SAN RAFAEL, Calif. — (BUSINESS WIRE) — May 16, 2013 — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the first quarter of fiscal 2014.

First Quarter Fiscal 2014

• Revenue was $570 million, a decrease of 3 percent, compared to the first quarter of fiscal 2013 as reported and flat on a constant currency basis.
• GAAP operating margin was 14 percent, compared to 16 percent in the first quarter of fiscal 2013.
• Non-GAAP operating margin decreased by approximately 60 basis points to 24 percent, compared with 25 percent in the first quarter of fiscal 2013. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
• GAAP diluted earnings per share were $0.24, compared to $0.34 in the first quarter of fiscal 2013.
• Non-GAAP diluted earnings per share were $0.42, compared to $0.47 in the first quarter of fiscal 2013.
• Deferred revenue increased 17 percent to a record $851 million, compared to the first quarter of fiscal 2013.
• Cash flow from operating activities was a record $224 million, compared to $139 million in the first quarter of fiscal 2013.

"A mixed global economy weighed heavily on our first quarter results," said Carl Bass, Autodesk president and CEO. "There were positive areas in the quarter but overall, a weak April led to a disappointing finish to the quarter. While the global macroeconomic conditions are uneven, we remain focused on revenue growth by delivering the best design solutions to our customers."

First Quarter Operational Overview

EMEA revenue decreased 4 percent to $216 million compared to the first quarter last year as reported and increased 1 percent on a constant currency basis. Revenue in the Americas decreased 3 percent to $202 million compared to the first quarter last year as reported. Revenue in Asia Pacific decreased 3 percent to $152 million compared to the first quarter last year as reported and increased 1 percent on a constant currency basis. Revenue from emerging economies decreased 8 percent to $75 million compared to the first quarter last year as reported and 6 percent on a constant currency basis. Revenue from emerging economies represented 13 percent of total revenue in the first quarter.

Revenue from the Platform Solutions and Emerging Business segment decreased 6 percent to $213 million compared to the first quarter last year. Revenue from the AEC business segment increased 4 percent to $172 million compared to the first quarter last year. Revenue from the Manufacturing business segment decreased 4 percent to $139 million compared to the first quarter last year. Revenue from the Media and Entertainment business segment decreased 8 percent to $47 million compared to the first quarter last year.

Revenue from Flagship products decreased 9 percent to $312 million compared to the first quarter last year. Revenue from Suites increased 8 percent to $176 million compared to the first quarter last year. Revenue from New and Adjacent products was $82 million, flat compared to the first quarter last year.

Deferred revenue at the end of the first quarter was a record $851 million, an increase of 17 percent compared to the first quarter last year.

"We achieved strong deferred revenue and subscription billings growth, and record cash flow from operations in the first quarter," said Mark Hawkins, Autodesk executive vice president and CFO. "Our performance in the first quarter and a global economy that continues to be uneven, have led us to reconsider our fiscal year 2014 outlook. While our near-term targets are lower, we remain committed to driving long-term revenue growth and operating margin expansion as we balance our ongoing cost controls with key investments in our business."

Business Outlook

The following statements are forward-looking statements that are based on current expectations and assumptions, and involve risks and uncertainties some of which are set forth below. Autodesk's business outlook for the second 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.

Non-GAAP earnings per diluted share exclude $0.11 related to stock-based compensation expense, $0.06 for the amortization of acquisition related intangibles, and $0.01 for restructuring, net of tax.