Countersunk Neodymium Magnets,Neodymium Countersunk Ring Magnets,Neodymium Countersunk Magnets,Neodymium Countersunk Pot Magnet Dongguan Zhenglong Magnet Co., Ltd , https://www.zlmagent.com
Public Company Information:
NASDAQ: ADSK
SAN RAFAEL, Calif.–(BUSINESS WIRE)–Autodesk, Inc. (NASDAQ:ADSK) today announced its financial results for the second quarter of fiscal 2016. The company reported strong billings and deferred revenue growth.
Second Quarter Fiscal 2016 Highlights:
- Total billings increased 7% year-over-year, or 15% on a constant currency basis.
- Deferred revenue climbed 26% to $1.2 billion, compared to $981 million in the same period last year.
- Total subscriptions grew by approximately 61,000 from Q1 to reach 2.39 million at the end of Q2.
- Revenue was $610 million, down 4% year-over-year as reported, but flat on a constant currency basis.
- GAAP operating margin stood at 1%, compared to 8% in the prior year's second quarter.
- Non-GAAP operating margin was 11%, down from 18% in the previous year’s second quarter. A detailed reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
- GAAP diluted net loss per share was $(1.04), primarily due to a non-cash GAAP tax charge recorded this quarter. Last year's second quarter saw GAAP diluted net income per share of $0.13.
- Non-GAAP diluted net income per share was $0.19, compared to $0.35 in the same period last year.
- Cash flow from operating activities was $77 million, down from $96 million in the second quarter of the previous fiscal year.
"We're pleased with the progress of our business model transition," said Carl Bass, Autodesk president and CEO. "Strong billings and deferred revenue growth led the quarter, and we continue to see customers adopting our new subscription offerings, which are experiencing robust year-over-year and sequential growth. Over the past two years, we've been preparing for this shift, and we're now ready to accelerate the process."
Second Quarter Operational Overview:
Autodesk is undergoing a business model transformation, transitioning away from selling perpetual licenses towards offering more flexible subscription options. During this transition, billings, revenue, gross margin, operating margin, EPS, deferred revenue, and cash flow from operations will be affected as more revenue is recognized ratably rather than upfront, and new subscription offerings introduce a broader range of price points.
Revenue in the Americas rose 6% year-over-year to $236 million. EMEA revenue totaled $226 million, a decline of 7% year-over-year as reported, but flat on a constant currency basis. APAC revenue was $148 million, down 13% year-over-year as reported, and 9% on a constant currency basis. Revenue from emerging economies amounted to $92 million, down 7% year-over-year as reported, and 5% on a constant currency basis. Revenue from emerging economies accounted for 15% of total revenue in Q2.
Revenue from the Architecture, Engineering and Construction segment was $233 million, up 7% year-over-year. Platform Solutions and Emerging Business segment revenue was $164 million, down 21% year-over-year. Manufacturing segment revenue was $171 million, up 2% year-over-year. Media and Entertainment segment revenue was $41 million, down 6% year-over-year.
Revenue from flagship products was $272 million, down 11% year-over-year. Suites revenue was $226 million, down 3% year-over-year. New and Adjacent products revenue was $112 million, up 13% year-over-year.
During the second quarter, Autodesk recorded a non-cash GAAP tax charge of $214 million to establish a valuation allowance on certain U.S. deferred tax assets. Due to Autodesk’s pre-tax U.S. GAAP cumulative loss over the last three years, the company evaluated its deferred tax assets and concluded that a valuation allowance was necessary. This is a GAAP-only charge and has no impact on cash this year or in the future. Autodesk will continue to monitor the application of this accounting rule and will consider reversing the valuation allowance when conditions warrant.
"For the remainder of this fiscal year, we are maintaining our billings and subscriptions outlook but expect a greater portion of our sales to shift from perpetual licenses to new subscription types," said Scott Herren, Autodesk CFO. "Since the revenue from these new subscription types is deferred and recognized ratably, we have revised our revenue, operating margin, and EPS outlook for the year. Looking ahead, we are currently refining our plans around the pace and timeframe for the business model transition and look forward to providing more details at our Investor Day event on September 29th."
Business Outlook:
The following are forward-looking statements based on current expectations and assumptions, involving risks and uncertainties. Autodesk’s business outlook for the third quarter and full year fiscal 2016 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment. A reconciliation between GAAP and non-GAAP estimates for fiscal 2016 is provided below or in the tables following this press release.
Third Quarter Fiscal 2016 Guidance:
| Q3 FY16 Guidance Metrics | Q3 FY16 (ending October 31, 2015) |
|--------------------------|-----------------------------------|
| Revenue (in millions) | $580 – $600 |
| EPS GAAP | ($0.23) – ($0.18) |
| EPS Non-GAAP (1) | $0.05 – $0.10 |
_______________
(1) Non-GAAP earnings per diluted share exclude $0.21 related to stock-based compensation expense and $0.07 for the amortization of acquisition-related intangibles, net of tax.
Full Year Fiscal 2016 Guidance:
| FY16 Guidance Metrics | FY16 (ending January 31, 2016) |
|-----------------------------|--------------------------------|
| Billings growth (1) | 2% – 4% |
| Revenue (in millions) (2) | $2,465 – $2,505 |
| GAAP operating margin | (2)% – (1)% |
| Non-GAAP operating margin | 9% – 10% |
| EPS GAAP (3) | ($1.39) – ($1.27) |
| EPS Non-GAAP (4) | $0.60 – $0.72 |
| Net subscription additions | 375,000 – 425,000 |
_______________
(1) On a constant currency basis, billings growth would be 9% – 11%.
(2) On a constant currency basis, revenue growth would be 3% – 5%.
(3) GAAP net loss per diluted share includes $0.94 related to the non-cash GAAP tax charge of $214 million to reduce U.S. deferred tax assets. The charge reflects the business model transition and resulting reduction in our pre-tax U.S. GAAP profitability.
(4) Non-GAAP earnings per diluted share exclude $0.94 related to the non-cash GAAP tax charge to reduce U.S. deferred tax assets, $0.75 related to stock-based compensation expense, and $0.31 for the amortization of acquisition-related intangibles, offset by $0.01 for gains on strategic investments, net of tax.
The third quarter and full year fiscal 2016 outlook assume a projected annual effective tax rate of 24 percent and 26 percent for GAAP and non-GAAP results, respectively.
Earnings Conference Call and Webcast:
Autodesk will host its first 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.
A replay of the broadcast will be available at 7:00 pm 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, statements regarding the impacts of our business model transition, expectations regarding the transition of product offerings to subscription, and other statements regarding our 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: failure to maintain our revenue growth and profitability; failure to successfully manage transitions to new business models and markets, including the introduction of additional ratable revenue streams and our continuing efforts to attract customers to our cloud-based offerings and expenses related to the transition of our business model; difficulty in predicting revenue from new businesses and the potential impact on our financial results from changes in our business models; general market, political, economic and business conditions; the impact of non-cash charges on our financial results; fluctuation in foreign currency exchange rates; the success of our foreign currency hedging program; failure to control our expenses; our performance in particular geographies, including emerging economies; the ability of governments around the world to meet their financial and debt obligations, and finance infrastructure projects; weak or negative growth in the industries we serve; slowing momentum in subscription billings or revenues; difficulties encountered in integrating new or acquired businesses and technologies; the inability to identify and realize the anticipated benefits of acquisitions; the financial and business condition of our reseller and distribution channels; dependence on and the timing of large transactions; failure to achieve sufficient sell-through in our channels for new or existing products; pricing pressure; 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; and any unanticipated accounting charges.
Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s Annual Report on Form 10-K for the year ended January 31, 2015 and Form 10-Q for the quarter ended April 30, 2015, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims 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.
About Autodesk:
Autodesk helps people imagine, design and create a better world. Everyone—from design professionals, engineers and architects to digital artists, students and hobbyists—uses Autodesk software to unlock their creativity and solve important challenges. For more information visit autodesk.com or follow @autodesk.
© 2015 Autodesk, Inc. All rights reserved.