The XINHE collection of stainless steel utility carts designed for optimal efficiency and durability in commercial kitchens and food service settings. Our versatile Stainless Steel Utility Cart is ideal for transporting ingredients and supplies, while the Food Service Cart streamlines service in restaurants and catering operations. For organized storage, the Sheet Pan Rack keeps baking sheets neatly arranged, ensuring a well-functioning kitchen. The Stainless Steel Kitchen Cart adds flexibility for meal prep and serving, making it a must-have for busy environments. Each Stainless Steel Cart is constructed from high-grade stainless steel, providing exceptional strength and longevity suited for high-traffic areas. Stainless Steel Utility Cart ,Food Service Cart,Sheet Pan Rack,Stainless Steel Kitchen Cart,Stainless Steel Cart Xinhe Stainless Steel Products Co., Ltd. , https://www.sinkhall.com
Autodesk Reports Third Quarter Results
Public Company Information:
NASDAQ: ADSK
SAN RAFAEL, Calif.—(BUSINESS WIRE)—Autodesk, Inc. (NASDAQ:ADSK) today announced its financial results for the third quarter of fiscal 2014.
Third Quarter Fiscal 2014 Highlights:
- Revenue reached $555 million, marking a 1% increase compared to the third quarter of fiscal 2013 as reported, and a 4% rise on a constant currency basis.
- GAAP operating margin stood at 12%, up from 6% in the same quarter of the previous fiscal year.
- Non-GAAP operating margin was 22%, down from 27% in the corresponding quarter last year. A detailed reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
- GAAP diluted earnings per share came in at $0.25, compared to $0.13 in the third quarter of fiscal 2013.
- Non-GAAP diluted earnings per share amounted to $0.41, compared to $0.47 in the same quarter last year.
- Deferred revenue increased by 7% to $766 million compared to the third quarter of fiscal 2013.
- Cash flow from operating activities was $91 million, down from $157 million in the third quarter of fiscal 2013.
"Our third quarter saw strong growth in suites and solid execution across Architecture, Engineering and Construction (AEC) and Manufacturing," stated Carl Bass, Autodesk's president and CEO. "Global adoption of building information modeling (BIM) drove double-digit growth within our AEC business. Our Manufacturing segment benefited from higher demand for our design and digital manufacturing tools, along with continued momentum in the automotive industry. We continue to witness steady adoption of our new cloud and mobile-based services, which complement our Design and Creation suites."
Third Quarter Operational Overview:
Revenue in the Americas fell by 1% to $208 million compared to the third quarter last year as reported, but remained flat on a constant currency basis. EMEA revenue rose by 4% to $204 million compared to the third quarter last year as reported, and increased 5% on a constant currency basis. Revenue in Asia Pacific was unchanged at $143 million compared to the third quarter last year as reported, and increased 7% on a constant currency basis. Revenue from emerging economies grew by 6% to $84 million compared to the third quarter last year as reported and on a constant currency basis. Revenue from emerging economies accounted for 15% of total revenue in the third quarter.
Revenue from the Platform Solutions and Emerging Business (PSEB) segment dropped by 10% to $183 million compared to the third quarter last year. Revenue from the AEC business segment climbed by 13% to $186 million compared to the third quarter last year. Revenue from the Manufacturing business segment improved by 8% to $142 million compared to the third quarter last year. Revenue from the Media and Entertainment business (M&E) segment declined by 9% to $44 million compared to the third quarter last year.
Revenue from Flagship products decreased by 9% to $275 million compared to the third quarter last year. Revenue from Suites surged by 21% to $199 million compared to the third quarter last year. Revenue from New and Adjacent products was $82 million, remaining flat compared to the third quarter last year.
"While challenges persist in parts of our markets, we continue to be cautious about managing our expenses while making essential investments to drive growth," remarked Mark Hawkins, Autodesk's executive vice president and CFO. "We are observing some modest improvements around the globe and are cautiously optimistic about the current macroeconomic environment."
"We are transforming our business to better serve the increasing number of people who rely on Autodesk tools daily and position the company for its next phase of growth," Bass added. "With the recent introduction of more flexible licensing and service offerings, Autodesk will evolve into an even more recurring and ratable revenue business model. Our outlook for the fourth quarter includes a business model transition impact of approximately $50 million in revenue. We anticipate a larger impact in fiscal year 2015 and plan to provide more details when we release our fourth quarter financial results."
Business Outlook:
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties some of which are outlined below. Autodesk's business outlook for the fourth quarter and full year fiscal 2014 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.
Fourth Quarter Fiscal 2014:
| Metric | Q4 FY14 Guidance (Ending January 31, 2014) |
|----------------------------------|--------------------------------------------|
| Revenue (in millions) | $560 – $580 |
| EPS GAAP | $0.09 – $0.16 |
| EPS Non-GAAP | $0.29 – $0.36 |
_______________
(1) Includes impact of approximately $50 million from business model transition as revenue that would have otherwise been recognized during this period will be deferred. Deferred revenue is expected to increase by an equivalent amount related to this transition.
(2) Non-GAAP earnings per diluted share exclude $0.11 related to stock-based compensation expense, $0.07 for the amortization of acquisition-related intangibles, and $0.02 related to restructuring charges.
Full Year Fiscal 2014:
| Metric | FY14 Guidance (Ending January 31, 2014) |
|----------------------------------|------------------------------------------|
| Revenue (in millions) | $2,247 – $2,267 |
| EPS GAAP | $0.84 – $0.90 |
| EPS Non-GAAP | $1.55 – $1.61 |
_______________
(1) Includes impact of approximately $50 million from business model transition as revenue that would have otherwise been recognized during this period will be deferred. Deferred revenue is expected to increase by an equivalent amount related to this transition.
(2) Non-GAAP earnings per diluted share exclude $0.41 related to stock-based compensation expense, $0.26 for the amortization of acquisition-related intangibles, and $0.04 related to restructuring charges.
Both the fourth quarter and full year fiscal 2014 outlook assume annual effective tax rates of approximately 22% and approximately 25% for GAAP and non-GAAP results, respectively. These rates do not include one-time discrete items but do reflect the extension of the federal R&D tax credit benefit through December 31, 2013.
Earnings Conference Call and Webcast:
Autodesk will host its third 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 in the paragraphs under “Business Outlook†above, statements regarding revenue growth, managing expenses while making essential investments, demand for and adoption of cloud and mobile-based services, impacts of business model evolution, 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 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; 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; 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 and July 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.
© 2013 Autodesk, Inc. All rights reserved.
Condensed Consolidated Statements of Operations
(In millions, except per share data)
Three Months Ended October 31,
2013 2012
Net revenue (1):
License and other $297.5 $310.2
Subscription $257.7 $237.8
Total net revenue $555.2 $548.0
XINHE carts are celebrated for their superior craftsmanship and robust design, allowing for easy cleaning and maintenance to uphold kitchen hygiene. Explore the XINHE range today to discover the perfect solutions for your culinary and food service needs!