Autodesk Announces Executive Change

CFO Mark Hawkins Departing Company; Autodesk Expects Q2 Revenue and EPS to be at or Above High End of Previous Business Outlook

SAN RAFAEL, Calif. — (BUSINESS WIRE) — June 30, 2014Autodesk, Inc. (Nasdaq: ADSK) today announced the resignation of Mark Hawkins, the company’s executive vice president and chief financial officer. After more than five years at Autodesk, Hawkins is leaving the design and engineering software leader at the end of July to become chief financial officer at salesforce.com.

“I want to thank Mark for the many contributions he has made to Autodesk,” said Carl Bass, Autodesk president and CEO. “He has been an excellent financial partner and was instrumental in leading the company through a number of initiatives. Mark leaves Autodesk on strong financial footing and with a highly regarded finance team. I wish Mark all the best in his new role.”

“It has been a pleasure working for Carl and with everybody at Autodesk,” said Hawkins. “I am proud to have been part of the Autodesk leadership team during this amazing journey from the depths of the Great Recession in early 2009 to today where the company has established a leadership position in the cloud and is well positioned for the future.”

Autodesk has initiated a selection process for a new chief financial officer. The company also expects to report revenue and EPS at or above the previously issued business outlook for its second quarter fiscal 2015. Autodesk reiterated its guidance for full-year fiscal 2015.

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. Autodesk's business outlook for the second quarter and full year fiscal 2015 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment, and interest expense related to Autodesk's $750 million debt offering in December 2012. A reconciliation between the GAAP and non-GAAP estimates for fiscal 2015 is provided in the tables that follow.

Second Quarter Fiscal 2015

Q2 FY15 Guidance Metrics       Q2 FY15 (ending July 31, 2014)
Revenue (in millions) $595-$610
EPS GAAP $0.05-$0.10

EPS Non-GAAP (1)

$0.25-$0.30

(1) Non-GAAP earnings per diluted share exclude $0.11 related to stock-based compensation expense and $0.09 for the amortization of acquisition related intangibles, net of tax.

Full Year Fiscal 2015

FY15 Guidance Metrics       FY15 (ending January 31, 2015)
Billings growth 7-9%
Revenue growth 4-6%
GAAP operating margin 3-5%
Non-GAAP operating margin 14-16%
Net subscription additions 150,000-200,000
       
Reconciliation for Guidance:
The following is a reconciliation of anticipated fiscal 2015 GAAP and non-GAAP operating margins:
Fiscal 2015
GAAP operating margin 3 % 5 %
Stock-based compensation expense 7 % 7 %
Amortization of purchased intangibles 4 % 4 %
Restructuring charges % %
Non-GAAP operating margin 14 % 16 %

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