"Looking at the second half of this fiscal year we are maintaining our billings and subscriptions outlook but we're now expecting a greater portion of our sales to shift from perpetual licenses to new subscription types," said Scott Herren, Autodesk Chief Financial Officer. "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 beyond this year, we are currently refining our plans around the pace and timeframe for the business model transition and look forward to providing more detail at our Investor Day event scheduled for September 29th."
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties some of which are set forth below under "Safe Harbor." 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 the GAAP and non-GAAP estimates for fiscal 2016 is provided below or in the tables following this press release.
Third Quarter Fiscal 2016
|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
|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|