SAN RAFAEL, Calif.-Autodesk, Inc. (NASDAQ:ADSK) today announced a program to repurchase up to 30 million shares of the company's common stock, in addition to the approximately 1.5 million shares that remained at the end of the second quarter of fiscal 2017 under previously announced share repurchase programs. The repurchase program provides Autodesk with the ability to cover dilution and reduce shares outstanding over time.
Under the share repurchase program, Autodesk may repurchase shares from time to time through a variety of means. The share repurchase program does not have an expiration date and the pace and timing of repurchases will depend on factors such as cash generation from operations, available surplus, the volume of employee stock plan activity, cash requirements for acquisitions, economic and market conditions, stock price and legal and regulatory requirements.
In the first half of fiscal 2017, Autodesk repurchased approximately 4.8 million shares of its common stock at an average price of $56.20 per share.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties, including statements relating to the share repurchase program such as the timing and amount, if any, of shares to be purchased thereunder and the manner in which Autodesk may effect such repurchase. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including those in the paragraphs above as well as: failure to achieve our revenue and profitability objectives; 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 fiscal ended January 31, 2016 and Quarterly Report on Form 10-Q for the quarter ended July 31, 2016, 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.
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