autodesk inc (ADSK) Key Developments
Autodesk, Inc. Enters into Amended and Restated Credit Agreement
May 29 15
On May 29, 2015, Autodesk, Inc. entered into an amended and restated credit agreement by and among Autodesk, the lenders from time to time party thereto and Citibank, N.A. as agent. The credit agreement amended and restated in its entirety autodesk's amended and restated credit agreement, dated as of May 23, 2013. The credit agreement provides for a $400,000,000 unsecured revolving credit facility, with an option by Autodesk to increase the amount of the credit facility by up to an additional $100,000,000, subject to certain terms and conditions as set forth therein, which revolving loans may be used for working capital and general corporate purposes by Autodesk and its subsidiaries. Revolving loans may be borrowed, repaid and reborrowed until May 29, 2020, at which time all amounts borrowed must be repaid. No loans are currently outstanding under the credit agreement. Revolving loans will bear interest, at Autodesk's option, at either a floating rate per annum equal to the base rate plus a margin of between 0.000% and 0.450%, depending on Autodesk's Public Debt Rating or a per annum rate equal to the rate at which dollar deposits are offered in the London interbank market plus a margin of between 0.900% and 1.450%, depending on Autodesk's Public Debt Rating. Base rate is defined as the greater of Citibank's prime rate, the federal funds rate plus 0.500% or a per annum rate equal to the rate at which dollar deposits are offered in the London interbank market for a period of one month plus 1.00%. A default interest rate shall apply on all obligations during a payment event of default under the credit agreement at a rate per annum equal to 2.000% above the applicable interest rate. Autodesk will pay to each lender a facility fee on a quarterly basis based on the amount of each lender's commitment to make loans, of between 0.100% and 0.300%, depending on Autodesk's Public Debt Rating. Revolving loans may be prepaid without penalty. Autodesk is also obligated to pay agent fees customary for a credit facility of this size and type. The credit agreement requires autodesk to maintain a maximum debt to capitalization ratio and a minimum interest coverage ratio during the term of the credit facility. In addition, the credit agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the ability of Autodesk and its subsidiaries to, among other things, grant liens on property, enter into mergers, dispose of all or substantially all of the assets of Autodesk and its subsidiaries, taken as a whole, change their accounting reporting policies, change their business and incur subsidiary indebtedness, in each case subject to customary exceptions for a credit facility of this size and type.
Autodesk, Inc. Announces Consolidated Unaudited Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Second Quarter of 2016 and Updates Earnings Guidance for the Fiscal Year Ending January 31, 2016
May 19 15
Autodesk, Inc. announced consolidated unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total net revenue of $646.5 million against $592.5 million a year ago. Income from operations was $21.5 million against $42.2 million a year ago. Income before income taxes was $21.8 million against $35.6 million a year ago. Net income was $19.1 million against $28.3 million a year ago. Diluted net income per share was $0.08 against $0.12 a year ago. Net cash provided by operating activities was $86.5 million against $218.7 million a year ago. Capital expenditures was $12.5 million against $14.5 million a year ago. Non-GAAP income from operations was $94.1 million against $102.0 million a year ago. Non-GAAP net income was $69.1 million against $73.8 million a year ago. Non-GAAP diluted net income per share was $0.30 against $0.32 a year ago.
For the second quarter of 2016, the company expects revenue of $600 million to $620 million, LPS GAAP is to be in the range between from of $0.10 to $0.05 and EPS Non-GAAP is to be in the range between from $0.14 to $0.19.
The company adjusted its business outlook for the fiscal year 2016 as it look to build on the early successes of its model transition. For the year, the company now expects revenue growth is to be in the range between from 2% to 4%. EPS GAAP is to be in the range between from $0.00 to $0.15. EPS non-GAAP is to be in the range between from $0.95 to $1.10. On a constant currency basis, revenue growth would be in the range between from 7% - 9%.
Autodesk and Mattel Sign Agreement for 3D Design and Printing Technology
May 5 15
Autodesk Inc. and Mattel, Inc. have signed an exclusive agreement to power the Mattel toy line with 3D design and 3D printing technology. The joint initiative will provide a new immersive experience by combining beloved physical toys with digital adventures. An upcoming series of apps will empower consumers to imagine, design and customize their own toys, and help to make the toys real through 3D printing.
Autodesk, Inc., Q1 2016 Earnings Call, May 19, 2015
May 1 15
Autodesk, Inc., Q1 2016 Earnings Call, May 19, 2015
Autodesk and Mattel Team Up to Bring New Digital and 3D Printing Experiences to Kids and Families
Apr 20 15
Autodesk, Inc. and Mattel announced they have signed an exclusive agreement to power the Mattel toy line with cutting-edge 3D design and 3D printing technology. The joint initiative will provide a new immersive experience by combining beloved physical toys with digital adventures. An upcoming series of apps will empower consumers to imagine, design and customize their own toys,
and help to make the toys real through 3D printing. The exclusive collaboration aims to bring hands-on design experiences to support an interactive learning environment through fun apps so that kids can also learn while they play. The digital experiences also engender pride in accomplishment and tap directly into the maker trend that encourages creativity, imagination and open-ended customization.
The first in a series of new apps is scheduled to launch in the second half of 2015 along with a dedicated online hub for Mattel’s 3D printing initiatives.