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Autodesk, Inc. (NASDAQ: ADSK) is currently hosting its annual Investor Day at the Autodesk Gallery in San Francisco. This event brings together key members of the investment community to gain insights into the company’s strategic direction and future growth opportunities. As a leading provider of design and engineering software, Autodesk is focusing on expanding its market reach and transitioning toward a more ratable and recurring business model.
During the event, CEO Carl Bass emphasized the company’s commitment to evolving its business to better serve the growing number of users who rely on Autodesk tools daily. He highlighted the importance of leveraging current technology and market trends to support the next phase of growth. The leadership team, including CFO Mark Hawkins, will also discuss the company’s financial strategy, market demands, and long-term goals.
In addition to the strategic discussions, Autodesk provided updated financial guidance for the third and fourth quarters of fiscal 2014. For the third quarter ending October 31, 2013, the company reaffirmed its revenue outlook of $540 million to $555 million and non-GAAP EPS of $0.36 to $0.40. GAAP EPS was updated to a range of $0.17 to $0.21.
For the fourth quarter, which ends January 31, 2014, Autodesk shared its initial business outlook with revenue expected between $560 million and $580 million. Non-GAAP EPS is projected at $0.29 to $0.36, while GAAP EPS is estimated between $0.09 and $0.16. The guidance includes an impact of approximately $50 million related to the transition to a more ratable business model.
The company also outlined its tax rate assumptions, with an effective tax rate of around 23% for GAAP results and 25% for non-GAAP results. These projections include the extension of the federal R&D tax credit through December 31, 2013, but exclude any one-time discrete items.
Investors can watch a live webcast of the event starting today at 8:30 a.m. PT on Autodesk's investor relations website. A replay will be available later that day and will remain accessible for at least 12 months.
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially due to various factors, including economic conditions, market competition, and the success of Autodesk's business model transitions. For more information, refer to Autodesk’s filings with the SEC.
Autodesk continues to innovate and empower creators worldwide. From architects and engineers to artists and students, Autodesk software enables users to bring their ideas to life. Learn more at www.autodesk.com or follow @autodesk on social media.
Autodesk, Inc.
Greg Eden – Media: 415-547-2135
David Gennarelli – Investors: 415-507-6033