The Quarter That WasFor the period ending in October, Autodesk reported revenue of $548 million, down $1 million from the same period a year ago. Its GAAP operating margin also declined, from 16% last year to only 6% this quarter. Revenue for Europe, the Middle East and Africa did an about-face, declining 3% to $196 million after increasing by 3% in Q3 fiscal 2012. On the other hand, profitability was more respectable. Its non-GAAP operating margin increased 190 basis points to 26%, compared to 25% in the third quarter of fiscal 2012. As noted above, cash flow from operations continued to impress -- arriving at $157 million and growing 14% year over year. Non-GAAP diluted earnings were 47 cents per share, beating analysts' estimates and increasing 7% from a year before. I just don't believe this is enough to support a stock that is already trading at a price-to-earnings ratio of 31, when other software companies such as Microsoft ( MSFT) and Adobe ( ADBE) trade at much lower P/Es (14 and 22, respectively). Adobe seems to present the much better value. In its most recent quarter, Adobe reported a 7% increase in revenue with roughly 5% in organic growth. The company's digital media segment grew 3% while its digital marketing segment produced a decent growth figure of 21%. Yet Adobe trades at a P/E ratio that is almost 10 points less than Autodesk's. So from the standpoint of revenue growth, Adobe presents the much better value.