Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Autodesk Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Jan 31, 2024	Jan 31, 2023	Jan 31, 2022	Jan 31, 2021	Jan 31, 2020	Jan 31, 2019
Net income (loss)	906)	823)	497)	1,208)	215)	(81)
Depreciation, amortization, and accretion	139)	150)	148)	124)	127)	95)
Stock-based compensation expense	703)	657)	555)	398)	362)	250)
Deferred income taxes	(86)	(277)	(8)	(779)	10)	(7)
Lease-related asset impairments	14)	34)	104)	—)	—)	—)
Restructuring and other exit costs, net	—)	—)	—)	—)	1)	32)
Other operating activities	(52)	(8)	18)	39)	(12)	2)
Accounts receivable	86)	(247)	(66)	13)	(179)	(25)
Prepaid expenses and other assets	(77)	(3)	(134)	(56)	59)	8)
Accounts payable and accrued liabilities	(12)	(5)	10)	130)	(91)	(59)
Deferred revenue	(316)	798)	419)	344)	917)	197)
Accrued income taxes	8)	149)	(12)	16)	6)	(35)
Changes in operating assets and liabilities, net of business combinations	(311)	692)	217)	447)	712)	86)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	407)	1,248)	1,034)	229)	1,201)	458)
Net cash provided by operating activities	1,313)	2,071)	1,531)	1,437)	1,415)	377)
Purchases of marketable securities	(1,110)	(397)	(311)	(21)	(20)	(138)
Sales of marketable securities	277)	152)	12)	—)	22)	320)
Maturities of marketable securities	487)	298)	26)	17)	5)	211)
Purchases of intangible assets	(30)	(6)	(11)	(5)	—)	—)
Business combinations, net of cash acquired	(70)	(96)	(1,250)	(246)	—)	(1,040)
Capital expenditures	(31)	(40)	(56)	(91)	(53)	(67)
Other investing activities	(25)	(54)	(5)	(58)	(12)	4)
Net cash used in investing activities	(502)	(143)	(1,595)	(404)	(57)	(710)
Proceeds from issuance of common stock, net of issuance costs	130)	124)	114)	114)	94)	91)
Taxes paid related to net share settlement of equity awards	(187)	(160)	(194)	(157)	(113)	(143)
Repurchase and retirement of common stock	(795)	(1,101)	(1,079)	(552)	(443)	(294)
Proceeds from debt, net of discount	—)	—)	997)	—)	499)	500)
Repayments of debt	—)	(350)	—)	(450)	(500)	—)
Other financing activities	—)	—)	(7)	(3)	(4)	(2)
Net cash provided by (used in) financing activities	(852)	(1,487)	(169)	(1,047)	(467)	152)
Effect of exchange rate changes on cash and cash equivalents	(14)	(22)	(12)	11)	(2)	(11)
Net increase (decrease) in cash and cash equivalents	(55)	419)	(244)	(3)	889)	(192)
Cash and cash equivalents at beginning of fiscal year	1,947)	1,528)	1,772)	1,775)	886)	1,078)
Cash and cash equivalents at end of fiscal year	1,892)	1,947)	1,528)	1,772)	1,775)	886)

Based on: 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-01-31).

Over the evaluated period, the net income of the company exhibited significant fluctuations with an initial loss in 2019, transitioning to consistent profitability from 2020 onwards, reaching a peak in 2021 before moderate declines and subsequent recovery in the following years. Depreciation, amortization, and accretion expenses generally increased over time with some variability, remaining within a relatively narrow range after an initial rise. Stock-based compensation expense demonstrated a consistent upward trend, nearly tripling from 2019 to 2024, indicating increasingly significant non-cash compensation costs.

Deferred income taxes showed volatility, including a notable negative impact in 2021 and relatively large negative values in subsequent years. Lease-related asset impairments appeared starting in 2022 with diminishing amounts each year, suggesting declining charges related to leases. Restructuring and exit costs were only recorded in the earlier years, dissipating entirely afterward. Other operating activities fluctuated, turning increasingly negative in recent years, hinting at possible challenges or adjustments in miscellaneous operations.

Changes in key working capital components varied: accounts receivable showed negative adjustments early on but shifted to positive in the last year, accounts payable and accrued liabilities changes were mixed with both increases and decreases over the years, and deferred revenue fluctuated substantially, peaking notably in 2020 and 2023 before a sharp decline in 2024. Accrued income taxes varied considerably, with significant positive changes in 2023. Overall, changes in operating assets and liabilities were positive in most years except for 2024, which was negative, affecting cash flow.

Cash flow from operating activities steadily increased from 2019 to 2023, peaking in 2023, before declining in 2024. Adjustments reconciling net income to operating cash flow followed a similar pattern. Investing activities showed inconsistent cash outflows, with large negative amounts in 2019 and 2022 mainly attributed to acquisitions and purchases of marketable securities. Capital expenditures were relatively stable at lower levels in later years, while purchases of intangible assets rose slightly but remained modest. Business combinations caused significant cash outflows primarily in 2019 and 2022, with smaller amounts in other years.

Financing activities demonstrated a generally negative cash flow with substantial repurchase and retirement of common stock beginning in 2019 and increasing through 2023, slightly abating in 2024. Debt issuances occurred intermittently, with debt repayments notably high in 2020 and 2023. Proceeds from common stock issuance were relatively stable over the years. Taxes paid related to equity awards consistently represented cash outflows. The net cash provided or used in financing activities was negative in most years except for 2019, reflecting an emphasis on returning capital to shareholders and debt management.

The effect of exchange rate changes on cash was minor but generally negative. Overall, the company’s cash and cash equivalents experienced substantial growth from 2019 to 2020, remaining relatively stable with slight fluctuations thereafter. The net change in cash and cash equivalents showed positive inflows in most years but declined in 2022 and 2024, suggesting periods of cash usage perhaps linked to investing and financing strategies.

Profitability and Expenses: Net income showed a major turnaround from a loss to sustained profitability, with stock-based compensation increasingly impacting expenses.
Working Capital Dynamics: Accounts receivable, payable, and deferred revenue exhibited volatile changes, influencing operating cash flow variably across periods.
Operating Cash Flow: Consistent growth in operating cash flow was observed until 2023, with a decline in 2024, driven by changes in net income and working capital.
Investing Activities: Significant cash outflows occurred occasionally due to acquisitions and purchases of securities, while capital spending remained moderate.
Financing Activities: Predominantly negative cash flows due to aggressive stock buybacks and debt repayments, partially offset by stock issuance proceeds.
Liquidity Position: Cash balances increased notably in early years and stabilized, reflecting a cautious approach to liquidity amid fluctuating cash flows.

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Autodesk Inc. (NASDAQ:ADSK)

Cash Flow Statement