Delivers Double-digit Billings and Revenue Growth
Raises Billings, Revenue and Subscriptions Outlook for Fiscal Year 2015
SAN RAFAEL, Calif. — (BUSINESS WIRE) — August 14, 2014 — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the second quarter of fiscal 2015.
Second Quarter Fiscal 2015
- Total billings increased 27 percent, compared to the second quarter of fiscal 2014.
- Total subscriptions increased by approximately 74,000, from the first quarter of fiscal 2015.
- Revenue was a record $637 million, an increase of 13 percent, compared to the second quarter of fiscal 2014 as reported, and increased 13 percent on a constant currency basis. Revenue contribution from the recent acquisition of Delcam was approximately $11 million.
- GAAP operating margin was 8 percent, compared to 15 percent in the second quarter of fiscal 2014.
- Non-GAAP operating margin was 18 percent, compared with 24 percent in the second quarter of fiscal 2014. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
- GAAP diluted earnings per share were $0.13, compared to $0.27 in the second quarter of fiscal 2014.
- Non-GAAP diluted earnings per share were $0.35, compared to $0.45 in the second quarter of fiscal 2014.
- Deferred revenue was a record $981 million, an increase of 22 percent, compared to the second quarter of fiscal 2014.
- Cash flow from operating activities was $96 million, an increase of 47 percent, compared to the second quarter of fiscal 2014.
"Strong demand on a global basis and expanding adoption of our suites solutions drove strong billings and record revenue results," said Carl Bass, Autodesk president and CEO. "We also made meaningful progress in the transition to a more recurring, subscription-based business, adding approximately 74,000 maintenance, desktop (rental), and cloud subscriptions. As a result, we significantly increased deferred revenue, which is rapidly approaching $1 billion. Our strong results and positive view of the macroeconomic environment led us to raise our outlook for billings, revenue, and subscription additions for fiscal 2015."
Second Quarter Operational Overview
Revenue in the Americas increased 11 percent compared to the second quarter last year to $223 million. EMEA revenue was $244 million, an increase of 21 percent compared to the second quarter last year as reported, and 16 percent on a constant currency basis. Revenue in APAC was $170 million, an increase of 8 percent compared to the second quarter last year as reported, and 14 percent on a constant currency basis. Revenue from emerging economies was $98 million, an increase of 14 percent compared to the second quarter last year as reported, and 13 percent on a constant currency basis. Revenue from emerging economies represented 15 percent of total revenue in the second quarter.
Revenue from the Platform Solutions and Emerging Business (PSEB) segment was $208 million, an increase of 5 percent compared to the second quarter last year. Revenue from the Architecture, Engineering and Construction (AEC) business segment was $218 million, an increase of 23 percent compared to the second quarter last year. Revenue from the Manufacturing business segment was $168 million, an increase of 17 percent compared to the second quarter last year. Revenue from the Media and Entertainment business (M&E) segment was $44 million, flat compared to the second quarter last year.
Revenue from Flagship products was $307 million, an increase of 6 percent compared to the second quarter last year. Revenue from Suites was $232 million, an increase of 20 percent compared to the second quarter last year. Revenue from New and Adjacent products was $99 million, an increase of 24 percent compared to the second quarter last year.
Business Outlook
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties some of which are set forth below. Autodesk's business outlook for the third quarter and full year fiscal 2015 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment. A reconciliation between the GAAP and non-GAAP estimates for fiscal 2015 is provided in the tables following this press release.
Third Quarter Fiscal 2015
| Q3 FY15 Guidance Metrics | Q3 FY15 (ending October 31, 2014) | ||
| Revenue (in millions) | $590 - $605 | ||
| EPS GAAP | ($0.05) - $0.01 | ||
| EPS Non-GAAP (1) | $0.17 - $0.23 |
