Autodesk Reports 11 Percent First Quarter Revenue Growth
Strong Performance by Suites Drives Results
Reiterates Full Year Business Outlook
First Quarter Fiscal 2013
-
Revenue was
$589 million , an increase of 11 percent compared to the first quarter of fiscal 2012. - GAAP operating margin was 16 percent, compared to 15 percent in the first quarter of fiscal 2012.
- Non-GAAP operating margin was 25 percent, compared to 23 percent in the first quarter of fiscal 2012. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
-
GAAP diluted earnings per share were
$0.34 , compared to$0.29 in the first quarter of fiscal 2012. -
Non-GAAP diluted earnings per share were
$0.47 , compared to$0.40 in the first quarter of fiscal 2012. -
Cash flow from operating activities was
$139 million , compared to$128 million in the first quarter of fiscal 2012.
“We had a solid start to the year as our overall business continued to
deliver double-digit year-over-year revenue growth,” said
First Quarter Operational Overview
EMEA revenue was
Revenue from the Platform Solutions and Emerging Business segment was
Revenue from Flagship products was
As our customers migrate from our stand-alone products to Suites, we anticipate that our revenue from Suites will increase as a percentage of total revenue and that our revenue from our Flagship products will similarly decline as a percentage of total revenue.
Deferred revenue at the end of the first quarter was a record high of
“Our revenue growth and continued focus on cost controls drove strong
improvement in our non-GAAP operating margin,” said
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 second quarter and full year fiscal 2013 assumes a continuation of the current economic environment and foreign exchange currency rate environment.
Second Quarter Fiscal 2013
| 2Q FY13 Guidance Metrics |
2Q FY13 (ending July 31, 2012) |
|||
| Revenue (in millions) | $580 to $600 | |||
| EPS - GAAP |
$0.29 to $0.34 |
|||
| EPS - Non-GAAP | $0.46 to $0.51 | |||
Non-GAAP earnings per diluted share exclude
Full Year Fiscal 2013
Net revenue for fiscal 2013 is expected to increase by at least 10
percent compared to fiscal 2012.
Both second quarter fiscal 2013 and full year fiscal 2013 outlooks
assume an annual effective tax rate of approximately 26 percent for both
GAAP and non-GAAP results. This rate does not include the federal R&D
tax credit benefit, which expired on
Earnings Conference Call and Webcast
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
Safe Harbor Statement
This press release contains forward-looking statements that involve
risks and uncertainties, including statements regarding our long term
revenue and non-GAAP operating margin targets, 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, our performance in particular geographies, including
emerging economies, failure to successfully incorporate sales of
licenses of products suites into our overall sales strategy, failure to
successfully expand adoption of our products, failure to maintain cost
reductions and productivity increases or otherwise control our expenses,
slowing momentum in maintenance billings or revenues, 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, 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, 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
Further information on potential factors that could affect the financial
results of
About
© 2012
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Autodesk, Inc. |
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Condensed Consolidated Statements of Operations |
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(In millions, except per share data) |
||||||||
| Three Months Ended | ||||||||
| April 30, | ||||||||
| 2012 | 2011 | |||||||
| (Unaudited) | ||||||||
| Net revenue: | ||||||||
| License and other | $ | 361.0 | $ | 323.0 | ||||
| Maintenance | 227.6 | 205.3 | ||||||
| Total net revenue | 588.6 | 528.3 | ||||||
| Cost of revenue: | ||||||||
| Cost of license and other revenue | 47.1 | 42.6 | ||||||
| Cost of maintenance revenue | 11.7 | 12.0 | ||||||
| Total cost of revenue | 58.8 | 54.6 | ||||||
| Gross profit | 529.8 | 473.7 | ||||||
| Operating expenses: | ||||||||
| Marketing and sales | 223.2 | 201.9 | ||||||
| Research and development | 152.7 | 136.6 | ||||||
| General and administrative | 59.9 | 56.6 | ||||||
| Total operating expenses | 435.8 | 395.1 | ||||||
| Income from operations | 94.0 | 78.6 | ||||||
| Interest and other income, net | 3.5 | 5.9 | ||||||
| Income before income taxes | 97.5 | 84.5 | ||||||
| Provision for income taxes | (18.6 | ) | (15.2 | ) | ||||
| Net income | $ | 78.9 | $ | 69.3 | ||||
| Basic net income per share | $ | 0.35 | $ | 0.30 | ||||
| Diluted net income per share | $ | 0.34 | $ | 0.29 | ||||
|
Weighted average shares used in computing basic net income per share |
228.1 | 228.2 | ||||||
|
|
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Weighted average shares used in computing diluted net income per share |
234.1 | 237.1 | ||||||
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Autodesk, Inc. |
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|
Condensed Consolidated Balance Sheets |
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|
(In millions) |
||||||
| April 30, | January 31, | |||||
| 2012 | 2012 | |||||
| (Unaudited) | ||||||
| ASSETS: | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 1,074.5 | $ | 1,156.9 | ||
| Marketable securities | 437.5 | 254.4 | ||||
| Accounts receivable, net | 300.6 | 395.1 | ||||
| Deferred income taxes | 38.7 | 30.1 | ||||
| Prepaid expenses and other current assets | 60.8 | 59.4 | ||||
| Total current assets | 1,912.1 | 1,895.9 | ||||
| Marketable securities | 284.1 | 192.8 | ||||
| Computer equipment, software, furniture and leasehold improvements, net | 104.0 | 104.5 | ||||
| Purchased technologies, net | 74.8 | 84.6 | ||||
| Goodwill | 682.9 | 682.4 | ||||
| Deferred income taxes, net | 129.3 | 135.8 | ||||
| Other assets | 129.8 | 131.8 | ||||
| $ | 3,317.0 | $ | 3,227.8 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 88.9 | $ | 89.3 | ||
| Accrued compensation | 127.8 | 183.9 | ||||
| Accrued income taxes | 17.4 | 14.4 | ||||
| Deferred revenue | 584.7 | 582.3 | ||||
| Other accrued liabilities | 56.7 | 84.2 | ||||
| Total current liabilities | 875.5 | 954.1 | ||||
| Deferred revenue | 142.2 | 136.9 | ||||
| Long term income taxes payable | 171.7 | 174.8 | ||||
| Other liabilities | 82.3 | 79.1 | ||||
| Commitments and contingencies |
|
|
||||
| Stockholders' equity: | ||||||
| Preferred stock | - | - | ||||
| Common stock and additional paid-in capital | 1,496.2 | 1,365.4 | ||||
| Accumulated other comprehensive income (loss) | 3.7 | 5.9 | ||||
| Retained earnings | 545.4 | 511.6 | ||||
| Total stockholders' equity | 2,045.3 | 1,882.9 | ||||
| $ | 3,317.0 | $ | 3,227.8 | |||
|
Autodesk, Inc. |
||||||||
|
Condensed Consolidated Statements of Cash Flows |
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|
(In millions) |
||||||||
| Fiscal Quarters Ended | ||||||||
| April 30, | ||||||||
| 2012 | 2011 | |||||||
| (Unaudited) | ||||||||
| Operating activities: | ||||||||
| Net income | $ | 78.9 | $ | 69.3 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 29.2 | 24.5 | ||||||
| Stock-based compensation expense | 33.4 | 25.9 | ||||||
| Excess tax benefits from stock-based compensation | (9.9 | ) | - | |||||
| Changes in operating assets and liabilities, net of business combinations | 7.7 | 8.7 | ||||||
| Net cash provided by operating activities | 139.3 | 128.4 | ||||||
| Investing activities: | ||||||||
| Purchases of marketable securities | (447.8 | ) | (169.7 | ) | ||||
| Sales of marketable securities | 48.8 | 34.6 | ||||||
| Maturities of marketable securities | 128.5 | 96.5 | ||||||
| Capital Expenditures | (11.5 | ) | (23.2 | ) | ||||
| Acquisitions, net of cash acquired | - | (76.4 | ) | |||||
| Other investing activities | (5.0 | ) | (14.5 | ) | ||||
| Net cash used in investing activities | (287.0 | ) | (152.7 | ) | ||||
| Financing activities: | ||||||||
| Proceeds from issuance of common stock, net of issuance costs | 153.0 | 111.3 | ||||||
| Repurchases of common stock | (99.2 | ) | (68.6 | ) | ||||
| Excess tax benefits from stock-based compensation | 9.9 | - | ||||||
|
Net cash provided by financing activities |
63.7 | 42.7 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 1.6 | (2.1 | ) | |||||
| Net increase in cash and cash equivalents | (82.4 | ) | 16.3 | |||||
| Cash and cash equivalents at beginning of fiscal year | 1,156.9 | 1,075.1 | ||||||
| Cash and cash equivalents at end of period | $ | 1,074.5 | $ | 1,091.4 | ||||
|
Autodesk, Inc. |
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|
Reconciliation of GAAP financial measures to non-GAAP financial measures |
|
|
(In millions, except per share data) |
|
|
To supplement our consolidated financial statements presented on a GAAP basis, Autodesk provides investors with certain non-GAAP measures including non-GAAP net income, non-GAAP net income per share, non-GAAP cost of license and other revenue, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP income from operations and non-GAAP provision for income taxes. These non-GAAP financial measures are adjusted to exclude certain costs, expenses, gains and losses, including stock-based compensation expense, amortization of purchased intangibles, discrete tax provision items and related income tax expenses. See our reconciliation of GAAP financial measures to non-GAAP financial measures herein. We believe these exclusions are appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future, as well as to facilitate comparisons with our historical operating results. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of Autodesk's underlying operational results and trends and our marketplace performance. For example, the non-GAAP results are an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside our core operating results. In addition, these non-GAAP financial measures are among the primary indicators management uses as a basis for our planning and forecasting of future periods. |
|
| There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with generally accepted accounting principles in the United States. Investors should review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release. | |
| The following table shows Autodesk's non-GAAP results reconciled to GAAP results included in this release. | |
| Three Months Ended | ||||||||
| April 30, | ||||||||
| 2012 | 2011 | |||||||
| (Unaudited) | ||||||||
| GAAP cost of license and other revenue | $ | 47.1 | $ | 42.6 | ||||
| Stock-based compensation expense | (1.3 | ) | (0.9 | ) | ||||
| Amortization of developed technology | (9.8 | ) | (8.1 | ) | ||||
| Non-GAAP cost of license and other revenue | $ | 36.0 | $ | 33.6 | ||||
| GAAP gross profit | $ | 529.8 | $ | 473.7 | ||||
| Stock-based compensation expense | 1.3 | 0.9 | ||||||
| Amortization of developed technology | 9.8 | 8.1 | ||||||
| Non-GAAP gross profit | $ | 540.9 | $ | 482.7 | ||||
| GAAP marketing and sales | $ | 223.2 | $ | 201.9 | ||||
| Stock-based compensation expense | (14.6 | ) | (11.8 | ) | ||||
| Non-GAAP marketing and sales | $ | 208.6 | $ | 190.1 | ||||
| GAAP research and development | $ | 152.7 | $ | 136.6 | ||||
| Stock-based compensation expense | (11.1 | ) | (8.9 | ) | ||||
| Non-GAAP research and development | $ | 141.6 | $ | 127.7 | ||||
| GAAP general and administrative | $ | 59.9 | $ | 56.6 | ||||
| Stock-based compensation expense | (6.4 | ) | (4.3 | ) | ||||
| Amortization of customer relationships and trade names | (7.8 | ) | (6.5 | ) | ||||
| Non-GAAP general and administrative | $ | 45.7 | $ | 45.8 | ||||
| GAAP operating expenses | $ | 435.8 | $ | 395.1 | ||||
| Stock-based compensation expense | (32.1 | ) | (25.0 | ) | ||||
| Amortization of customer relationships and trade names | (7.8 | ) | (6.5 | ) | ||||
| Non-GAAP operating expenses | $ | 395.9 | $ | 363.6 | ||||
| GAAP income from operations | $ | 94.0 | $ | 78.6 | ||||
| Stock-based compensation expense | 33.4 | 25.9 | ||||||
| Amortization of developed technology | 9.8 | 8.1 | ||||||
| Amortization of customer relationships and trade names | 7.8 | 6.5 | ||||||
| Non-GAAP income from operations | $ | 145.0 | $ | 119.1 | ||||
| GAAP provision for income taxes | $ | (18.6 | ) | $ | (15.2 | ) | ||
| Discrete GAAP tax provision items | (6.3 | ) | (4.1 | ) | ||||
| Income tax effect of non-GAAP adjustments | (13.7 | ) | (12.0 | ) | ||||
| Non-GAAP provision for income tax | $ | (38.6 | ) | $ | (31.3 | ) | ||
| GAAP net income | $ | 78.9 | $ | 69.3 | ||||
| Stock-based compensation expense | 33.4 | 25.9 | ||||||
| Amortization of developed technology | 9.8 | 8.1 | ||||||
| Amortization of customer relationships and trade names | 7.8 | 6.5 | ||||||
| Discrete GAAP tax provision items | (6.3 | ) | (4.1 | ) | ||||
| Income tax effect of non-GAAP adjustments | (13.7 | ) | (12.0 | ) | ||||
| Non-GAAP net income | $ | 109.9 | $ | 93.7 | ||||
| GAAP diluted net income per share | $ | 0.34 | $ | 0.29 | ||||
| Stock-based compensation expense | 0.14 | 0.11 | ||||||
| Amortization of developed technology | 0.04 | 0.03 | ||||||
| Amortization of customer relationships and trade names | 0.03 | 0.03 | ||||||
| Discrete GAAP tax provision items | (0.03 | ) | (0.02 | ) | ||||
| Income tax effect of non-GAAP adjustments | (0.05 | ) | (0.04 | ) | ||||
| Non-GAAP diluted net income per share | $ | 0.47 | $ | 0.40 | ||||
|
Autodesk |
||||||||||||||
| Other Supplemental Financial Information (a) | ||||||||||||||
| Fiscal Year 2013 | QTR 1 | QTR 2 | QTR 3 | QTR 4 | YTD 2013 | |||||||||
| Financial Statistics ($ in millions, except per share data): | ||||||||||||||
| Total Net Revenue | $ | 589 | $ | 589 | ||||||||||
| License and Other Revenue | $ | 361 | $ | 361 | ||||||||||
| Maintenance Revenue | $ | 228 | $ | 228 | ||||||||||
| GAAP Gross Margin | 90 | % | 90 | % | ||||||||||
| Non-GAAP Gross Margin (1)(2) | 92 | % | 92 | % | ||||||||||
| GAAP Operating Expenses | $ | 436 | $ | 436 | ||||||||||
| GAAP Operating Margin | 16 | % | 16 | % | ||||||||||
| GAAP Net Income | $ | 79 | $ | 79 | ||||||||||
| GAAP Diluted Net Income Per Share (b) | $ | 0.34 | $ | 0.34 | ||||||||||
| Non-GAAP Operating Expenses (1)(3) | $ | 396 | $ | 396 | ||||||||||
| Non-GAAP Operating Margin (1)(4) | 25 | % | 25 | % | ||||||||||
| Non-GAAP Net Income (1)(5) | $ | 110 | $ | 110 | ||||||||||
| Non-GAAP Diluted Net Income Per Share (1)(6)(b) | $ | 0.47 | $ | 0.47 | ||||||||||
| Total Cash and Marketable Securities | $ | 1,796 | $ | 1,796 | ||||||||||
| Days Sales Outstanding | 46 | 46 | ||||||||||||
| Capital Expenditures | $ | (12 | ) | $ | (12 | ) | ||||||||
| Cash Flow from Operating Activities | $ | 139 | $ | 139 | ||||||||||
| GAAP Depreciation and Amortization | $ | 29 | $ | 29 | ||||||||||
| Deferred Maintenance Revenue Balance | $ | 648 | $ | 648 | ||||||||||
| Revenue by Geography (in millions): | ||||||||||||||
| Americas | $ | 208 | $ | 208 | ||||||||||
| Europe, Middle East and Africa | $ | 224 | $ | 224 | ||||||||||
| Asia Pacific | $ | 157 | $ | 157 | ||||||||||
| % of Total Rev from Emerging Economies | 14 | % | 14 | % | ||||||||||
| Revenue by Segment (in millions): | ||||||||||||||
| Platform Solutions and Emerging Business | $ | 229 | $ | 229 | ||||||||||
| Architecture, Engineering and Construction | $ | 163 | $ | 163 | ||||||||||
| Manufacturing | $ | 146 | $ | 146 | ||||||||||
| Media and Entertainment | $ | 51 | $ | 51 | ||||||||||
| Other Revenue Statistics: | ||||||||||||||
| % of Total Rev from Flagship | 57 | % | 57 | % | ||||||||||
| % of Total Rev Suites | 28 | % | 28 | % | ||||||||||
| % of Total Rev New and Adjacent | 15 | % | 15 | % | ||||||||||
| % of Total Rev from AutoCAD and AutoCAD LT | 35 | % | 35 | % | ||||||||||
| Upgrade and Crossgrade Revenue (in millions) | $ | 47 | $ | 47 | ||||||||||
|
Favorable (Unfavorable) Impact of U.S. Dollar Translation Relative to Foreign Currencies Compared to Comparable Prior Year Period (in millions): |
||||||||||||||
| FX Impact on Total Net Revenue | $ | 14 | $ | 14 | ||||||||||
| FX Impact on Cost of Revenue and Total Operating Expenses | $ | (2 | ) | $ | (2 | ) | ||||||||
| FX Impact on Operating Income | $ | 12 | $ | 12 | ||||||||||
| Gross Margin by Segment (in millions): | ||||||||||||||
| Platform Solutions and Emerging Business | $ |
216 |
$ |
216 |
||||||||||
| Architecture, Engineering and Construction | $ |
149 |
$ |
149 |
||||||||||
| Manufacturing | $ | 134 | $ | 134 | ||||||||||
| Media and Entertainment | $ |
42 |
$ |
42 |
||||||||||
| Unallocated amounts | $ | (11 | ) | $ | (11 | ) | ||||||||
| Common Stock Statistics (in millions): | ||||||||||||||
| Common Shares Outstanding | 229.7 | 229.7 | ||||||||||||
| Fully Diluted Weighted Average Shares Outstanding | 234.1 | 234.1 | ||||||||||||
| Shares Repurchased | 2.5 | 2.5 | ||||||||||||
| (a) Totals may not agree with the sum of the components due to rounding. |
| (b) Earnings per share were computed independently for each of the periods presented; therefore the sum of the earnings per share amounts for the quarters may not equal the total for the year. |
|
(1) To supplement our consolidated financial statements presented on a GAAP basis, Autodesk provides investors with certain non-GAAP measures including non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating margins. These non-GAAP financial measures are adjusted to exclude certain costs, expenses, gains and losses, including stock-based compensation expense, amortization of purchased intangibles, discrete tax provision items and related income tax expenses. See our reconciliation of GAAP financial measures to non-GAAP financial measures herein. We believe these exclusions are appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future, as well as to facilitate comparisons with our historical operating results. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of Autodesk's underlying operational results and trends and our marketplace performance. For example, the non-GAAP results are an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside our core operating results. In addition, these non-GAAP financial measures are among the primary indicators management uses as a basis for our planning and forecasting of future periods. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with generally accepted accounting principles in the United States. Investors should review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying Autodesk's press release. |
| QTR 1 | QTR 2 | QTR 3 | QTR 4 | YTD 2013 | ||||||||||
| (2) GAAP Gross Margin | 90 | % | 90 | % | ||||||||||
| Stock-based compensation expense | - | % | - | % | ||||||||||
| Amortization of developed technology | 2 | % | 2 | % | ||||||||||
| Non-GAAP Gross Margin | 92 | % | 92 | % | ||||||||||
| (3) GAAP Operating Expenses | $ | 436 | $ | 436 | ||||||||||
| Stock-based compensation expense | (32 | ) | (32 | ) | ||||||||||
| Amortization of customer relationships and trade names | (8 | ) | (8 | ) | ||||||||||
| Non-GAAP Operating Expenses | $ | 396 | $ | 396 | ||||||||||
| (4) GAAP Operating Margin | 16 | % | 16 | % | ||||||||||
| Stock-based compensation expense | 6 | % | 6 | % | ||||||||||
| Amortization of developed technology | 2 | % | 2 | % | ||||||||||
| Amortization of customer relationships and trade names | 1 | % | 1 | % | ||||||||||
| Non-GAAP Operating Margin | 25 | % | 25 | % | ||||||||||
| (5) GAAP Net Income | $ | 79 | $ | 79 | ||||||||||
| Stock-based compensation expense | 33 | 33 | ||||||||||||
| Amortization of developed technology | 10 | 10 | ||||||||||||
| Amortization of customer relationships and trade names | 8 | 8 | ||||||||||||
| Discrete GAAP tax provision items | (6 | ) | (6 | ) | ||||||||||
| Income tax effect of non-GAAP adjustments | (14 | ) | (14 | ) | ||||||||||
| Non-GAAP Net Income | $ | 110 | $ | 110 | ||||||||||
| (6) GAAP Diluted Net Income Per Share | $ | 0.34 | $ | 0.34 | ||||||||||
| Stock-based compensation expense | 0.14 | 0.14 | ||||||||||||
| Amortization of developed technology | 0.04 | 0.04 | ||||||||||||
| Amortization of customer relationships and trade names | 0.03 | 0.03 | ||||||||||||
| Discrete GAAP tax provision items | (0.03 | ) | (0.03 | ) | ||||||||||
| Income tax effect of non-GAAP adjustments | (0.05 | ) | (0.05 | ) | ||||||||||
| Non-GAAP Diluted Net Income Per Share | $ | 0.47 | $ | 0.47 | ||||||||||
| Reconciliation for Fiscal 2013: | ||||||||||||||
| The following is a reconciliation of anticipated fiscal 2013 GAAP and non-GAAP operating margins: | ||||||||||||||
| FISCAL 2013 | ||||||||||||||
| GAAP operating margin basis point improvement over prior year |
120 |
|||||||||||||
| Stock-based compensation expense |
120 |
|||||||||||||
|
Amortization of purchased intangibles |
(40 |
) |
||||||||||||
| Non-GAAP operating margin basis point improvement over prior year |
200 |
|||||||||||||
|
Reconciliation for Long Term Operating Margins: |
|
Autodesk is not able to provide targets for our long term (ending with fiscal year 2015) GAAP operating margins at this time because of the difficulty of estimating certain items that are excluded from non-GAAP that affect operating margin, such as charges related to stock-based compensation expense and amortization of acquisition related intangibles, the effect of which may be significant. |
Source:
Autodesk, Inc.
Investors:
David Gennarelli, 415-507-6033
david.gennarelli@autodesk.com
or
Press:
Noah
Cole, 503-707-3872
noah.cole@autodesk.com