Public Company Information:
NASDAQ: ADSK
SAN RAFAEL, Calif. – (BUSINESS WIRE) – Autodesk, Inc. (NASDAQ: ADSK) reported its financial results for the second quarter of fiscal 2014 today.
Second Quarter Fiscal 2014 Results:
- Revenue was $562 million, a 1% decrease compared to the same period last year, but increased by 2% on a constant currency basis.
- GAAP operating margin was 15%, down from 16% in the second quarter of fiscal 2013.
- Non-GAAP operating margin decreased slightly to 24%, compared to 25% in the previous year's second quarter. A detailed reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
- GAAP diluted earnings per share were $0.27, down from $0.28 in the prior year.
- Non-GAAP diluted earnings per share were $0.45, down from $0.48 in the second quarter of fiscal 2013.
- Deferred revenue rose 7% to $806 million compared to the same period last year.
- Cash flow from operating activities was $65 million, compared to $107 million in the second quarter of fiscal 2013.
"Our second quarter was highlighted by strong performance in our Architecture, Engineering and Construction (AEC) business segment and continued growth in our suites," said Carl Bass, Autodesk president and CEO. "These key areas drove growth, though it was offset by mixed contributions from other segments. On the product side, we strengthened and expanded our leading product portfolio with new desktop, cloud and mobile offerings."
Second Quarter Operational Highlights:
Revenue from Europe, Middle East and Africa (EMEA) fell 4% to $202 million compared to the same period last year, as reported, but remained flat on a constant currency basis. Revenue in the Americas increased by 2% to $202 million compared to the prior year, while revenue in Asia Pacific decreased by 1% to $158 million, as reported, but increased by 4% on a constant currency basis. Revenue from emerging economies dropped by 2% to $86 million compared to the second quarter last year, representing 15% of total revenue.
Revenue from the Platform Solutions and Emerging Business segment decreased by 9% to $197 million compared to the second quarter last year. Revenue from the AEC business segment grew by 9% to $177 million compared to the second quarter last year. Revenue from the Manufacturing business segment increased by 2% to $144 million compared to the second quarter last year. Revenue from the Media and Entertainment business segment decreased by 11% to $43 million compared to the second quarter last year.
Revenue from flagship products declined by 11% to $289 million compared to the second quarter last year. Revenue from Suites increased by 18% to $193 million compared to the second quarter last year. Revenue from New and Adjacent products was $80 million, decreasing by 1% compared to the second quarter last year.
"The challenging dynamics within some of the end-markets we serve have led us to adjust our growth assumptions," said Mark Hawkins, Autodesk executive vice president and CFO. "Although our near-term revenue target is lower, we remain focused on managing expenses while making essential investments to drive growth."
"With the recent introduction of more flexible license and service offerings that generate ratable revenue streams, such as cloud-based and rental license options, Autodesk's business model is evolving," continued Hawkins. "We are currently refining our plans regarding the pace and timeline for this business model transition. We look forward to sharing more details at our Investor Day event on October 2nd. As we transform our business model, we remain committed to long-term operating margin expansion."
Business Outlook:
The following statements are forward-looking projections based on current expectations and assumptions, involving risks and uncertainties. Autodesk's business outlook for the third quarter assumes, among other factors, a continuation of the current economic environment and foreign exchange currency rate situation, as well as interest expense related to Autodesk's $750 million debt offering in December 2012.
Third Quarter Fiscal 2014 Guidance:
| Metric | Q3 FY14 (ending October 31, 2013) |
|-------------------------|-----------------------------------|
| Revenue (in millions) | $540-$555 |
| EPS GAAP | $0.19-$0.23 |
| EPS Non-GAAP | $0.36-$0.40 |
Non-GAAP earnings per diluted share exclude $0.11 related to stock-based compensation expense and $0.06 for the amortization of acquisition-related intangibles.
Third quarter fiscal 2014 outlook assumes annual effective tax rates of approximately 23% and 25% for GAAP and non-GAAP results, respectively. These rates do not include one-time discrete items but do reflect the recently enacted extension of the federal R&D tax credit benefit through December 31, 2013.
Full Year Fiscal 2014:
Autodesk is not providing full-year fiscal 2014 guidance at this time.
Earnings Conference Call and Webcast:
Autodesk will host its second-quarter conference call today at 5:00 p.m. ET. The live broadcast can be accessed at http://www.autodesk.com/investors. Supplemental financial information and prepared remarks for the conference call will be posted to the investor relations section of Autodesk's website simultaneously with this press release.
NOTE: The prepared remarks will not be read on the conference call. The conference call will include only brief remarks followed by questions and answers.
A replay of the broadcast will be available at 7:00 p.m. ET at http://www.autodesk.com/investors. This replay will be maintained on Autodesk's website for at least 12 months.
Safe Harbor Statement:
This press release contains forward-looking statements that involve risks and uncertainties, including those outlined under "Business Outlook" above. There are numerous factors that could cause actual results to differ materially from the statements made in this press release, such as general market, political, economic, and business conditions; failure to maintain revenue growth and profitability; failure to manage costs effectively; our performance in specific geographies, including emerging economies; the ability of governments worldwide to meet their financial and debt obligations and finance infrastructure projects; weak or negative growth in the industries we serve; difficulties in transitioning to new business models and markets, including the introduction of additional ratable revenue streams and efforts to attract customers to our cloud-based offerings; slowing momentum in subscription billings or revenues; challenges in integrating new or acquired businesses and technologies; the inability to identify and realize anticipated benefits from acquisitions; the financial and business condition of our reseller and distribution channels; dependence on and the timing of large transactions; fluctuations in foreign currency exchange rates; the success of our foreign currency hedging program; 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; failure of key new applications to achieve anticipated levels of customer acceptance; failure to continue success in technology advancements; interruptions or terminations in the business of Autodesk consultants; the expense or impact of legal or regulatory proceedings; and any unanticipated accounting charges.
Further information on potential factors that could affect the financial results of Autodesk is included in Autodesk's Annual Report on Form 10-K for the year ended January 31, 2013, and Form 10-Q for the quarter ended April 30, 2013, which are on file with the U.S. Securities and Exchange Commission. Autodesk does not assume 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.
About Autodesk:
Autodesk helps people imagine, design, and create a better world. From design professionals, engineers, and architects to digital artists, students, and hobbyists, everyone uses Autodesk software to unlock their creativity and solve important challenges. For more information, visit autodesk.com or follow @autodesk.
© 2013 Autodesk, Inc. All rights reserved.
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