Autodesk Reports Third Quarter Results

Autodesk, Inc. (NASDAQ:ADSK) today reported financial results for the third quarter of fiscal year 2013.

Third Quarter Fiscal 2013

• Revenue was $548 million, compared to $549 million in the third quarter of fiscal 2012.
• GAAP operating margin was 6 percent, compared to 16 percent in the third quarter of fiscal 2012.
• Non-GAAP operating margin increased 190 basis points to 26 percent, compared to 25 percent in the third quarter of fiscal 2012. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
• GAAP diluted earnings per share were $0.13, compared to $0.32 in the third quarter of fiscal 2012.
• Non-GAAP diluted earnings per share were $0.47, compared to $0.44 in the third quarter of fiscal 2012.
• Cash flow from operating activities was $157 million, compared to $138 million in the third quarter of fiscal 2012.

"Our revenue results were disappointing and were primarily caused by a weakening demand environment," said Carl Bass, Autodesk president and CEO. "While we experienced pockets of relative strength in the U.S., northern Europe, and Russia, most other markets around the world slowed during the quarter, most notably emerging markets. Despite our overall revenue shortfall, our ongoing focus on cost management delivered meaningful margin expansion and EPS above our guidance range."

Third Quarter Operational Overview

EMEA revenue decreased 3 percent to $196 million, compared to the third quarter last year as reported and increased 3 percent on a constant currency basis. Revenue in the Americas increased 4 percent to $209 million, compared to the third quarter last year. Revenue in Asia Pacific (APAC) decreased 3 percent to $142 million, compared to the third quarter last year as reported and decreased 3 percent on a constant currency basis. Revenue from emerging economies decreased 9 percent to $80 million, compared to the third quarter last year as reported and 5 percent on a constant currency basis. Revenue from emerging economies represented 15 percent of total revenue in the third quarter.

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