Autodesk 2009 Annual Report Download - page 7

NON-GAAP RECONCILIATIONS First Half of
Fiscal Year
2009 % of Net Revenue
Second Half
of Fiscal Year
2009 % of Net Revenue
Fiscal Year
Ended January
31, 2009 % of Net Revenue
Fiscal 2009 (in millions) (in millions) (in millions)
Total Net Revenue ............................................ $ 1,218 $ 1,097 $ 2,315
GAAP income from operations ................................ $ 239 20% $ 6 1% $ 245 11%
SFAS 123R stock-based compensation expense ............... 48 42 90
Amortization of developed technology ...................... 9 14 23
Amortization of customer relationships and trademarks....... 9 14 23
In-process research and development ....................... 17 10 27
Employee tax reimbursements related to stock option review . — — —
Impairment of goodwill and intangibles...................... — 129 129
Restructuring ............................................. — 40 40
Non-GAAP income from operations ........................... $ 322 26% $ 255 23% $ 577 25%
First Half of
Fiscal Year
2008 % of Net Revenue
Second Half
of Fiscal Year
2008 % of Net Revenue
Fiscal Year
Ended January
31, 2008 % of Net Revenue
Fiscal 2008 (in millions) (in millions) (in millions)
Total Net Revenue ............................................ $ 1,034 $ 1,138 $ 2,172
GAAP income from operations ................................ $ 216 21% $ 230 20% $ 446 21%
SFAS 123R stock-based compensation expense ............... 36 63 99
Amortization of developed technology ...................... 4 7 11
Amortization of customer relationships
and trademarks........................................ 4 5 9
In-process research and development ....................... 1 4 5
Employee tax reimbursements related to stock option review ... 12 2 14
Impairment of goodwill and intangibles...................... — — —
Restructuring ............................................. — — —
Non-GAAP income from operations ........................... $ 273 26% $ 311 27% $ 584 27%
Fiscal Year
Ended January
31, 2009
Fiscal Year
Ended January
31, 2008
GAAP diluted EPS ............................................ $ 0.80 $ 1.47
SFAS 123R stock-based compensation expense ............... 0.39 0.41
Amortization of developed technology ...................... 0.10 0.04
Amortization of customer relationships and trademarks....... 0.10 0.04
In-process research and development ....................... 0.12 0.02
Employee tax reimbursements related to stock option review ... — 0.06
Impairment of goodwill and intangibles...................... 0.56 —
Restructuring ............................................. 0.18 —
Investment impairment .................................... — 0.02
Income tax eect on dierence between GAAP and non-GAAP
total costs and expenses at a normalized rate............. (0.30) (0.18)
Non-GAAP diluted EPS........................................ $ 1.95 $ 1.88
This Annual Report contains forward-looking statements that involve risks and uncertainties, including our strategies and expected financial
performance, our future business prospects, restructuring plans and cost savings, our market opportunities, our competitive position and
trends for our products in various geographies. We caution you that such statements reflect our best judgment based on factors currently
known to us, and that actual events or results could dier materially. Please refer to the documents that we file from time to time with
the SEC, including our Form 10-K for the year ended January 31, 2009, a copy of which is enclosed herein. Autodesk does not assume any
obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on
which they were made.
The Letter to Stockholders in this Annual Report contains non-GAAP measures that we believe provide a more complete understanding
of Autodesk’s underlying operational results and trends and our marketplace performance. We believe such measures are appropriate
to enhance an overall understanding of our past financial performance and also our prospects for the future, as well as to facilitate
comparisons with our historical operating results. There are limitations in using non-GAAP financial measures because the non-GAAP
financial measures are not prepared in accordance with generally accepted accounting principles and may be dierent from non-GAAP
financial measures used by other companies. Investors should review the reconciliation of the non-GAAP financial measures to their most
directly comparable GAAP financial measures as provided in the tables that follow the Letter to Stockholders.