Autodesk, Inc. (www.autodesk.com) reported record revenues of $538 million for the third quarter, an increase of 18 percent over last year’s third quarter. Third quarter net income was $85 million, or $0.35 per diluted share, on a GAAP basis and $117 million, or $0.49 per diluted share, on a non-GAAP basis. Net income in the third quarter of the prior year was $58 million, or $0.24 per diluted share on a GAAP basis, and $86 million, or $0.35 per diluted share on a non-GAAP basis.
According to Autodesk, its performance in the third quarter was driven by strong increases in revenue from its model-based 3D and 2D vertical design products, revenue in the emerging economies, and revenue from new seats. Design segment revenues increased 20 percent over the prior year’s third quarter to $467 million. Combined revenues from the Company's model-based 3D products, Inventor, Revit, Civil 3D and it's newly acquired NavisWorks software increased 32 percent over the third quarter to $130 million and comprised 24 percent of total revenues. Autodesk shipped more than 21,400 commercial seats of Revit, more than 13,400 commercial seats of Inventor and nearly 8,200 commercial seats of Civil 3D. In addition, revenues from 2D vertical products increased 22 percent compared to the third quarter of last year.
Revenues from the emerging economies in Asia Pacific, Eastern Europe, the Middle East and Latin America increased 31 percent over the third quarter of last year to $92 million and represented 17 percent of total revenues.
Revenues from new seats increased by 20 percent compared to the third quarter of last year. Revenues from new seats of Revit, AutoCAD Architecture and AutoCAD Mechanical were particularly strong, increasing 49 percent, 44 percent and 39 percent, respectively, compared to the third quarter of last year.
Upgrade revenue and maintenance revenue from subscriptions combined increased 15 percent to $186 million. Maintenance revenue from subscriptions increased 29 percent to $143 million, or 26 percent of revenue. Deferred maintenance revenue from subscriptions increased $10 million sequentially and $101 million. Total upgrade revenues decreased 16 percent compared to the third quarter of last year, as expected.