Autodesk Reports Strong Fourth Quarter Results

The first quarter and full year fiscal 2016 outlook assume a projected annual effective tax rate of 28 percent and 26 percent for GAAP and non-GAAP results, respectively.

Earnings Conference Call and Webcast

Autodesk will host its fourth quarter conference call today at 5:00 p.m. ET. The live broadcast can be accessed at http://www.autodesk.com/investors. Supplemental financial information and prepared remarks for the conference call will be posted to the investor relations section of Autodesk's website simultaneously with this press release.

NOTE: The prepared remarks will not be read on the conference call. The conference call will include only brief remarks followed by questions and answers.

A replay of the broadcast will be available at 7:00 pm ET at http://www.autodesk.com/investors. This replay will be maintained on Autodesk's website for at least 12 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, statements regarding growth in our cloud and term-based subscription offerings, 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: general market, political, economic and business conditions; 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; 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; 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; dependence on and the timing of large transactions; fluctuation in foreign currency exchange rates; the success of our foreign currency hedging program; 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, 2014 and Quarterly Reports on Form 10-Q for the quarters ended April 30, July 31, 2014, and October 31, 2014, 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.

 

Autodesk, Inc.

Condensed Consolidated Statements of Operations

(In millions, except per share data)

       
Three Months Ended January 31, Fiscal Year Ended January 31,
2015   2014   2015   2014  
(Unaudited) (Unaudited)
Net revenue:
License and other $ 354.3 $ 320.7 $ 1,341.4 $ 1,254.9
Subscription 310.3   265.9   1,170.8   1,019.0  
Total net revenue 664.6   586.6   2,512.2   2,273.9  
Cost of revenue:
Cost of license and other revenue 53.9 48.1 208.5 178.7
Cost of subscription revenue 35.6   23.8   133.6   95.6  
Total cost of revenue 89.5   71.9   342.1   274.3  
Gross profit 575.1 514.7 2,170.1 1,999.6
Operating expenses:
Marketing and sales 289.9 232.3 998.0 842.6
Research and development 191.5 162.4 725.2 611.1
General and administrative (1) 70.4 53.0 283.3 211.8
Amortization of purchased intangibles (1) 9.3 9.0 39.8 36.5
Restructuring charges, net   6.3   3.1   12.8  
Total operating expenses 561.1   463.0   2,049.4   1,714.8  
Income from operations 14.0 51.7 120.7 284.8
Interest and other (expense) income, net (21.1 ) 4.6   (37.7 ) (4.9 )
(Loss) income before income taxes (7.1 ) 56.3 83.0 279.9

Benefit (provision) for income taxes

18.6   (2.4 ) (1.2 ) (51.1 )
Net income $ 11.5   $ 53.9   $ 81.8   $ 228.8  
Basic net income per share $ 0.05   $ 0.24   $ 0.36   $ 1.02  
Diluted net income per share $ 0.05   $ 0.23   $ 0.35   $ 1.00  
Weighted average shares used in computing basic net income per share 227.2   225.5   227.1   224.0  
Weighted average shares used in computing diluted net income per share 232.2   231.1   232.4   229.6  

_____________________

(1)   Effective in second quarter of fiscal 2015, Autodesk elected to present amortization of purchased customer relationships, trade names, patents, and user lists as a separate line item within operating expenses. As a result, amortization previously reflected in “General and Administrative” expense was reclassified to “Amortization of Purchased Intangibles" within Operating Expenses. Prior period amounts have been revised to conform to the current period presentation.
 

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