Summary
Autodesk, Inc. (ADSK) reported its third-quarter fiscal year 2013 results ending October 31, 2012. Total net revenue remained relatively flat year-over-year for the quarter at $548.0 million, but increased 5% for the nine-month period to $1,705.3 million. While license and other revenue saw a slight decline in the quarter, maintenance revenue showed growth, contributing to a stable overall revenue picture for the period. However, income from operations significantly decreased in the third quarter due to a substantial increase in operating expenses, largely driven by $36.7 million in restructuring charges related to a company-wide plan to shift focus towards cloud and mobile computing. Despite the short-term impact of restructuring and a weaker economic environment, Autodesk continues to invest in its strategic shift towards cloud and mobile services. The company reported a strong balance sheet with $1,737.4 million in cash, cash equivalents, and marketable securities at the end of the quarter. Management remains focused on navigating current challenges and executing its long-term strategy, aiming for revenue growth and improved operating margins.
Financial Highlights
48 data points| Revenue | $548.00M |
| Cost of Revenue | $57.90M |
| Gross Profit | $490.10M |
| R&D Expenses | $153.00M |
| Operating Expenses | $455.70M |
| Operating Income | $34.40M |
| Net Income | $29.40M |
| EPS (Basic) | $0.13 |
| EPS (Diluted) | $0.13 |
| Shares Outstanding (Basic) | 225.50M |
| Shares Outstanding (Diluted) | 229.90M |
Key Highlights
- 1Total net revenue for the three months ended October 31, 2012, was $548.0 million, flat compared to the prior year's quarter.
- 2For the nine months ended October 31, 2012, total net revenue increased 5% to $1,705.3 million.
- 3Income from operations decreased significantly by 62% to $34.4 million for the three months ended October 31, 2012, largely due to $36.7 million in restructuring charges.
- 4The company reported strong liquidity with $1,737.4 million in cash, cash equivalents, and marketable securities as of October 31, 2012.
- 5License and other revenue saw a 4% decrease in the quarter, while maintenance revenue grew by 6%.
- 6Autodesk is undergoing a company-wide restructuring plan, including a reduction of approximately 500 positions and facility consolidation, to align with its strategy of shifting towards cloud and mobile computing.
- 7International revenue accounted for a significant portion of total net revenue, representing 68% for the quarter and 71% for the nine-month period.