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Equity Compensation | 12 Months Ended
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Jan. 31, 2022
Share-based Payment Arrangement [Abstract] |
Equity Compensation | Equity Compensation Stock Plans As of January 31, 2022, Autodesk maintained four active stock plans for the purpose of granting equity awards to employees and to non-employee members of Autodesk’s Board of Directors: the 2012 Employee Stock Plan (as amended, the “2012 Employee Plan”), which is available only to employees, the Autodesk 2012 Outside Directors’ Stock Plan (“2012 Directors’ Plan”), which is available only to non-employee directors, the PlanGrid 2012 Equity Incentive Plan (“PlanGrid 2012 Plan”), which is available to employees who held outstanding unvested options and restricted stock units that were assumed as part of our acquisition of PlanGrid, Inc. and the BuildingConnected, Inc. 2013 Stock Plan (“BuildingConnected 2013 Plan”), which is available to employees who held outstanding unvested options that were assumed as part of our acquisition of BuildingConnected, Inc. The 2012 Employee Plan was approved by Autodesk’s stockholders and became effective on January 6, 2012. Since the 2012 Stock Plan was adopted by stockholders in January 2012, Autodesk has received stockholder approval to increase the number of shares subject to the plan by 36.1 million shares. The 2012 Employee Plan reserves up to 57.3 million shares which includes 51.3 million shares reserved under the 2012 Employee Plan, as well as up to 6.0 million shares forfeited under certain prior employee stock plans during the life of the 2012 Employee Plan. The 2012 Employee Plan permits the grant of stock options, restricted stock units, and restricted stock awards. Each restricted stock unit or restricted stock award granted will be counted against the shares authorized for issuance under the 2012 Employee Plan as 1.79 shares. If a granted option, restricted stock unit, or restricted stock award expires or becomes unexercisable for any reason, the unpurchased or forfeited shares that were granted may be returned to the 2012 Employee Plan and may become available for future grant under the 2012 Employee Plan. As of January 31, 2022, 59.1 million shares subject to options, restricted stock units, or restricted stock awards have been granted under the 2012 Employee Plan. Options and restricted stock that were granted under the 2012 Employee Plan vest over periods ranging from immediately upon grant to over a three-year period and options expire 10 years from the date of grant. The 2012 Employee Plan will expire on June 30, 2022. At January 31, 2022, 6.9 million shares were available for future issuance under the 2012 Employee Plan. The 2012 Directors’ Plan was approved by Autodesk’s stockholders and became effective on January 6, 2012. The 2012 Directors’ Plan permits the grant of stock options, restricted stock units, and restricted stock awards to non-employee members of Autodesk’s Board of Directors. Each restricted stock unit or restricted stock award granted will be counted against the shares authorized for issuance under the 2012 Directors’ Plan as 2.11 shares. As of January 31, 2022, 1.0 million shares subject to restricted stock units, and restricted stock awards have been granted under the 2012 Directors’ Plan. Restricted stock units that were granted under the 2012 Directors’ Plan vest over one to three years from the date of grant. On March 12, 2015, the Board reduced the number of shares reserved for issuance under the 2012 Directors' Plan by 0.9 million shares, so that 1.7 million shares are now reserved for issuance under the 2012 Directors’ Plan. The 2012 Directors’ Plan will expire on June 30, 2022. At January 31, 2022, 0.7 million shares were available for future issuance under the 2012 Directors’ Plan. Pursuant to the PlanGrid acquisition on December 19, 2018, the Company assumed the unvested options and restricted stock units under the PlanGrid 2012 Plan. No further equity awards will be granted under the PlanGrid 2012 Plan. As of January 31, 2022, approximately 67 thousand shares subject to options remain outstanding under the PlanGrid 2012 Plan. Options that were granted under the PlanGrid 2012 Plan vest over a four-year period and expire 10 years from the date of grant. The PlanGrid 2012 Plan will expire on June 18, 2022. Pursuant to the BuildingConnected acquisition on January 23, 2019, the Company assumed the unvested options under the BuildingConnected 2013 Plan. No further equity awards will be granted under the BuildingConnected 2013 Plan. As of January 31, 2022, approximately 14 thousand shares subject to options remain outstanding under the BuildingConnected 2013 Plan. Options that were granted under the BuildingConnected 2013 Plan vest over a four-year period and expire 10 years from the date of grant. The BuildingConnected 2013 Plan will expire on May 6, 2023. The following sections summarize activity under Autodesk’s stock plans. Restricted Stock Units: A summary of restricted stock activity for the fiscal year ended January 31, 2022, was as follows:
| Unreleased Restricted Stock Units (in thousands) |  | Weighted average grant date fair value per share
Unvested restricted stock at January 31, 2021 | 4,503.9 |  |  | $ | 191.91 |
Granted | 2,294.1 |  |  | 288.13 |
Vested | (2,230.7) |  |  | 181.97 |
Canceled/Forfeited | (526.7) |  |  | 226.00 |
Performance Adjustment (1) | (7.9) |  |  | 137.02 |
Unvested restricted stock at January 31, 2022 | 4,032.7 |  |  | $ | 251.17 |
_______________ (1)Based on Autodesk’s financial results and relative total stockholder return for the fiscal 2021 performance period. The performance stock units were attained at rates ranging from 103.0% to 108.0% of the target award. For the restricted stock granted during fiscal years ended January 31, 2022, 2021 and 2020, the weighted average grant date fair values were $288.13, $224.20, and $156.24, respectively. The fair value of the shares vested during fiscal years ended January 31, 2022, 2021 and 2020 were $619.8 million, $503.4 million, and $361.0 million, respectively. During the fiscal year ended January 31, 2022, Autodesk granted 2.0 million restricted stock units. Restricted stock units vest over periods ranging from immediately upon grant to a pre-determined date that is typically within three years from the date of grant. 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. The fair value of the restricted stock units is expensed ratably over the vesting period. During the fiscal years ended January 31, 2022 and 2021, Autodesk settled liability-classified awards of $2.7 million and $28.7 million, respectively. 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. Autodesk recorded stock-based compensation expense related to restricted stock units of $425.1 million, $308.9 million, and $274.5 million during fiscal years ended January 31, 2022, 2021 and 2020, respectively. As of January 31, 2022, total compensation cost not yet recognized of $672.8 million related to non-vested awards is expected to be recognized over a weighted average period of 1.6 years. At January 31, 2022, the number of restricted stock units granted but unvested was 3.6 million. During the fiscal year ended January 31, 2022, Autodesk granted 0.2 million 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 vested during fiscal 2022 are based on revenue and free cash flow goals adopted by the Compensation and Human Resource Committee and, as applicable, 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”). These performance stock units vests over the three-year period and have the following vesting schedule: •Up to one third of the performance stock units may vest following year one, depending upon the achievement of the performance criteria for fiscal 2022 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). Additionally, during fiscal year ended January 31, 2022, Autodesk granted 0.1 million performance stock units, as part of a program offering certain employees the option to receive equity in lieu of the opportunity to receive an annual cash incentive award. 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 based on revenue and Non-GAAP income from operations targets adopted by the Compensation and Human Resource Committee. The fair value of these performance stock units is expensed using the accelerated attribution method over the one-year vesting period. 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 has determined the grant-date fair value for these awards using the stock price on the date of grant or if the awards are subject to a market condition, a Monte Carlo simulation model. The fair value of the performance stock units is expensed using the accelerated attribution over the vesting period. Autodesk recorded stock-based compensation expense related to performance stock units of $68.2 million, $30.7 million, and $27.1 million during fiscal years ended January 31, 2022, 2021 and 2020 respectively. As of January 31, 2022, total compensation cost not yet recognized of $10.4 million related to unvested performance stock units, is expected to be recognized over a weighted average period of 0.6 years. At January 31, 2022, the number of performance stock units granted but unvested was 0.4 million. Common Stock Autodesk agreed to issue a fixed amount of $4.9 million in common stock at a future date to certain employees in connection with a fiscal 2021 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 closing price of Autodesk’s common stock at the issuance date. During fiscal year ended January 31, 2022, Autodesk issued 8,300 shares at an aggregate fair value of $2.7 million. Remaining shares to be issued are estimated to be 9,000 based on the closing price of Autodesk’s common stock on January 31, 2022, the last trading day of Autodesk’s fiscal 2022 year-end. The awards are accounted for as liability-classified awards and are recognized as compensation expense using the straight-line method over the vesting period. Autodesk issued 73,632 shares of restricted common stock to certain employees in connection with a fiscal 2021 acquisition. These shares of restricted common stock are subject to forfeiture by the employees if employment terminates prior to the three-year employment period. The fair value of the restricted common stock is recorded as compensation for post-acquisition services and recognized as expense using the straight-line method over the three-year repurchase period. See Note 6, “Acquisitions,” for further discussion. Autodesk issued 9,277 shares of restricted common stock to certain employees in connection with a fiscal 2022 acquisition. These shares of restricted common stock were recorded as “Prepaid expenses and other current assets” and “Long-term other assets” on our Consolidated Balance Sheets and will be amortized to stock-based compensation expense for post-acquisition services using the straight-line method over the two-year vesting period. See Note 6, “Acquisitions,” for further discussion. Autodesk agreed to issue a fixed amount of $13.1 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. Shares to be issued are estimated to be 48,000 based on the VWAP of Autodesk’s common stock for the ninety consecutive trading day period ending January 31, 2022, the last trading day of Autodesk’s fiscal 2022 year-end. The awards are accrued as liability-classified awards and are recognized as compensation expense using the straight-line method over the vesting period. See Note 6, “Acquisitions,” for further discussion. Autodesk agreed to issue a fixed amount of $10.6 million in common stock at a future date to certain employees in connection with other fiscal 2022 acquisitions. 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 VWAP of Autodesk’s common stock at the issuance date. Shares to be issued are estimated to be 39,000 based on the closing price of Autodesk’s common stock on January 31, 2022. The awards are accounted for as liability-classified awards and are recognized as compensation expense using the straight-line method over the vesting period. Additionally, Autodesk issued 12,782 shares of restricted common stock to certain employees in connection with these fiscal 2022 acquisitions. These shares of restricted common stock were recorded as “Prepaid expenses and other current assets” and “Long-term other assets” on our Consolidated Balance Sheets and will be amortized to stock-based compensation expense for post-acquisition services using the straight-line method over the vesting period. See Note 6, “Acquisitions,” for further discussion. Autodesk recorded stock-based compensation expense related to common stock shares of $16.5 million and $2.4 million during the fiscal years ended January 31, 2022 and 2021, respectively. 1998 Employee Qualified Stock Purchase Plan (“ESPP”) Under Autodesk’s ESPP, which was approved by stockholders in 1998, eligible employees may purchase shares of Autodesk’s common stock at their discretion using up to 15% of their eligible compensation, subject to certain limitations, at 85% of the lower of Autodesk's closing price (fair market value) on the offering date or the exercise date. The offering period for ESPP awards consists of four six-month exercise periods within a 24-month offering period. At January 31, 2022, a total of 5.6 million shares were available for future issuance. Under the ESPP, the Company issues shares on the first trading day following March 31 and September 30 of each fiscal year. The ESPP does not have an expiration date. A summary of the ESPP activity for the fiscal years ended January 31, 2022, 2021 and 2020 was as follows:
|  | Fiscal year ended January 31,
|  | 2022 |  | 2021 |  | 2020
Issued shares |  | 0.9 |  |  | 0.9 |  |  | 0.9 |
Average price of issued shares |  | $ | 130.13 |  |  | $ | 122.73 |  |  | $ | 102.20 |
Weighted average grant date fair value of awards granted under the ESPP |  | $ | 84.21 |  |  | $ | 55.98 |  |  | $ | 47.78 |
Autodesk recorded $37.1 million, $40.1 million, and $33.3 million of compensation expense associated with the ESPP in fiscal 2022, 2021 and 2020, respectively. Equity Compensation Plan Information The following table summarizes the number of outstanding options and awards granted to employees and directors, as well as the number of securities remaining available for future issuance under these plans as of January 31, 2022:
| (a) |  | (b) |  | (c)
Plan category | Number of securities to be issued upon exercise or vesting of outstanding options and awards (in millions) |  | Weighted-average exercise price of outstanding options |  | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (in millions) (1)
Equity compensation plans approved by security holders | 4.1 |  |  | $ | 21.03 |  |  | 13.3 |
Total | 4.1 |  |  | $ | 21.03 |  |  | 13.3 |
____________________ (1)Included in this amount are 5.6 million securities available for future issuance under Autodesk’s ESPP.

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