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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2022
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)
Delaware94-2819853
(State or other jurisdiction of
incorporation or organization)
(I.R.S. employer
Identification No.)
111 McInnis Parkway,
San Rafael, California94903
(Address of principal executive offices)(Zip Code)
(415507-5000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareADSKThe 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 May 27, 2022, registrant had outstanding 217,272,205 shares of common stock.



AUTODESK, INC. FORM 10-Q
TABLE OF CONTENTS
  Page No.
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.




PART I. FINANCIAL INFORMATION
 
ITEM 1.FINANCIAL STATEMENTS

AUTODESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
 
 Three Months Ended April 30,
 20222021
Net revenue:
Subscription$1,089 $927 
Maintenance 18 19 
Total subscription and maintenance revenue
1,107 946 
Other63 43 
Total net revenue1,170 989 
Cost of revenue:
Cost of subscription and maintenance revenue84 68 
Cost of other revenue19 14 
Amortization of developed technologies14 10 
Total cost of revenue117 92 
Gross profit1,053 897 
Operating expenses:
Marketing and sales419 377 
Research and development289 266 
General and administrative120 112 
Amortization of purchased intangibles 11 8 
Total operating expenses839 763 
Income from operations214 134 
Interest and other expense, net(19)(3)
Income before income taxes195 131 
(Provision) benefit for income taxes(49)25 
Net income $146 $156 
Basic net income per share$0.67 $0.71 
Diluted net income per share$0.67 $0.70 
Weighted average shares used in computing basic net income per share217 220 
Weighted average shares used in computing diluted net income per share219 222 

See accompanying Notes to Condensed Consolidated Financial Statements.

4


AUTODESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
Three Months Ended April 30,
20222021
Net income $146 $156 
Other comprehensive (loss) income, net of reclassifications:
Net gain on derivative instruments (net of tax effect of $(8) and $(2), respectively)
55 10 
Change in net unrealized (loss) gain on available-for-sale debt securities (net of tax effect of zero for all periods presented)
(1)4 
Change in defined benefit pension items (net of tax effect of zero for all periods presented)
(3) 
Net change in cumulative foreign currency translation (loss) gain (net of tax effect of zero and $(2), respectively)
(75)10 
Total other comprehensive (loss) income (24)24 
Total comprehensive income $122 $180 

See accompanying Notes to Condensed Consolidated Financial Statements.

5


AUTODESK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
 
April 30, 2022January 31, 2022
ASSETS
Current assets:
Cash and cash equivalents$1,518 $1,528 
Marketable securities67 236 
Accounts receivable, net384 716 
Prepaid expenses and other current assets389 284 
Total current assets2,358 2,764 
Long-term marketable securities39 45 
Computer equipment, software, furniture and leasehold improvements, net162 162 
Operating lease right-of-use assets303 305 
Intangible assets, net479 494 
Goodwill3,642 3,604 
Deferred income taxes, net759 741 
Long-term other assets519 492 
Total assets$8,261 $8,607 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$135 $121 
Accrued compensation220 341 
Accrued income taxes50 30 
Deferred revenue2,809 2,863 
Operating lease liabilities77 87 
Current portion of long-term notes payable, net350 350 
Other accrued liabilities160 217 
Total current liabilities3,801 4,009 
Long-term deferred revenue940 927 
Long-term operating lease liabilities347 346 
Long-term income taxes payable37 20 
Long-term deferred income taxes 34 29 
Long-term notes payable, net2,279 2,278 
Long-term other liabilities142 149 
Stockholders’ equity:
Common stock and additional paid-in capital2,972 2,923 
Accumulated other comprehensive loss(148)(124)
Accumulated deficit(2,143)(1,950)
Total stockholders’ equity 681 849 
Total liabilities and stockholders’ equity $8,261 $8,607 

See accompanying Notes to Condensed Consolidated Financial Statements.

6


AUTODESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 
 Three Months Ended April 30,
 20222021
Operating activities:
Net income $146 $156 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion38 33 
Stock-based compensation expense152 116 
Deferred income taxes(22)19 
Lease-related asset impairments2  
Other27 19 
Changes in operating assets and liabilities, net of business combinations:
Accounts receivable332 324 
Prepaid expenses and other assets (23)(126)
Accounts payable and other liabilities (218)(182)
Deferred revenue(38)(28)
Accrued income taxes38 5 
Net cash provided by operating activities
434 336 
Investing activities:
Purchases of marketable securities(29) 
Sales and maturities of marketable securities202 4 
Capital expenditures(12)(20)
Purchases of developed technologies (4)(1)
Business combinations, net of cash acquired(96)(1,032)
Other investing activities(30)9 
Net cash provided by (used in) investing activities31 (1,040)
Financing activities:
Proceeds from issuance of common stock, net of issuance costs67 64 
Taxes paid related to net share settlement of equity awards (70)(55)
Repurchases of common stock(457)(151)
Net cash used in financing activities(460)(142)
Effect of exchange rate changes on cash and cash equivalents(15)(3)
Net decrease in cash and cash equivalents(10)(849)
Cash and cash equivalents at beginning of period1,528 1,772 
Cash and cash equivalents at end of period$1,518 $923 
Supplemental cash flow disclosure:
Non-cash financing activities:
Fair value of common stock issued related to business combination $10 $3 

See accompanying Notes to Condensed Consolidated Financial Statements.
7


AUTODESK, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(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 April 30, 2022, and for the three months ended April 30, 2022 and 2021, 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 addition, the results of operations for the three months ended April 30, 2022, are not necessarily indicative of the results for the entire fiscal year ending January 31, 2023, or for any other period. Further, the balance sheet as of January 31, 2022, 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, 2022. 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, 2022, filed on March 14, 2022.

Change in presentation

During the quarter ended April 30, 2022, the Company changed its presentation of certain subscription plan offerings in our Condensed Consolidated Statements of Operations. Revenue from subscription plan offerings in which the customer does not utilize the cloud functionality or that do not incorporate substantial cloud functionality, previously recorded in “Subscription” have been reclassified to “Other” and “Maintenance,” as applicable. Accordingly, prior period amounts have been reclassified to conform to the current period presentation, in all material respects. These reclassifications did not impact total net revenue.

The effect of the change on the Condensed Consolidated Statements of Operations for the three months ended April 30, 2021, was as follows:
 As Reported Three Months Ended April 30, 2021Effect of Change in Presentation As Adjusted Three Months Ended April 30, 2021
Net revenue:
Subscription$948 $(21)$927 
Other22 21 43 
Total net revenue989  989 

In the current fiscal year, the Company changed its rounding presentation to the nearest whole number in millions of reported amounts, except per share data or as otherwise noted. The current year rounding presentation has been applied to all prior year amounts presented and, in certain circumstances, this change may adjust previously reported balances.

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 three months ended April 30, 2022, that are applicable to the Company.

Accounting Standards Adopted

In March 2020, FASB issued Accounting Standards Update (“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
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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 April 30,
20222021
Net revenue by product family:
Architecture, Engineering and Construction $518 $443 
AutoCAD and AutoCAD LT346 285 
Manufacturing225 197 
Media and Entertainment68 55 
Other 13 9 
Total net revenue$1,170 $989 
Net revenue by geographic area:
Americas
U.S.$398 $324 
Other Americas86 67 
Total Americas484 391 
Europe, Middle East and Africa449 383 
Asia Pacific237 215 
Total net revenue$1,170 $989 
Net revenue by sales channel:
Indirect$769 $661 
Direct401 328 
Total net revenue$1,170 $989 
Net revenue by product type:
Design$1,004 $865 
Make103 81 
Other63 43 
Total net revenue$1,170 $989 

Payments for product subscriptions, industry collections, cloud subscriptions, and maintenance subscriptions are typically due up front with payment terms of 30 to 45 days. 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 April 30, 2022, Autodesk had remaining performance obligations of $4.68 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 $3.14 billion or 67% of our remaining performance obligations as revenue during the next 12 months. We expect to recognize the remaining $1.54 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, the specific timing of customer renewals, and foreign currency fluctuations.

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 April 30, 2022. Deferred
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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 April 30, 2022 and 2021, that was included in the deferred revenue balances at January 31, 2022 and 2021, was $987 million and $838 million, 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 $1.5 billion revolving 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 36% of Autodesk’s total net revenue during both the three months ended April 30, 2022 and 2021. The majority of the net revenue from sales to Tech Data is for sales outside of the United States. In addition, Tech Data accounted for 28% and 24% of trade accounts receivable at April 30, 2022, and January 31, 2022, respectively. Ingram Micro Inc. (“Ingram Micro”) accounted for 9% and 10% of Autodesk's total net revenue during the three months ended April 30, 2022 and 2021, respectively. No other customer accounted for more than 10% of Autodesk's total net revenue or trade accounts receivable for each of the respective periods.

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5. Financial Instruments

The following tables summarize the Company's financial instruments' by significant investment category as of April 30, 2022, and January 31, 2022:
April 30, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash equivalents (1):
Money market funds$531 $ $ $531 
Commercial paper 117   117 
U.S. government securities20   20 
Agency discount notes8   8 
Other (2)8   8 
Marketable securities:
Short-term
Corporate debt securities28   28 
Asset backed securities20   20 
Certificates of deposit10   10 
Commercial paper6   6 
Other (3)1 2  3 
Long-term
Corporate debt securities39   39 
Mutual funds (4) (5)78 8 (1)85 
Convertible debt securities (5) 3   3 
Total$869 $10 $(1)$878 
___________________ 
(1)Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. These investments are classified as debt securities.
(2)Consists of custody cash deposits, sovereign bonds, asset backed securities, and certificates of deposit.
(3)Consists of common stock 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.
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January 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash equivalents (1):
Money market funds$302 $ $ $302 
Commercial paper55   55 
U.S government securities25   25 
Custody cash deposit18   18 
Corporate debt securities18   18 
Certificates of deposit6   6 
Other (2)4   4 
Marketable securities:
Short-term
Commercial paper103   103 
Corporate debt securities61   61 
Asset backed securities 26   26 
Certificate of deposit14   14 
U.S. government securities 13   13 
Municipal bonds11   11 
Common Stock 4  4 
Other (3)4   4 
Long-term
Corporate debt securities44   44 
Other (4)1   1 
Mutual funds (5) (6)74 16 (1)89 
Total$779 $20 $(1)$798 
____________________ 
(1)Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. These investments are classified as debt securities.
(2)Consists of sovereign bonds and municipal bonds.
(3)Consists of sovereign bonds and supranational bonds.
(4)Consists of asset backed securities.
(5)See Note 12, “Deferred Compensation” for more information.
(6)Included in “Prepaid expenses and other current assets,” or “Long-term other assets,” in the accompanying Condensed Consolidated Balance Sheets.

The following table summarizes the fair values of investments classified as marketable debt securities by contractual maturity date as of April 30, 2022:
Fair Value
Due within 1 year$33 
Due in 1 year through 5 years71 
Total
$104 
    
As of both April 30, 2022, and January 31, 2022, Autodesk had no material unrealized losses, individually and in the aggregate, for marketable debt securities that are in a continuous unrealized loss position for greater than 12 months. Total unrealized gains for securities with net gains in accumulated other comprehensive income were not material for the three months ended April 30, 2022.

Autodesk monitors all marketable debt securities for potential credit losses by reviewing indicators such as, but not limited to, current credit rating, change in credit rating, credit outlook, and default risk. There were no allowances for credit
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losses as of both April 30, 2022, and January 31, 2022. There were no write offs of accrued interest receivables for both the three months ended April 30, 2022 and 2021.

There was no realized gain or loss for the sales or redemptions of marketable debt securities during both the three months ended April 30, 2022 and 2021. Realized gains and losses from the sales or redemptions of marketable debt securities are recorded in “Interest and other expense, net” on the Company's Condensed Consolidated Statements of Operations.

Proceeds from the sale and maturity of marketable debt securities were as follows:
Three Months Ended April 30,
20222021
Marketable debt securities$202 $4 

Strategic investment equity securities

As of April 30, 2022, and January 31, 2022, Autodesk had $157 million and $134 million, respectively, in direct investments in privately held companies. These strategic investment equity securities do not have readily determined fair values, and Autodesk uses the measurement alternative to account for the adjustment to these investments in a given quarter. If Autodesk determines that an impairment has occurred, Autodesk writes down the investment to its fair value.

Adjustments to the carrying value of our strategic investment equity securities with no readily determined fair values measured using the measurement alternative are included in “Interest and other expense, net” on the Company's Condensed Consolidated Statements of Operations. These adjustments were as follows:
 Three Months Ended April 30,Cumulative Amount as of
20222021April 30, 2022
Upward adjustments$ $1 $23 
Negative adjustments, including impairments (2)(4)(79)
Net adjustments$(2)$(3)$(56)

During the three months ended April 30, 2022, Autodesk recognized no gains on the disposition of strategic investment equity securities. During the three months ended April 30, 2021, Autodesk recognized gains of $8 million on the disposition of strategic investment equity securities.

Fair Value

Autodesk applies fair value accounting for certain financial assets and liabilities, which consist of cash equivalents, marketable securities, and other financial instruments, on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The following tables summarize the Company's financial instruments measured at fair value on a recurring basis by significant investment category as of April 30, 2022, and January 31, 2022:
 
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April 30, 2022
Level 1Level 2Level 3Total
Assets:
Cash equivalents (1):
Money market funds$531 $ $ $531 
Commercial paper  117  117 
U.S. government securities 20  20 
Agency discount notes 8  8 
Other (2)3 5  8 
Marketable securities:
Short-term
Corporate debt securities 28  28 
Asset backed securities 20  20 
Certificates of deposit 10  10 
Commercial paper 6  6 
Other (3)2 1  3 
Long-term
Corporate debt securities 39  39 
Long-term other assets:
Mutual funds (4) (5)85   85 
Convertible debt securities   3 3 
Derivative assets (5):
Derivative contract assets 94  94 
Strategic investments derivative assets   2 2 
Derivative liabilities (6):
Derivative contract liabilities (20) (20)
Total$621 $328 $5 $954 
____________________ 
(1)Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. These investments are classified as debt securities.
(2)Consists of custody cash deposits, sovereign bonds, asset backed securities, and certificates of deposit.
(3)Consists of common stock 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.

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January 31, 2022
Level 1Level 2Level 3Total
Assets:
Cash equivalents (1):
Money market funds$302 $ $ $302 
Commercial paper 55  55 
U.S government securities 25  25 
Custody cash deposit18   18 
Corporate debt securities  18  18 
Certificates of deposit 6  6 
Other (2) 4  4 
Marketable securities:
Short-term
Commercial paper 103  103 
Corporate debt securities 61  61 
Asset backed securities  26  26 
Certificate of deposit 14  14 
U.S. government securities  13  13 
Municipal bonds 11  11 
Common Stock4   4 
Other (3) 4  4 
Long-term
Corporate debt securities 44