Public Company Information:
NASDAQ:
ADSK
SAN RAFAEL, Calif. – (BUSINESS WIRE) – Autodesk, Inc. (Nasdaq: ADSK) announced today that Mark Hawkins, the company's Executive Vice President and Chief Financial Officer, will be stepping down. After more than five successful years at Autodesk, Hawkins has decided to leave the leading design and engineering software company at the end of July to take up the role of CFO at salesforce.com.
"I’d like to express my gratitude to Mark for his invaluable contributions to Autodesk," said Carl Bass, President and CEO of Autodesk. "He has been an outstanding financial partner and played a crucial role in guiding the company through several key initiatives. Under Mark’s leadership, Autodesk is now on solid financial ground with a highly respected finance team. I wish him all the best in his new role."
"It’s been a fantastic experience working with Carl and everyone at Autodesk," said Hawkins. "I’m proud to have been part of the leadership team during this incredible journey, from navigating the depths of the Great Recession back in early 2009 to seeing the company firmly establish itself as a leader in the cloud space and set for future success."
Autodesk is currently in the process of finding a replacement for the CFO position. The company also expects to report revenue and earnings per share (EPS) at or above the previous business outlook for its second quarter of fiscal 2015. Additionally, Autodesk has reiterated its guidance for the full fiscal year 2015.
Business Outlook:
The following forward-looking statements are based on current expectations and assumptions and include risks and uncertainties, some of which are outlined below. Autodesk’s business outlook for the second quarter and full fiscal year 2015 assumes the continuation of the current economic climate and foreign exchange rate environment, as well as interest expense related to the company’s $750 million debt offering in December 2012. A reconciliation between GAAP and non-GAAP estimates for fiscal 2015 can be found in the tables that follow.
Second Quarter Fiscal 2015:
| Q2 FY15 Guidance Metrics | | | | Q2 FY15 (ending July 31, 2014) |
| --- | --- | --- | --- | --- |
| Revenue (in millions) | | | | $595-$610 |
| EPS GAAP | | | | $0.05-$0.10 |
| EPS Non-GAAP (1) | | | | $0.25-$0.30 |
(1) Non-GAAP earnings per diluted share exclude $0.11 related to stock-based compensation expense and $0.09 for the amortization of acquisition-related intangibles, net of tax.
Full Year Fiscal 2015:
| FY15 Guidance Metrics | | | | FY15 (ending January 31, 2015) |
| --- | --- | --- | --- | --- |
| Billings growth | | | | 7-9% |
| Revenue growth | | | | 4-6% |
| GAAP operating margin | | | | 3-5% |
| Non-GAAP operating margin | | | | 14-16% |
| Net subscription additions | | | | 150,000-200,000 |
Reconciliation for Guidance:
The following is a reconciliation of anticipated fiscal 2015 GAAP and non-GAAP operating margins:
| Fiscal 2015 | | | | |
| --- | --- | --- | --- | --- |
| GAAP operating margin | | | | 3% |
| Stock-based compensation expense | | | | 7% |
| Amortization of purchased intangibles | | | | 4% |
| Restructuring charges | | | | - |
| Non-GAAP operating margin | | | | 14% |
The second quarter and full year fiscal 2015 outlook assumes projected annual effective tax rates of 25 percent and 25.5 percent for GAAP and non-GAAP results, respectively. These rates do not include one-time discrete items or the federal R&D tax credit that expired on December 31, 2013.
Safe Harbor Statement:
This press release includes forward-looking statements that involve risks and uncertainties. Among these are statements under “Business Outlook,†statements regarding our transition to a subscription-based business model, and other statements about our strategies, market positions, performance, and results. Many factors could cause actual results to differ significantly from those expressed in this press release, including general market conditions, political and economic uncertainties, failure to sustain revenue growth and profitability, challenges in transitioning to new business models and markets, integration of new businesses and technologies, and fluctuations in foreign currency exchange rates.
For more details on potential factors affecting our financial results, please refer to Autodesk’s Annual Report on Form 10-K for the year ended January 31, 2014, and Form 10-Q for the quarters ended April 30, 2014, both filed with the U.S. Securities and Exchange Commission. Autodesk assumes no obligation to update these forward-looking statements.
Use of Non-GAAP Financial Measures:
To complement our GAAP financial statements, we provide non-GAAP measures such as non-GAAP gross margin. These metrics adjust for specific costs, expenses, gains, and losses, including stock-based compensation, restructuring charges, amortization of purchased intangibles, and strategic investment gains/losses. We believe these adjustments help investors better understand our operational performance and long-term prospects. Management uses these measures as a key tool for planning and forecasting future periods.
While these non-GAAP measures offer insights into our operational performance, they are not GAAP-compliant and may vary from those used by other companies. They should not be considered in isolation or as substitutes for GAAP financial measures.
About Autodesk:
Autodesk empowers individuals to imagine, design, and create a better world. Whether you’re a professional designer, engineer, architect, artist, student, or hobbyist, Autodesk tools unleash creativity and solve critical challenges. Learn more at autodesk.com or follow us on Twitter @autodesk.
© 2014 Autodesk, Inc. All rights reserved.
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