“In the first half of fiscal 2011 we achieved significant year-over-year growth in revenue, cash flow and EPS,” continued Bass. “As we enter the second half of fiscal 2011, we are optimistic about continued revenue growth opportunities and believe that we will deliver significant growth in annual operating margins over the prior year. We will also balance our cost control with essential investments in the business with a focus on revenue generating opportunities.”
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 is only providing revenue and earnings per share guidance for its fiscal third quarter of 2011 at this time.
Third Quarter Fiscal 2011
Net revenue for the third quarter of fiscal 2011 is expected to be in the range of $450 million and $475 million. GAAP earnings per diluted share are expected to be in the range of $0.18 and $0.23. Non-GAAP earnings per diluted share are expected to be in the range of $0.28 and $0.33 and exclude $0.06 related to stock-based compensation expense, and $0.04 for the amortization of acquisition related intangibles.
Third quarter outlook assumes an effective tax rate of 25 percent for GAAP results and an effective tax rate of 27 percent for non-GAAP results.
Full Year Fiscal 2011
Autodesk is not providing specific revenue or EPS guidance for fiscal 2011 at this time. However, Autodesk anticipates GAAP operating margin to increase significantly for the full year fiscal 2011 compared to fiscal 2010. Autodesk anticipates non-GAAP operating margin to increase between 400 and 450 basis points for full year fiscal 2011 compared to fiscal 2010. Non-GAAP operating margin excludes stock-based compensation expense, amortization of acquisition related intangibles, and restructuring charges.
Earnings Conference Call and Webcast
Autodesk will host its first quarter conference call today at 5:00 p.m. EDT. 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 EDT 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, statements regarding anticipated market, economic and revenue trends, cost savings, operational and efficiency investments, revenue, margin and earnings improvement, 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, economic and business conditions, our performance in particular geographies, including emerging economies, 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 maintain cost reductions and productivity increases, slowing momentum in maintenance revenues, failure to achieve sufficient sell-through in our channels for new or existing products, pricing pressure, failure to successfully expand adoption of our horizontal design products, our vertical design products and model-based design products, difficulties encountered in integrating new or acquired businesses and technologies, the inability to identify and realize the anticipated benefits of acquisitions, 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.
Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s report on Form 10-K for the year ended January 31, 2010 and Form 10-Q for the quarter ended April 30, 2010, 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.
Autodesk, Inc., is a leader in
design, engineering and entertainment software. Customers across the
manufacturing, architecture, building, construction, and media and
entertainment industries – including the last 15 Academy Award winners
for Best Visual Effects – use Autodesk software to design, visualize,
and simulate their ideas. Since its introduction of AutoCAD software in
1982, Autodesk continues to develop the broadest portfolio of
state-of-the-art software for global markets. For additional information
about Autodesk, visit