Autodesk 2014 Annual Report Download - page 121

2013 Annual Report
2014 Form 10-K 47
General and Administrative
Fiscal Year
Ended
January 31,
2014
Decrease compared to
prior fiscal year
Fiscal Year
Ended
January 31,
2013
Increase
compared to
prior fiscal year
Fiscal Year
Ended
January 31,
2012 $ % $ %
(in millions)
General and administrative $ 248.3 $ (0.1) — % $ 248.4 $ 25.3 11% $ 223.1
As a percentage of net revenue 11% 11% 10%
General and administrative expenses include salaries, bonuses, benefits and stock-based compensation expense for our
finance, human resources and legal employees, as well as professional fees for legal and accounting services, amortization of
acquisition related customer relationships and trade names, gains and losses on our operating expense cash flow hedges,
expense of travel, entertainment and training, expense of communication and the cost of supplies and equipment.
General and administrative expenses remained flat from fiscal 2013 to fiscal 2014. An increase in employee-related costs
from salaries and fringe benefits were offset by a decrease in amortization of acquisition related customer relationships and
trade names. General and administrative expenses increased 11% from fiscal 2012 to fiscal 2013, primarily due to an increase
in amortization of acquisition related customer relationships and trade names and fluctuations in our operating expense hedge
activity in fiscal 2013. Also contributing to the increase was an increase in salaries primarily due to merit increases in fiscal
2013 as compared to fiscal 2012.
We expect general and administrative expense to slightly increase in absolute dollars but remain relatively consistent as a
percentage of net revenue during fiscal 2015, as compared to fiscal 2014, primarily due to an increase in costs associated with
supporting our major business initiatives.
Restructuring Charges (Benefits), Net
Fiscal Year
Ended
January 31,
2014
Decrease compared to
prior fiscal year
Fiscal Year
Ended
January 31,
2013
Increase compared to
prior fiscal year
Fiscal Year
Ended
January 31,
2012 $ % $ %
(in millions)
Restructuring charges (benefits), net $ 12.8 $ (31.1) 71% $ 43.9 $ 45.2 (3,477)% $ (1.3)
As a percentage of net revenue 1% 2% — %
During the third quarter of fiscal 2014, our Board of Directors approved a world-wide restructuring plan in order to re-
balance staffing levels to better align them with the evolving needs of the business. During fiscal 2014, Autodesk recorded a
restructuring charge of $12.8 million. Of this amount, $10.2 million was recorded for one-time termination benefits and other
costs and $2.6 million was recorded for facilities-related costs. We expect to substantially pay the one-time termination benefits
and facility related liabilities related to this plan by the end of our first quarter of fiscal 2015.
During the third quarter of fiscal 2013, the our Board of Directors approved a world-wide restructuring plan in line
with the Company's strategy, including its continuing shift to cloud and mobile computing. The approved plan included a
reduction in force and the consolidation of certain leased facilities. As of January 31, 2014, the personnel and facilities related
actions included in this restructuring plan were substantially complete. See Note 15, “Restructuring Reserves,” in Notes to
Consolidated Financial Statements for further discussion.