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Public Company Information:
NASDAQ: ADSK
SAN FRANCISCO—(BUSINESS WIRE)—Autodesk, Inc. (NASDAQ:ADSK), a 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 provide an update on its ongoing transition to a subscription-based business model and outline plans to expand its market opportunities. Additionally, Autodesk is reaffirming its business outlook for the third quarter and fiscal year 2016.
“Autodesk is rapidly embracing the shift from traditional desktop applications to cloud-based platforms, empowering our customers to rethink how they approach design, simulation, production, and collaboration,†stated Carl Bass, President and CEO of Autodesk. “We’ve been preparing for this transformation for over two years, and now we're accelerating our efforts. By evolving our business model, we aim to help our customers envision and create a new future in manufacturing and design.â€
Today's Investor Day event will feature Carl Bass alongside other key leaders from Autodesk's management team. They will discuss current market opportunities, provide updates on the ongoing business model transition, share financial metrics, and outline the company's strategic direction.
Business Outlook:
The following statements represent forward-looking projections based on current expectations and assumptions, but they include inherent risks and uncertainties, some of which are outlined below under “Safe Harbor.†Autodesk’s business outlook for the third quarter and full fiscal year 2016 assumes continued stability in the current economic climate and foreign exchange currency rates. A reconciliation between GAAP and non-GAAP estimates for fiscal 2016 is provided either below or in the tables following 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 |
(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 |
(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. The charge reflects the business model transition and 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 can be accessed 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 replay will remain accessible 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 detailed under "Business Outlook" above. These statements relate to the impacts of our business model transition, expectations regarding the shift to subscription-based product offerings, and other aspects of our strategies, market positioning, performance, and results. Numerous factors could cause actual outcomes to differ significantly from what is projected, including but not limited to: failure to sustain revenue growth and profitability, challenges in managing transitions to new business models and markets, integration difficulties with acquired businesses and technologies, fluctuations in foreign currency exchange rates, the success of our hedging programs, and various macroeconomic factors. Further details on potential risks are outlined in Autodesk’s 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 of which are available through the SEC. Autodesk does not undertake any obligation to update these forward-looking statements.
About Autodesk:
Autodesk empowers people to imagine, design, and create a better world. From professionals in architecture and engineering to students and hobbyists, users worldwide rely on Autodesk software to unlock creativity and solve complex 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