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**Public Company Information:**
NASDAQ:
ADSK
SAN RAFAEL, Calif.—(BUSINESS WIRE)—Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the fourth quarter and full fiscal year ending January 31, 2014. Revenue for the quarter totaled $587 million. When adjusted for the company's ongoing business model transition, revenue would have shown approximately 2% year-over-year growth. On a GAAP basis, diluted earnings per share were $0.23, while non-GAAP diluted earnings per share reached $0.40.
For the fourth quarter, results excluded approximately $30 million in license revenue that was deferred due to the company’s shift in business model.
**Key Fourth Quarter Fiscal 2014 Highlights:**
- **Suites Revenue Growth:** Revenue from Suites increased by 15% to $216 million compared to the same period last year.
- **Operating Margins:** GAAP operating margins stood at 9%, whereas non-GAAP operating margins reached 20%. A detailed reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
- **Deferred Revenue:** Deferred revenue rose by 8% to $901 million versus the fourth quarter of fiscal 2013. Adjusted for the business model transition, deferred revenue would have grown by approximately 4% year-over-year.
- **Cash Flow:** Operating cash flow increased by 18% to $184 million compared to the fourth quarter of fiscal 2013.
“Closing out our fiscal year with momentum, we saw strong growth in our Suites offerings and increasing demand for our Architecture, Engineering, and Construction (AEC) solutions,†said Carl Bass, President and CEO of Autodesk. “Our world-leading Building Information Modeling (BIM) solutions experienced accelerating demand. Our cloud-based BIM 360 tools had an outstanding quarter as we continue to empower greater mobility and collaboration for our construction clients. Additionally, our cloud-based PLM 360 business maintained its upward trajectory and achieved its best quarter yet.â€
**Fourth Quarter Operational Overview:**
The business model transition mentioned earlier was primarily linked to flexible licensing arrangements with specific enterprise customers. In the fourth quarter, this transition particularly impacted license revenue in the Americas and the AEC business segment.
Revenue in the Americas amounted to $207 million. EMEA revenue totaled $229 million. Revenue from Asia-Pacific came in at $150 million. Revenue from emerging economies reached $88 million, representing 15% of total revenue for the quarter.
Revenue from the Platform Solutions and Emerging Business (PSEB) segment was $196 million. Revenue from the AEC business segment equaled $196 million. Revenue from the Manufacturing business segment stood at $154 million. Revenue from the Media and Entertainment (M&E) segment was $41 million.
Revenue from flagship products was $288 million. Revenue from Suites was $216 million. Revenue from New and Adjacent products was $83 million.
“We’re pleased with our fourth-quarter performance, which included robust growth in operating cash flow, solid deferred revenue growth, and a substantial sequential increase in backlog,†stated Mark Hawkins, Executive Vice President and Chief Financial Officer of Autodesk. “We remain confident in our long-term strategy, which anticipates a 12% compound annual growth rate in billings, a 20% increase in annual value from our new and existing subscriptions, and a 50% rise in subscriptions by the end of fiscal 2018. We believe we can achieve this while reaching a 30% non-GAAP operating margin by the end of fiscal 2018.â€
“We stand at the dawn of a transformative journey that will propel Autodesk into the future,†added Bass. “Over the next four years and beyond, we are laser-focused on growing our subscription base, annual subscription value, and billings. As expected, our transformation will begin gradually and we anticipate gaining momentum as we move forward.â€
**Business Outlook:**
The following forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties, some of which are outlined below. Autodesk’s business outlook for the first quarter and full fiscal year 2015 assumes a continuation of the current economic environment and foreign exchange currency rate conditions, along with interest expense tied to the company’s $750 million debt offering in December 2012.
**First Quarter Fiscal 2015 Guidance:**
First quarter EPS guidance includes the dilutive impact of the Delcam acquisition.
| **Q1 FY15 Guidance Metrics** | **Q1 FY15 (ending April 30, 2014)** |
|-----------------------------|-------------------------------------|
| **Revenue (in millions)** | $560-$575 |
| **EPS GAAP** | $0.01-$0.04 |
| **EPS Non-GAAP (1)** | $0.19-$0.22 |
_______________
(1) Non-GAAP earnings per diluted share exclude $0.11 related to stock-based compensation expense, $0.06 for the amortization of acquisition-related intangibles, and $0.01 related to restructuring charges.
**Full Year Fiscal 2015 Guidance:**
| **FY15 Guidance Metrics** | **FY15 (ending January 31, 2015)** |
|-----------------------------------|------------------------------------|
| **Net billings growth** | 5-8% |
| **Revenue growth** | 3-5% |
| **GAAP operating margin** | 5-8% |
| **Non-GAAP operating margin** | 14-16% |
| **Net new subscription additions**| 150,000-200,000 |
A reconciliation between GAAP and non-GAAP estimates for fiscal 2015 is provided in the tables following this press release.
Both the first quarter and full year fiscal 2015 outlook assume projected annual effective tax rates of approximately 25.5% for both GAAP and non-GAAP results. These rates do not include one-time discrete items or the federal R&D tax credit that expired on December 31, 2013.
**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. Supplementary 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 call will include brief remarks followed by questions and answers.
A replay of the broadcast will be available at 7:00 p.m. 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 those under "Business Outlook" above. Specifically, these relate to revenue growth, the business model transition, billings growth, subscription growth, annual subscription value growth, operating margin growth, demand for and adoption of suites, AEC, BIM, and PLM solutions, and other statements regarding our strategies, market and product positions, performance, and results. Numerous factors could cause actual results to differ materially from statements made here, such as general market, political, economic, and business conditions; failure to sustain revenue growth and profitability; difficulties managing transitions to new business models and markets; failure to maintain cost reductions and productivity increases; our performance in specific geographies, including emerging economies; the ability of governments worldwide to meet their financial and debt obligations and finance infrastructure projects; weak or negative growth in the industries we serve; challenges in predicting revenue from new businesses; difficulties in integrating new or acquired businesses and technologies; the inability to identify and realize the anticipated benefits of acquisitions; reliance on and timing of large transactions; fluctuations 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 Autodesk’s financial results is included in the company’s Annual Report on Form 10-K for the year ended January 31, 2013, and Forms 10-Q for the quarters ended April 30, 2013, July 31, 2013, and October 31, 2013, which are on file with the U.S. Securities and Exchange Commission. Autodesk does not assume 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. From design professionals and engineers to digital artists, students, and hobbyists, everyone uses Autodesk software to unlock their creativity and solve important challenges. For more information, visit www.autodesk.com or follow @autodesk.
**Trademark Notice:**
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.
**© 2014 Autodesk, Inc. All rights reserved.**