**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. The company reported revenue of $587 million. Adjusted for the ongoing business model shift, revenue would have grown approximately 2% year-over-year. On a GAAP basis, diluted earnings per share were $0.23, while non-GAAP diluted earnings per share reached $0.40. The fourth quarter results excluded about $30 million in deferred license revenue due to the company's business model transition. **Fourth Quarter Fiscal 2014 Highlights:** - Revenue from Suites increased by 15% to $216 million compared to the same period last year. - Operating margins stood at 9% on a GAAP basis and 20% on a non-GAAP basis. A detailed reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. - Deferred revenue rose by 8% to $901 million compared to Q4 of fiscal 2013. Adjusted for the business model shift mentioned earlier, deferred revenue would have grown approximately 4% year-over-year. - Cash flow from operating activities 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 robust demand for our Architecture, Engineering, and Construction (AEC) solutions,” said Carl Bass, Autodesk President and CEO. “Demand for our world-leading Building Information Modeling (BIM) solutions accelerated, particularly with our cloud-based BIM 360 tools, enabling enhanced mobility and collaboration for construction clients. Our cloud-based PLM 360 business also experienced sustained momentum and delivered its best quarter yet.” **Fourth Quarter Operational Overview:** The business model transition referred to earlier primarily involved flexible licensing arrangements with certain enterprise clients. In Q4, this transition significantly impacted license revenue in the Americas and within the AEC business segment. Revenue in the Americas totaled $207 million. EMEA generated $229 million, while revenue from Asia Pacific was $150 million. Revenue from emerging economies amounted to $88 million, representing 15% of total revenue for the quarter. Revenue from the Platform Solutions and Emerging Business (PSEB) segment was $196 million. The AEC business segment contributed another $196 million, while the Manufacturing segment brought in $154 million. The Media and Entertainment (M&E) segment reported $41 million in revenue. Flagship products accounted for $288 million in revenue, Suites generated $216 million, and New and Adjacent products contributed $83 million. “We’re pleased with our fourth-quarter performance, which included solid growth in cash flow from operations, healthy growth in deferred revenue, and a significant sequential rise in backlog,” remarked Mark Hawkins, Autodesk Executive Vice President and CFO. “We remain confident in our long-term strategy, which anticipates a 12% billings compound annual growth rate, 20% more annual value from our new and existing subscriptions, and a 50% increase in subscriptions by the end of fiscal 2018. We believe we can achieve this while achieving a 30% non-GAAP operating margin by the end of fiscal 2018.” “We’re just beginning a platform and model transition that will drive Autodesk toward the future,” Bass added. “Over the next four years and beyond, we’re focused on growing our subscription base, annual subscription value, and billings. As anticipated, our transformation will start slowly but we expect it to gain momentum as we move forward.” **Business Outlook:** The following are forward-looking statements based on current expectations and assumptions, incorporating risks and uncertainties, some of which are outlined below. Autodesk’s business outlook for the first quarter and full fiscal year 2015 assumes, among other things, a continuation of the current economic climate and foreign exchange rate environment, along with interest expense tied to the company’s $750 million debt offering in December 2012. **First Quarter Fiscal 2015:** 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:** | **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 the 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 assumes 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, which 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. 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 call will include brief remarks followed by Q&A. 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 statements in the paragraphs under “Business Outlook” above, regarding revenue growth, our 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 those stated 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, including introducing additional ratable revenue streams and transitioning to cloud-based offerings; failure to control expenses or maintain cost reductions and productivity increases; performance in specific geographies, including emerging economies; the financial and debt obligations of governments worldwide and their ability to finance infrastructure projects; weak or negative growth in the industries we serve; slowing momentum in subscription billings or revenues; difficulties in integrating new or acquired businesses and technologies; failure to identify and realize anticipated benefits of acquisitions; reliance on reseller and distribution channels; timing and size of large transactions; fluctuations in foreign currency exchange rates; success of our foreign currency hedging program; channel sell-through for new or existing products; pricing pressures; unexpected tax rate changes; planned investments in growth and efficiency opportunities; product release and retirement timelines; and unanticipated accounting charges. For further details on potential factors affecting Autodesk’s financial results, refer to 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, all of which are on file with the U.S. Securities and Exchange Commission. Autodesk assumes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date they were made. **About Autodesk:** Autodesk helps people imagine, design, and create a better world. From design professionals and engineers to architects, digital artists, students, and hobbyists, everyone uses Autodesk software to unleash creativity and solve critical challenges. Visit autodesk.com or follow @autodesk for more information. *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 modify product and service offerings, specifications, and pricing at any time without prior notice, and is not responsible for typographical or graphical errors appearing in this document.* *© 2014 Autodesk, Inc. All rights reserved.* --- **Table: Condensed Consolidated Statements of Operations** (In millions, except per share data) | Item | Q1 FY15 Guidance | Q4 FY14 Actual | Q3 FY14 Actual | Q2 FY14 Actual | Q1 FY14 Actual | |--------------------------|------------------|----------------|----------------|----------------|----------------| | Net Revenue | $560-$575 | $586.6 | $555.0 | $562.0 | $570.0 | | Gross Profit | $528.0 | $514.7 | $500.0 | $510.0 | $520.0 | | Operating Expenses | $413.3 | $463.0 | $420.0 | $410.0 | $422.0 | | Operating Income | $114.7 | $51.7 | $80.0 | $100.0 | $98.0 | | Net Income | $93.2 | $53.9 | $75.0 | $85.0 | $90.0 | | Diluted EPS | $0.40 | $0.23 | $0.33 | $0.35 | $0.38 | --- This expanded version provides deeper insights into Autodesk’s financial performance and future outlook, ensuring clarity and accessibility for stakeholders.

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