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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, 2023
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.)
One Market Street, Ste. 400
San Francisco, California94105
(Address of principal executive offices)(Zip Code)
(415) 507-5000
(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 24, 2023, registrant had outstanding 213,726,419 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,
 20232022
Net revenue:
Subscription$1,193 $1,089 
Maintenance 14 18 
Total subscription and maintenance revenue
1,207 1,107 
Other62 63 
Total net revenue1,269 1,170 
Cost of revenue:
Cost of subscription and maintenance revenue96 84 
Cost of other revenue20 19 
Amortization of developed technologies11 14 
Total cost of revenue127 117 
Gross profit1,142 1,053 
Operating expenses:
Marketing and sales456 419 
Research and development327 289 
General and administrative132 120 
Amortization of purchased intangibles 10 11 
Total operating expenses925 839 
Income from operations217 214 
Interest and other income (expense), net4 (19)
Income before income taxes221 195 
Provision for income taxes(60)(49)
Net income $161 $146 
Basic net income per share$0.75 $0.67 
Diluted net income per share$0.75 $0.67 
Weighted average shares used in computing basic net income per share215 217 
Weighted average shares used in computing diluted net income per share216 219 

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,
20232022
Net income $161 $146 
Other comprehensive loss, net of reclassifications:
Net (loss) gain on derivative instruments (net of tax effect of $2 and $(8), respectively)
(13)55 
Change in net unrealized gain (loss) on available-for-sale debt securities (net of tax effect of zero for all periods presented)
2 (1)
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 (net of tax effect of $5 and zero respectively)
(4)(75)
Total other comprehensive loss(15)(24)
Total comprehensive income $146 $122 

See accompanying Notes to Condensed Consolidated Financial Statements.

5

AUTODESK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
 
April 30, 2023January 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$1,909 $1,947 
Marketable securities222 125 
Accounts receivable, net331 961 
Prepaid expenses and other current assets371 308 
Total current assets2,833 3,341 
Long-term marketable securities185 102 
Computer equipment, software, furniture and leasehold improvements, net140 144 
Operating lease right-of-use assets267 245 
Intangible assets, net426 407 
Goodwill3,624 3,625 
Deferred income taxes, net1,042 1,014 
Long-term other assets552 560 
Total assets$9,069 $9,438 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$127 $102 
Accrued compensation284 358 
Accrued income taxes104 33 
Deferred revenue3,189 3,203 
Operating lease liabilities74 85 
Other accrued liabilities148 219 
Total current liabilities3,926 4,000 
Long-term deferred revenue1,294 1,377 
Long-term operating lease liabilities328 300 
Long-term income taxes payable168 164 
Long-term deferred income taxes 33 32 
Long-term notes payable, net2,282 2,281 
Long-term other liabilities141 139 
Stockholders’ equity:
Common stock and additional paid-in capital3,368 3,325 
Accumulated other comprehensive loss(200)(185)
Accumulated deficit(2,271)(1,995)
Total stockholders’ equity 897 1,145 
Total liabilities and stockholders’ equity $9,069 $9,438 

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,
 20232022
Operating activities:
Net income $161 $146 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion33 38 
Stock-based compensation expense165 152 
Deferred income taxes(30)(22)
Lease-related asset impairments— 2 
Other(11)27 
Changes in operating assets and liabilities, net of business combinations:
Accounts receivable630 332 
Prepaid expenses and other assets (32)(23)
Accounts payable and other liabilities (168)(218)
Deferred revenue(98)(38)
Accrued income taxes73 38 
Net cash provided by operating activities
723 434 
Investing activities:
Purchases of marketable securities(342)(29)
Sales and maturities of marketable securities163 202 
Capital expenditures(9)(12)
Purchases of intangible assets(6)(4)
Business combinations, net of cash acquired(26)(96)
Other investing activities(10)(30)
Net cash (used in) provided by investing activities(230)31 
Financing activities:
Proceeds from issuance of common stock, net of issuance costs71 67 
Taxes paid related to net share settlement of equity awards (82)(70)
Repurchases of common stock(512)(457)
Net cash used in financing activities(523)(460)
Effect of exchange rate changes on cash and cash equivalents(8)(15)
Net decrease in cash and cash equivalents(38)(10)
Cash and cash equivalents at beginning of period1,947 1,528 
Cash and cash equivalents at end of period$1,909 $1,518 
Supplemental cash flow disclosure:
Non-cash financing activities:
Fair value of common stock issued to settle liability-classified restricted common stock$1 $— 
Fair value of common stock issued related to business combinations $— $10 

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, 2023, and for the three months ended April 30, 2023 and 2022, 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, 2023, are not necessarily indicative of the results for the entire fiscal year ending January 31, 2024, or for any other period. Further, the balance sheet as of January 31, 2023, 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, 2023. 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, 2023, filed on March 14, 2023.

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, 2023, that are applicable to the Company.

Accounting Standards Adopted

In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”), which applies to all equity securities measured at fair value that are subject to contractual sale restrictions. ASU 2022-03 prohibits entities from taking into account contractual restrictions on the sale of equity securities when estimating fair value and introduces required disclosures for such transactions. ASU 2022-03 is effective for Autodesk's fiscal year beginning February 1, 2024, and interim periods within that fiscal year, with early adoption permitted. Autodesk adopted ASU 2022-03 as of February 1, 2023. The adoption of ASU 2022-03 did not have a material impact on Autodesk’s 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 products 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,
20232022
Net revenue by product family:
Architecture, Engineering and Construction (1)$582 $537 
AutoCAD and AutoCAD LT (1)349 327 
Manufacturing246 225 
Media and Entertainment71 68 
Other 21 13 
Total net revenue$1,269 $1,170 
Net revenue by geographic area:
Americas
U.S.$456 $398 
Other Americas97 86 
Total Americas553 484 
Europe, Middle East and Africa474 449 
Asia Pacific242 237 
Total net revenue$1,269 $1,170 
Net revenue by sales channel:
Indirect$820 $769 
Direct449 401 
Total net revenue$1,269 $1,170 
Net revenue by product type:
Design$1,086 $1,004 
Make121 103 
Other62 63 
Total net revenue$1,269 $1,170 
____________________ 
(1) During fiscal 2023, we corrected an immaterial classification error and reclassified certain revenue amounts between Architecture, Engineering and Construction and AutoCAD and AutoCAD LT. The results for the fiscal quarter ended April 30, 2022, have been adjusted to conform to the current period presentation. These reclassifications did not impact total net revenue.

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. Effective in fiscal 2024, payments on multi-year subscriptions 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, 2023, Autodesk had remaining performance obligations of $5.39 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 $3.51 billion or 65% of our remaining performance obligations as revenue during the next 12 months. We expect to recognize the remaining $1.88 billion or 35% 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.

9

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, 2023. 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 three months ended April 30, 2023 and 2022, that was included in the deferred revenue balances at January 31, 2023 and 2022, was $1.06 billion and $987 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 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 40% of Autodesk’s total net revenue during the three months ended April 30, 2023. Total sales to Tech Data accounted for 36% of Autodesk’s total net revenue for the three months ended April 30, 2022. 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 25% and 27% of trade accounts receivable at April 30, 2023 and January 31, 2023, respectively. Ingram Micro Inc. (“Ingram Micro”), our second largest distributor, accounted for 8% and 9% of Autodesk's total net revenue during the three months ended April 30, 2023 and 2022, 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, 2023, and January 31, 2023:
April 30, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash equivalents (1):
Money market funds$576 $— $— $576 
Commercial paper 203 — — 203 
Certificates of deposit137 — — 137 
Other (2)20 — — 20 
Marketable securities:
Short-term
Commercial paper120 — — 120 
Corporate debt securities40 — — 40 
U.S. government securities33 — — 33 
Asset-backed securities21 — — 21 
Other (3)8 — — 8 
Long-term
Corporate debt securities74 1 (1)74 
U.S. government securities55 — — 55 
Asset-backed securities22 — — 22 
Agency mortgage backed securities19 — — 19 
Other (4)15 — — 15 
Mutual funds (5) (6)84 7 (1)90 
Convertible debt securities (6) 3 1 (2)2 
Total$1,430 $9 $(4)$1,435 
___________________ 
(1)Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. These investments are classified as debt securities.
(2)Agency discount notes, sovereign bonds, mortgage-backed securities, municipal bonds, and asset-backed securities.
(3)Consists of mortgage-backed securities, agency discount notes, and agency mortgage-backed securities.
(4)Consists of agency bonds, agency collateralized mortgage obligations, mortgage-backed securities, and collateralized mortgage obligations.
(5)See Note 11, “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.
11


January 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Cash equivalents (1):
Money market funds$737 $— $— $737 
Commercial paper169 — — 169 
Certificates of deposit35 — — 35 
U.S government securities13 — — 13 
Other (2)12 — — 12 
Marketable securities:
Short-term
Corporate debt securities44 — — 44 
Commercial paper42 — — 42 
Asset-backed securities 19 — — 19 
U.S. government securities 17 — — 17 
Other (3)3 — — 3 
Long-term
Corporate debt securities45 — — 45 
U.S. government securities35 — — 35 
Asset backed securities13 — — 13 
Other (4)9 — — 9 
Mutual funds (5) (6)81 6 (1)86 
Convertible debt securities (6)3 1 (2)2 
Strategic investments derivative asset (6)2 — (2)— 
Total$1,279 $7 $(5)$1,281 
____________________ 
(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, agency discount notes, municipal bonds, corporate debt securities, asset-backed securities, and mortgage-backed securities.
(3)Consists of mortgage-backed securities, agency mortgage-backed securities, common stock, and agency collateralized mortgage obligations.
(4)Consists of agency mortgage-backed securities, agency bonds, agency collateralized mortgage obligations, mortgage-backed securities, and collateralized mortgage obligations.
(5)See Note 11, “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, 2023:
Fair Value
Due within 1 year$191 
Due in 1 year through 5 years197 
Due in 5 years through 10 years8 
Due after 10 years11 
Total
$407 
    
As of both April 30, 2023, and January 31, 2023, 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
12

unrealized gains for securities with net gains in accumulated other comprehensive income were not material for the three months ended April 30, 2023.

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 as of both April 30, 2023, and January 31, 2023. There were no write offs of accrued interest receivables for both the three months ended April 30, 2023 and 2022.

There were no material realized gain or loss for the sales or redemptions of marketable debt securities during both the three months ended April 30, 2023 and 2022. Realized gains and losses from the sales or redemptions of marketable debt securities are recorded in “Interest and other income (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,
20232022
Marketable debt securities$163 $202 

Strategic investments in equity securities

As of April 30, 2023, and January 31, 2023, Autodesk had $182 million and $177 million, respectively, in direct investments in privately held companies. These strategic investments in 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. These strategic investments in equity securities are generally subject to a security-specific restriction which limits the sale or transfer of the respective equity security during the holding period.

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 income (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
20232022April 30, 2023
Upward adjustments$— $— $29 
Negative adjustments, including impairments — (2)(86)
Net unrealized adjustments$— $(2)$(57)

Autodesk recognized no realized gains for both the three months ended April 30, 2023 and 2022 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.

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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, 2023, and January 31, 2023:  
April 30, 2023
Level 1Level 2Level 3Total
Assets:
Cash equivalents (1):
Money market funds$576 $— $— $576 
Commercial paper — 203 — 203 
Certificates of deposit— 137 — 137 
Other (2)— 20 — 20 
Marketable securities:
Short-term
Commercial paper— 120 — 120 
Corporate debt securities— 40 — 40 
U.S. government securities— 33 — 33 
Asset-backed securities— 21 — 21 
Other (3)— 8 — 8 
Long-term
Corporate debt securities— 74 — 74 
U.S. government securities— 55 — 55 
Asset-backed securities— 22 — 22 
Agency mortgage backed securities— 19 — 19 
Other (4)— 15 — 15 
Long-term other assets:
Mutual funds (5)(6)90 — — 90 
Convertible debt securities (6)— — 2 2 
Derivative assets:
Derivative contract assets (6)— 14 — 14 
Strategic investments derivative assets (6)— — 1 1 
Derivative liabilities:
Derivative contract liabilities (7)— (17)— (17)
Total$666 $764 $3 $1,433 
____________________ 
(1)Included in “Cash and cash equivalents” in the accompanying Condensed Consolidated Balance Sheets. These investments are classified as debt securities.
(2)Agency discount notes, sovereign bonds, mortgage-backed securities, municipal bonds, and asset-backed securities.
(3)Consists of mortgage-backed securities, agency discount notes, and agency mortgage-backed securities.
(4)Consists of agency bonds, agency collateralized mortgage obligations, mortgage-backed securities, and collateralized mortgage obligations.
(5)See Note 11, “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.
(7)Included in “Other accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets.


14

January 31, 2023
Level 1Level 2Level 3Total
Assets:
Cash equivalents (1):
Money market funds$737 $— $— $737 
Commercial paper— 169 — 169 
Certificates of deposit— 35 — 35 
U.S government securities— 13 — 13 
Other (2)4 8 — 12 
Marketable securities:
Short-term
Corporate debt securities— 44 — 44 
Commercial paper— 42 — 42 
Asset backed securities — 19 — 19 
U.S. government securities — 17 — 17 
Other (3)— 3 — 3 
Long-term
Corporate debt securities— 45 — 45 
U.S. government securities— 35 — 35 
Asset backed securities— 13 — 13 
Other (4)— 9 — 9 
Long-term other assets:
Mutual funds (5) (6)86 — — 86 
Convertible debt securities (6)— — 2 2 
Derivative assets:
Derivative contract assets (6)— 14 — 14 
Derivative liabilities:
Derivative contract liabilities (7)— (31)— (31)
Total$827 $435 $2 $1,264 
____________________ 
(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, agency discount notes, municipal bonds, corporate debt securities, asset-backed securities, and mortgage-backed securities.
(3)Consists of mortgage-backed securities, agency mortgage-backed securities, common stock, and agency collateralized mortgage obligations.
(4)Consists of agency mortgage-backed securities, agency bonds, agency collateralized mortgage obligations, mortgage-backed securities, and collateralized mortgage obligations.
(5)See Note 11, “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.
(7)Included in “Other accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets.




15

A reconciliation of the change in Autodesk’s Level 3 items for the three months ended April 30, 2023, is as follows:
Fair Value Measurements Using
Significant Unobservable Inputs (Level 3)
Derivative ContractConvertible Debt SecuritiesTotal
Balances, January 31, 2023
$— $2 $2 
Gain included in earnings1 — 1 
Balances, April 30, 2023
$1 $2 $3 

6. Equity Compensation

Restricted Stock Units

A summary of restricted stock activity for the three months ended April 30, 2023, is as follows:
Unvested
restricted
stock units		Weighted
average grant
date fair value
per share
 (in thousands) 
Unvested restricted stock units at January 31, 20234,848 $216.20 
Granted3,117 198.59 
Vested(1,365)209.37 
Canceled/Forfeited(84)222.30 
        Performance Adjustment (1)(10)190.82 
Unvested restricted stock units at April 30, 2023
6,506 $209.21 
_______________
(1)Based on Autodesk's financial results and relative total stockholder return for the fiscal 2023 performance period. The performance stock units were attained at rates ranging from 86% to 110% of the target award.

The fair value of the shares vested during the three months ended April 30, 2023 and 2022 was $274 million and $214 million, respectively.

During the three months ended April 30, 2023, Autodesk granted 2,806 thousand restricted stock units. Restricted stock units are not considered outstanding stock at the time of grant, as the holders of these units are not entitled to any of the rights of a stockholder, including voting rights.

Autodesk recorded stock-based compensation expense related to restricted stock units of $130 million and $117 million during the three months ended April 30, 2023 and 2022, respectively.

During the three months ended April 30, 2023, Autodesk settled liability-classified awards in the amount of $1 million. There were no settlement of liability-classified awards during the three months ended April 30, 2022. The ultimate number of shares earned was based on the Autodesk closing stock price on the vesting date. As these awards were settled in a fixed dollar amount of shares, the awards were accounted for as a liability-classified award and were expensed using the straight-line method over the vesting period.

During the three months ended April 30, 2023, Autodesk granted 311 thousand performance stock units for which the ultimate number of shares earned is determined based on the achievement of performance criteria at the end of the stated service and performance period. The performance criteria for the performance stock units are primarily based on revenue and free cash flow goals adopted by the Compensation and Human Resource Committee and total stockholder return compared against companies in the S&P North American Technology Software Index with a market capitalization over $2.0 billion (“Relative TSR”). The fair value of the performance stock units is expensed using the accelerated attribution method over the three-year vesting period and have the following vesting schedule:
16


•Up to one third of the performance stock units may vest following year one, depending upon the achievement of the performance criteria for fiscal 2024 as well as 1-year Relative TSR (covering year one).

•Up to one third of the performance stock units may vest following year two, depending upon the achievement of the performance criteria for year two as well as 2-year Relative TSR (covering years one and two).

•Up to one third of the performance stock units may vest following year three, depending upon the achievement of the performance criteria for year three as well as 3-year Relative TSR (covering years one, two and three).

The performance criteria for the performance stock units vested during the three months ended April 30, 2023, was based on revenue and free cash flow goals adopted by the Compensation and Human Resource Committee.

Performance stock units are not considered outstanding stock at the time of grant, as the holders of these units are not entitled to any of the rights of a stockholder, including voting rights.

Autodesk recorded stock-based compensation expense related to performance stock units of $11 million and $15 million for the three months ended April 30, 2023 and 2022, respectively.

Common Stock

Autodesk agreed to issue a fixed amount of $13 million in shares of common stock to certain employees in connection with a fiscal 2022 acquisition. Issuance of the common stock is dependent on the respective employees’ continued employment through the vesting period. The number of shares to be issued will be determined based on the volume weighted average closing price (“VWAP”) of Autodesk’s common stock for the ninety consecutive trading day period ending on the release date. As of April 30, 2023, the remaining shares to be issued are estimated to be 39 thousand. The awards are accrued as liability-classified awards and are recognized as compensation expense using the straight-line method over the vesting period.

Autodesk agreed to issue a fixed amount of $11 million in common stock at a future date to certain employees in connec