Autodesk Reports Third Quarter Results

Suites Grow 21 Percent Year-over-Year

SAN RAFAEL, Calif. — (BUSINESS WIRE) — November 21, 2013Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the third quarter of fiscal 2014.

Third Quarter Fiscal 2014

  • Revenue was $555 million, an increase of 1 percent, compared to the third quarter of fiscal 2013 as reported, and increased 4 percent on a constant currency basis.
  • GAAP operating margin was 12 percent, compared to 6 percent in the third quarter of fiscal 2013.
  • Non-GAAP operating margin was 22 percent, compared with 27 percent in the third quarter of fiscal 2013. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
  • GAAP diluted earnings per share were $0.25, compared to $0.13 in the third quarter of fiscal 2013.
  • Non-GAAP diluted earnings per share were $0.41, compared to $0.47 in the third quarter of fiscal 2013.
  • Deferred revenue increased 7 percent to $766 million, compared to the third quarter of fiscal 2013.
  • Cash flow from operating activities was $91 million, compared to $157 million in the third quarter of fiscal 2013.

“Our third quarter was marked by strong growth in suites and solid execution across Architecture, Engineering and Construction (AEC) and Manufacturing,” said Carl Bass, Autodesk president and CEO. “Continued global adoption of building information modeling (BIM) drove double-digit growth within our AEC business. Our Manufacturing segment benefited from greater demand for our design and digital manufacturing tools, as well as continued momentum within the automotive industry. We continue to see steady adoption of our new cloud and mobile-based services, which complement our Design and Creation suites.”

Third Quarter Operational Overview

Revenue in the Americas decreased 1 percent to $208 million compared to the third quarter last year as reported, and was flat on a constant currency basis. EMEA revenue increased 4 percent to $204 million compared to the third quarter last year as reported, and increased 5 percent on a constant currency basis. Revenue in Asia Pacific was flat at $143 million compared to the third quarter last year as reported, and increased 7 percent on a constant currency basis. Revenue from emerging economies increased 6 percent to $84 million compared to the third quarter last year as reported and on a constant currency basis. Revenue from emerging economies represented 15 percent of total revenue in the third quarter.

Revenue from the Platform Solutions and Emerging Business (PSEB) segment decreased 10 percent to $183 million compared to the third quarter last year. Revenue from the AEC business segment increased 13 percent to $186 million compared to the third quarter last year. Revenue from the Manufacturing business segment increased 8 percent to $142 million compared to the third quarter last year. Revenue from the Media and Entertainment business (M&E) segment decreased 9 percent to $44 million compared to the third quarter last year.

Revenue from Flagship products decreased 9 percent to $275 million compared to the third quarter last year. Revenue from Suites increased 21 percent to $199 million compared to the third quarter last year. Revenue from New and Adjacent products was $82 million, and was flat compared to the third quarter last year.

“While challenges remain in parts of our markets, we continue to be diligent about managing our spend while making essential investments to drive growth,” said Mark Hawkins, Autodesk executive vice president and CFO. “We are seeing some modest improvements around the world and are cautiously optimistic about the current macro environment.”

“We are transforming our business to better serve the growing number of people that rely on Autodesk tools every day and position the company for its next stage of growth,” Bass continued. “With the recent introduction of more flexible license and service offerings, Autodesk will evolve to an even more recurring and ratable revenue business model. Our outlook for the fourth quarter includes a business model transition impact of approximately $50 million in revenue. We anticipate a larger impact in fiscal year 2015 and plan to provide more details when we release our fourth quarter financial results.”

Business Outlook

The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties some of which are set forth below. Autodesk's business outlook for the fourth quarter and full year fiscal 2014 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment, and interest expense related to Autodesk's $750 million debt offering in December 2012.

1 | 2 | 3 | 4  Next Page »



Review Article Be the first to review this article
Airbus

Featured Video
Jobs
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
GIS Analyst II for Air Worldwide at Boston, MA
Senior Structural Engineer for Design Everest at San Francisco, CA
Mechanical Engineer for IDEX Corporation at West Jordan,, UT
Upcoming Events
SPTechCon 2016, Dec 5 - 8, 2016, San Francisco, CA at San Francisco CA - Dec 5 - 8, 2016
RoboUniverse San Diego at San Diego CA - Dec 14 - 15, 2016
DGI 2017 at QEII Centre London United Kingdom - Jan 23 - 25, 2017
Trimble
Teledyne Optech
University of Denver GIS Masters Degree Online
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy