Holds Meeting with Autodesk Management Investor Event
Autodesk indicated that it is pleased with global demand levels. As a result, the company is reiterating its second quarter and full year fiscal 2012 business outlook.
“While our near-term outlook is balanced by our cautious view of the pace of the global recovery, we continue to be optimistic about long term growth,” said Carl Bass, Autodesk president and CEO. “At our investor event today we will discuss the reasons for our confidence in our target long-term business model.”
At today’s Meeting with Autodesk Management investor event, Bass and Mark Hawkins, Autodesk executive vice president and Chief Financial Officer, will deliver presentations that provide insight into Autodesk’s go-to-market opportunities; key product initiatives; long-term opportunities for growth and profitability; and outline how Autodesk intends to capitalize on various industry trends.
Second Quarter Fiscal 2012 Business Outlook
The following statements are forward-looking statements which are based on current expectations and which involve risks and uncertainties, some of which are set forth below.
Net revenue for the second quarter of fiscal 2012 is expected to be in the range of $530 million and $545 million. GAAP earnings per diluted share are expected to be in the range of $0.25 and $0.29. Non-GAAP earnings per diluted share are expected to be in the range of $0.37 and $0.41 and exclude $0.08 related to stock-based compensation expense, and $0.04 for the amortization of acquisition related intangibles, net of tax.
Full Year Fiscal 2012
Net revenue for fiscal 2012 is expected to increase by approximately 12 percent compared to fiscal 2011. Autodesk anticipates fiscal 2012 GAAP and non-GAAP operating margins to increase by at least 200 basis points compared to fiscal 2011. Non-GAAP operating margin excludes approximately 60 basis points of restructuring charges, 20 basis points of amortization of acquisition related intangibles, and negative 50 basis points of stock-based compensation expense.
Outlook assumes an effective tax rate of approximately 23 percent for GAAP results and approximately 25 percent for non-GAAP results.
Investor Meeting Webcast
Autodesk will host its Meeting with Autodesk Management today at 9:00 a.m. ET. 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 our 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 “Second Quarter Fiscal 2012 Business Outlook" above, statements regarding anticipated market, product, profitability and revenue trends, and other statements regarding our expected strategies, performance and results. Factors that could cause actual results to differ materially from statements in this release include the following: general market, economic and business conditions, our performance in particular geographies, including emerging economies, the financial and business condition of our reseller and distribution channels, fluctuation in foreign currency exchange rates, the success of our foreign currency hedging program, failure to achieve and maintain cost reductions and productivity increases or otherwise control our expenses, slowing momentum in maintenance revenues, failure to achieve sufficient sell-through in our channels for new or existing products, pricing pressure, failure to successfully expand adoption of our products, failure to successfully incorporate sales of products suites into our overall sales strategy, difficulties encountered in integrating new or acquired businesses and technologies, the inability to identify and realize the anticipated benefits of acquisitions, 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, 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, 2011, and Form 10-Q for the quarter ended April 30, 2011, 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.
Autodesk, Inc., is a leader in 3D design, engineering and entertainment software. Customers across the manufacturing, architecture, building, construction, and media and entertainment industries – including the last 16 Academy Award winners for Best Visual Effects – use Autodesk software to design, visualize, and simulate their ideas. Since its introduction of AutoCAD software in 1982, Autodesk continues to develop the broadest portfolio of state-of-the-art software for global markets. For additional information about Autodesk, visit www.autodesk.com.
Autodesk and AutoCAD are registered trademarks or trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. Academy Award is a registered trademark of the Academy of Motion Picture Arts and Sciences. 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.