Summary
Autodesk, Inc. (ADSK) reported its financial results for the three and six months ended July 31, 2013. While total net revenue saw a slight decrease year-over-year for both periods (down 1% and 2% respectively), the company experienced a shift in revenue mix, with a decrease in license and other revenue partially offset by a 6% increase in subscription revenue for both periods. Operating expenses were managed effectively, leading to a decrease in income from operations for the quarter (down 10%) and six months (down 12%). The company continued its strategic shift towards cloud and mobile computing, reflected in the growth of its suites products. Autodesk also actively managed its capital through share repurchases and maintained a strong liquidity position with $2.4 billion in cash and marketable securities at the end of the period.
Financial Highlights
49 data points| Revenue | $561.70M |
| Cost of Revenue | $67.80M |
| Gross Profit | $493.90M |
| R&D Expenses | $148.90M |
| Operating Expenses | $410.30M |
| Operating Income | $83.60M |
| Net Income | $61.70M |
| EPS (Basic) | $0.28 |
| EPS (Diluted) | $0.27 |
| Shares Outstanding (Basic) | 223.10M |
| Shares Outstanding (Diluted) | 228.30M |
Key Highlights
- 1Total net revenue for the three months ended July 31, 2013, decreased 1% to $561.7 million compared to $568.7 million in the prior year.
- 2Subscription revenue increased 6% to $248.5 million for the three months ended July 31, 2013, compared to $234.7 million in the prior year, indicating a successful transition in business model.
- 3Income from operations decreased by 10% to $83.6 million for the three months ended July 31, 2013, compared to $92.9 million in the prior year.
- 4The company repurchased $239.8 million of common stock during the six months ended July 31, 2013, demonstrating a commitment to returning capital to shareholders.
- 5Autodesk reported $2.4 billion in cash and marketable securities at July 31, 2013, indicating a strong liquidity position.
- 6Restructuring charges of $1.7 million and $2.1 million were recorded for the three and six months ended July 31, 2013, respectively, related to a company-wide restructuring plan.
- 7Revenue from suites represented 34% of net revenue for the quarter, an increase from 29% in the prior year, highlighting the growing importance of integrated product offerings.