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 first quarter and full year fiscal 2013 assumes a continuation of the current economic environment and foreign exchange currency rate environment.
First Quarter Fiscal 2013
1Q FY13 Guidance Metrics | 1Q FY13 (ending April 30, 2012) | |||
Revenue (in millions) | $575 to $590 | |||
EPS - GAAP | $0.29 to $0.31 | |||
EPS - Non-GAAP | $0.46 to $0.48 |
Non-GAAP earnings per diluted share exclude $0.10 related to stock-based compensation expense and $0.07 for the amortization of acquisition related intangibles, net of tax.
Full Year Fiscal 2013
Net revenue for fiscal 2013 is expected to increase by at least 10 percent compared to fiscal 2012. Autodesk anticipates fiscal 2013 GAAP operating margin to increase by approximately 130 basis points and non-GAAP operating margin to increase by approximately 200 basis points compared to fiscal 2012. A reconciliation between the GAAP and non-GAAP estimates for fiscal 2013 is provided in the tables following this press release.
Both first quarter fiscal 2013 and full year fiscal 2013 outlooks assume an effective tax rate of approximately 26.5 percent for both GAAP and non-GAAP results. This rate does not include the federal R&D tax credit benefit, which expired on December 31, 2011. The assumed effective tax rate will be adjusted if or when there is a renewal of the tax credit.
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 regarding increased
shareholder value with continued revenue and profitability growth,
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 Autodesk consultants,
the expense and impact of legal or regulatory proceedings, and any
unanticipated accounting charges.