SAN RAFAEL, Calif.,
March 28, 2019 /PRNewswire/ -- Autodesk,
Inc. (NASDAQ: ADSK) reaffirmed its business outlook for the
first quarter and fiscal year 2020 in conjunction with its Investor
Day, being held today at the Autodesk Gallery in San
Francisco.
Andrew Anagnost, President and
CEO, will be joined by several members of the Autodesk leadership
team to review its core markets and products, new cloud-based
opportunities in construction and manufacturing, recurring business
model, and strategic initiatives to drive sustainable long-term
growth in annualized recurring revenue and free cash flow.
The meeting will begin at 8:30 a.m. Pacific
Daylight Time and will be webcast live (see below for
details).
"The strong momentum we experienced exiting fiscal 2019 provided
us with a great deal of confidence going into fiscal 2020," said
Anagnost. "With the business model transition effectively
behind us, we're looking forward to providing the investment
community with additional details on how we will fuel sustainable
growth in our fiscal 2020 and beyond."
Business Outlook
The following are forward-looking statements based on current
expectations and assumptions, and involve risks and uncertainties
some of which are set forth below under "Safe Harbor
Statement." Autodesk's business outlook for the first quarter
and full year fiscal 2020 assumes, among other things, a
continuation of the current economic environment and foreign
exchange currency rate environment. A reconciliation between
the fiscal 2020 GAAP and non-GAAP estimates is provided below.
First Quarter Fiscal 2020
Q1 FY20 Guidance
Metrics
|
Q1 FY20
(ending April 30, 2019)
|
Revenue (in
millions)
|
$735 -
$745
|
EPS
GAAP
|
$0.06 -
$0.10
|
EPS non-GAAP
(1)
|
$0.44 -
$0.48
|
_______________
(1) Non-GAAP earnings per diluted share excludes $0.34 related to stock-based compensation
expense, $0.07 for the amortization
of acquisition-related intangibles, $0.04 for acquisition related costs, and
($0.07) related to GAAP-only tax
charges.
Full Year Fiscal 2020
FY20 Guidance
Metrics
|
FY20
(ending January 31, 2020)
|
Total ARR (in
millions)
|
$3,500 - $3,550
Up 27% - 29%
|
Billings (in
millions)
|
$4,050 - $4,150
Up 50% - 53%
|
Revenue (in
millions) (1)
|
$3,250 - $3,300
Up 26% - 28%
|
GAAP spend growth
(cost of revenue + operating expenses)
|
Approx.
10%
|
Non-GAAP spend
growth (cost of revenue + operating expenses) (2)
|
Approx. 9%
|
EPS
GAAP
|
$1.12 -
$1.31
|
EPS non-GAAP
(3)
|
$2.71 -
$2.90
|
Free cash
flow
|
Approx. $1.35
billion
|
_______________
(1) We do not expect foreign currency exchange rates or hedge
gains/losses to materially impact our revenue guidance.
(2) Non-GAAP spend excludes $310
million related to stock-based compensation expense,
$64 million for the amortization of
acquisition-related intangibles, and $31
million for acquisition related costs.
(3) Non-GAAP earnings per diluted share excludes $1.39 related to stock-based compensation
expense, $0.28 for the amortization
of acquisition-related intangibles, $0.13 related to acquisition related costs, and
($0.21) related to GAAP-only tax
charges.
Investor Day Webcast
Please visit www.autodesk.com/investors to view a live webcast
of the Investor Day beginning today at 8:30
a.m. PT where the live audio broadcast with slides can be
accessed. 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 the Autodesk 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 "Business Outlook" above, statements regarding ARR
growth, other statements about our short-term and long-term goals
and targets, statements regarding the status of our business model
transition, and expectations for billings, revenue, spend, EPS, ARR
and free cash flow. There are a significant number of factors that
could cause actual results to differ materially from statements
made in this press release, including: failure to achieve our
revenue and profitability objectives; failure to successfully
manage transitions to new markets; failure to maintain cost
reductions or otherwise control our expenses; failure to continue
to innovate to meet competitive offerings; difficulty in predicting
revenue from new businesses; general market, political, economic,
and business conditions; any imposition of new tariffs or trade
barriers; the impact of non-cash charges on our financial results;
fluctuation in foreign currency exchange rates; the success of our
foreign currency hedging program; 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; 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; pricing
pressure; unexpected fluctuations in our annual effective tax rate;
significant effects of tax legislation and judicial or
administrative interpretation of tax regulations, including the Tax
Cuts and Jobs Act; 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. Our estimates as to tax rate are based on current tax law,
including current interpretations of the Tax Cuts and Jobs Act, and
could be affected by changing interpretations of that Act, as well
as additional legislation and guidance around that Act.
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 fiscal year ended January 31, 2019, which is 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 makes software for people who make things. If you've
ever driven a high-performance car, admired a towering skyscraper,
used a smartphone, or watched a great film, chances are you've
experienced what millions of Autodesk customers are doing with our
software. Autodesk gives you the power to make anything. For more
information visit autodesk.com or follow @autodesk.
Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are
registered trademarks 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.
© 2019 Autodesk, Inc. All rights reserved.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/autodesk-reaffirms-first-quarter-and-fiscal-year-2020-outlook-at-annual-investor-day-300819762.html
SOURCE Autodesk, Inc.