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Autodesk, Inc. (NASDAQ: ADSK) announced its financial results for the third quarter of fiscal 2015. The company reported strong growth in billings and revenue, driven by performance across multiple business segments and geographies.
Key highlights from the quarter include:
- **Billings** increased by 25% year-over-year.
- **Revenue** reached $618 million, up 11% compared to the same period last year, with a 12% increase on a constant currency basis. Revenue from the Delcam acquisition contributed approximately $14 million.
- **Subscriptions** added about 121,000 new customers, including 25,000 from Delcam, marking the first quarter that Delcam subscriptions were included in the count.
- **GAAP operating margin** was 2%, down from 12% in the prior year quarter.
- **Non-GAAP operating margin** was 13%, down from 22% in the previous year quarter.
- **GAAP diluted earnings per share (EPS)** were $0.05, compared to $0.25 in the third quarter of fiscal 2014.
- **Non-GAAP diluted EPS** was $0.25, compared to $0.41 in the same period last year.
- **Deferred revenue** hit a record $1 billion, an increase of 31% year-over-year.
- **Cash flow from operations** rose by 50% to $136 million.
Carl Bass, Autodesk's president and CEO, highlighted the company's progress in transitioning to a more recurring, subscription-based model, which contributed to the significant increase in deferred revenue. He also noted that the strong performance led to an upward revision of the full-year outlook for billings and revenue.
In terms of regional performance:
- **EMEA revenue** grew 17% year-over-year, or 15% on a constant currency basis.
- **Americas revenue** increased by 11% to $231 million.
- **APAC revenue** rose 5% year-over-year, or 10% on a constant currency basis.
- **Revenue from emerging economies** increased by 13% year-over-year, representing 15% of total revenue.
Business segment performance:
- **AEC revenue** increased by 17%.
- **PSEB revenue** grew 3%.
- **Manufacturing revenue** rose 20%.
- **M&E revenue** declined slightly by 3%.
Looking ahead, Autodesk updated its guidance for fiscal 2015, projecting:
- **Billings growth** of 15-17%.
- **Revenue growth** of 9-10%.
- **Net subscription additions** of 325,000 to 375,000.
- **GAAP operating margin** of 4.5%-5%.
- **Non-GAAP operating margin** of 15%-15.5%.
- **GAAP EPS** of $0.30-$0.33.
- **Non-GAAP EPS** of $1.15-$1.18.
The company also provided detailed financial statements, including condensed consolidated income statements, balance sheets, and cash flow statements, along with a reconciliation of GAAP to non-GAAP measures.
Autodesk is continuing to focus on its long-term strategy, emphasizing innovation, customer satisfaction, and sustainable growth. The company remains committed to delivering value to shareholders while investing in its future.