Autodesk Gallery — Today, Autodesk,
Inc. (NASDAQ: ADSK) is hosting members of the investment community
at its annual Investor Day. Held in the Autodesk
Gallery in San Francisco, the design and engineering software leader
will share plans for expanding its market opportunity and transitioning
to a more ratable and recurring business model. Autodesk also reiterated
its revenue and non-GAAP EPS third quarter fiscal 2014 business outlook,
updated the third quarter GAAP EPS business outlook, and provided
initial business outlook for its fourth quarter of fiscal 2014. In
addition, Autodesk announced that it had signed a definitive agreement
with the shareholders of Graitec to acquire technology and expertise for
structural fabrication and detailing including Graitec’s Advance Steel
and Advance Concrete product lines (see related announcement).
“We are transforming our business to better serve the growing number of
people that rely on Autodesk tools every day and position the company
for its next stage of growth,” said Carl
Bass, Autodesk president and CEO. “We believe our ability to
capitalize on the technology and market dynamics affecting our business
will expand the number of designers, engineers, builders and creators
using our desktop, mobile and cloud-based software.”
At today’s event, Bass will join Mark
Hawkins, Autodesk executive vice president and CFO, and other
members of the Autodesk
leadership team to discuss the demands
and opportunities of the current market, business model transition,
financial metrics, and the company’s corporate strategy.
Business Outlook
The following statements are forward-looking statements that are based
on current expectations and assumptions, and involve risks and
uncertainties some of which are set forth below. Autodesk’s business
outlook for the third and fourth quarter of fiscal 2014 assumes, among
other things, a continuation of the current economic environment and
foreign exchange currency rate environment, and interest expense related
to Autodesk's $750 million debt offering in December 2012.
Third Quarter Fiscal 2014
Autodesk reiterates its third quarter fiscal 2014 revenue and non-GAAP
EPS business outlook and updates its GAAP EPS business outlook.
3Q FY14 Guidance Metrics
|
|
Q3 FY14 (ending October 31, 2013)
|
Revenue (in millions)
|
|
$540-$555
|
EPS GAAP
|
|
$0.17-$0.21
|
EPS Non-GAAP
|
|
$0.36-$0.40
|
Non-GAAP earnings per diluted share exclude $0.11 related to
stock-based compensation expense, $0.05 for the amortization of
acquisition related intangibles and $0.03 related to restructuring
charges.
|
|
Fourth Quarter Fiscal 2014
Autodesk provides its initial fourth quarter fiscal 2014 business
outlook.
4Q FY14 Guidance Metrics
|
|
Q4 FY14 (ending January 31, 2014)
|
Revenue* (in millions)
|
|
$560-$580
|
EPS GAAP
|
|
$0.09-$0.16
|
EPS Non-GAAP
|
|
$0.29-$0.36
|
*Includes impact of approximately $50 million from business model
transition. Deferred revenue is expected to increase by an
equivalent amount related to this change.
|
Non-GAAP earnings per diluted share exclude $0.12 related to
stock-based compensation expense, $0.06 for the amortization of
acquisition related intangibles, and $0.02 related to
restructuring charges.
|
|
Both third and fourth quarter fiscal 2014 outlook assumes annual
effective tax rates of approximately 23 percent and approximately 25
percent for GAAP and non-GAAP results, respectively. These rates do not
include one-time discrete items but do reflect the extension of the
federal R&D tax credit benefit through December 31, 2013.
Investor 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 regarding the
transformation of our business, our growth, statements in the paragraphs
under “Business Outlook” above, and other statements regarding our
expected 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: general market, political, economic and business
conditions; failure to maintain our revenue growth and profitability;
failure to maintain cost reductions and productivity increases or
otherwise control our expenses; the success of our restructuring
activities; 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; 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;
failure to successfully expand adoption of our products, slowing
momentum in subscription billings or revenues; difficulty in predicting
revenue from new businesses and the potential impact on our financial
results from changes in our business models; 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; failure to achieve sufficient sell-through in our channels for
new or existing products; pricing pressure; the timing and degree of
expected investments in growth and efficiency opportunities; changes in
the timing of product releases and retirements; failure of key new
applications to achieve anticipated levels of customer acceptance;
failure to achieve continued success in technology advancements;
interruptions or terminations in the business of Autodesk consultants;
the expense and impact of legal or regulatory proceedings; and any
unanticipated accounting charges.
Further information on potential factors that could affect the financial
results of Autodesk are included in Autodesk’s report on Form 10-K for
the year ended January 31, 2013, and Form 10-Q for the quarter ended
July 31, 2013, which are on file with the U.S. Securities and Exchange
Commission. Autodesk does not assume 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
services 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.
© 2013 Autodesk, Inc. All rights reserved.
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