Introduces 15 Percent Target Revenue CAGR
SAN RAFAEL, Calif., April 5 /PRNewswire-FirstCall/ -- Autodesk, Inc.
(Nasdaq: ADSK) today reiterated its financial guidance for the first quarter,
second quarter and full year of fiscal 2007, in conjunction with its Annual
Investor Meeting in New York City. With nearly four weeks remaining in its
fiscal first quarter, the company indicated that it is experiencing growth
across divisions and all geographies. In addition, the company introduced a
compound annual revenue growth rate target of approximately 15 percent for
fiscal 2008 through fiscal 2012.
During its Annual Investor Meeting, Autodesk management will address key
trends driving its outstanding financial performance including growth in
revenue from new seats, increasing adoption of 3D, continued success of its
subscription program and the growing opportunity in emerging economies.
"I have never seen Autodesk better positioned," said Carol Bartz, Autodesk
chairman and CEO. "For 24 years, Autodesk has focused on serving the
mainstream design market. We have developed the products, the distribution,
the business model and the strategy to serve this powerful market in a way no
other software company can match."
"The world of our customers is characterized by increasing consumer
choice, rapid globalization, and an escalating need to keep data digital,"
said Carl Bass, Autodesk COO. "Our products enable users to create smarter,
richer and more innovative designs, providing a real competitive advantage.
We are confident in our ability to meet our financial goals for fiscal 2007
and to sustain strong growth into the future."
Full Year Fiscal 2007
For fiscal year 2007, net revenues are expected to increase in the range
of 18 to 20 percent compared to fiscal 2006. GAAP earnings per diluted share
are expected to be between $1.12 and $1.17. Non-GAAP earnings per diluted
share are expected to be between $1.45 and $1.50. Non-GAAP earnings per
diluted share exclude $0.05 for the amortization of acquisition-related
intangibles and $0.28 related to stock based compensation expenses as required
by SFAS No. 123R, which becomes effective in the first quarter of fiscal 2007.
As previously indicated, Autodesk currently believes that its effective tax
rate will increase to 23 percent in fiscal year 2007.
First Quarter Fiscal 2007
Net revenues for the first quarter of fiscal 2007 are expected to be
between $425 and $435 million. GAAP earnings per diluted share are expected to
be between $0.22 and $0.24. Non-GAAP earnings per diluted share are expected
to be between $0.30 and $0.32 and exclude $0.07 related to stock based
compensation expenses, and $0.01 for the amortization of acquisition-related
intangibles.
Second Quarter Fiscal 2007
Net revenues for the second quarter of fiscal 2007 are expected to be
between $440 and $450 million. GAAP earnings per diluted share are expected to
be between $0.26 and $0.28. Non-GAAP earnings per diluted share are expected
to be between $0.34 and $0.36 and exclude $0.07 related to stock based
compensation expenses, and $0.01 for the amortization of acquisition-related
intangibles.
Long Term Revenue Growth Target
Based upon the strength of its business strategy, the company set a 15
percent compound annual revenue growth rate target for fiscal 2008 through
fiscal 2012. Projected fiscal 2007 revenues will approximately double by
fiscal 2012.
A reconciliation of the above non-GAAP measures to the corresponding GAAP
amounts is provided at the end of this press release.
Autodesk's management team plans to discuss its business strategy at its
Annual Investor Meeting being held today in New York City. A webcast of
today's Annual Investor Meeting will be available beginning at 8.30 a.m.
eastern time on our website at www.autodesk.com/investors . A webcast and
podcast replay of the event will be available beginning at 2.30 pm eastern
time on our website at 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 our statements regarding our financial
performance for fiscal 2007 and beyond, including the 15 percent compound
revenue growth rate, statements regarding our expected effective tax rate, the
anticipated effect of stock based compensation expenses and other statements
regarding our anticipated performance. Factors that could cause actual
results to differ materially include the following: failure to achieve
continued migration from 2D products to 3D products, failure to successfully
integrate new or acquired businesses and technologies, failure to achieve
sufficient sell-through in our channels for new or existing products, failure
of key new applications to achieve anticipated levels of customer acceptance,
the timing and degree of expected investments in growth opportunities, changes
in the timing of product releases and retirements, pricing pressure, failure
to achieve continued cost reductions and productivity increases, unanticipated
changes in tax rates and tax laws, mix of geographic earnings, unexpected
outcomes of matters relating to litigation, failure to achieve continued
success in technology advancements, continued fluctuation in foreign currency
exchange rates, the financial and business condition of our reseller and
distribution channels, interruptions or terminations in the business of the
company's consultants or third party developers, failure to grow lifecycle
management or collaboration products, and unanticipated impact of accounting
for technology acquisitions, and general market and business conditions.
Further information on potential factors that could affect the financial
results of Autodesk are included in the company's report on Form 10-K for the
year ended January 31, 2006 which is on file with the Securities and Exchange
Commission.
About Autodesk
Autodesk, Inc. is wholly focused on ensuring that great ideas are turned
into reality. With seven million users, Autodesk is the world's leading
software and services company for the building, manufacturing, infrastructure,
digital media, and wireless data services fields. Autodesk's solutions help
customers create, manage, and share their data and digital assets more
effectively. As a result, customers turn ideas into competitive advantage by
becoming more productive, streamlining project efficiency, and maximizing
profits. Founded in 1982, Autodesk is headquartered in San Rafael,
California. For additional information about Autodesk, please visit
www.autodesk.com.
Investors: Sue Pirri, 415-507-6467
sue.pirri@autodesk.com
John Clancy, 415-507-6373
john.clancy@autodesk.com
Press: Caroline Kawashima, 415-547-2498
caroline.kawashima@autodesk.com,
Nicole Pack, 415-507-6282
nicole.pack@autodesk.com
Autodesk, Inc.
Reconciliation of Diluted Net Income Per Share on a GAAP basis to Diluted
Net Income Per Share on a Non-GAAP Basis
Fiscal Year Ended January 31, 2007
Unaudited
Three Months Ended Three Months Ended Fiscal Year Ended
April 30, 2006 July 31, 2006 January 31, 2007
Low end High end Low end High end Low end High end
of range of range of range of range of range of range
Diluted net
income per
share on a
GAAP basis $0.22 $0.24 $0.26 $0.28 $1.12 $1.17
Stock based
compensation
expense in
accordance
with SFAS
No. 123R 0.07 0.07 0.07 0.07 0.28 0.28
Amortization
of
acquisition-
related
intangibles 0.01 0.01 0.01 0.01 0.05 0.05
Diluted net
income per
share on a
non-GAAP
basis $0.30 $0.32 $0.34 $0.36 $1.45 $1.50
SOURCE Autodesk, Inc.
CONTACT:
investors,
Sue Pirri,
+1-415-507-6467,
or
sue.pirri@autodesk.com,
or John Clancy,
+1-415-507-6373,
or
john.clancy@autodesk.com,
or media, Caroline Kawashima,
+1-415-547-2498,
or
caroline.kawashima@autodesk.com,
or Nicole Pack,
+1-415-507-6282,
or
nicole.pack@autodesk.com, all of Autodesk, Inc.
/Web site: http://www.autodesk.com
(ADSK)
