Public Company Information:
NASDAQ:
ADSK
SAN RAFAEL, Calif.–(BUSINESS WIRE)–Autodesk, Inc. (NASDAQ: ADSK) has just released its financial results for the fourth quarter and full fiscal year ending January 31, 2014. The revenue for the quarter was $587 million. Adjusting for the ongoing business model transition, the revenue would have grown approximately 2% year-over-year. On a GAAP basis, diluted earnings per share were $0.23, whereas non-GAAP diluted earnings per share were $0.40.
The fourth quarter results exclude about $30 million of license revenue that was deferred due to the company's business model transition.
Key Highlights for the Fourth Quarter of Fiscal 2014:
- Revenue from Suites increased by 15% to $216 million compared to the same period last year.
- Operating margin was 9% on a GAAP basis and 20% on a non-GAAP basis. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
- Deferred revenue increased by 8% to $901 million compared to the fourth quarter of fiscal 2013. Adjusting for the business model transition noted earlier, deferred revenue would have grown approximately 4% year-over-year.
- Operating cash flow from activities increased by 18% to $184 million compared to the fourth quarter of fiscal 2013.
"We concluded our fiscal year with momentum, highlighted by strong growth in Suites and increasing demand for our Architecture, Engineering and Construction (AEC) solutions," said Carl Bass, President and CEO of Autodesk. "Demand accelerated for our world-leading portfolio of building information modeling (BIM) solutions. Our cloud-based BIM 360 tools had a fantastic quarter as we continue to enable greater mobility and collaboration for our construction customers. Our cloud-based PLM 360 business also experienced continued momentum and had its best quarter to date."
Operational Overview for the Fourth Quarter:
The business model transition mentioned earlier was mainly related to flexible licensing arrangements with certain enterprise customers. In the fourth quarter, this transition had a particular impact on license revenue in the Americas and the AEC business segment.
Revenue in the Americas was $207 million. EMEA revenue was $229 million. Revenue in Asia Pacific was $150 million. Revenue from emerging economies was $88 million and accounted for 15% of total revenue in the fourth quarter.
Revenue from the Platform Solutions and Emerging Business (PSEB) segment was $196 million. Revenue from the AEC business segment was $196 million. Revenue from the Manufacturing business segment was $154 million. Revenue from the Media and Entertainment (M&E) business segment was $41 million.
Revenue from Flagship products was $288 million. Revenue from Suites was $216 million. Revenue from New and Adjacent products was $83 million.
"We were pleased with our fourth quarter performance, which included strong growth in operating cash flow, solid growth in deferred revenue, and a significant sequential increase in backlog," said Mark Hawkins, Executive Vice President and CFO of Autodesk. "We remain confident in our long-term model, which anticipates a 12% billings compounded annual growth rate, 20% more annual value from our new and existing subscriptions, and a 50% increase in subscriptions by the end of our fiscal 2018. We believe we can achieve this while reaching a 30% non-GAAP operating margin by the end of fiscal 2018."
"We are at the very beginning of a platform and model transition that will propel Autodesk into the future," Bass added. "We are focused on driving our subscription base, annual subscription value, and billings over the next four years and beyond. As anticipated, our transformation will start gradually and we expect it will gain momentum as we move forward."
Business Outlook:
The following are forward-looking statements based on current expectations and assumptions, involving risks and uncertainties, some of which are outlined below. Autodesk's business outlook for the first quarter and full fiscal year 2015 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment, and interest expense related to Autodesk’s $750 million debt offering in December 2012.
First Quarter Fiscal 2015:
First quarter EPS guidance includes the dilutive impact of the Delcam acquisition.
| Q1 FY15 Guidance Metrics | Q1 FY15 (ending April 30, 2014) |
|--------------------------|----------------------------------|
| Revenue (in millions) | $560-$575 |
| EPS GAAP | $0.01-$0.04 |
| EPS Non-GAAP | $0.19-$0.22 |
_______________
(1) Non-GAAP earnings per diluted share exclude $0.11 related to stock-based compensation expense, $0.06 for the amortization of acquisition-related intangibles, and $0.01 related to restructuring charges.
Full Year Fiscal 2015:
| FY15 Guidance Metrics | FY15 (ending January 31, 2015) |
|-----------------------------|--------------------------------|
| Net billings growth | 5-8% |
| Revenue growth | 3-5% |
| GAAP operating margin | 5-8% |
| Non-GAAP operating margin | 14-16% |
| Net new subscription additions | 150,000-200,000 |
A reconciliation between the GAAP and non-GAAP estimates for fiscal 2015 is provided in the tables following this press release.
Both the first quarter and full year fiscal 2015 outlook assumes projected annual effective tax rates of approximately 25.5% for both GAAP and non-GAAP results. These rates do not include one-time discrete items or the federal R&D tax credit that expired on December 31, 2013.
Earnings Conference Call and Webcast:
Autodesk will host its fourth quarter 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 for the conference call will be posted to the investor relations section of Autodesk’s website simultaneously with this press release.
NOTE: The prepared remarks will not be read on the conference call. The conference call will include only brief remarks followed by questions and answers.
A replay of the broadcast will be available at 7:00 pm ET at http://www.autodesk.com/investors. This replay will be maintained on Autodesk’s website for at least 12 months.
Safe Harbor Statement:
This press release contains forward-looking statements that involve risks and uncertainties, including statements under “Business Outlook†above, statements regarding revenue growth, our business model transition, billings growth, subscription growth, annual subscription value growth, operating margin growth, demand for and adoption of suites, AEC, BIM and PLM solutions, and other statements regarding our strategies, market and products positions, performance, and results. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: general market, political, economic and business conditions; failure to maintain our revenue growth and profitability; failure to successfully manage transitions to new business models and markets, including the introduction of additional ratable revenue streams and our continuing efforts to attract customers to our cloud-based offerings and expenses related to the transition of our business model; failure to maintain cost reductions and productivity increases or otherwise control our expenses; our performance in particular geographies, including emerging economies; the ability of governments around the world to meet their financial and debt obligations, and finance infrastructure projects; weak or negative growth in the industries we serve; slowing momentum in subscription billings or revenues; difficulty in predicting revenue from new businesses and the potential impact on our financial results from changes in our business models; difficulties encountered in integrating new or acquired businesses and technologies; the inability to identify and realize the anticipated benefits of acquisitions; the financial and business condition of our reseller and distribution channels; dependence on and the timing of large transactions; fluctuation in foreign currency exchange rates; the success of our foreign currency hedging program; failure to achieve sufficient sell-through in our channels for new or existing products; pricing pressure; unexpected fluctuations in our tax rate; the timing and degree of expected investments in growth and efficiency opportunities; changes in the timing of product releases and retirements; and any unanticipated accounting charges.
Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s Annual Report on Form 10-K for the year ended January 31, 2013 and Forms 10-Q for the quarters ended April 30, 2013, July 31, 2013 and October 31, 2013, which are on file with the U.S. Securities and Exchange Commission. Autodesk does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
About Autodesk:
Autodesk helps people imagine, design and create a better world. Everyone—from design professionals, engineers and architects to digital artists, students and hobbyists—uses Autodesk software to unlock their creativity and solve important challenges. For more information visit autodesk.com or follow @autodesk.
Autodesk is a registered trademark of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and services offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.
© 2014 Autodesk, Inc. All rights reserved.
Table showing condensed consolidated statements of operations:
| Net Revenue (in millions) | Three Months Ended January 31, 2014 | Three Months Ended January 31, 2013 | Fiscal Year Ended January 31, 2014 | Fiscal Year Ended January 31, 2013 |
|----------------------------------|--------------------------------------|--------------------------------------|--------------------------------------|--------------------------------------|
| Total Net Revenue | $586.6 | $606.9 | $2,273.9 | $2,312.2 |
| Cost of Revenue | $71.9 | $62.0 | $274.3 | $238.5 |
| Gross Profit | $514.7 | $544.9 | $1,999.6 | $2,073.7 |
| Operating Expenses | $463.0 | $460.3 | $1,714.8 | $1,767.8 |
| Income from Operations | $51.7 | $84.6 | $284.8 | $305.9 |
| Interest and Other Income (Expense), Net | $4.6 | $1.5 | $(4.9) | $4.1 |
| Income Before Income Taxes | $56.3 | $86.1 | $279.9 | $310.0 |
| Provision for Income Taxes | $(2.4) | $(11.6) | $(51.1) | $(62.6) |
| Net Income | $53.9 | $74.5 | $228.8 | $247.4 |
These tables provide a detailed breakdown of the financial performance of Autodesk, Inc. for the specified periods, showcasing the company's revenue, cost structure, profitability, and operational efficiency.
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