Autodesk, Inc. (NASDAQ: ADSK) recently announced the departure of its Executive Vice President and Chief Financial Officer, Mark Hawkins, who will be leaving the company at the end of July to take on a new role as CFO at Salesforce.com. Hawkins has been with Autodesk for over five years and played a key role in driving the company through various strategic initiatives.
In a statement, Carl Bass, Autodesk’s President and CEO, expressed his gratitude for Hawkins’ contributions. “Mark has been an exceptional financial partner and was instrumental in leading the company through several important transitions,†Bass said. “He leaves Autodesk in strong financial shape, with a highly respected finance team. I wish him all the best in his new position.â€
Hawkins also shared his thoughts on his time at Autodesk. “It has been a privilege to work under Carl and with the entire Autodesk team,†he said. “I am proud to have been part of the leadership during this incredible journey—from the depths of the Great Recession in 2009 to today, where Autodesk has established itself as a leader in the cloud and is well-positioned for future growth.â€
The company has already begun the search for a new CFO and remains confident in its financial outlook for the second quarter of fiscal 2015. Autodesk expects to report revenue and EPS at or above its previously issued guidance for Q2 FY15 and has reaffirmed its full-year fiscal 2015 forecast.
**Business Outlook**
Autodesk’s forward-looking statements for Q2 and FY15 are based on current expectations and involve risks and uncertainties. The guidance assumes a stable economic environment, consistent foreign exchange rates, and interest expenses from its $750 million debt offering in December 2012. A reconciliation between GAAP and non-GAAP estimates is provided in the tables below.
**Second Quarter Fiscal 2015 Guidance**
| Metric | Guidance |
|--------|----------|
| Revenue (in millions) | $595–$610 |
| EPS GAAP | $0.05–$0.10 |
| EPS Non-GAAP (1) | $0.25–$0.30 |
(1) Non-GAAP EPS excludes $0.11 related to stock-based compensation and $0.09 for amortization of acquisition-related intangibles, net of tax.
**Full Year Fiscal 2015 Guidance**
| Metric | Guidance |
|--------|----------|
| 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 of GAAP and Non-GAAP Operating Margins (FY15)**
| Item | GAAP | Non-GAAP |
|------|------|----------|
| Operating Margin | 3–5% | 14–16% |
| Stock-Based Compensation | 7% | 7% |
| Amortization of Purchased Intangibles | 4% | 4% |
| Restructuring Charges | — | — |
The outlook assumes projected annual effective tax rates of 25% for GAAP and 25.5% for non-GAAP results, excluding one-time items and the expired R&D tax credit.
**Safe Harbor Statement**
This press release contains forward-looking statements that may be affected by various factors, including market conditions, business model transitions, currency fluctuations, and other risks. For more details, refer to Autodesk’s SEC filings.
**Use of Non-GAAP Measures**
Autodesk provides non-GAAP metrics to help investors understand its performance. These measures exclude certain costs like stock-based compensation and amortization. While useful, they are not a substitute for GAAP reporting.
**About Autodesk**
Autodesk empowers creators worldwide to design, build, and innovate. From architects to artists, professionals use Autodesk software to solve complex challenges and bring ideas to life. Learn more at [autodesk.com](https://www.autodesk.com).
*© 2014 Autodesk, Inc. All rights reserved.*
**Contact:**
- **Media:** Noah Cole, +1-415-580-3535
- **Investors:** David Gennarelli, +1-415-507-6033
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