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TheStreet Open House

Autodesk Reports Second Quarter Results

Autodesk, Inc. (NASDAQ:ADSK) today reported financial results for the second quarter of fiscal 2014.

Second Quarter Fiscal 2014

  • Revenue was $562 million, a decrease of 1 percent, compared to the second quarter of fiscal 2013 as reported and an increase of 2 percent on a constant currency basis.
  • GAAP operating margin was 15 percent, compared to 16 percent in the second quarter of fiscal 2013.
  • Non-GAAP operating margin decreased by approximately 100 basis points to 24 percent, compared with 25 percent in the second quarter of fiscal 2013. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
  • GAAP diluted earnings per share were $0.27, 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 percent to $806 million, compared to the second quarter of fiscal 2013.
  • Cash flow from operating activities was $65 million, compared to $107 million in the second quarter of fiscal 2013.

"Our second quarter was marked by strength in our Architecture, Engineering and Construction (AEC) business segment and continued growth in suites," said Carl Bass, Autodesk president and CEO. "Growth in these vital areas was offset by mixed contributions from other parts of the business. On the product side, we strengthened and expanded our leading product portfolio with new desktop, cloud and mobile offerings."

Second Quarter Operational Overview

EMEA revenue decreased 4 percent to $202 million compared to the second quarter last year as reported and was flat on a constant currency basis. Revenue in the Americas increased 2 percent to $202 million compared to the second quarter last year as reported. Revenue in Asia Pacific decreased 1 percent to $158 million compared to the second quarter last year as reported and increased 4 percent on a constant currency basis. Revenue from emerging economies decreased 2 percent to $86 million compared to the second quarter last year as reported and 1 percent on a constant currency basis. Revenue from emerging economies represented 15 percent of total revenue in the second quarter.

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