Autodesk Reports Strong Fourth Quarter Results
San Rafael, California, February 24, 2000—Autodesk, Inc., today announced financial results for its fourth quarter and fiscal year ended January 31, 2000. Net revenue for the fourth quarter of fiscal year 2000 was $220.2 million compared to net revenue of $217.5 million reported for the same quarter a year ago. Net revenue for the fiscal year 2000 was $820.2 million versus $871.9 million for the prior year.
On a pro forma basis, as defined on the next page, fourth quarter net income was $29.3 million or $0.48 per share on a diluted basis compared to $28.9 million or $0.48 per share for the same quarter a year ago.
Fourth quarter net income was $25.2 million or $0.41 per share on a diluted basis. This compares to net income for the prior year of $23.2 million or $0.39 per share.
On a pro forma basis, as defined on the next page, net income for fiscal 2000 was $60.7 million or $0.99 per share versus net income of $125.0 million or $2.11 per share for the prior year.
Net income for fiscal year 2000 was $9.8 million or $0.16 per share on a diluted basis and was impacted by non-recurring charges primarily related to acquisitions and a work force reduction. This compares to net income of $97.1 million or $1.64 per share for the last fiscal year.
"This has been both a challenging and invigorating year. Our traditional markets are back and we have great products out there," said Carol Bartz, Chairman and CEO. "However, I am most passionate about the exciting opportunity of leading our customers to the Internet. We see Autodesk enabling customers to build the e-commerce supply chains that will dramatically change the way they do business. The foundation of these B2B markets is the design information and digital content created with our products, which will become the universal language of the emerging B2B e-commerce economy."
A summary of Autodesk's financial results is as follows:
| Three months ended January 31 | 2000 | 1999 |
| Net revenues | $220,227,000 | $217,541,000 |
| Net income (1) | $ 25,170,000 | $ 23,245,000 |
| Pro forma net income (2) | $ 29,267,000 | $ 28,898,000 |
| Diluted net income per share | $0.41 | $0.39 |
| Pro forma diluted net income per share | $0.48 | $0.48 |
(1) Results for the quarter ended January 31, 2000, include non-recurring credits of $1.8 million or $0.03 per share on a diluted basis.
(2) Pro forma results for the quarter ended January 31, 2000, exclude non-recurring credits and amortization of goodwill and purchased intangibles that netted to $6.0 million or $0.10 per share on a diluted basis. Pro forma results for the quarter ended January 31, 1999, exclude amortization of goodwill and purchased intangibles of $7.3 million or $0.12 per share on a diluted basis.
| Fiscal year ended January 31 | 2000 | 1999 |
| Net revenues | $820,182,000 | $871,879,000 |
| Net income (3) | $ 9,808,000 | $ 97,132,000 |
| Pro forma net income (4) | $ 60,719,000 | $124,981,000 |
| Diluted net income per share | $0.16 | $1.64 |
| Pro forma diluted net income per share | $0.99 | $2.11 |
(3) The results for the fiscal year ended January 31, 2000, include non-recurring charges of $34.7 million or $0.57 per share on a diluted basis. Net income for the fiscal year ended January 31, 1999, includes non-recurring charges and a litigation accrual reversal that netted to $1.1 million or $0.02 per share on a diluted basis.
(4) Pro forma results for the fiscal year ended January 31, 2000, exclude non-recurring charges and amortization of goodwill and purchased intangibles of $65.4 million or $1.06 per share on a diluted basis. Pro forma results for the fiscal year ended January 31, 1999, exclude non-recurring charges, a litigation accrual reversal, and amortization of goodwill and purchased intangibles that netted to $29.8 million or $0.50 per share on a diluted basis.
Any forward-looking statements in this release are necessarily subject to uncertainties based on various factors, including general market and business conditions, product development and release milestones, competitive factors and customer acceptance. Further information on potential factors that could affect the financial results of Autodesk are included in the Company's Report on Form 10-K for the year ended January 31, 1999 as well as the Reports on Form 10-Q for the fiscal quarters ended April 30, 1999, and July 31, 1999, and October 31, 1999, which are on file with the Securities and Exchange Commission.
Pro Forma Consolidated Statement of Income
Consolidated Statement of Income
Consolidated Balance Sheet
About Autodesk
Autodesk is the world's leading supplier of PC and Web design software and digital content creation tools. One of the largest software companies in the world, Autodesk has more than four million customers in over 150 countries. For more information, contact any Authorized Autodesk Reseller, call Autodesk at 800-964-6432, or visit the About Autodesk section of the Autodesk website. Discreet™ product information is available at 800-869-3504 or via the Web at www.discreet.com. Autodesk shares are traded on the Nasdaq national market under the symbol ADSK.
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