Public Company Information:
NASDAQ:
ADSK
SAN RAFAEL, Calif.–(BUSINESS WIRE)–Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the second quarter of fiscal 2015.
**Second Quarter Fiscal 2015**
- Total billings rose by 27% compared to the same period in fiscal 2014.
- Total subscriptions increased by approximately 74,000 from the first quarter of fiscal 2015.
- Revenue reached a record $637 million, up 13% from the second quarter of fiscal 2014 on a constant currency basis. Revenue contribution from the Delcam acquisition was about $11 million.
- GAAP operating margin was 8%, down from 15% in the previous year's second quarter.
- Non-GAAP operating margin stood at 18%, compared to 24% in the same quarter last year. A reconciliation of GAAP to non-GAAP results is included in the tables provided.
- GAAP diluted earnings per share were $0.13, versus $0.27 in the second quarter of fiscal 2014.
- Non-GAAP diluted earnings per share were $0.35, compared to $0.45 in the same period last year.
- Deferred revenue hit a record $981 million, an increase of 22% compared to the second quarter of fiscal 2014.
- Cash flow from operations was $96 million, up 47% from the second quarter of fiscal 2014.
Carl Bass, Autodesk president and CEO, stated, "Strong global demand and growing adoption of our suite solutions drove robust billings and record revenue. We also made significant progress in transitioning to a more recurring, subscription-based business model, adding around 74,000 maintenance, desktop (rental), and cloud subscriptions. As a result, we significantly boosted deferred revenue, which is approaching $1 billion. Our strong performance and positive outlook on the macroeconomic environment led us to raise our guidance for billings, revenue, and subscription additions for fiscal 2015."
**Second Quarter Operational Overview**
Revenue in the Americas increased by 11% year-over-year to $223 million. EMEA revenue was $244 million, up 21% from the second quarter last year, or 16% on a constant currency basis. APAC revenue reached $170 million, an increase of 8% compared to the same quarter last year, or 14% on a constant currency basis. Revenue from emerging economies was $98 million, up 14% year-over-year, or 13% on a constant currency basis, accounting for 15% of total revenue.
Revenue from the Platform Solutions and Emerging Business (PSEB) segment was $208 million, a 5% increase from the second quarter of fiscal 2014. The Architecture, Engineering and Construction (AEC) segment generated $218 million, up 23% from the same period last year. Manufacturing revenue was $168 million, a 17% increase. Media and Entertainment (M&E) revenue remained flat at $44 million.
Flagship product revenue was $307 million, up 6% year-over-year. Suite revenue was $232 million, an increase of 20%. New and Adjacent products revenue was $99 million, up 24%.
**Business Outlook**
Autodesk's outlook for the third quarter and full fiscal year 2015 assumes continued economic and foreign exchange conditions. The reconciliation between GAAP and non-GAAP estimates is provided in the tables following this press release.
**Third Quarter Fiscal 2015 Guidance**
- Revenue: $590 – $605 million
- GAAP EPS: ($0.05) – $0.01
- Non-GAAP EPS: $0.17 – $0.23
**Full Year Fiscal 2015 Guidance**
- Billings growth: 10 – 12%
- Revenue growth: 7 – 9%
- GAAP operating margin: 4 – 5%
- Non-GAAP operating margin: 15 – 16%
- Net subscription additions: 200,000 – 250,000
The third quarter and full year fiscal 2015 outlook assumes an annual effective tax rate of 29% for GAAP and 26% for non-GAAP results.
**Earnings Conference Call and Webcast**
Autodesk will host a conference call today at 5:00 p.m. ET. The live broadcast can be accessed at http://www.autodesk.com/investors. Supplemental financial information and prepared remarks will be posted simultaneously with this press release.
**Safe Harbor Statement**
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed. Further details are included in Autodesk’s Annual Report on Form 10-K and 10-Q filings with the SEC.
**About Autodesk**
Autodesk empowers people to imagine, design, and create a better world. From professionals to students, users rely on Autodesk software to unlock creativity and solve challenges. For more information visit autodesk.com or follow @autodesk.
**Financial Highlights**
- **Net Revenue:** $637.1 million
- **Gross Profit:** $549.2 million
- **Operating Income:** $49.9 million
- **Net Income:** $31.3 million
- **Diluted EPS:** $0.13
**Balance Sheet Highlights**
- **Cash and Cash Equivalents:** $1,323.1 million
- **Total Assets:** $4,703.4 million
- **Total Liabilities:** $2,420.1 million
- **Stockholders’ Equity:** $2,283.4 million
**Cash Flow Highlights**
- **Cash Flow from Operations:** $314.9 million
- **Investing Activities:** ($730.4 million)
- **Financing Activities:** ($114.7 million)
**Non-GAAP Adjustments**
- Excludes stock-based compensation, amortization of purchased intangibles, restructuring charges, and other items.
**Additional Notes**
- **Deferred Revenue:** $981 million
- **Subscription Growth:** 74,000 added
- **Global Expansion:** Continued growth in emerging markets
- **Strategic Acquisitions:** Delcam contributed $11 million in revenue
Autodesk remains focused on innovation and delivering value to shareholders through a strong financial foundation and strategic growth initiatives.
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