferred income taxes net\t44.3\t56.4\nLong-term other assets\t392.9\t347.2\nTotal assets\t5944.5\t6179.3\nLIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)\t\t\nCurrent liabilities:\t\t\nAccounts payable\t121.3\t83.7\nAccrued compensation\t272.4\t272.1\nAccrued income taxes\t43.2\t21.2\nDeferred revenue\t2161.5\t2176.1\nOperating lease liabilities\t64.1\t48.1\nCurrent portion of long-term notes payable net\t0\t449.7\nOther accrued liabilities\t149.1\t168.3\nTotal current liabilities\t2811.6\t3219.2\nLong-term deferred revenue\t771.3\t831.0\nLong-term operating lease liabilities\t398.2\t411.7\nLong-term income taxes payable\t20.4\t19.1\nLong-term deferred income taxes\t85.1\t82.5\nLong-term notes payable net\t1636.6\t1635.1\nLong-term other liabilities\t152.0\t119.8\nStockholders' equity (deficit):\t\t\nCommon stock and additional paid-in capital\t2507.1\t2317.0\nAccumulated other comprehensive loss\t(156.4)\t(160.3)\nAccumulated deficit\t(2281.4)\t(2295.8)\nTotal stockholders' equity (deficit)\t69.3\t(139.1)\nTotal liabilities and stockholders' equity (deficit)\t5944.5\t6179.3\n", "q10k_tbl_5": "\tNine Months Ended October 31\t\n\t2020\t2019\nOperating activities:\t\t\nNet income\t296.9\t82.7\nAdjustments to reconcile net income to net cash provided by operating activities:\t\t\nDepreciation amortization and accretion\t92.2\t96.4\nStock-based compensation expense\t291.5\t257.4\nDeferred income taxes\t13.0\t47.9\nRestructuring and other exit costs net\t0\t0.5\nOther\t48.6\t10.8\nChanges in operating assets and liabilities\t\t\nAccounts receivable\t112.8\t(47.2)\nPrepaid expenses and other assets\t(61.6)\t37.6\nAccounts payable and other liabilities\t42.3\t(94.2)\nDeferred revenue\t(78.3)\t328.8\nAccrued income taxes\t22.2\t(3.8)\nNet cash provided by operating activities\t779.6\t716.9\nInvesting activities:\t\t\nPurchases of marketable securities\t(21.0)\t(19.9)\nSales of marketable securities\t0\t22.4\nMaturities of marketable securities\t17.0\t5.0\nCapital expenditures\t(67.6)\t(39.2)\nPurchases of developed technologies\t(4.8)\t0\nAcquisitions net of cash acquired\t(44.8)\t0\nOther investing activities\t(55.5)\t(11.0)\nNet cash used in investing activities\t(176.7)\t(42.7)\nFinancing activities:\t\t\nProceeds from issuance of common stock net of issuance costs\t112.9\t91.8\nTaxes paid related to net share settlement of equity awards\t(105.0)\t(79.9)\nRepurchases of common stock\t(399.4)\t(261.9)\nRepayment of debt\t(450.0)\t(350.0)\nOther financing activities\t(2.5)\t0\nNet cash used in financing activities\t(844.0)\t(600.0)\nEffect of exchange rate changes on cash and cash equivalents\t3.4\t(4.0)\nNet (decrease) increase in cash and cash equivalents\t(237.7)\t70.2\nCash and cash equivalents at beginning of period\t1774.7\t886.0\nCash and cash equivalents at end of period\t1537.0\t956.2\nSupplemental cash flow disclosure:\t\t\nNon-cash financing activities:\t\t\nFair value of common stock issued to settle liability-classified restricted stock units\t28.7\t0\n", "q10k_tbl_6": "\tThree Months Ended October 31\t\tNine Months Ended October 31\t\n(in millions)\t2020\t2019\t2020\t2019\nNet revenue by product family:\t\t\t\t\nArchitecture Engineering and Construction\t419.4\t358.0\t1199.1\t996.5\nAutoCAD and AutoCAD LT\t278.8\t245.4\t812.9\t689.9\nManufacturing\t194.1\t182.2\t562.5\t524.3\nMedia and Entertainment\t54.0\t50.6\t159.9\t146.9\nOther\t6.1\t6.5\t16.8\t17.4\nTotal net revenue\t952.4\t842.7\t2751.2\t2375.0\nNet revenue by geographic area:\t\t\t\t\nAmericas\t\t\t\t\nU.S.\t328.5\t287.3\t938.6\t804.3\nOther Americas\t64.4\t62.0\t188.0\t166.7\nTotal Americas\t392.9\t349.3\t1126.6\t971.0\nEurope Middle East and Africa\t364.3\t329.6\t1063.8\t943.0\nAsia Pacific\t195.2\t163.8\t560.8\t461.0\nTotal net revenue\t952.4\t842.7\t2751.2\t2375.0\nNet revenue by sales channel:\t\t\t\t\nIndirect\t656.2\t586.6\t1918.9\t1663.2\nDirect\t296.2\t256.1\t832.3\t711.8\nTotal net revenue\t952.4\t842.7\t2751.2\t2375.0\nNet revenue by product type:\t\t\t\t\nDesign\t847.7\t748.3\t2466.8\t2126.4\nMake\t76.5\t57.9\t214.9\t154.8\nOther\t28.2\t36.5\t69.5\t93.8\nTotal net revenue\t952.4\t842.7\t2751.2\t2375.0\n", "q10k_tbl_7": "\t\t\tOctober 31 2020\t\t\t\t\t\t\n\t\t(in millions)\tAmortized Cost\tGross Unrealized Gains\tGross Unrealized Losses\tFair Value\tLevel 1\tLevel 2\tLevel 3\nCash equivalents (1):\t\t\t\t\t\t\t\t\t\n\tCommercial paper\t\t34.0\t0\t0\t34.0\t0\t34.0\t0\n\tMoney market funds\t\t817.8\t0\t0\t817.8\t817.8\t0\t0\n\tOther (2)\t\t6.5\t0\t0\t6.5\t4.0\t2.5\t0\nMarketable securities:\t\t\t\t\t\t\t\t\t\n\tShort-term available for sale\t\t\t\t\t\t\t\t\n\t\tOther (3)\t4.0\t0\t0\t4.0\t0\t4.0\t0\n\tShort-term trading securities\t\t\t\t\t\t\t\t\n\t\tMutual funds (4)\t64.1\t10.8\t(0.4)\t74.5\t74.5\t0\t0\nStrategic investments derivative assets (5)\t\t\t1.8\t1.5\t(0.2)\t3.1\t0\t0\t3.1\nDerivative contract assets (5)\t\t\t0.4\t6.4\t(0.3)\t6.5\t0\t6.5\t0\nDerivative contract liabilities (6)\t\t\t0\t0\t(13.7)\t(13.7)\t0\t(13.7)\t0\n\t\tTotal\t928.6\t18.7\t(14.6)\t932.7\t896.3\t33.3\t3.1\n", "q10k_tbl_8": "\t\t\tJanuary 31 2020\t\t\t\t\t\t\n\t\t(in millions)\tAmortized Cost\tGross Unrealized Gains\tGross Unrealized Losses\tFair Value\tLevel 1\tLevel 2\tLevel 3\nCash equivalents (1):\t\t\t\t\t\t\t\t\t\n\tAgency bonds\t\t6.0\t0\t0\t6.0\t0\t6.0\t0\n\tCommercial paper\t\t36.8\t0\t0\t36.8\t0\t36.8\t0\n\tMoney market funds\t\t1135.5\t0\t0\t1135.5\t1135.5\t0\t0\n\tOther (2)\t\t2.3\t0\t0\t2.3\t1.3\t1.0\t0\nMarketable securities:\t\t\t\t\t\t\t\t\t\n\tShort-term trading securities\t\t\t\t\t\t\t\t\n\t\tMutual funds (3)\t59.9\t9.2\t(0.1)\t69.0\t69.0\t0\t0\nStrategic investments derivative asset (4)\t\t\t0.1\t0.5\t0\t0.6\t0\t0\t0.6\nDerivative contract assets (4)\t\t\t1.0\t9.2\t(1.3)\t8.9\t0\t8.9\t0\nDerivative contract liabilities (5)\t\t\t0\t0\t(4.7)\t(4.7)\t0\t(4.7)\t0\n\t\tTotal\t1241.6\t18.9\t(6.1)\t1254.4\t1205.8\t48.0\t0.6\n", "q10k_tbl_9": "\tNine Months Ended October 31\t\tCumulative Amount as of\n(in millions)\t2020\t2019\tOctober 31 2020\t\t\t\t\t\t\nUpward adjustments (1)\t3.0\t2.5\t12.4\t\t\t\t\t\t\nNegative adjustments including impairments (1)\t(36.2)\t(4.3)\t(45.2)\t\t\t\t\t\t\nNet adjustments\t(33.2)\t(1.8)\t(32.8)\t\t\t\t\t\t\n", "q10k_tbl_10": "\tThree Months Ended October 31 2020\t\t\t\t\t\n\tNet revenue\t\tCost of revenue\tOperating expenses\t\t\n(in millions)\tSubscription revenue\tMaintenance revenue\tCost of subscription and maintenance revenue\tMarketing and sales\tResearch and development\tGeneral and administrative\nTotal amounts of income and expense line items presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded\t884.4\t39.8\t60.7\t359.3\t233.0\t98.8\nGain on cash flow hedging relationships in Subtopic ASC 815-20\t\t\t\t\t\t\nForeign exchange contracts\t\t\t\t\t\t\nAmount of (loss) gain reclassified from accumulated other comprehensive income into income\t(0.3)\t0.1\t0.4\t1.6\t0.3\t0.7\n\tNine Months Ended October 31 2020\t\t\t\t\t\n\tNet revenue\t\tCost of revenue\tOperating expenses\t\t\n\tSubscription revenue\tMaintenance Revenue\tCost of subscription and maintenance revenue\tMarketing and sales\tResearch and development\tGeneral and administrative\nTotal amounts of income and expense line items presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded\t2528.6\t153.1\t176.6\t1051.5\t682.9\t296.8\nGain on cash flow hedging relationships in Subtopic ASC 815-20\t\t\t\t\t\t\nForeign exchange contracts\t\t\t\t\t\t\nAmount of gain reclassified from accumulated other comprehensive income into income\t3.4\t0.7\t0.1\t0.3\t0.2\t0.1\n", "q10k_tbl_11": "\tThree Months Ended October 31 2019\t\t\t\t\t\n\tNet Revenue\t\tCost of revenue\tOperating expenses\t\t\n(in millions)\tSubscription Revenue\tMaintenance Revenue\tCost of subscription and maintenance revenue\tMarketing and sales\tResearch and development\tGeneral and administrative\nTotal amounts of income and expense line items presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded\t715.0\t91.2\t54.2\t330.7\t213.0\t99.1\nGain (loss) on cash flow hedging relationships in Subtopic ASC 815-20\t\t\t\t\t\t\nForeign exchange contracts\t\t\t\t\t\t\nAmount of gain (loss) reclassified from accumulated other comprehensive income into income\t3.3\t1.6\t(0.4)\t(1.0)\t(0.1)\t(0.5)\n\tNine Months Ended October 31 2019\t\t\t\t\t\n\tNet revenue\t\tCost of revenue\tOperating expenses\t\t\n\tSubscription revenue\tMaintenance Revenue\tCost of subscription and maintenance revenue\tMarketing and sales\tResearch and development\tGeneral and administrative\nTotal amounts of income and expense line items presented in the condensed consolidated statements of operations in which the effects of cash flow hedges are recorded\t1974.5\t306.7\t166.9\t960.8\t634.0\t299.6\nGain (loss) on cash flow hedging relationships in Subtopic ASC 815-20\t\t\t\t\t\t\nForeign exchange contracts\t\t\t\t\t\t\nAmount of gain (loss) reclassified from accumulated other comprehensive income into income\t8.7\t4.7\t(0.7)\t(3.4)\t(0.6)\t(1.7)\n", "q10k_tbl_12": "\tBalance Sheet Location\tFair Value at\t\n(in millions)\tOctober 31 2020\tJanuary 31 2020\nDerivative Assets\t\t\t\nForeign currency contracts designated as cash flow hedges\tPrepaid expenses and other current assets\t5.7\t1.0\nDerivatives not designated as hedging instruments\tPrepaid expenses and other current assets and long-term other assets\t3.9\t8.4\nTotal derivative assets\t\t9.6\t9.4\nDerivative Liabilities\t\t\t\nForeign currency contracts designated as cash flow hedges\tOther accrued liabilities\t11.8\t2.8\nDerivatives not designated as hedging instruments\tOther accrued liabilities\t1.9\t1.9\nTotal derivative liabilities\t\t13.7\t4.7\n", "q10k_tbl_13": "\tForeign Currency Contracts\t\t\t\n\tThree Months Ended October 31\t\tNine Months Ended October 31\t\n(in millions)\t2020\t2019\t2020\t2019\nAmount of gain (loss) recognized in accumulated other comprehensive loss on derivatives (effective portion)\t6.7\t(0.4)\t(6.8)\t2.7\nAmount and location of gain (loss) reclassified from accumulated other comprehensive loss into income (effective portion)\t\t\t\t\nNet revenue\t(0.2)\t4.9\t4.1\t13.4\nCost of revenue\t0.4\t(0.4)\t0.1\t(0.7)\nOperating expenses\t2.6\t(1.6)\t0.6\t(5.7)\nTotal\t2.8\t2.9\t4.8\t7.0\n", "q10k_tbl_14": "\tThree Months Ended October 31\t\tNine Months Ended October 31\t\n(in millions)\t2020\t2019\t2020\t2019\nAmount and location of (loss) gain recognized on derivatives in net income\t\t\t\t\nInterest and other expense net\t(0.8)\t1.5\t(6.2)\t3.2\n", "q10k_tbl_15": "\tUnvested restricted stock units\tWeighted average grant date fair value per share\n\t(in thousands)\t\nUnvested restricted stock units at January 31 2020\t4732.3\t147.24\nGranted\t2215.0\t217.27\nVested\t(1976.4)\t142.82\nCanceled/Forfeited\t(166.1)\t150.58\nPerformance Adjustment (1)\t13.5\t159.86\nUnvested restricted stock units at October 31 2020\t4818.3\t181.85\n", "q10k_tbl_16": "\tThree Months Ended October 31\t\tNine Months Ended October 31\t\n\t2020\t2019\t2020\t2019\nIssued shares (in millions)\t0.4\t0.4\t0.9\t0.9\nAverage price of issued shares\t122.93\t105.42\t122.73\t102.20\nWeighted average grant date fair value of shares granted under the ESPP (1)\t78.26\t44.77\t55.98\t47.78\n", "q10k_tbl_17": "\tThree Months Ended October 31\t\tNine Months Ended October 31\t\n(in millions)\t2020\t2019\t2020\t2019\nCost of subscription and maintenance revenue\t4.5\t3.1\t12.3\t10.1\nCost of other revenue\t1.6\t1.6\t4.7\t4.3\nMarketing and sales\t45.4\t38.7\t129.5\t107.2\nResearch and development\t35.4\t30.8\t103.6\t88.3\nGeneral and administrative\t10.5\t19.8\t41.4\t47.5\nStock-based compensation expense related to stock awards and ESPP purchases\t97.4\t94.0\t291.5\t257.4\nTax benefit\t(2.0)\t(0.5)\t(2.3)\t(0.8)\nStock-based compensation expense related to stock awards and ESPP purchases net of tax\t95.4\t93.5\t289.2\t256.6\n", "q10k_tbl_18": "\tThree Months Ended October 31 2020\t\tThree Months Ended October 31 2019\t\n\tPerformance Stock Units\tESPP\tPerformance Stock Units\tESPP\nRange of expected volatilities\tN/A\t41.5 - 45.0%\tN/A\t32.7 - 35.9%\nRange of expected lives (in years)\tN/A\t0.5 - 2.0\tN/A\t0.5 - 2.0\nExpected dividends\tN/A\t0\tN/A\t0\nRange of risk-free interest rates\tN/A\t0.1%\tN/A\t1.7 - 1.9%\n\tNine Months Ended October 31 2020\t\tNine Months Ended October 31 2019\t\n\tPerformance Stock Units\tESPP\tPerformance Stock Units\tESPP\nRange of expected volatilities\t50.7%\t39.4 - 45.8%\t36.3%\t32.7 - 39.7%\nRange of expected lives (in years)\tN/A\t0.5 - 2.0\tN/A\t0.5 - 2.0\nExpected dividends\t-%\t-%\t-%\t-%\nRange of risk-free interest rates\t0.3%\t0.1 - 0.5%\t2.5%\t1.7 - 2.5%\n", "q10k_tbl_19": "(in millions)\tOctober 31 2020\tJanuary 31 2020\nDeveloped technologies at cost\t664.8\t647.1\nCustomer relationships trade names patents and user lists at cost (1)\t539.7\t532.2\nOther intangible assets at cost (2)\t1204.5\t1179.3\nLess: Accumulated amortization\t(1025.1)\t(972.2)\nOther intangible assets net\t179.4\t207.1\n", "q10k_tbl_20": "Balance as of January 31 2020\t2594.2\nLess: accumulated impairment losses as of January 31 2020\t(149.2)\nNet balance as of January 31 2020\t2445.0\nAdditions arising from acquisitions during the period\t31.4\nEffect of foreign currency translation\t7.8\nBalance as of October 31 2020\t2484.2\n", "q10k_tbl_21": "(in millions)\tOctober 31 2020\tJanuary 31 2020\nComputer hardware at cost\t150.2\t159.7\nComputer software at cost\t62.1\t64.0\nLeasehold improvements land and buildings at cost\t330.4\t284.0\nFurniture and equipment at cost\t77.7\t69.0\n\t620.4\t576.7\nLess: Accumulated depreciation\t(428.9)\t(415.0)\nComputer hardware software leasehold improvements and furniture and equipment net\t191.5\t161.7\n", "q10k_tbl_22": "(in millions)\tAggregate Principal Amount\tFair value\n2012 Notes\t350.0\t369.1\n300 million 2015 Notes\t300.0\t340.5\n2017 Notes\t500.0\t562.2\n2020 Notes\t500.0\t550.4\n", "q10k_tbl_23": "Fiscal year ending\t\n2021 (remainder)\t0\n2022\t0\n2023\t350.0\n2024\t0\n2025\t0\nThereafter\t1300.0\nTotal principal outstanding\t1650.0\n", "q10k_tbl_24": "\tThree Months Ended October 31 2020\t\t\t\t\t\n(in millions)\tCost of subscription and maintenance revenue\tCost of other revenue\tMarketing and sales\tResearch and development\tGeneral and administrative\tTotal\t\t\t\t\t\t\nOperating lease cost\t1.9\t0.6\t11.9\t8.6\t2.9\t25.9\t\t\t\t\t\t\nVariable lease cost\t0.2\t0.1\t1.5\t1.0\t0.4\t3.2\t\t\t\t\t\t\n\tNine Months Ended October 31 2020\t\t\t\t\t\t\t\t\t\t\t\n(in millions)\tCost of subscription and maintenance revenue\tCost of other revenue\tMarketing and sales\tResearch and development\tGeneral and administrative\tTotal\t\t\t\t\t\t\nOperating lease cost\t5.6\t1.7\t34.0\t24.3\t10.5\t76.1\t\t\t\t\t\t\nVariable lease cost\t0.6\t0.2\t4.0\t2.8\t1.3\t8.9\t\t\t\t\t\t\n", "q10k_tbl_25": "\tThree Months Ended October 31 2019\t\t\t\t\t\n(in millions)\tCost of subscription and maintenance revenue\tCost of other revenue\tMarketing and sales\tResearch and development\tGeneral and administrative\tTotal\t\t\t\t\t\t\nOperating lease cost\t1.7\t0.6\t9.6\t6.6\t3.2\t21.7\t\t\t\t\t\t\nVariable lease cost\t0.2\t0.1\t1.1\t0.7\t0.4\t2.5\t\t\t\t\t\t\n\tNine Months Ended October 31 2019\t\t\t\t\t\t\t\t\t\t\t\n(in millions)\tCost of subscription and maintenance revenue\tCost of other revenue\tMarketing and sales\tResearch and development\tGeneral and administrative\tTotal\t\t\t\t\t\t\nOperating lease cost\t4.9\t1.7\t28.0\t20.1\t9.0\t63.7\t\t\t\t\t\t\nVariable lease cost\t0.7\t0.2\t3.9\t2.8\t1.3\t8.9\t\t\t\t\t\t\n", "q10k_tbl_26": "\tNine Months Ended October 31\t\n(in millions)\t2020\t2019\nCash paid for operating leases included in operating cash flows (1)\t74.7\t66.4\nNon-cash operating lease liabilities arising from obtaining operating lease right-of-use assets\t50.8\t55.2\n", "q10k_tbl_27": "Fiscal year ending\t\n2021 (remainder)\t12.9\t\t\t\t\t\t\n2022\t87.5\t\t\t\t\t\t\n2023\t91.9\t\t\t\t\t\t\n2024\t76.6\t\t\t\t\t\t\n2025\t57.0\t\t\t\t\t\t\nThereafter\t182.2\t\t\t\t\t\t\n\t508.1\t\t\t\t\t\t\nLess imputed interest\t(45.8)\t\t\t\t\t\t\nPresent value of operating lease liabilities\t462.3\t\t\t\t\t\t\n", "q10k_tbl_28": "(in millions except per share data)\tCommon stock and additional paid-in capital\t\t\tAccumulated other comprehensive loss\tAccumulated deficit\tTotal stockholders' equity (deficit)\nShares\t\tAmount\t\nBalances January 31 2020\t219.4\t\t2317.0\t(160.3)\t(2295.8)\t(139.1)\nCommon shares issued under stock plans\t1.0\t\t24.3\t0\t0\t24.3\nStock-based compensation expense\t0\t\t88.2\t0\t0\t88.2\nSettlement of liability-classified restricted stock units\t0\t\t28.7\t0\t0\t28.7\nPost-combination expense related to equity awards assumed\t0\t\t0.1\t0\t0\t0.1\nNet income\t0\t\t0\t0\t66.5\t66.5\nOther comprehensive loss\t0\t\t0\t(18.8)\t0\t(18.8)\nRepurchase and retirement of common shares\t(1.2)\t\t(57.0)\t0\t(132.0)\t(189.0)\nBalances April 30 2020\t219.2\t\t2401.3\t(179.1)\t(2361.3)\t(139.1)\nCommon shares issued under stock plans\t0.2\t\t(4.6)\t0\t0\t(4.6)\nStock-based compensation expense\t0\t\t95.9\t0\t0\t95.9\nPost-combination expense related to equity awards assumed\t0\t\t0.1\t0\t0\t0.1\nNet income\t0\t\t0\t0\t98.2\t98.2\nOther comprehensive income\t0\t\t0\t24.6\t0\t24.6\nRepurchase and retirement of common shares (1)\t(0.1)\t\t0\t0\t(7.8)\t(7.8)\nBalances July 31 2020\t219.3\t\t2492.7\t(154.5)\t(2270.9)\t67.3\nCommon shares issued under stock plans\t1.2\t\t(29.3)\t0\t0\t(29.3)\nStock-based compensation expense\t0\t\t97.0\t0\t0\t97.0\nPost-combination expense related to equity awards assumed\t0\t\t0.1\t0\t0\t0.1\nNet income\t0\t\t0\t0\t132.2\t132.2\nOther comprehensive loss\t0\t\t0\t(1.9)\t0\t(1.9)\nRepurchase and retirement of common shares (1)\t(0.8)\t\t(53.4)\t0\t(142.7)\t(196.1)\nBalances October 31 2020\t219.7\t\t2507.1\t(156.4)\t(2281.4)\t69.3\n", "q10k_tbl_29": "\tCommon stock and additional paid-in capital\t\t\tAccumulated other comprehensive loss\tAccumulated deficit\tTotal stockholders' deficit\nShares\t\tAmount\t\nBalances January 31 2019\t219.4\t\t2071.5\t(135.0)\t(2147.4)\t(210.9)\nCommon shares issued under stock plans\t0.8\t\t21.1\t0\t0\t21.1\nStock-based compensation expense\t0\t\t75.2\t0\t0\t75.2\nPost combination expense related to assumed equity\t0\t\t0.8\t0\t0\t0.8\nCumulative effect of accounting changes\t0\t\t0\t0\t(0.7)\t(0.7)\nNet loss\t0\t\t0\t0\t(24.2)\t(24.2)\nOther comprehensive loss\t0\t\t0\t(6.6)\t0\t(6.6)\nRepurchase and retirement of common shares\t(0.6)\t\t(45.5)\t0\t(54.5)\t(100.0)\nBalances April 30 2019\t219.6\t\t2123.1\t(141.6)\t(2226.8)\t(245.3)\nCommon shares issued under stock plans\t0.2\t\t(2.6)\t0\t0\t(2.6)\nStock-based compensation expense\t0\t\t82.9\t0\t0\t82.9\nPost combination expense related to assumed equity\t0\t\t0.1\t0\t0\t0.1\nNet income\t0\t\t0\t0\t40.2\t40.2\nOther comprehensive loss\t0\t\t0\t(29.1)\t0\t(29.1)\nRepurchase and retirement of common shares (1)\t(0.3)\t\t(2.8)\t0\t(37.7)\t(40.5)\nBalances July 31 2019\t219.5\t\t2200.7\t(170.7)\t(2224.3)\t(194.3)\nCommon shares issued under stock plans\t1.3\t\t(18.9)\t0\t0\t(18.9)\nStock-based compensation expense\t0\t\t84.1\t0\t0\t84.1\nPost combination expense related to assumed equity\t0\t\t0.2\t0\t0\t0.2\nNet loss\t0\t\t0\t0\t66.7\t66.7\nOther comprehensive income\t0\t\t0\t14.4\t0\t14.4\nRepurchase and retirement of common shares\t(0.8)\t\t(41.0)\t0\t(82.7)\t(123.7)\nBalances October 31 2019\t220.0\t\t2225.1\t(156.3)\t(2240.3)\t(171.5)\n", "q10k_tbl_30": "(in millions)\tNet Unrealized Gains (Losses) on Derivative Instruments\tNet Unrealized Gains on Available-for-Sale Debt Securities\tDefined Benefit Pension Components\tForeign Currency Translation Adjustments\tTotal\nBalances January 31 2020\t8.4\t4.7\t(22.8)\t(150.6)\t(160.3)\nOther comprehensive (loss) income before reclassifications\t(8.3)\t1.7\t0\t13.9\t7.3\nPre-tax (gains) losses reclassified from accumulated other comprehensive loss\t(4.8)\t0.1\t0\t0\t(4.7)\nTax effects\t1.5\t0.1\t0\t(0.3)\t1.3\nNet current period other comprehensive (loss) income\t(11.6)\t1.9\t0\t13.6\t3.9\nBalances October 31 2020\t(3.2)\t6.6\t(22.8)\t(137.0)\t(156.4)\n", "q10k_tbl_31": "(in millions)\tNet Unrealized Gains (Losses) on Derivative Instruments\tNet Unrealized Gains (Losses) on Available-for-Sale Debt Securities\tDefined Benefit Pension Components\tForeign Currency Translation Adjustments\tTotal\nBalances January 31 2019\t15.0\t3.3\t(16.3)\t(137.0)\t(135.0)\nOther comprehensive (loss) income before reclassifications\t4.3\t1.8\t0.1\t(16.0)\t(9.8)\nPre-tax losses reclassified from accumulated other comprehensive loss\t(7.0)\t0\t(3.4)\t0\t(10.4)\nTax effects\t(1.6)\t(0.4)\t0.8\t0.1\t(1.1)\nNet current period other comprehensive (loss) income\t(4.3)\t1.4\t(2.5)\t(15.9)\t(21.3)\nBalances October 31 2019\t10.7\t4.7\t(18.8)\t(152.9)\t(156.3)\n", "q10k_tbl_32": "\tThree Months Ended October 31\t\tNine Months Ended October 31\t\n(in millions except per share data)\t2020\t2019\t2020\t2019\nNumerator:\t\t\t\t\nNet income\t132.2\t66.7\t296.9\t82.7\nDenominator:\t\t\t\t\nDenominator for basic net income per share-weighted average shares\t219.6\t219.7\t219.4\t219.6\nEffect of dilutive securities\t2.7\t2.2\t2.7\t2.5\nDenominator for dilutive net income per share\t222.3\t221.9\t222.1\t222.1\nBasic net income per share\t0.60\t0.30\t1.35\t0.38\nDiluted net income per share\t0.59\t0.30\t1.34\t0.37\n", "q10k_tbl_33": "(in millions)\tOctober 31 2020\tJanuary 31 2020\nLong-lived assets (1):\t\t\nAmericas\t\t\nU.S.\t448.0\t434.2\nOther Americas\t30.6\t33.2\nTotal Americas\t478.6\t467.4\nEurope Middle East and Africa\t90.5\t75.8\nAsia Pacific\t48.8\t57.3\nTotal long-lived assets\t617.9\t600.5\n", "q10k_tbl_34": "\tThree Months Ended October 31 2020\t\tChange compared to prior fiscal year\t\t\tThree Months Ended October 31 2019\n(In millions except percentage data)\t\t$\t\t%\t\nRecurring revenue (1)\t924.2\t\t118.0\t\t15%\t806.2\nAs a percentage of net revenue\t97%\t\tN/A\t\tN/A\t96%\n\tNine Months Ended October 31 2020\t\tChange compared to prior fiscal year\t\t\tNine Months Ended October 31 2019\n\t\t$\t\t%\t\nRecurring Revenue (1)\t2681.7\t\t400.5\t\t18%\t2281.2\nAs a percentage of net revenue\t97%\t\tN/A\t\tN/A\t96%\n", "q10k_tbl_35": "\tThree Months Ended October 31 2020\t\t\tNine Months Ended October 31 2020\t\t\n\tPercent change compared to prior fiscal year\tConstant Currency percent change compared to prior fiscal year (1)\tPositive/Negative/Neutral impact from foreign exchange rate changes\tPercent change compared to prior fiscal year\tConstant Currency percent change compared to prior fiscal year (1)\tPositive/Negative/Neutral impact from foreign exchange rate changes\nNet revenue\t13%\t14%\tNegative\t16%\t17%\tNegative\nTotal spend\t7%\t7%\tNeutral\t6%\t7%\tPositive\n", "q10k_tbl_36": "(in millions)\tOctober 31 2020\tJanuary 31 2020\nDeferred revenue\t\t2932.8\t\t\t\t3007.1\t\t\nUnbilled deferred revenue\t\t649.6\t\t\t\t549.6\t\t\nRPO\t\t3582.4\t\t\t\t3556.7\t\t\n", "q10k_tbl_37": "(in millions)\tOctober 31 2020\tJanuary 31 2020\nCurrent RPO\t\t2382.9\t\t\t\t2368.6\t\t\nNon-current RPO\t\t1199.5\t\t\t\t1188.1\t\t\nRPO\t\t3582.4\t\t\t\t3556.7\t\t\n", "q10k_tbl_38": "\tThree Months Ended\t\tChange Compared to Prior Fiscal Year\t\t\t\tThree Months Ended\tManagement comments\n(In millions except percentages)\tOctober 31 2020\t$\t\t%\t\tOctober 31 2019\t\nNet Revenue:\t\t\t\t\t\t\t\t\nSubscription\t884.4\t\t169.4\t\t24%\t\t715.0\tIncrease due to growth across all subscription types led by product subscription renewal revenue. Also contributing to the growth was an increase in revenue from new product subscriptions and EBA offerings.\nMaintenance (1)\t39.8\t\t(51.4)\t\t(56)%\t\t91.2\tDecrease primarily due to the migration of maintenance plan subscriptions to subscription plan subscriptions with the M2S program.\nTotal subscription and maintenance revenue\t924.2\t\t118.0\t\t15%\t\t806.2\t\nOther\t28.2\t\t(8.3)\t\t(23)%\t\t36.5\t\n\t952.4\t\t109.7\t\t13%\t\t842.7\t\n\tNine Months Ended\t\tChange compared to prior fiscal year\t\t\t\tNine Months Ended\tManagement Comments\n\tOctober 31 2020\t$\t\t%\t\tOctober 31 2019\t\nNet Revenue:\t\t\t\t\t\t\t\t\nSubscription\t2528.6\t\t554.1\t\t28%\t\t1974.5\tIncrease due to growth across all subscription types led by product subscription renewal revenue. Also contributing to the growth was an increase in revenue from new product subscriptions and EBA offerings.\nMaintenance (1)\t153.1\t\t(153.6)\t\t(50)%\t\t306.7\tDecrease primarily due to the migration of maintenance plan subscriptions to subscription plan subscriptions with the M2S program.\nTotal subscription and maintenance revenue\t2681.7\t\t400.5\t\t18%\t\t2281.2\t\nOther\t69.5\t\t(24.3)\t\t(26)%\t\t93.8\t\n\t2751.2\t\t376.2\t\t16%\t\t2375.0\t\n", "q10k_tbl_39": "\tThree Months Ended\t\tChange compared to prior fiscal year\t\t\t\tThree Months Ended\tManagement comments\n(In millions except percentages)\tOctober 31 2020\t$\t\t%\t\tOctober 31 2019\t\t\nNet Revenue by Product Family:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nAEC\t419.4\t\t61.4\t\t17%\t\t358.0\tUp due to increases in revenue from AEC Collections EBAs BIM 360 and PlanGrid.\t\t\t\t\t\t\nAutoCAD and AutoCAD LT\t278.8\t\t33.4\t\t14%\t\t245.4\tUp due to increases in revenue from both AutoCAD and AutoCAD LT.\t\t\t\t\t\t\nMFG\t194.1\t\t11.9\t\t7%\t\t182.2\tUp due to increases in revenue from MFG Collections EBAs and Fusion360.\t\t\t\t\t\t\nM&E\t54.0\t\t3.4\t\t7%\t\t50.6\tUp due to increases in revenue from M&E Collections EBAs Maya and 3DS Max.\t\t\t\t\t\t\nOther\t6.1\t\t(0.4)\t\t(6)%\t\t6.5\t\t\t\t\t\t\t\n\t952.4\t\t109.7\t\t13%\t\t842.7\t\t\t\t\t\t\t\n\tNine Months Ended\t\tChange compared to prior fiscal year\t\t\t\tNine Months Ended\t\n\tOctober 31 2020\t$\t\t%\t\tOctober 31 2019\t\t\nNet Revenue by Product Family:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nAEC\t1199.1\t\t202.6\t\t20%\t\t996.5\tUp due to increases in revenue from AEC Collections EBAs BIM 360 and PlanGrid.\t\t\t\t\t\t\nACAD and AutoCAD LT\t812.9\t\t123.0\t\t18%\t\t689.9\tUp due to increases in revenue from both AutoCAD and AutoCAD LT.\t\t\t\t\t\t\nMFG\t562.5\t\t38.2\t\t7%\t\t524.3\tUp due to increases in revenue from MFG Collections EBAs and Fusion360.\t\t\t\t\t\t\nM&E\t159.9\t\t13.0\t\t9%\t\t146.9\tUp due to increases in revenue from M&E Collections Maya EBAs and 3DS Max.\t\t\t\t\t\t\nOther\t16.8\t\t(0.6)\t\t(3)%\t\t17.4\t\t\t\t\t\t\t\n\t2751.2\t\t376.2\t\t16%\t\t2375.0\t\t\t\t\t\t\t\n", "q10k_tbl_40": "\tThree Months Ended October 31 2020\t\tChange compared to prior fiscal year\t\t\t\tConstant currency change compared to prior fiscal year\tThree Months Ended October 31 2019\n(In millions except percentages)\t\t$\t\t%\t\t%\t\t\nNet Revenue:\t\t\t\t\t\t\t\t\nAmericas\t\t\t\t\t\t\t\t\nU.S.\t328.5\t\t41.2\t\t14%\t\t*\t287.3\nOther Americas\t64.4\t\t2.4\t\t4%\t\t*\t62.0\nTotal Americas\t392.9\t\t43.6\t\t12%\t\t13%\t349.3\nEMEA\t364.3\t\t34.7\t\t11%\t\t12%\t329.6\nAPAC\t195.2\t\t31.4\t\t19%\t\t18%\t163.8\nTotal Net Revenue\t952.4\t\t109.7\t\t13%\t\t14%\t842.7\nEmerging Economies\t114.9\t\t13.3\t\t13%\t\t14%\t101.6\n\tNine Months Ended October 31 2020\t\tChange compared to prior fiscal year\t\t\t\tConstant currency change compared to prior fiscal year\tNine Months Ended October 31 2019\n(In millions except percentages)\t\t$\t\t%\t\t%\t\t\nNet Revenue:\t\t\t\t\t\t\t\t\nAmericas\t\t\t\t\t\t\t\t\nU.S.\t938.6\t\t134.3\t\t17%\t\t*\t804.3\nOther Americas\t188.0\t\t21.3\t\t13%\t\t*\t166.7\nTotal Americas\t1126.6\t\t155.6\t\t16%\t\t16%\t971.0\nEMEA\t1063.8\t\t120.8\t\t13%\t\t16%\t943.0\nAPAC\t560.8\t\t99.8\t\t22%\t\t21%\t461.0\nTotal Net Revenue\t2751.2\t\t376.2\t\t16%\t\t17%\t2375.0\nEmerging Economies\t340.0\t\t53.1\t\t19%\t\t19%\t286.9\n", "q10k_tbl_41": "\tThree Months Ended\t\tChange compared to prior fiscal year\t\t\t\tThree Months Ended\tManagement Comments\n(In millions except percentages)\tOctober 31 2020\t$\t\t%\t\tOctober 31 2019\t\t\nNet Revenue by Sales Channel:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nIndirect\t656.2\t\t69.6\t\t12%\t\t586.6\tUp due to an increase in subscription revenue offset by lower maintenance plan subscriptions as we continue to migrate customers to subscriptions through the M2S program.\t\t\t\t\t\t\nDirect\t296.2\t\t40.1\t\t16%\t\t256.1\tUp due to an increase in EBAs and our online Autodesk branded store.\t\t\t\t\t\t\nTotal Net Revenue\t952.4\t\t109.7\t\t13%\t\t842.7\t\t\t\t\t\t\t\n\tNine Months Ended\t\tChange compared to prior fiscal year\t\t\t\tNine Months Ended\tManagement Comments\n\tOctober 31 2020\t$\t\t%\t\tOctober 31 2019\t\t\nNet Revenue by Sales Channel:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nIndirect\t1918.9\t\t255.7\t\t15%\t\t1663.2\tUp due to an increase in subscription revenue offset by lower maintenance plan subscriptions as we continue to migrate customers to subscriptions through the M2S program.\t\t\t\t\t\t\nDirect\t832.3\t\t120.5\t\t17%\t\t711.8\tUp due to an increase in EBAs and our online Autodesk branded store.\t\t\t\t\t\t\nTotal Net Revenue\t2751.2\t\t376.2\t\t16%\t\t2375.0\t\t\t\t\t\t\t\n", "q10k_tbl_42": "\tThree Months Ended October 31 2020\t\tChange compared to prior fiscal year\t\t\tThree Months Ended October 31 2019\t\n(In millions except percentages)\t\t$\t\t%\t\tManagement Comments\nNet Revenue:\t\t\t\t\t\t\t\nDesign\t847.7\t\t99.4\t\t13%\t748.3\tIncrease is due to growth in AEC & MFG collections AutoCAD Family AutoCAD LT and EBA offerings.\nMake\t76.5\t\t18.6\t\t32%\t57.9\tIncrease primarily due to growth in revenue from BIM Family Plangrid and Fusion products.\nOther\t28.2\t\t(8.3)\t\t(23)%\t36.5\t\nTotal Net Revenue\t952.4\t\t109.7\t\t13%\t842.7\t\n\tNine Months Ended October 31 2020\t\tChange compared to prior fiscal year\t\t\tNine Months Ended October 31 2019\t\n(In millions except percentages)\t\t$\t\t%\t\tManagement Comments\nNet Revenue:\t\t\t\t\t\t\t\nDesign\t2466.8\t\t340.4\t\t16%\t2126.4\tIncrease is due to growth in AEC & MFG collections AutoCAD Family AutoCAD LT and EBA offerings.\nMake\t214.9\t\t60.1\t\t39%\t154.8\tIncrease primarily due to growth in revenue from BIM Family Plangrid and Fusion products.\nOther\t69.5\t\t(24.3)\t\t(26)%\t93.8\t\nTotal Net Revenue\t2751.2\t\t376.2\t\t16%\t2375.0\t\n", "q10k_tbl_43": "\tThree Months Ended\t\tChange compared to prior fiscal year\t\tThree Months Ended\tManagement comments\n(In millions except percentages)\tOctober 31 2020\t$\t%\tOctober 31 2019\t\nCost of revenue:\t\t\t\t\t\t\nSubscription and maintenance\t60.7\t\t6.5\t12%\t54.2\tIncrease primarily due to an increase in cloud hosting costs as well as an increase employee-related costs driven by higher headcount.\nOther\t15.4\t\t(1.5)\t(9)%\t16.9\tDecrease primarily due to a decrease in travel and entertainment expenses as well as a decrease in professional fees.\nAmortization of developed technology\t7.6\t\t(0.8)\t(10)%\t8.4\tDecrease primarily due to previously acquired developed technologies continuing to become fully amortized partially offset by amortization from recently acquired developed technology.\nTotal cost of revenue\t83.7\t\t4.2\t5%\t79.5\t\nOperating expenses:\t\t\t\t\t\t\nMarketing and sales\t359.3\t\t28.6\t9%\t330.7\tIncrease primarily due to an increase in employee-related costs driven by higher headcount an increase in cloud hosting costs as well as an increase in stock-based compensation expense partially offset by lower travel and entertainment expenses.\n", "q10k_tbl_44": "Research and development\t233.0\t\t20.0\t9%\t213.0\tIncrease primarily due to an increase in employee-related costs driven by higher headcount an increase in cloud hosting costs as well as an increase in stock-based compensation expense partially offset by lower travel and entertainment expense.\nGeneral and administrative\t98.8\t\t(0.3)\t-%\t99.1\tDecrease primarily due to a decrease in stock-based compensation expense and lower travel and entertainment expenses partially offset by an increase in employee-related costs driven by higher headcount.\nAmortization of purchased intangibles\t9.6\t\t(0.1)\t(1)%\t9.7\tDecrease as previously acquired purchased intangibles continue to become fully amortized partially offset by amortization from recently acquired purchased intangibles.\nRestructuring and other exit costs net\t0\t\t(0.1)\t*\t0.1\t\nTotal operating expenses\t700.7\t\t48.1\t7%\t652.6\t\n\tNine Months Ended\t\tChange compared to prior fiscal year\t\tNine Months Ended\tManagement comments\n\tOctober 31 2020\t$\t%\tOctober 31 2019\t\nCost of revenue:\t\t\t\t\t\t\nSubscription and maintenance\t176.6\t\t9.7\t6%\t166.9\tIncrease primarily due to an increase in cloud hosting costs as well as an increase in stock-based compensation expense.\nOther\t47.5\t\t(1.1)\t(2)%\t48.6\tDecrease primarily due to lower travel and entertainment expense partially offset by an increase in employee-related costs driven by higher headcount.\nAmortization of developed technology\t22.4\t\t(3.8)\t(15)%\t26.2\tDecrease primarily due to previously acquired developed technologies continuing to become fully amortized partially offset by amortization from recently acquired developed technology.\nTotal cost of revenue\t246.5\t\t4.8\t2%\t241.7\t\nOperating expenses:\t\t\t\t\t\t\nMarketing and sales\t1051.5\t\t90.7\t9%\t960.8\tIncrease primarily due to increased employee-related costs driven by higher headcount an increase in stock-based compensation expense as well as an increase in cloud hosting costs partially offset by a decrease in travel and entertainment expenses.\nResearch and development\t682.9\t\t48.9\t8%\t634.0\tIncrease primarily due to increased employee-related costs driven by higher headcount an increase in stock-based compensation expense as well as an increase in cloud hosting costs partially offset by a decrease in travel and entertainment expenses.\nGeneral and administrative\t296.8\t\t(2.8)\t(1)%\t299.6\tDecrease primarily due to lower stock-based compensation expense and a decrease in travel and entertainment expenses partially offset by increased employee-related costs driven by higher headcount and an increase in cloud hosting costs.\nAmortization of purchased intangibles\t28.8\t\t(0.4)\t(1)%\t29.2\tDecrease as previously acquired purchased intangibles continue to become fully amortized partially offset by recently acquired purchased intangibles.\nRestructuring and other exit costs net\t0\t\t(0.5)\t*\t0.5\t\nTotal operating expenses\t2060.0\t\t135.9\t7%\t1924.1\t\n", "q10k_tbl_45": "\tThree Months Ended October 31\t\tNine Months Ended October 31\t\n(in millions)\t2020\t2019\t2020\t2019\nInterest and investment expense net\t(14.6)\t(13.9)\t(44.9)\t(42.3)\n(Loss) gain on foreign currency\t(1.0)\t(0.5)\t1.9\t2.5\nLoss on non-marketable equity securities net\t(0.3)\t(0.5)\t(31.2)\t(3.3)\nOther income\t4.0\t0.7\t5.1\t5.4\nInterest and other expense net\t(11.9)\t(14.2)\t(69.1)\t(37.7)\n", "q10k_tbl_46": "\tThree Months Ended October 31\t\tNine Months Ended October 31\t\n\t2020\t2019\t2020\t2019\n\t(Unaudited)\t\t\t\nGross profit\t868.7\t763.2\t2504.7\t2133.3\nNon-GAAP gross profit\t882.6\t776.6\t2544.6\t2174.2\nGross margin\t91%\t91%\t91%\t90%\nNon-GAAP gross margin\t93%\t92%\t92%\t92%\nIncome from operations\t168.0\t110.6\t444.7\t209.2\nNon-GAAP income from operations\t287.1\t225.3\t797.3\t543.7\nOperating margin\t18%\t13%\t16%\t9%\nNon-GAAP operating margin\t30%\t27%\t29%\t23%\nNet income\t132.2\t66.7\t296.9\t82.7\nNon-GAAP net income\t231.5\t173.4\t637.9\t417.5\nGAAP diluted net income per share\t0.59\t0.30\t1.34\t0.37\nNon-GAAP diluted net income per share\t1.04\t0.78\t2.87\t1.88\n", "q10k_tbl_47": "\tThree Months Ended October 31\t\tNine Months Ended October 31\t\n\t2020\t2019\t2020\t2019\n\t(Unaudited)\t\t\t\nGross profit\t868.7\t763.2\t2504.7\t2133.3\nStock-based compensation expense\t6.1\t4.7\t17.0\t14.4\nAmortization of developed technologies\t7.6\t8.4\t22.4\t26.2\nAcquisition-related costs\t0.2\t0.3\t0.5\t0.3\nNon-GAAP gross profit\t882.6\t776.6\t2544.6\t2174.2\nGross margin\t91%\t91%\t91%\t90%\nStock-based compensation expense\t1%\t1%\t1%\t1%\nAmortization of developed technologies\t1%\t1%\t1%\t1%\nNon-GAAP gross margin (1)\t93%\t92%\t92%\t92%\nIncome from operations\t168.0\t110.6\t444.7\t209.2\nStock-based compensation expense\t97.4\t94.0\t291.5\t257.4\nAmortization of developed technologies\t7.6\t8.4\t22.4\t26.2\nAmortization of purchased intangibles\t9.6\t9.7\t28.8\t29.2\nAcquisition-related costs\t4.5\t2.5\t9.9\t21.2\nRestructuring and other exit costs net\t0\t0.1\t0\t0.5\nNon-GAAP income from operations\t287.1\t225.3\t797.3\t543.7\nOperating margin\t18%\t13%\t16%\t9%\nStock-based compensation expense\t10%\t11%\t11%\t11%\nAmortization of developed technologies\t1%\t1%\t1%\t1%\nAmortization of purchased intangibles\t1%\t1%\t1%\t1%\nAcquisition-related costs\t-%\t-%\t-%\t1%\nNon-GAAP operating margin (1)\t30%\t27%\t29%\t23%\nNet income\t132.2\t66.7\t296.9\t82.7\nStock-based compensation expense\t97.4\t94.0\t291.5\t257.4\nAmortization of developed technologies\t7.6\t8.4\t22.4\t26.2\nAmortization of purchased intangibles\t9.6\t9.7\t28.8\t29.2\nAcquisition-related costs\t4.5\t2.5\t9.9\t21.2\nRestructuring and other exit costs net\t0\t0.1\t0\t0.5\nLoss on strategic investments and dispositions net\t0.3\t0.4\t31.2\t3.2\nDiscrete tax benefit items\t3.7\t0.3\t4.8\t1.3\nIncome tax effect of non-GAAP adjustments\t(23.8)\t(8.7)\t(47.6)\t(4.2)\nNon-GAAP net income\t231.5\t173.4\t637.9\t417.5\n", "q10k_tbl_48": "\tThree Months Ended October 31\t\tNine Months Ended October 31\t\n\t2020\t2019\t2020\t2019\n\t(Unaudited)\t\t\t\nDiluted net income per share\t0.59\t0.30\t1.34\t0.37\nStock-based compensation expense\t0.44\t0.42\t1.31\t1.16\nAmortization of developed technologies\t0.04\t0.04\t0.10\t0.12\nAmortization of purchased intangibles\t0.04\t0.04\t0.13\t0.13\nAcquisition-related costs\t0.02\t0.02\t0.04\t0.10\nLoss on strategic investments and dispositions net\t0\t0\t0.14\t0.01\nDiscrete tax provision items\t0.02\t0\t0.02\t0.01\nIncome tax effect of non-GAAP adjustments\t(0.11)\t(0.04)\t(0.21)\t(0.02)\nNon-GAAP diluted net income per share\t1.04\t0.78\t2.87\t1.88\n", "q10k_tbl_49": "\tNine Months Ended October 31\t\n(in millions)\t2020\t2019\nNet cash provided by operating activities\t779.6\t716.9\nNet cash used in investing activities\t(176.7)\t(42.7)\nNet cash used in financing activities\t(844.0)\t(600.0)\n", "q10k_tbl_50": "(Shares in thousands)\tTotal Number of Shares Purchased\tAverage Price Paid per Share\tTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)\tMaximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2)\nAugust 1 - August 31\t29.0\t238.64\t29.0\t13424.0\nSeptember 1 - September 30\t626.0\t229.04\t626.0\t12798.0\nOctober 1 - October 31\t193.0\t237.34\t193.0\t12605.0\nTotal\t848.0\t231.26\t848.0\t\n", "q10k_tbl_51": "Exhibit No.\tDescription\n31.1\tCertification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934\n31.2\tCertification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934\n32.1 †\tCertification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\n101.INS ††\tXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document\n101.SCH ††\tXBRL Taxonomy Extension Schema\n101.CAL ††\tXBRL Taxonomy Extension Calculation Linkbase\n101.DEF ††\tXBRL Taxonomy Definition Linkbase\n101.LAB ††\tXBRL Taxonomy Extension Label Linkbase\n101.PRE ††\tXBRL Taxonomy Extension Presentation Linkbase\n104 ††\tCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)\n", "q10k_tbl_52": "*\tDenotes a management contract or compensatory plan or arrangement.\n†\tThe certifications attached as Exhibit 32 that accompany this Quarterly Report on Form 10-Q are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Autodesk Inc. under the Securities Act of 1933 as amended or the Securities Exchange Act of 1934 as amended whether made before or after the date of this Form 10-Q irrespective of any general incorporation language contained in such filing.\n††\tThe financial information contained in these XBRL documents is unaudited.\n"}{"bs": "q10k_tbl_4", "is": "q10k_tbl_2", "cf": "q10k_tbl_5"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2020
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 0-14338
AUTODESK, INC.
(Exact name of registrant as specified in its charter)
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)
(415) 507-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
ADSK
The Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 30, 2020, registrant had outstanding 219,889,403 shares of common stock.
Weighted average shares used in computing basic net income per share
219.6
219.7
219.4
219.6
Weighted average shares used in computing diluted net income per share
222.3
221.9
222.1
222.1
See accompanying Notes to Condensed Consolidated Financial Statements.
4
AUTODESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
Three Months Ended October 31,
Nine Months Ended October 31,
2020
2019
2020
2019
Net income
$
132.2
$
66.7
$
296.9
$
82.7
Other comprehensive (loss) income, net of reclassifications:
Net loss on derivative instruments (net of tax effect of ($0.4), $0.4, $1.5 and ($1.6), respectively)
3.9
(3.3)
(11.6)
(4.3)
Change in net unrealized gain (loss) on available-for-sale debt securities (net of tax effect of zero, ($0.1), $0.1 and ($0.4), respectively)
0.6
0.5
1.9
1.4
Change in defined benefit pension items (net of tax effect of zero, $0.3, zero and $0.8, respectively)
0.3
(0.1)
—
(2.5)
Net change in cumulative foreign currency translation gain (loss) (net of tax effect of $0.1, $0.1, ($0.3) and $0.1, respectively)
(6.7)
17.3
13.6
(15.9)
Total other comprehensive (loss) income
(1.9)
14.4
3.9
(21.3)
Total comprehensive income
$
130.3
$
81.1
$
300.8
$
61.4
See accompanying Notes to Condensed Consolidated Financial Statements.
5
AUTODESK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
October 31, 2020
January 31, 2020
ASSETS
Current assets:
Cash and cash equivalents
$
1,537.0
$
1,774.7
Marketable securities
78.5
69.0
Accounts receivable, net
540.4
652.3
Prepaid expenses and other current assets
183.9
163.3
Total current assets
2,339.8
2,659.3
Computer equipment, software, furniture and leasehold improvements, net
191.5
161.7
Operating lease right-of-use assets
426.4
438.8
Developed technologies, net
65.4
70.9
Goodwill
2,484.2
2,445.0
Deferred income taxes, net
44.3
56.4
Long-term other assets
392.9
347.2
Total assets
$
5,944.5
$
6,179.3
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$
121.3
$
83.7
Accrued compensation
272.4
272.1
Accrued income taxes
43.2
21.2
Deferred revenue
2,161.5
2,176.1
Operating lease liabilities
64.1
48.1
Current portion of long-term notes payable, net
—
449.7
Other accrued liabilities
149.1
168.3
Total current liabilities
2,811.6
3,219.2
Long-term deferred revenue
771.3
831.0
Long-term operating lease liabilities
398.2
411.7
Long-term income taxes payable
20.4
19.1
Long-term deferred income taxes
85.1
82.5
Long-term notes payable, net
1,636.6
1,635.1
Long-term other liabilities
152.0
119.8
Stockholders’ equity (deficit):
Common stock and additional paid-in capital
2,507.1
2,317.0
Accumulated other comprehensive loss
(156.4)
(160.3)
Accumulated deficit
(2,281.4)
(2,295.8)
Total stockholders’ equity (deficit)
69.3
(139.1)
Total liabilities and stockholders' equity (deficit)
$
5,944.5
$
6,179.3
See accompanying Notes to Condensed Consolidated Financial Statements.
6
AUTODESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended October 31,
2020
2019
Operating activities:
Net income
$
296.9
$
82.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion
92.2
96.4
Stock-based compensation expense
291.5
257.4
Deferred income taxes
13.0
47.9
Restructuring and other exit costs, net
—
0.5
Other
48.6
10.8
Changes in operating assets and liabilities
Accounts receivable
112.8
(47.2)
Prepaid expenses and other assets
(61.6)
37.6
Accounts payable and other liabilities
42.3
(94.2)
Deferred revenue
(78.3)
328.8
Accrued income taxes
22.2
(3.8)
Net cash provided by operating activities
779.6
716.9
Investing activities:
Purchases of marketable securities
(21.0)
(19.9)
Sales of marketable securities
—
22.4
Maturities of marketable securities
17.0
5.0
Capital expenditures
(67.6)
(39.2)
Purchases of developed technologies
(4.8)
—
Acquisitions, net of cash acquired
(44.8)
—
Other investing activities
(55.5)
(11.0)
Net cash used in investing activities
(176.7)
(42.7)
Financing activities:
Proceeds from issuance of common stock, net of issuance costs
112.9
91.8
Taxes paid related to net share settlement of equity awards
(105.0)
(79.9)
Repurchases of common stock
(399.4)
(261.9)
Repayment of debt
(450.0)
(350.0)
Other financing activities
(2.5)
—
Net cash used in financing activities
(844.0)
(600.0)
Effect of exchange rate changes on cash and cash equivalents
3.4
(4.0)
Net (decrease) increase in cash and cash equivalents
(237.7)
70.2
Cash and cash equivalents at beginning of period
1,774.7
886.0
Cash and cash equivalents at end of period
$
1,537.0
$
956.2
Supplemental cash flow disclosure:
Non-cash financing activities:
Fair value of common stock issued to settle liability-classified restricted stock units
$
28.7
$
—
See accompanying Notes to Condensed Consolidated Financial Statements.
7
AUTODESK, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Tables in millions, except share and per share data, or as otherwise noted)
1. Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements of Autodesk, Inc. (“Autodesk,” “we,” “us,” “our,” or the “Company”) as of October 31, 2020, and for the three and nine months ended October 31, 2020 and 2019, have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information along with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In management’s opinion, Autodesk made all adjustments (consisting of normal, recurring and non-recurring adjustments) during the quarter that were considered necessary for the fair statement of the financial position and operating results of the Company. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. In March 2020, the World Health Organization declared the outbreak of a disease caused by a novel strain of the coronavirus (COVID-19) to be a pandemic. This pandemic has created and may continue to create significant uncertainty in the macroeconomic environment which, in addition to other unforeseen effects of this pandemic, may adversely impact our results of operations. As the COVID-19 pandemic continues to develop, many of our estimates could require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve our estimates may change materially in future periods. In addition, the results of operations for the three and nine months ended October 31, 2020, are not necessarily indicative of the results for the entire fiscal year ending January 31, 2021, or for any other period. Further, the balance sheet as of January 31, 2020, has been derived from the audited Consolidated Balance Sheet as of this date. There have been no material changes, other than what is discussed herein, to Autodesk's significant accounting policies as compared to the significant accounting policies disclosed in the Annual Report on Form 10-K for the fiscal year ended January 31, 2020. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes, together with management’s discussion and analysis of financial position and results of operations, contained in Autodesk’s Annual Report on Form 10-K for the fiscal year ended January 31, 2020, filed on March 19, 2020.
2. Recently Issued Accounting Standards
With the exception of those discussed below, there have been no recent changes in accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) or adopted by the Company during the nine months ended October 31, 2020, that are applicable to the Company.
Accounting standards adopted
In June 2016, FASB issued ASU No. 2016-13 regarding ASC Topic 326, “Financial Instruments - Credit Losses,” which requires the measurement and recognition of expected credit losses for certain financial instruments using forward-looking information to calculate credit loss estimates. Autodesk adopted ASU 2016-13 as of the effective date which represents Autodesk’s fiscal year beginning February 1, 2020. The ASU did not have a material impact on Autodesk's consolidated financial statements at adoption.
Adoption and policy elections
Allowances for uncollectible trade receivables and contract assets are subject to impairment using the expected credit loss model. Allowances for expected credit losses are measured based upon the lifetime expected credit loss which is based on historical experience, the number of days that billings are past due, reasonable economic forecast, including revised forecast data for the current economic environment, customer payment behavior, credit reports and other customer specific information. Allowances for credit losses on trade receivables and contract assets were not material as of October 31, 2020.
Autodesk’s investments in available-for-sale debt securities are subject to a periodic impairment review. If Autodesk does not intend to sell and it is more likely than not that Autodesk will not be required to sell the available-for-sale debt security prior to recovery of its amortized cost basis, Autodesk will determine whether a decline in fair value below the amortized cost basis is due to credit-related factors. The credit loss is measured as the amount by which the debt security’s amortized cost basis exceeds the estimate of the present value of cash flows expected to be collected, up to the difference between the amortized cost basis and the fair value. Impairment will be assessed at the individual security level. Credit-related impairment is recognized as an allowance on the Condensed Consolidated Balance Sheets with a corresponding adjustment to “Interest and other
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expense, net” on the Company's Condensed Consolidated Statements of Operations. Any impairment that is not credit-related is recognized in “Accumulated other comprehensive loss” on the Condensed Consolidated Balance Sheets.
Autodesk does not measure an allowance for credit losses on accrued interest receivables on available-for-sale debt securities separately. Autodesk writes off accrued interest receivables by reversing interest income in the period deemed uncollectible in “Interest and other expense, net” on the Company's Condensed Consolidated Statements of Operations. Any accrued interest receivable on available-for-sale debt securities is recorded in “Cash and cash equivalents”, “Prepaid expenses and other current assets,” or “Long-term other assets,” in the accompanying Condensed Consolidated Balance Sheets, as applicable.
Recently issued accounting standards not yet adopted
In March 2020, FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU No. 2020-04"), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. Autodesk will apply the expedients in ASU No. 2020-04 through December 31, 2022. Autodesk does not believe ASU No. 2020-04 will have a material impact on its consolidated financial statements.
3. Revenue Recognition
Revenue Disaggregation
Autodesk recognizes revenue from the sale of (1) product subscriptions, cloud service offerings, and enterprise business agreements (“EBAs”), (2) renewal fees for existing maintenance plan agreements that were initially purchased with a perpetual software license, and (3) consulting, training, and other goods and services. The three categories are presented as line items on Autodesk's Condensed Consolidated Statements of Operations.
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Information regarding the components of Autodesk's net revenue from contracts with customers by product family, geographic location, sales channel, and product type is as follows:
Three Months Ended October 31,
Nine Months Ended October 31,
(in millions)
2020
2019
2020
2019
Net revenue by product family:
Architecture, Engineering and Construction
$
419.4
$
358.0
$
1,199.1
$
996.5
AutoCAD and AutoCAD LT
278.8
245.4
812.9
689.9
Manufacturing
194.1
182.2
562.5
524.3
Media and Entertainment
54.0
50.6
159.9
146.9
Other
6.1
6.5
16.8
17.4
Total net revenue
$
952.4
$
842.7
$
2,751.2
$
2,375.0
Net revenue by geographic area:
Americas
U.S.
$
328.5
$
287.3
$
938.6
$
804.3
Other Americas
64.4
62.0
188.0
166.7
Total Americas
392.9
349.3
1,126.6
971.0
Europe, Middle East and Africa
364.3
329.6
1,063.8
943.0
Asia Pacific
195.2
163.8
560.8
461.0
Total net revenue
$
952.4
$
842.7
$
2,751.2
$
2,375.0
Net revenue by sales channel:
Indirect
$
656.2
$
586.6
$
1,918.9
$
1,663.2
Direct
296.2
256.1
832.3
711.8
Total net revenue
$
952.4
$
842.7
$
2,751.2
$
2,375.0
Net revenue by product type:
Design
$
847.7
$
748.3
$
2,466.8
$
2,126.4
Make
76.5
57.9
214.9
154.8
Other
28.2
36.5
69.5
93.8
Total net revenue
$
952.4
$
842.7
$
2,751.2
$
2,375.0
Payments for product subscriptions, industry collections, cloud subscriptions, and maintenance subscriptions are typically due up front with payment terms of 30 to 45 days. As a result of the COVID-19 pandemic, we extended contract payment terms to 60 days through August 7, 2020, for all customers and partners for new orders and renewals placed directly with Autodesk. Payments on EBAs are typically due in annual installments over the contract term, with payment terms of 30 to 60 days. Autodesk does not have any material variable consideration, such as obligations for returns, refunds, warranties, or amounts due to customers for which significant estimation or judgment is required as of the reporting date.
Remaining performance obligations consist of total short-term, long-term, and unbilled deferred revenue. As of October 31, 2020, Autodesk had remaining performance obligations of $3.58 billion, which represents the total contract price allocated to remaining performance obligations, which are generally recognized over the next three years. We expect to recognize $2.38 billion or 67% of our remaining performance obligations as revenue during the next 12 months. We expect to recognize the remaining $1.20 billion or 33% of our remaining performance obligations as revenue thereafter.
The amount of remaining performance obligations may be impacted by the specific timing, duration, and size of customer subscription and support agreements, varying billing cycles of such agreements, the specific timing of customer renewals, and foreign currency fluctuations.
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Contract Balances
We receive payments from customers based on a billing schedule as established in our contracts. Contract assets relate to performance completed in advance of scheduled billings. Contract assets were not material as of October 31, 2020. Deferred revenue relates to billings in advance of performance under the contract. The primary changes in our contract assets and deferred revenues are due to our performance under the contracts and billings.
Revenue recognized during the three months ended October 31, 2020 and 2019, that was included in the deferred revenue balances at January 31, 2020 and 2019, was $481.9 million and $398.5 million, respectively. Revenue recognized during the nine months ended October 31, 2020 and 2019, that was included in the deferred revenue balances at January 31, 2020 and 2019, was $1.91 billion and $1.58 billion, respectively. The satisfaction of performance obligations typically lags behind payments received under revenue contracts from customers.
4. Concentration of Credit Risk
Autodesk places its cash, cash equivalents, and marketable securities in highly liquid instruments with, and in the custody of, multiple diversified financial institutions globally with high credit ratings, and limits the amounts invested with any one institution, type of security, and issuer. Autodesk’s primary commercial banking relationship is with Citigroup Inc. and its global affiliates. Citibank, N.A., an affiliate of Citigroup, is one of the lead lenders and an agent in the syndicate of Autodesk’s $650.0 million line of credit facility. See Note 14, “Borrowing Arrangements,” in the Notes to Condensed Consolidated Financial Statements for further discussion.
Total sales to the Company's largest distributor Tech Data Corporation and its global affiliates (“Tech Data”) accounted for 37% and 35% of Autodesk’s total net revenue for both the three and nine months ended October 31, 2020 and 2019, respectively. The majority of the net revenue from sales to Tech Data is for sales made outside of the United States. In addition, Tech Data accounted for 22% and 31% of trade accounts receivable at October 31, 2020, and January 31, 2020, respectively. Ingram Micro Inc. ("Ingram Micro") accounted for 10% of Autodesk's total net revenue during both the three and nine months ended October 31, 2020 and 2019. No other customer accounted for more than 10% of Autodesk's total net revenue or trade accounts receivable for each of the respective periods.
5. Financial Instruments
The following tables summarize the Company's financial instruments' amortized cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category as of October 31, 2020, and January 31, 2020:
October 31, 2020
(in millions)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value
Level 1
Level 2
Level 3
Cash equivalents (1):
Commercial paper
$
34.0
$
—
$
—
$
34.0
$
—
$
34.0
$
—
Money market funds
817.8
—
—
817.8
817.8
—
—
Other (2)
6.5
—
—
6.5
4.0
2.5
—
Marketable securities:
Short-term available for sale
Other (3)
4.0
—
—
4.0
—
4.0
—
Short-term trading securities
Mutual funds (4)
64.1
10.8
(0.4)
74.5
74.5
—
—
Strategic investments derivative assets (5)
1.8
1.5
(0.2)
3.1
—
—
3.1
Derivative contract assets (5)
0.4
6.4
(0.3)
6.5
—
6.5
—
Derivative contract liabilities (6)
—
—
(13.7)
(13.7)
—
(13.7)
—
Total
$
928.6
$
18.7
$
(14.6)
$
932.7
$
896.3
$
33.3
$
3.1
____________________
(1)Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. These investments are classified as debt securities with stated contractual maturities due within one year.
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(2)Consists of custody cash deposits, municipal bonds, and certificates of deposit.
(3)Consists of commercial paper and municipal bonds.
(4)See Note 12, "Deferred Compensation " for more information.
(5)Included in “Prepaid expenses and other current assets” or “Long-term other assets” in the accompanying Condensed Consolidated Balance Sheets.
(6)Included in “Other accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets.