Autodesk Reports Strong Third Quarter Results

Company Grows Deferred Revenue to a Record $1 Billion and

Raises Billings, Revenue and Subscriptions Outlook for Fiscal Year 2015

SAN RAFAEL, Calif. — (BUSINESS WIRE) — November 20, 2014Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the third quarter of fiscal 2015.

Third Quarter Fiscal 2015

  • Total billings increased 25 percent, compared to the third quarter last year.
  • Revenue was $618 million, an increase of 11 percent, compared to the third quarter last year as reported, and increased 12 percent on a constant currency basis. Revenue contribution from the recent acquisition of Delcam was approximately $14 million.
  • Total maintenance, desktop (rental), and cloud subscriptions increased by approximately 121,000 from the second quarter of fiscal 2015, including approximately 25,000 subscriptions related to Delcam. This is the first quarter that Delcam subscriptions have been included in the subscription count.
  • GAAP operating margin was 2 percent, compared to 12 percent in the third quarter last year.
  • Non-GAAP operating margin was 13 percent, compared to 22 percent in the third quarter last year. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
  • GAAP diluted earnings per share were $0.05, compared to $0.25 in the third quarter last year.
  • Non-GAAP diluted earnings per share were $0.25, compared to $0.41 in the third quarter last year.
  • Deferred revenue was a record $1 billion, an increase of 31 percent, compared to the third quarter last year.
  • Cash flow from operating activities was $136 million, an increase of 50 percent, compared to the third quarter last year.

"Strong billings and revenue growth was driven by strength in several areas including suites, our Architecture, Engineering and Construction (AEC) and Manufacturing business segments, large deal activity, and double-digit growth in all three of our major geographies on a constant currency basis," said  Carl Bass, Autodesk president and CEO. "We continue to make meaningful progress in our transition to a more recurring, subscription-based business, adding approximately 121,000 subscriptions and more flexible enterprise license agreements. As a result, deferred revenue increased significantly to a record $1 billion. These strong results have led us to raise our outlook for billings and revenue for fiscal 2015 for the third time this year."

Third Quarter Operational Overview

EMEA revenue was $238 million, an increase of 17 percent compared to the third quarter last year as reported, and 15 percent on a constant currency basis. Revenue in the Americas increased 11 percent compared to the third quarter last year to $231 million. Revenue in APAC was $149 million, an increase of 5 percent compared to the third quarter last year as reported, and 10 percent on a constant currency basis. Revenue from emerging economies was $95 million, an increase of 13 percent compared to the third quarter last year both 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 AEC business segment was $217 million, an increase of 17 percent compared to the third quarter last year. Revenue from the Platform Solutions and Emerging Business (PSEB) segment was $188 million, an increase of 3 percent compared to the third quarter last year. Revenue from the Manufacturing business segment was $170 million, an increase of 20 percent compared to the third quarter last year. Revenue from the Media and Entertainment business (M&E) segment was $43 million, a decrease of 3 percent compared to the third quarter last year.

Revenue from Flagship products was $288 million, an increase of 5 percent compared to the third quarter last year. Revenue from Suites was $225 million, an increase of 13 percent compared to the third quarter last year. Revenue from New and Adjacent products was $105 million, an increase of 29 percent compared to the third quarter last year.

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 2015 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment. A reconciliation between the GAAP and non-GAAP estimates for fiscal 2015 is provided below or in the tables following this press release.

1 | 2 | 3 | 4 | 5 | 6  Next Page »



Review Article Be the first to review this article

Featured Video
Editorial
Jeff RoweJeff's MCAD Blogging
by Jeff Rowe
Re-Use Your CAD: The ModelCHECK Handbook
Jobs
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
GIS Analyst II for Air Worldwide at Boston, MA
Upcoming Events
Design & Manufacturing, Feb 7 - 9, 2017 Anaheim Convention Center, Anaheim, CA at Anaheim Convention Center Anaheim CA - Feb 7 - 9, 2017
Innorobo 2017 at Docks de Paris Paris France - May 16 - 18, 2017
Display Week 2017 at Los Angeles Convention Center 1201 S Figueroa St Los Angeles CA - May 21 - 26, 2017
SolidCAM: Program your CNCs directly inside your existing CAD system.



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 GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy Advertise