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Public Company Information:
NASDAQ: ADSK
SAN FRANCISCO—(BUSINESS WIRE)—Autodesk, Inc. (NASDAQ:ADSK), a global leader in design and engineering software solutions, is hosting its annual Investor Day at the Autodesk Gallery in San Francisco. During this event, the company will outline its ongoing transformation into a subscription-based business model and its strategic initiatives aimed at expanding its market presence. Additionally, Autodesk will reaffirm its financial outlook for the third quarter and the full fiscal year 2016.
"Autodesk is swiftly capitalizing on the industry shift from desktop applications to cloud-based platforms," said Carl Bass, President and CEO of Autodesk. "We’ve been preparing for this transition for over two years, and now we're accelerating the pace. By reshaping our business, we aim to empower our customers to embrace a new era of innovation and creation."
At today's Investor Day, Bass will be joined by other senior leaders from Autodesk to explore current market opportunities, provide updates on the company’s business model transition, and discuss key financial metrics and corporate strategy.
Business Outlook:
The following forward-looking statements are based on current expectations and assumptions, but they involve inherent risks and uncertainties as outlined below under “Safe Harbor.†Autodesk’s business outlook for the third quarter and fiscal year 2016 anticipates a continuation of the present economic and foreign exchange currency environments. A reconciliation between GAAP and non-GAAP estimates for fiscal 2016 is provided either below or in the accompanying tables within this press release.
Third Quarter Fiscal 2016:
| Q3 FY16 Guidance Metrics | | | | Q3 FY16 (ending October 31, 2015) |
|---------------------------------|------------------|------------------|------------------|-----------------------------------|
| Revenue (in millions) | | | | $580 – $600 |
| EPS GAAP | | | | ($0.23) – ($0.18) |
| EPS Non-GAAP (1) | | | | $0.05 – $0.10 |
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(1) Non-GAAP earnings per diluted share exclude $0.21 related to stock-based compensation expense and $0.07 for the amortization of acquisition-related intangibles, net of tax.
Full Year Fiscal 2016:
| FY16 Guidance Metrics | | | | FY16 (ending January 31, 2016) |
|---------------------------------|------------------|------------------|------------------|-----------------------------------|
| Billings growth (1) | | | | 2% – 4% |
| Revenue (in millions) (2) | | | | $2,465 – $2,505 |
| GAAP operating margin | | | | (2)% – (1)% |
| Non-GAAP operating margin (3) | | | | 9% – 10% |
| EPS GAAP (4) | | | | ($1.39) – ($1.27) |
| EPS Non-GAAP (5) | | | | $0.60 – $0.72 |
| Net subscription additions | | | | 375,000 – 425,000 |
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(1) On a constant currency basis, billings growth would be 9% – 11%.
(2) On a constant currency basis, revenue growth would be 3% – 5%.
(3) Non-GAAP operating margin excludes 8% related to stock-based compensation expense and 3% for the amortization of acquisition-related intangibles.
(4) GAAP net loss per diluted share includes $0.94 related to the non-cash GAAP tax charge of $214 million to reduce U.S. deferred tax assets. This charge reflects the business model transition and the resulting reduction in our pre-tax U.S. GAAP profitability.
(5) Non-GAAP earnings per diluted share exclude $0.94 related to the non-cash GAAP tax charge to reduce U.S. deferred tax assets, $0.75 related to stock-based compensation expense, and $0.31 for the amortization of acquisition-related intangibles, offset by $0.01 for gains on strategic investment, net of tax.
The third quarter and full year fiscal 2016 outlook assume a projected annual effective tax rate of 24 percent and 26 percent for GAAP and non-GAAP results, respectively.
Investor Day Meeting Webcast:
Please visit www.autodesk.com/investors to watch a live webcast of the meeting with Autodesk Management starting today at 8:30 a.m. PT. The live audio broadcast with slides will be accessible at http://www.autodesk.com/investors. A replay of the webcast and podcast will be available later today on our website at http://www.autodesk.com/investors. This recording will remain on the Autodesk website for at least twelve months.
Safe Harbor Statement:
This press release contains forward-looking statements that involve risks and uncertainties, including those mentioned under "Business Outlook" above. These include expectations regarding the impacts of our business model transition, projections for the transition of product offerings to subscription, and other statements about our strategies, market and product positions, performance, and results. Many factors could lead to outcomes differing significantly from what is stated here, such as the failure to sustain revenue growth and profitability, challenges in managing transitions to new business models and markets, unpredictability in revenue from new ventures, general economic conditions, fluctuations in foreign currency exchange rates, the success of our foreign currency hedging programs, the inability to control expenses, regional performance issues, geopolitical instability, and unexpected accounting charges.
For more details on potential risk factors affecting Autodesk’s financial results, refer to its Annual Report on Form 10-K for the year ended January 31, 2015, and Form 10-Q for the quarters ended April 30, 2015, and July 31, 2015, both filed with the U.S. Securities and Exchange Commission. Autodesk does not undertake any obligation to update these forward-looking statements to reflect events occurring or circumstances arising after the date they were made.
About Autodesk:
Autodesk empowers people to imagine, design, and create a better world. From design professionals and engineers to digital artists and students, users worldwide rely on Autodesk’s software to unleash their creativity and address critical challenges. For more information, visit autodesk.com or follow @autodesk.
© 2015 Autodesk, Inc. All rights reserved.
Contact:
Autodesk, Inc.
Investors:
David Gennarelli, 415-507-6033
david@autodesk.com
Press:
Noah Cole, 415-580-3535
noah@autodesk.com