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Autodesk Announces Restructuring Plan to Accelerate Transition to Cloud and Subscription Business
**Public Company Information:**
NASDAQ: ADSK
**SAN RAFAEL, Calif. – (BUSINESS WIRE)** – Autodesk, Inc. (Nasdaq: ADSK), a global leader in design and engineering software, announced today a strategic restructuring initiative aimed at accelerating its shift to the cloud and transitioning to a subscription-based business model. Through this initiative, Autodesk aims to optimize costs, simplify organizational structures, and channel resources more effectively toward core priorities.
According to Carl Bass, Autodesk's President and CEO, "As we continue our journey through this transformation, we’re constantly evaluating ways to enhance efficiency and effectiveness. By reallocating resources to focus on key areas driving our cloud adoption and subscription model, we aim to maximize value for both our customers and shareholders."
Autodesk plans to reduce its workforce by approximately 10%, or around 925 positions, and consolidate some leased office spaces. These changes are expected to yield significant cost savings starting in fiscal 2017 while allowing the company to reinvest part of those savings into strategic initiatives tied to its evolving business model. The company anticipates pre-tax charges between $85 million and $95 million associated with these actions.
Despite these structural changes, Autodesk remains confident about its fourth-quarter fiscal 2016 performance. The company expects to meet or exceed its guidance ranges for billings, revenue, non-GAAP EPS, and net subscription additions. "This restructuring isn't a response to broader economic conditions," noted Bass. "Our Q4 performance was robust, with strong billing growth and steady demand for our subscription offerings. We're delivering solid results as we navigate this pivotal phase in our transformation."
Further details regarding the company’s Q4 financials and restructuring strategy will be shared during Autodesk’s regular earnings call on February 25, 2016.
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**Earnings Conference Call and Webcast:**
On February 25th, Autodesk will host its Q4 earnings call at 5:00 PM Eastern Time. The live webcast will be accessible via [http://www.autodesk.com/investors](http://www.autodesk.com/investors). Supplementary materials, including prepared remarks, will also be posted online alongside this press release. A replay of the webcast will be available at the same URL starting at 7:00 PM ET and will remain archived on the site for at least one year.
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**Forward-Looking Statements:**
This announcement includes forward-looking statements involving inherent risks and uncertainties. Among them are projections about Autodesk’s Q4 financial performance, future operational plans, restructuring charges, anticipated cost savings, anticipated impacts of business model shifts, expectations regarding subscription-based product transitions, and other strategic initiatives. While Q4 guidance is based on preliminary data, it remains subject to final adjustments post-close. Key risks include uncertainty surrounding restructuring charge realization, cost management challenges, the success of new business models, currency exchange rate volatility, and unforeseen accounting adjustments.
For more information on potential risks, investors should refer to Autodesk’s Form 10-K for fiscal 2015 and Form 10-Q for the quarter ended October 31, 2015, filed with the SEC. Autodesk assumes no obligation to update these forward-looking statements after the date of issuance.
Guidance for Q4 2016 and reconciliations of non-GAAP metrics can be found in the Form 8-K filed on November 19, 2015, and on the company’s investor relations page at [http://investors.autodesk.com](http://investors.autodesk.com).
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**About Autodesk:**
Autodesk empowers creators worldwide to imagine, design, and build a better world. From architects and engineers to digital artists and students, millions rely on Autodesk solutions to push boundaries and solve complex problems. Learn more at [autodesk.com](http://autodesk.com) or follow us on Twitter @autodesk.
**Trademark Information:**
Autodesk and the Autodesk logo are either registered trademarks or trademarks of Autodesk, Inc., in the U.S. and other countries. Other brand names mentioned may be trademarks of their respective owners.
**© 2016 Autodesk, Inc. All rights reserved.**
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**Contact Information:**
For media inquiries: Noah Cole | +1-415-580-3535 | noah@autodesk.com
For investor relations: David Gennarelli | +1-415-507-6033 | david@autodesk.com