Autodesk Reiterates Third Quarter and Fiscal Year 2016 Business Outlook at Annual Investor Day
September 29 2015 - 7:30AM
Business Wire
Autodesk, Inc. (NASDAQ:ADSK) is hosting its annual Investor Day
at the Autodesk Gallery in San Francisco. Here, Autodesk will
provide an update on its transition to a subscription-based
business model and plans for expanding its market opportunity. The
company is also reiterating its business outlook for the third
quarter and fiscal year 2016.
"Autodesk is moving rapidly to take advantage of the platform
shift from the desktop to the cloud, which enables our customers to
think differently about how they approach design, simulation,
production, and collaboration," said Carl Bass, Autodesk
president and CEO. "Autodesk has been preparing for this transition
for more than two years and we're now accelerating the process. To
do so, we are transforming our business to help our customers
realize a new future of making things."
At today’s event Investor Day event, Bass will be joined
by other members of the Autodesk leadership team to discuss
opportunities in the current market, provide updates on the
business model transition, financial metrics, and corporate
strategy.
Business Outlook
The following are forward-looking statements based on current
expectations and assumptions, and involve risks and uncertainties
some of which are set forth below under "Safe Harbor." Autodesk's
business outlook for the third quarter and full year fiscal 2016
assumes, among other things, a continuation of the current economic
environment and foreign exchange currency rate environment. A
reconciliation between the GAAP and non-GAAP estimates for fiscal
2016 is provided 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 view a live webcast
of the meeting with Autodesk Management beginning today at 8:30
a.m. PT. The live audio broadcast with slides can be accessed at
http://www.autodesk.com/investors. A webcast replay and podcast
replay of the event will be available beginning later today on our
website at http://www.autodesk.com/investors. This replay will be
maintained 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 statements in the
paragraphs under "Business Outlook" above, statements regarding the
impacts 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. There are a significant number of factors
that could cause actual results to differ materially from
statements made in this press release, including: failure to
maintain our revenue growth and profitability; 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 and expenses related to the transition of our business
model; difficulty in predicting revenue from new businesses and the
potential impact on our financial results from changes in our
business models; general market, political, economic and business
conditions; the impact of non-cash charges on our financial
results; fluctuation in foreign currency exchange rates; the
success of our foreign currency hedging program; failure to control
our expenses; our performance in particular geographies, including
emerging economies; the ability of governments around the world to
meet their financial and debt obligations, and finance
infrastructure projects; weak or negative growth in the industries
we serve; slowing momentum in subscription billings or revenues;
difficulties encountered in integrating new or acquired businesses
and technologies; the inability to identify and realize the
anticipated benefits of acquisitions; the financial and business
condition of our reseller and distribution channels; dependence on
and the timing of large transactions; failure to achieve sufficient
sell-through in our channels for new or existing products; pricing
pressure; unexpected fluctuations in our tax rate; the timing and
degree of expected investments in growth and efficiency
opportunities; changes in the timing of product releases and
retirements; and any unanticipated accounting charges.
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 quarters ended April 30, 2015 and July 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.
About Autodesk
Autodesk helps people imagine, design and create a better world.
Everyone--from design professionals, engineers and architects to
digital artists, students and hobbyists--uses Autodesk
software to unlock their creativity and solve important challenges.
For more information visit autodesk.com or follow
@autodesk.
Autodesk is a registered trademark of Autodesk, Inc., and/or its
subsidiaries and/or affiliates in the USA and/or other countries.
All other brand names, product names or trademarks belong to their
respective holders. Autodesk reserves the right to alter product
and service 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.
© 2015 Autodesk, Inc. All rights reserved.
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version on businesswire.com: http://www.businesswire.com/news/home/20150929005824/en/
Autodesk, Inc.Investors:David Gennarelli,
415-507-6033david.gennarelli@autodesk.comPress:Noah Cole,
415-580-3535noah.cole@autodesk.com
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