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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 July 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)
(415507-5000
(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 August 28, 2020, registrant had outstanding 219,279,183 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 July 31,
 
Six Months Ended July 31,
 
2020
 
2019
 
2020
 
2019
Net revenue:
 
 
 
 
 
 
 
Subscription
$
841.2

 
$
663.7

 
$
1,644.2

 
$
1,259.5

Maintenance
51.2

 
103.5

 
113.3

 
215.5

Total subscription and maintenance revenue
892.4

 
767.2

 
1,757.5

 
1,475.0

Other
20.7

 
29.6

 
41.3

 
57.3

Total net revenue
913.1

 
796.8


1,798.8

 
1,532.3

Cost of revenue:

 

 

 

Cost of subscription and maintenance revenue
58.5

 
53.0

 
115.9

 
112.7

Cost of other revenue
15.0

 
17.9

 
32.1

 
31.7

Amortization of developed technology
7.4

 
8.6

 
14.8

 
17.8

Total cost of revenue
80.9

 
79.5


162.8

 
162.2

Gross profit
832.2

 
717.3


1,636.0

 
1,370.1

Operating expenses:

 
 
 

 

Marketing and sales
350.9

 
316.8

 
692.2

 
630.1

Research and development
232.5

 
215.4

 
449.9

 
421.0

General and administrative
93.2

 
101.4

 
198.0

 
200.5

Amortization of purchased intangibles
9.5

 
9.7

 
19.2

 
19.5

Restructuring and other exit costs, net

 
0.2

 

 
0.4

Total operating expenses
686.1

 
643.5


1,359.3

 
1,271.5

Income from operations
146.1

 
73.8


276.7

 
98.6

Interest and other expense, net
(17.1
)
 
(7.3
)
 
(57.2
)
 
(23.5
)
Income before income taxes
129.0

 
66.5


219.5

 
75.1

Provision for income taxes
(30.8
)
 
(26.3
)
 
(54.8
)
 
(59.1
)
Net income
$
98.2

 
$
40.2


$
164.7

 
$
16.0

Basic net income per share
$
0.45

 
$
0.18

 
$
0.75

 
$
0.07

Diluted net income per share
$
0.44

 
$
0.18

 
$
0.74

 
$
0.07

Weighted average shares used in computing basic net income per share
219.2

 
219.6

 
219.2

 
219.6

Weighted average shares used in computing diluted net income per share
222.2

 
222.4

 
222.0

 
222.3



See accompanying Notes to Condensed Consolidated Financial Statements.


4



AUTODESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)

 
Three Months Ended July 31,
 
Six Months Ended July 31,
 
2020
 
2019
 
2020
 
2019
Net income
$
98.2

 
$
40.2

 
$
164.7

 
$
16.0

Other comprehensive income (loss), net of reclassifications:
 
 
 
 
 
 
 
Net loss on derivative instruments (net of tax effect of $2.3, ($1.7), $1.9 and ($2.0), respectively)
(19.5
)
 
(4.3
)
 
(15.5
)
 
(1.0
)
Change in net unrealized gain (loss) on available-for-sale debt securities (net of tax effect of zero, $0.1, $0.1 and ($0.3), respectively)
0.9

 
(0.2
)
 
1.3

 
0.9

Change in defined benefit pension items (net of tax effect of zero, $0.4, zero and $0.5, respectively)

 
(1.8
)
 
(0.3
)
 
(2.4
)
Net change in cumulative foreign currency translation gain (loss) (net of tax effect of ($0.4), ($0.4), ($0.4) and zero, respectively)
43.2

 
(22.8
)
 
20.3

 
(33.2
)
Total other comprehensive income (loss)
24.6

 
(29.1
)
 
5.8

 
(35.7
)
Total comprehensive income (loss)
$
122.8

 
$
11.1

 
$
170.5

 
$
(19.7
)


See accompanying Notes to Condensed Consolidated Financial Statements.


5



AUTODESK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
 
 
July 31, 2020
 
January 31, 2020
ASSETS
 
 
 
Current assets:



Cash and cash equivalents
$
1,439.8


$
1,774.7

Marketable securities
79.7


69.0

Accounts receivable, net
490.1


652.3

Prepaid expenses and other current assets
194.3


163.3

Total current assets
2,203.9


2,659.3

Computer equipment, software, furniture and leasehold improvements, net
177.8


161.7

Operating lease right-of-use assets
416.2

 
438.8

Developed technologies, net
61.0


70.9

Goodwill
2,459.1


2,445.0

Deferred income taxes, net
51.5


56.4

Long-term other assets
377.8


347.2

Total assets
$
5,747.3


$
6,179.3

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

Current liabilities:



Accounts payable
$
99.2


$
83.7

Accrued compensation
193.6


272.1

Accrued income taxes
32.5


21.2

Deferred revenue
2,102.1


2,176.1

Operating lease liabilities
53.8

 
48.1

Current portion of long-term notes payable, net

 
449.7

Other accrued liabilities
138.4


168.3

Total current liabilities
2,619.6


3,219.2

Long-term deferred revenue
776.8


831.0

Long-term operating lease liabilities
393.3

 
411.7

Long-term income taxes payable
20.2


19.1

Long-term deferred income taxes
89.9

 
82.5

Long-term notes payable, net
1,636.1

 
1,635.1

Long-term other liabilities
144.1


119.8

Stockholders’ equity (deficit):



Common stock and additional paid-in capital
2,492.7


2,317.0

Accumulated other comprehensive loss
(154.5
)

(160.3
)
Accumulated deficit
(2,270.9
)

(2,295.8
)
Total stockholders’ equity (deficit)
67.3


(139.1
)
Total liabilities and stockholders' equity (deficit)
$
5,747.3


$
6,179.3


See accompanying Notes to Condensed Consolidated Financial Statements.


6



AUTODESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 
 
Six Months Ended July 31,
 
2020
 
2019
Operating activities:



Net income
$
164.7


$
16.0

Adjustments to reconcile net income to net cash provided by operating activities:



Depreciation, amortization and accretion
60.0


64.8

Stock-based compensation expense
194.1


163.4

Deferred income taxes
14.5


35.8

Restructuring and other exit costs, net


0.4

Other
36.0


(4.2
)
Changes in operating assets and liabilities
 



Accounts receivable
162.7


125.8

Prepaid expenses and other assets
(52.0
)

27.4

Accounts payable and other liabilities
(42.8
)

(138.1
)
Deferred revenue
(130.0
)

158.3

Accrued income taxes
11.3


(9.1
)
Net cash provided by operating activities
418.5


440.5

Investing activities:



Purchases of marketable securities
(17.0
)

(19.9
)
Sales of marketable securities


22.4

Maturities of marketable securities
11.0


5.0

Capital expenditures
(46.7
)

(29.5
)
Purchases of developed technologies
(4.8
)
 

Other investing activities
(54.3
)

(10.5
)
Net cash used in investing activities
(111.8
)

(32.5
)
Financing activities:



Proceeds from issuance of common stock, net of issuance costs
58.5


49.7

Taxes paid related to net share settlement of equity awards
(39.6
)

(31.2
)
Repurchases of common stock
(209.0
)

(134.6
)
Repayment of debt
(450.0
)

(250.0
)
Other financing activities
(2.5
)


Net cash used in financing activities
(642.6
)

(366.1
)
Effect of exchange rate changes on cash and cash equivalents
1.0


(4.0
)
Net (decrease) increase in cash and cash equivalents
(334.9
)

37.9

Cash and cash equivalents at beginning of period
1,774.7


886.0

Cash and cash equivalents at end of period
$
1,439.8


$
923.9

 
 
 
 
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 July 31, 2020, and for the three and six months ended July 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 addition, the results of operations for the three and six months ended July 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 six months ended July 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 July 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 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 unaudited Condensed Consolidated Statements of

8



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 generally accepted accounting principles (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 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.

Information regarding the components of Autodesk's net revenue from contracts with customers by product family, geographic location, and sales channel is as follows: 
 
Three Months Ended July 31,
 
Six Months Ended July 31,
(in millions)
2020
 
2019
 
2020
 
2019
Net revenue by product family:
 
 
 
 
 
 
 
Architecture, Engineering and Construction
$
397.0

 
$
334.2

 
$
779.7

 
$
638.5

AutoCAD and AutoCAD LT
271.9

 
231.3

 
534.1

 
444.5

Manufacturing
185.5

 
174.6

 
368.4

 
342.1

Media and Entertainment
53.3

 
50.8

 
105.9

 
96.3

Other
5.4

 
5.9

 
10.7

 
10.9

Total net revenue
$
913.1

 
$
796.8

 
$
1,798.8

 
$
1,532.3

 
 
 
 
 
 
 
 
Net revenue by geographic area:
 
 
 
 
 
 
 
Americas
 
 
 
 
 
 
 
U.S.
$
309.5

 
$
267.9

 
$
610.1

 
$
517.0

Other Americas
62.0

 
58.0

 
123.6

 
104.7

Total Americas
371.5

 
325.9

 
733.7

 
621.7

Europe, Middle East and Africa
354.7

 
316.2

 
699.5

 
613.4

Asia Pacific
186.9

 
154.7

 
365.6

 
297.2

Total net revenue
$
913.1

 
$
796.8

 
$
1,798.8

 
$
1,532.3

 
 
 
 
 
 
 
 
Net revenue by sales channel:
 
 
 
 
 
 
 
Indirect
$
639.3

 
$
560.2

 
$
1,262.7

 
$
1,076.6

Direct
273.8

 
236.6

 
536.1

 
455.7

Total net revenue
$
913.1

 
$
796.8

 
$
1,798.8

 
$
1,532.3

 
 
 
 
 
 
 
 

9




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 for up 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 July 31, 2020, Autodesk had remaining performance obligations of $3.35 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 $2.31 billion or 69% of our remaining performance obligations as revenue during the next 12 months. We expect to recognize the remaining $1.04 billion or 31% 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.

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 July 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 six months ended July 31, 2020 and 2019, that was included in the deferred revenue balances at January 31, 2020 and 2019, was $1.43 billion and $1.19 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 13, "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 38% of Autodesk’s total net revenue for the three and six months ended July 31, 2020, respectively. Total sales to the Tech Data accounted for 35% of Autodesk’s total net revenue for both the three and six months ended July 31, 2019. 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 39% and 31% of trade accounts receivable at July 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 six months ended July 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.


10



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 July 31, 2020, and January 31, 2020:
 
 
 
 
July 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
$
36.0

 
$

 
$

 
$
36.0

 
$

 
$
36.0

 
$

 
Money market funds
712.3

 

 

 
712.3

 
712.3

 

 

 
Other (2)
2.5

 

 

 
2.5

 
2.0

 
0.5

 

Marketable securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term available for sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other (3)
6.0

 

 

 
6.0

 

 
6.0

 

 
Short-term trading securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mutual funds (4)
63.4

 
10.8

 
(0.5
)
 
73.7

 
73.7

 

 

Non-marketable securities derivative assets (5)
1.8

 
0.4

 
(0.2
)
 
2.0

 

 

 
2.0

Derivative contract assets (5)
0.3

 
14.1

 
(0.2
)
 
14.2

 

 
14.2

 

Derivative contract liabilities (6)

 

 
(30.7
)
 
(30.7
)
 

 
(30.7
)
 

 
 
Total
$
822.3


$
25.3


$
(31.6
)

$
816.0


$
788.0


$
26.0


$
2.0

____________________ 
(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.
(2)
Consists of custody cash deposits and certificates of deposit.
(3)
Consists of commercial paper and municipal bonds.
(4)
See Note 11, "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.

 
 
 
January 31, 2020
 
 
(in millions)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Cash equivalents (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency bonds
$
6.0

 
$

 
$

 
$
6.0

 
$

 
$
6.0

 
$

 
Commercial paper
36.8

 

 

 
36.8

 

 
36.8

 

 
Money market funds
1,135.5

 

 

 
1,135.5

 
1,135.5

 

 

 
Other (2)
2.3

 

 

 
2.3

 
1.3

 
1.0

 

Marketable securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term trading securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mutual funds (3)
59.9

 
9.2

 
(0.1
)
 
69.0

 
69.0

 

 

Non-marketable equity security derivative asset (4)
0.1

 
0.5

 

 
0.6

 

 

 
0.6

Derivative contract assets (4)
1.0

 
9.2

 
(1.3
)
 
8.9

 

 
8.9

 

Derivative contract liabilities (5)

 

 
(4.7
)
 
(4.7
)
 

 
(4.7
)
 

 
 
Total
$
1,241.6

 
$
18.9

 
$
(6.1
)
 
$
1,254.4

 
$
1,205.8

 
$
48.0

 
$
0.6

____________________ 
(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 in one year.
(2)
Consists of custody cash deposits and certificates of deposit.
(3)
See Note 11, "Deferred Compensation " for more information.

11



(4)
Included in “Prepaid expenses and other current assets,” or "Long-term other assets," in the accompanying Condensed Consolidated Balance Sheets.
(5)
Included in “Other accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets.

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.

As of both July 31, 2020, and January 31, 2020, 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 twelve months. Total unrealized gains for securities with net gains in accumulated other comprehensive income was not material for the six months ended July 31, 2020.

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 losses for the six months ended July 31, 2020. There were no write offs of accrued interest receivables for the six months ended July 31, 2020.

There was no realized gain or loss for the sales or redemptions of debt securities during the six months ended July 31, 2020 and 2019. Gains and losses resulting from the sale or redemption of debt securities are recorded in “Interest and other expense, net” on the Company's Condensed Consolidated Statements of Operations.

There was $11.0 million in proceeds from the sale and maturity of marketable debt securities for the three and six months ended July 31, 2020. Proceeds from the sale and maturity of marketable debt securities for the three and six months ended July 31, 2019, was $22.8 million and $27.4 million, respectively.

As of July 31, 2020, Autodesk had $5.3 million in non-marketable debt securities in privately held companies. As of July 31, 2020, both the amortized cost and fair value was $5.3 million and is classified as level 3 in the fair value hierarchy. There were no allowances for credit losses for the six months ended July 31, 2020.

Non-marketable equity securities

As of July 31, 2020, and January 31, 2020, Autodesk had $136.2 million and $122.5 million in direct investments in privately held companies, respectively. These non-marketable equity security investments 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 non-marketable equity securities with no readily determined fair values measured using the measurement alternative were as follows:
 
Six Months Ended July 31,
 
Cumulative Amount as of
(in millions)
2020
 
2019
 
July 31, 2020
Upward adjustments (1)
$
3.0

 
$
1.7

 
$
12.4

Negative adjustments, including impairments (1)
(34.8
)
 
(3.4
)
 
(43.8
)
Net adjustments
$
(31.8
)
 
$
(1.7
)
 
$
(31.4
)
____________________ 
(1)
Included in "Interest and other expense, net" on the Company's Condensed Consolidated Statements of Operations.

Foreign currency contracts designated as cash flow hedges

Autodesk uses foreign currency contracts to reduce the exchange rate impact on a portion of the net revenue or operating expense of certain anticipated transactions. These currency collars and forward contracts are designated and documented as cash flow hedges. The notional amounts of these contracts are presented net settled and were $1.18 billion at July 31, 2020, and $981.3 million at January 31, 2020. Outstanding contracts are recognized as either assets or liabilities on the Company's Condensed Consolidated Balance Sheet at fair value. The majority of the net loss of $7.1 million remaining in “Accumulated other comprehensive loss” as of July 31, 2020, is expected to be recognized into earnings within the next twenty-four months.


12



The location and amount of gain or loss recognized in income on cash flow hedges together with the total amount of income or expense presented in the Company's Condensed Consolidated Statements of Operations where the effects of the hedge are recorded were as follows for the three and six months ended July 31, 2020 and 2019:
 
 
Three Months Ended July 31, 2020
 
 
Net revenue
 
Cost of revenue
 
Operating expenses
(in millions)
 
Subscription revenue
 
Maintenance revenue
 
Cost of subscription and maintenance revenue
 
Marketing and sales
 
Research and development
 
General and administrative
Total 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
 
$
841.2

 
$
51.2

 
$
58.5

 
$
350.9

 
$
232.5

 
$
93.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on cash flow hedging relationships in Subtopic ASC 815-20
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
 
 
 
 
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from accumulated other comprehensive income into income
 
$
1.6

 
$

 
$
(0.1
)
 
$
(0.5
)
 
$

 
$
(0.2
)
 
 
 
 
 
 
 
 
 
 
 
 
 


Six Months Ended July 31, 2020


Net revenue

Cost of revenue

Operating expenses


Subscription revenue

Maintenance Revenue

Cost of subscription and maintenance revenue

Marketing and sales

Research and development

General and administrative
Total 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

$
1,644.2


$
113.3


$
115.9


$
692.2


$
449.9


$
198.0














Gain (loss) on cash flow hedging relationships in Subtopic ASC 815-20












Foreign exchange contracts












Amount of gain (loss) reclassified from accumulated other comprehensive income into income

$
3.7


$
0.6


$
(0.3
)

$
(1.3
)

$
(0.1
)

$
(0.6
)



13



 
 
Three Months Ended July 31, 2019
 
 
Net Revenue
 
Cost of revenue
 
Operating expenses
(in millions)
 
Subscription Revenue
 
Maintenance Revenue
 
Cost of subscription and maintenance revenue
 
Marketing and sales
 
Research and development
 
General and administrative
Total 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
 
$
663.7

 
$
103.5

 
$
53.0

 
$
316.8

 
$
215.4

 
$
101.4

 
 
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on cash flow hedging relationships in Subtopic ASC 815-20
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
 
 
 
 
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from accumulated other comprehensive income into income
 
$
3.2

 
$
1.8

 
$
(0.2
)
 
$
(0.8
)
 
$
(0.2
)
 
$
(0.4
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended July 31, 2019
 
 
Net revenue
 
Cost of revenue
 
Operating expenses
 
 
Subscription revenue
 
Maintenance Revenue
 
Cost of subscription and maintenance revenue
 
Marketing and sales
 
Research and development
 
General and administrative
Total 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
 
$
1,259.5

 
$
215.5