CIMdata PLM Industry Summary Online Archive
26 April 2007
Financial News
Autodesk Holds Annual Investor Meeting Updates Guidance for the First Quarter of Fiscal 2008
Autodesk Inc. announced that key members of the senior management team will present an overview of the company's strategy at its 2007 Investor Meeting today. At the event, management will illustrate the significant, long-term macro-economic trends that drive the company's business as well as its industry-leading execution and outstanding competitive position. In anticipation of the meeting, the company is providing an update on its financial guidance for the first quarter of fiscal 2008. With less than one week remaining in the first quarter of fiscal 2008, management indicates first quarter revenue will be at the high end, or slightly above, the previously issued revenue guidance range of $490 million to $500 million.
"The global market is changing at an unprecedented rate," said Carl Bass, Autodesk president and chief executive officer. "Now more than ever, our customers need design solutions that provide the capability to address the key challenges facing their businesses including globalization and the rising cost of energy. For 25 years, Autodesk has provided solutions that help our customers create smarter, richer and more innovative designs. From the introduction of the first version of AutoCAD in 1982, to the recent release of our most sophisticated digital prototyping solutions, Autodesk has continued to innovate for the benefit of our customers who are changing the world through design."
In the past four years, Autodesk revenues have more than doubled, reaching $1.84 billion in fiscal 2007. Key drivers of the company's strong growth include revenue from new seats, growth in emerging economies and rapid adoption of the company's subscription program. In addition, penetration of the company's model-based 3D software solutions continues to increase.
"Last month, we launched our entire 2008 family of products including AutoCAD, the Inventor family of products and the Revit family of products. Customer feedback indicates that these versions are the best yet. I am confident that our products, our strategy, our competitive position and our ability to execute will sustain Autodesk's strong financial performance in fiscal 2008 and into the future."
First Quarter Fiscal 2008
With less than one week remaining in the first quarter, net revenues are expected to be near the high end, or slightly above, the previously issued range of $490 million to $500 million. In addition, non-GAAP operating margins are expected to be 25.5 percent to 26.3 percent for the first quarter of fiscal 2008. Non-GAAP operating margins do not include SFAS 123R stock- based compensation expenses, which the company is currently unable to determine but believes will be significant, amortization of acquisition related intangibles of approximately $4 million, and reimbursement to employees for tax issues arising from the stock option review, which the company is currently unable to estimate but believes to be significant. Company estimates also include approximately $4 million in the first quarter of fiscal 2008 for legal, tax and accounting fees related to the voluntary stock option review. As previously announced, because accounting related to the restatement of the company's financial statements is being finalized as a result of the voluntary stock option review, the company is not able to provide GAAP operating margins for the first quarter of fiscal 2008 or fiscal year 2008 at this time.
Fiscal Year 2008
For fiscal year 2008, net revenues are expected to be between $2.075 billion and $2.125 billion. Not taking into account SFAS 123R stock-based compensation expenses, which the Company is currently unable to determine but believes will be significant, amortization of acquisition related intangibles of approximately $16 million, and reimbursement to employees for tax issues arising from stock option review which we are unable to estimate but believe to be significant, non-GAAP operating margins for fiscal year 2008 are expected to be in the range of 27 to 27.5 percent.
Long Term Revenue Growth Target
Based upon the strength of its business strategy, the company reiterated its 15 percent compound annual revenue growth rate estimate for fiscal years 2008 through 2012.
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 at http://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 http://www.autodesk.com/investors . This replay will be maintained on our website for at least twelve months.
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