<SEC-DOCUMENT>0000769397-16-000055.txt : 20160203
<SEC-HEADER>0000769397-16-000055.hdr.sgml : 20160203
<ACCEPTANCE-DATETIME>20160203090038
ACCESSION NUMBER:		0000769397-16-000055
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160202
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Cost Associated with Exit or Disposal Activities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160203
DATE AS OF CHANGE:		20160203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AUTODESK INC
		CENTRAL INDEX KEY:			0000769397
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				942819853
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14338
		FILM NUMBER:		161383320

	BUSINESS ADDRESS:	
		STREET 1:		111 MCINNIS PKWY
		CITY:			SAN RAFAEL
		STATE:			CA
		ZIP:			94903
		BUSINESS PHONE:		4155075000

	MAIL ADDRESS:	
		STREET 1:		111 MCINNIS PKWY
		CITY:			SAN RAFAEL
		STATE:			CA
		ZIP:			94903
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-kxitem205xrestructur.htm
<DESCRIPTION>8-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2016 Workiva -->
		<title>8-K</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<a name="sED61E929FD23863193AE843392C77682"></a><div></div><br><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Washington, DC 20549</font></div><div style="line-height:105%;padding-top:16px;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">FORM 8&#8209;K</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">The Securities Exchange Act of 1934</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date of Report (Date of earliest event reported)</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February 2, 2016</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">Autodesk, Inc.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Exact name of registrant as specified in its charter)</font></div><div style="line-height:100%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td width="30%"></td><td width="4%"></td><td width="32%"></td><td width="2%"></td><td width="32%"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:16px;padding-bottom:1px;padding-right:2px;"><div style="padding-bottom:1px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Delaware</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:16px;padding-bottom:1px;padding-right:2px;"><div style="padding-bottom:1px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">000-14338</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:16px;padding-bottom:1px;padding-right:2px;"><div style="padding-bottom:1px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">94-2819853</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:2px;"><div style="padding-bottom:1px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(State or other jurisdiction of incorporation)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:2px;"><div style="padding-bottom:1px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Commission File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:2px;"><div style="padding-bottom:1px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(IRS Employer  <br>Identification No.)</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">111 McInnis Parkway</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">San Rafael, California  94903</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Address of principal executive offices, including zip code)</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(415) 507-5000</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Registrant&#8217;s telephone number, including area code)</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Former name or former address, if changed since last report)</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;padding-left:18px;text-indent:-19px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;padding-left:18px;text-indent:-19px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;padding-left:18px;text-indent:-19px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div><div style="line-height:120%;text-align:left;padding-left:18px;text-indent:-19px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></div><hr style="page-break-after:always"><a name="sED61E929FD23863193AE843392C77682"></a><div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 2.02.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Results of Operations and Financial Condition</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 3, 2016, Autodesk, Inc. (the &#8220;Company&#8221;) issued a press release announcing a restructuring plan and reaffirming its non-GAAP business outlook for the fourth quarter of fiscal 2016.  The Company said that it believes it will be at the high end or exceed its guidance ranges for billings, revenue, non-GAAP EPS, and net subscription additions for the fourth quarter of fiscal 2016. For convenience, set forth below is the fourth quarter fiscal 2016 guidance that was previously announced in the press release included with the Current Report on Form 8-K filed by the Company on November 19, 2015 along with a reconciliation of the non-GAAP financial measures that were specified therein.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fourth Quarter Fiscal 2016</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="78%"></td><td width="22%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Q416 Guidance Metrics</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Q4 FY16 (ending January 31, 2016)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Revenue (in millions)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$620 - $640</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">EPS GAAP</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">($0.31) - ($0.27)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">EPS Non-GAAP (1)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$0.08 - $0.12</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">_______________</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1) Non-GAAP earnings per diluted share exclude $0.25 related to stock-based compensation expense and $0.10 for the amortization of acquisition related intangibles, net of tax, and $0.04 related to non-cash GAAP tax charges.</font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The fourth quarter of fiscal 2016 outlook assumes a projected annual effective tax rate of (170) percent and 27 percent for GAAP and non-GAAP results, respectively.</font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Non-GAAP Financial Measures</font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">To supplement Autodesk&#8217;s consolidated financial statements presented on a GAAP basis, the press release furnished herewith as Exhibit&#160;99.1 and the statements above, provide investors with certain non-GAAP measures, including but not limited to historical non-GAAP net earnings per diluted share. For our internal budgeting and resource allocation process and as a means to evaluate period-to-period comparisons, Autodesk uses non-GAAP measures to supplement our consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain items that may have a material impact upon our reported financial results. Autodesk uses non-GAAP measures in making operating decisions because Autodesk believes those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain expenses and charges that may not be indicative of our core business operating results. For the reasons set forth below, Autodesk believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. This allows investors and others to better understand and evaluate our operating results and future prospects in the same manner as management, compare financial results across accounting periods and to those of peer companies and to better understand the long-term performance of our core business. Autodesk also uses some of these measures for purposes of determining company-wide incentive compensation. </font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As described above, Autodesk may exclude the following items from its non-GAAP measures:</font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A. </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Stock-based compensation expenses.</font><font style="font-family:inherit;font-size:10pt;">&#32;Autodesk excludes stock-based compensation expenses from its non-GAAP measures primarily because they are non-cash expenses and management finds it useful to exclude certain non-cash charges to assess the appropriate level of various operating expenses to assist in budgeting, planning and forecasting future periods. Moreover, because of varying available valuation </font></div><br><div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></div><hr style="page-break-after:always"><a name="sED61E929FD23863193AE843392C77682"></a><div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, Autodesk believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">B. </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Amortization of developed technologies and purchased intangibles.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;Autodesk incurs amortization of acquisition-related developed technology and purchased intangibles in connection with acquisitions of certain businesses and technologies. Amortization of developed technologies and purchased intangibles is inconsistent in amount and frequency and is significantly affected by the timing and size of our acquisitions. Management finds it useful to exclude these variable charges from our cost of revenues to assist in budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well. Amortization of developed technologies and purchased intangible assets will recur in future periods.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">C. </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Goodwill impairment.</font><font style="font-family:inherit;font-size:10pt;">&#160;This is a non-cash charge to write-down goodwill to fair value when there was an indication that the asset was impaired. As explained above, management finds it useful to exclude certain non-cash charges to assess the appropriate level of various operating expenses to assist in budgeting, planning and forecasting future periods.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">D. </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Restructuring charges (benefits), net.</font><font style="font-family:inherit;font-size:10pt;">&#160;These expenses are associated with realigning our business strategies based on current economic conditions. In connection with these restructuring actions, Autodesk recognizes costs related to termination benefits for former employees whose positions were eliminated, and the closure of facilities and cancellation of certain contracts. Autodesk excludes these charges because these expenses are not reflective of ongoing business and operating results. Autodesk believes it is useful for investors to understand the effects of these items on our total operating expenses. </font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">E. </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Loss (gain) on strategic investments.</font><font style="font-family:inherit;font-size:10pt;">&#32;Autodesk excludes gains and losses related to our strategic investments from our non-GAAP measures primarily because management finds it useful to exclude these variable gains and losses on these investments in assessing our financial results. Included in these amounts are non-cash unrealized gains and losses on the derivative components and realized gains and losses on the sale or losses on the impairment of these investments. Autodesk believes excluding these items is useful to investors because these excluded items do not correlate to the underlying performance of our business and these losses or gains were incurred in connection with strategic investments which do not occur regularly. </font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">F. </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Establishment of a valuation allowance on certain net deferred tax assets.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;This is a non-cash charge to record a valuation allowance on certain deferred tax assets. As explained above, management finds it useful to exclude certain non-cash charges to assess the appropriate level of various cash expenses to assist in budgeting, planning and forecasting future periods.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">G. Discrete tax items</font><font style="font-family:inherit;font-size:10pt;">. Autodesk excludes the GAAP tax provision, including discrete items, from the non-GAAP measure of income, and includes a non-GAAP tax provision based upon the projected annual non-GAAP effective tax rate. Discrete tax items include income tax expenses or benefits that do not relate to ordinary income from continuing operations in the current fiscal year, unusual or infrequently occurring items, or the tax impact of certain stock-based compensation.&#160;Examples of discrete tax items include, but are not limited to, certain changes in judgment and changes in estimates of tax matters related to prior fiscal years, certain costs related to business combinations, certain changes in the realizability of deferred tax assets or changes in tax law.&#160;Management believes this approach assists investors in understanding the tax provision and the effective tax rate related to ongoing operations. Autodesk believes the exclusion of these discrete tax items provides investors with useful supplemental information about the Company's operational performance.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">H. </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income tax effects on the difference between GAAP and non-GAAP costs and expenses</font><font style="font-family:inherit;font-size:10pt;">. The income tax effects that are excluded from the non-GAAP measures relate to the tax impact on the difference </font></div><br><div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></div><hr style="page-break-after:always"><a name="sED61E929FD23863193AE843392C77682"></a><div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">between GAAP and non-GAAP costs and expenses, primarily due to stock-based compensation, purchased intangibles and restructuring for GAAP and non-GAAP measures.</font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. Autodesk compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for or in isolation from, the directly comparable financial measures prepared in accordance with GAAP. Autodesk urges investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate our business. </font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that section. The information in this Item 2.02 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current report, regardless of any general incorporation language in such filing. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item&#160;2.05</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Costs Associated with Exit or Disposal Activities.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Following a review of its business, on February 2, 2016, the Board of Directors (the &#8220;Board&#8221;) of Autodesk, Inc. (the &#8220;Company&#8221;) approved a world-wide restructuring plan that includes a reduction in force that will result in the termination of approximately 10% of the Company&#8217;s workforce, or approximately 925 employees, and the consolidation of certain leased facilities. The Company expects to substantially complete the reduction in force and the facilities consolidation by the end of its fourth quarter of fiscal 2017 (ending January 31, 2017). The Company anticipates incurring pre-tax restructuring charges of $85 million to $95 million, substantially all of which would result in cash expenditures, $77 million to $85 million of which would be for one-time employee termination benefits, and $8 million to $10 million of which would be for facilities-related and other costs.  The Company expects to expense these pre-tax charges in the following periods:</font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;text-indent:0px;font-size:9pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="78%"></td><td width="22%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Fiscal Quarter</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Approximate pre-tax restructuring charge (in millions)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Q1 FY17 (ending April 30, 2016)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$60 - $67</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Q2 FY17 (ending July 31, 2016)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$14 - $15</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Q3 FY17 (ending October 31, 2016)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$9 - $10</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Q4 FY17 (ending January 31, 2017)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$2 - $3</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is taking these actions to accelerate its move to the cloud and its transition to a subscription-based business model. The restructuring is expected to reduce expenses, streamline the organization, and reallocate resources to align more closely with the company&#8217;s needs going forward. Although the Company is reducing its overall staffing levels in the near term, the Company plans to invest in key development areas and strategic opportunities. </font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company issued a press release disclosing the restructuring plan. The press release is filed herewith as Exhibit&#160;99.1 and is incorporated herein by reference.</font></div><br><div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></div><hr style="page-break-after:always"><a name="sED61E929FD23863193AE843392C77682"></a><div></div><br><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 9.01.&#160; Financial Statements and Exhibits.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(d)&#160; Exhibits.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:9pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="12%"></td><td width="88%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Exhibit No.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Description</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">99.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Press release dated as of February 3, 2016.</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Safe Harbor Statement </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This Form 8-K contains forward-looking statements that involve risks and uncertainties, including statements regarding current expectations for the Company&#8217;s fourth fiscal quarter financial results, future operations and performance, including restructuring charges, related cash expenditures and the timing to recognize these charges, cost savings, future hiring, the impacts and results of our business model transition, expectations regarding the transition of product offerings to subscription, and other statements regarding our strategies, market and products positions, performance, and results. While fourth quarter guidance estimates are based on a completed financial period, the Company has not completed its financial close process and, as a result, amounts are subject to accounting adjustments and may vary. There are a significant number of other factors that could cause actual results to differ materially from statements made in this current report, including: estimates and assumptions underlying the Company&#8217;s restructuring plan, estimated charges may not be realized; failure to maintain cost reductions or otherwise control our expenses; failure to successfully manage transitions to new business models and markets, including the introduction of additional ratable revenue streams and our continuing efforts to attract customers to our cloud-based offerings; the impact of non-cash charges on our financial results; fluctuation in foreign currency exchange rates; the success of our foreign currency hedging program; unexpected fluctuations in our tax rate; and any unanticipated accounting charges.</font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk's Annual Report on Form 10-K for the year ended January 31, 2015 and Form 10-Q for the quarter ended October 31, 2015, which are on file with the U.S. Securities and Exchange Commission.  Autodesk disclaims 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.</font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></div><hr style="page-break-after:always"><a name="sED61E929FD23863193AE843392C77682"></a><div></div><br><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURES</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:100%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-indent:30px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:94.7845804988662%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td width="8%"></td><td width="32%"></td><td width="8%"></td><td width="52%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:2px;"><div style="padding-bottom:1px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">AUTODESK, INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:1px;padding-right:2px;"><div style="padding-bottom:1px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:1px;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">/s/ R. Scott Herren</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">R. Scott Herren</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Senior Vice President and Chief Financial Officer (Principal Financial Officer)</font></div><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:1px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dated:</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:1px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">February 3, 2016</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><br><div><div style="line-height:120%;padding-bottom:13px;padding-top:13px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6</font></div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh991feb2016restructuring.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2016 Workiva -->
		<title>Exhibit</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<a name="s8695e75d295b4b0d83bb36c6902f0f31"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:174%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Press Contact:&#160;&#160;&#160;&#160;Noah Cole, Phone +1-415-580-3535</font></div><div style="line-height:174%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Email: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:9pt;color:#0000ff;text-decoration:underline;">noah.cole@autodesk.com</font></div><div style="line-height:174%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Investor Contact: &#160;&#160;&#160;&#160;David Gennarelli, Phone +1-415-507-6033</font></div><div style="line-height:174%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Email:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:9pt;color:#0000ff;text-decoration:underline;">david.gennarelli@autodesk.com</font><font style="font-family:Arial;font-size:9pt;">&#32;</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Autodesk Announces Restructuring Plan To Accelerate Transition To Cloud and Subscription Business</font></div><div style="line-height:174%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Company Expects to Exceed Q4 FY2016 Non-GAAP Business Outlook</font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">SAN RAFAEL, Calif., February 3, 2016 -  </font><font style="font-family:Arial;font-size:10pt;color:#0000ff;text-decoration:underline;">Autodesk, Inc</font><font style="font-family:Arial;font-size:10pt;">. (Nasdaq: ADSK) today announced a restructuring plan that will accelerate the move to the cloud and its transition to a subscription-based business model.  Through the restructuring, Autodesk seeks to reduce expenses, streamline the organization, and reallocate resources to align more closely with the company&#8217;s needs going forward.</font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#8220;As we progress through our business model transition, we continue to take a comprehensive look at our company to see where we can be more effective and efficient.  To realize maximum value for both our customers and shareholders, and as a follow-on to previously discussed cost reduction actions, we are restructuring so we can focus resources on areas that will accelerate the move to the cloud and transition to a subscription-based business,&#8221; said Carl Bass, Autodesk President and CEO.  </font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Autodesk plans to reduce staffing levels in the near-term by approximately 10%, or approximately 925 positions, and to consolidate certain leased facilities.&#160; Autodesk expects these actions will result in additional cost savings in&#160;fiscal 2017&#160;and beyond,&#160;while&#160;reinvesting&#160;a portion of the savings&#160;in areas critical to its platform and business model transition.&#160; The company anticipates taking pre-tax charges of $85 million to&#160;$95 million in connection with the restructuring.</font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Autodesk also&#160;expects to be at the high end or exceed&#160;its&#160;guidance ranges for billings, revenue,&#160;non-GAAP&#160;EPS, and net subscription additions&#160;for the fourth quarter of fiscal 2016.  </font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Bass continued, &#8220;To be clear, the restructuring announced today is not related to anything we are seeing in the macro-economic environment. We ended fiscal 2016 on a high note with very strong fourth-quarter billings growth and continued demand for our subscription offerings. Solid revenues, coupled with continued cost-controls, led to better than expected non-GAAP EPS during the quarter.&#160;&#160;I&#8217;m pleased we were able to deliver these results at such a critical moment in Autodesk&#8217;s transition.&#8221;&#160;</font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Additional details regarding the company&#8217;s fourth quarter financial results and restructuring plan will be provided on the company&#8217;s regularly scheduled earnings conference call to be held on February 25, 2016.</font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:174%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Earnings Conference Call and Webcast</font></div><br><div><div style="line-height:120%;text-align:right;"><img src="autodesklogoa02.jpg" style="height:24px;width:143px;"></div></div><hr style="page-break-after:always"><a name="s8695e75d295b4b0d83bb36c6902f0f31"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:174%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Autodesk will host its fourth quarter conference call on February 25</font><font style="font-family:Arial;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">th</sup></font><font style="font-family:Arial;font-size:10pt;">&#32;at 5:00 p.m. ET.  The live broadcast can be accessed at </font><font style="font-family:Arial;font-size:10pt;color:#0000ff;text-decoration:underline;">http://www.autodesk.com/investors</font><font style="font-family:Arial;font-size:10pt;">.  Supplemental financial information and prepared remarks for the conference call will be posted to the investor relations section of Autodesk's website simultaneously with this press release.</font></div><div style="line-height:174%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:174%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">A replay of the broadcast will be available at 7:00 pm ET at </font><font style="font-family:Arial;font-size:10pt;color:#0000ff;text-decoration:underline;">http://www.autodesk.com/investors</font><font style="font-family:Arial;font-size:10pt;">.  This replay will be maintained on Autodesk's website for at least 12 months.</font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Safe Harbor Statement </font></div><div style="line-height:174%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding current expectations for the Company&#8217;s fourth fiscal quarter financial results, future operations and performance, including restructuring charges, related cash expenditures and the timing to recognize these charges, cost savings, future hiring, the impacts and results of our business model transition, expectations regarding the transition of product offerings to subscription, and other statements regarding our strategies, market and products positions, performance, and results. While fourth quarter guidance estimates are based on a completed financial period, the Company has not completed its financial close process and, as a result, amounts are subject to accounting adjustments and may vary. There are a significant number of other factors that could cause actual results to differ materially from statements made in this press release, including: estimates and assumptions underlying the Company&#8217;s restructuring plan, estimated charges may not be realized; failure to maintain cost reductions or otherwise control our expenses; failure to successfully manage transitions to new business models and markets, including the introduction of additional ratable revenue streams and our continuing efforts to attract customers to our cloud-based offerings; the impact of non-cash charges on our financial results; fluctuation in foreign currency exchange rates; the success of our foreign currency hedging program; unexpected fluctuations in our tax rate; and any unanticipated accounting charges.</font></div><div style="line-height:174%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:174%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk's Annual Report on Form 10-K for the year ended January 31, 2015 and Form 10-Q for the quarter ended October 31, 2015, which are on file with the U.S. Securities and Exchange Commission.  Autodesk disclaims 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.</font></div><div style="line-height:174%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:174%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company&#8217;s guidance for the fourth quarter of 2016 and a reconciliation of the non-GAAP financial measures that were specified therein may be found in the press release included with the Current Report on Form 8-K filed by the Company on November 19, 2015 and on the Company&#8217;s website at:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#0000ff;text-decoration:underline;">http://investors.autodesk.com/phoenix.zhtml?c=117861&amp;p=IROL-secToc&amp;TOC=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9vdXRsaW5lLnhtbD9pcGFnZT0xMDU4OTc4NCYmZXhwPSUyNGNpayUyODc2OTM5NyUyOSthbmQrJTI4Rm9ybSs4LUslMjkmc3Vic2lkPTU3&amp;ListAll=1</font></div><div style="line-height:174%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;text-align:right;"><img src="autodesklogoa02.jpg" style="height:24px;width:143px;"></div></div><hr style="page-break-after:always"><a name="s8695e75d295b4b0d83bb36c6902f0f31"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">About Autodesk</font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Autodesk helps people imagine, design and create a better world. Everyone&#8212;from design professionals, engineers and architects to digital artists,&#160;students and hobbyists&#8212;uses Autodesk software to unlock their creativity and solve important challenges. For more information visit&#160;</font><font style="font-family:Arial;font-size:10pt;color:#0000ff;text-decoration:underline;">autodesk.com</font><font style="font-family:Arial;font-size:10pt;">&#160;or follow @autodesk.</font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-style:italic;">Autodesk and the Autodesk logo are registered trademarks or trademarks of Autodesk, Inc., </font><font style="font-family:Arial;font-size:8pt;color:#232323;font-style:italic;">and/or its subsidiaries and/or affiliates in the USA and/or other countries</font><font style="font-family:Arial;font-size:8pt;font-style:italic;">. All other brand names, product names or trademarks belong to their respective holders. </font><font style="font-family:Arial;font-size:8pt;color:#232323;font-style:italic;">Autodesk reserves the right to alter product and services offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.</font></div><div style="line-height:174%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-style:italic;">&#169; 2016 Autodesk, Inc. All rights reserved.</font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;text-align:right;"><img src="autodesklogoa02.jpg" style="height:24px;width:143px;"></div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>autodesklogoa02.jpg
<TEXT>
begin 644 autodesklogoa02.jpg
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M^Z^[\&/?-$#UK$$#<YQ5\;"<X:V[HNXC2 L$E;^--\7#JK8MR\>E*6_=%]M
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M7W[DQ^!%_Z&-[K)RG8'M&W4')0LMN/;S"-DLUVX.6/$!-_+0K=(KAH&[?$2
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M&/,JZ(2IBCP"=-.F*J: L<,&?_3'Q8?OC3/7-*]72OB:S>L5@C'Z/4,?TCJ
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M<@2F9O1Z)8%<N"70AC5!LQDN6:/[6 E+/Z%3,PU7CWH 08MC. ,,BC6&LVJ
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M\\IBPM)/J%H]@Z3*\>"EPU<LO6GP)<'+*Y$P>'E; ^'JDT9EFI9&9:HDV_7
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M-\RR:+2S+0!LH,$4P=B&*]=Y!6N]8N K";P266I6^$JF,F]A(9H+5#9)C\$
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<"((@J?\OP "V8;7N'W2IN@    !)14Y$KD)@@@$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
