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Public Company Information:
NASDAQ: ADSK
SAN RAFAEL, Calif.—(BUSINESS WIRE)—Autodesk, Inc. (NASDAQ:ADSK) announced its financial results for the second quarter of fiscal 2014 today.
Second Quarter Fiscal 2014 Highlights:
- Revenue reached $562 million, representing a 1% decrease compared to the second quarter of fiscal 2013 as reported, but increasing by 2% on a constant currency basis.
- GAAP operating margin stood at 15%, down from 16% in the same period last year.
- Non-GAAP operating margin decreased by approximately 100 basis points to 24%, compared to 25% in the second quarter of fiscal 2013. A detailed reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
- GAAP diluted earnings per share came in at $0.27, compared to $0.28 in the second quarter of fiscal 2013.
- Non-GAAP diluted earnings per share were $0.45, compared to $0.48 in the second quarter of fiscal 2013.
- Deferred revenue increased 7% to $806 million compared to the second quarter of fiscal 2013.
- Cash flow from operating activities totaled $65 million, down from $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 suites," said Carl Bass, Autodesk president and CEO. "These critical areas showed growth, though it was partially offset by mixed contributions from other parts of the business. On the product front, we strengthened and expanded our leading product portfolio with new desktop, cloud, and mobile offerings."
Second Quarter Operational Overview:
Revenue from the Europe, Middle East, and Africa (EMEA) region fell 4% to $202 million compared to the second quarter last year as reported, but remained flat on a constant currency basis. Revenue in the Americas grew 2% to $202 million compared to the second quarter last year as reported. Revenue in Asia Pacific decreased 1% to $158 million compared to the second quarter last year as reported but increased 4% on a constant currency basis. Revenue from emerging economies dropped 2% to $86 million compared to the second quarter last year as reported and decreased by 1% on a constant currency basis. Revenue from emerging economies accounted for 15% of total revenue in the second quarter.
Revenue from the Platform Solutions and Emerging Business segment declined 9% to $197 million compared to the second quarter last year. Revenue from the AEC business segment rose 9% to $177 million compared to the second quarter last year. Revenue from the Manufacturing business segment climbed 2% to $144 million compared to the second quarter last year. Revenue from the Media and Entertainment business segment slipped 11% to $43 million compared to the second quarter last year.
Revenue from Flagship products fell 11% to $289 million compared to the second quarter last year. Revenue from Suites jumped 18% to $193 million compared to the second quarter last year. Revenue from New and Adjacent products amounted to $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 the near-term revenue target is lower, we remain focused on managing our expenses while making essential investments to drive growth.
"With the recent introduction of more flexible licensing 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 providing further details at our Investor Day event scheduled for October 2nd. As we adapt our business model, we remain committed to long-term operating margin expansion."
Business Outlook:
The following statements are forward-looking and are based on current expectations and assumptions, involving risks and uncertainties. Autodesk's business outlook for the third quarter assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment, as well as interest expense related to Autodesk's $750 million debt offering in December 2012.
Third Quarter Fiscal 2014 Guidance:
| 3Q FY14 Guidance Metrics | 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.
The 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:
At this time, Autodesk is not providing full-year fiscal 2014 guidance.
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. Supplementary 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 statements in the paragraphs under “Business Outlook†above, statements regarding revenue growth, managing expenses while making essential investments, long-term margin expansion, future products, business model evolution, and other statements regarding our strategies, market and product positions, performance, and results. There are numerous factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Some of these factors include general market, political, economic, and business conditions; our ability to maintain revenue growth and profitability; our capacity to maintain cost reductions and productivity increases or otherwise 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; our ability to successfully manage transitions to new business models and markets, including the introduction of additional ratable revenue streams and our efforts to attract customers to our cloud-based offerings; 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; fluctuations in foreign currency exchange rates; the success of our foreign currency hedging program; our ability 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 achieve continued 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 are 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.