tag:blogger.com,1999:blog-5307311097025136686.post541562903420729273..comments2023-05-17T06:24:42.325-07:00Comments on Reprographics 101 (more than you ever wanted to know about the reprographics industry): Autodesk (ADSK) Q3 2012 - Transcript of “Earnings Call”Joel Salushttp://www.blogger.com/profile/03201205005216096979noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5307311097025136686.post-48463969332586848262011-11-16T09:41:56.155-08:002011-11-16T09:41:56.155-08:00This post amended at 12:45 pm on Weds Nov 16th to ...This post amended at 12:45 pm on Weds Nov 16th to add Morningstar Research’s comments about AutoDesk’s recent results:<br /><br /> Autodesk ADSK posted solid third-quarter results for fiscal 2012, driven by strong demand for its new product suites and double-digit growth in all geographic regions and verticals. Overall, the company is on track to meet our near-term expectations. We are leaving our fair value estimate unchanged and believe that at current market prices, the shares offer a compelling investment opportunity. Demand for new licenses of Autodesk's computer-aided design and simulation products remains strong. Remarkably, the company's architecture, engineering, and construction segment has increased 11% year to date despite the weakening commercial construction activity forecast by the Architecture Billings Index, a leading indicator of nonresidential construction in the United Sta tes. In fact, revenue from AEC suites grew 40% year over year, partially driven by the company's steady penetration into the government sector. During the quarter, revenue of $549 million increased 15% year over year and operating margins improved nearly 2 percentage points to 16.4% as the company continues to leverage its operations. Year to date, Autodesk has converted 19% of its revenue into free cash flow, and its balance sheet now has $1.5 billion in cash and equivalents. In line with its ability to identify, acquire, and integrate key technologies into its large product portfolio at low marginal cost, the company made 10 small acquisitions during the quarter. These acquisitions not only represent another sign of management's confidence in near-term business conditions, but also have the potential to become key sources of competitive differentiation and long-term growth.Joel Salushttps://www.blogger.com/profile/03201205005216096979noreply@blogger.com