Nov. 12, 2013, 12:20 PM
- Stratasys (SSYS -3%) has obtained a 5-year, $250M, revolving credit facility from BofA. The 3D printer vendor has the option to request increases amounting to $75M. (PR)
- With Stratasys holding $616M in cash/equivalents and bank deposits at the end of Q3, and no debt, the company doesn't have any pressing need for cash. But the credit facility could be useful if Stratasys plots another major acquisition.
- Meanwhile, MakerBot, Stratasys' most high-profile acquisition, has launched MakerBot Academy, an initiative aiming to bring MakerBot's Replicator 2 3D printers to schools with the help of teacher crowd funding site DonorsChoose.org.
- Autodesk (ADSK -0.2%) will provide its TinkerCAD 3D CAD software to schools using MakerBot's 3D printers, along with educational material. The White House has provided a quote praising the initiative.
- MakerBot's effort comes as 3D Systems steps up its competitive challenge to the company by launching a $399 3D object scanner.
Nov. 7, 2013, 8:46 AM
- Autodesk (ADSK) is acquiring Delcam, a British developer of CAD/CAM and industrial measurement software for manufacturers, for £172.5M ($276M) in cash. The deal is expected to be dilutive to FY15 (ends Jan. '15) EPS, and accretive to FY16 EPS. (PR)
- Delcam employs 600 people, and had revenue of £47.1M ($75.3M) in its last fiscal year; its shares are up 20.4% in London.
- Autodesk has been aggressively snapping up design/manufacturing software companies and product lines as it contends with slow/negative growth in multiple verticals. The company's manufacturing software sales rose 2% Y/Y in the July quarter to $144M (26% of total revenue).
- Recent Autodesk acquisitions: I, II, III, IV
Oct. 2, 2013, 11:11 AM
- Ahead of today's analyst day event (starts at 11:30AM ET, webcast), Autodesk (ADSK +2.4%) is reaffirming its FQ3 (Oct. quarter) guidance and establishing FQ4 guidance. (PR)
- The CAD software giant expects FQ4 revenue of $560M-$580M and EPS of $0.29-$0.36, below a consensus of $596.6M and $0.49. Investors don't seem to be concerned, given the company's transition to a subscription-based business model that results in less revenue being recognized up-front.
- Also: Autodesk is acquiring certain assets from French construction/civil engineering software firm Graitec, including the company's Advance Steel and Advance Concrete product lines.
- Autodesk says the products will strengthen its Building Information Modeling software lineup for structural fabrication/detailing applications. The company's Architecture, Engineering, and Construction sales have been a bright spot, growing 6% Y/Y in the July quarter (FQ2) vs. a 1% rev. drop for the company at-large.
- The Graitec software purchases follow the acquisition of bridge/vehicle software tools from two U.K. firms in August.
Sep. 30, 2013, 4:48 PM
- The restructuring involves both job cuts and "the consolidation of certain leased facilities." Autodesk (ADSK) isn't disclosing how many jobs will be affected, but does say it expects to record pre-tax charges of $15M-$20M, all of which will result in cash expenditures. (8-K)
- The disclosure comes a month after Autodesk provided soft FQ3 (Oct. quarter) guidance to go with an FQ2 beat. Shares nonetheless rallied afterwards, thanks to enthusiasm over rising cloud/subscription sales (has the effect of pushing out near-term revenue).
- There's a good chance some of the job cuts are related to the company's Platform Solutions & Emerging Business and Media & Entertainment units (sales -9% and -11% Y/Y in FQ2, respectively).
Aug. 23, 2013, 12:46 PM
Aug. 23, 2013, 10:19 AM
- Pandora (P -12.8%) has been downgraded by Raymond James (Neutral) and Stifel (Hold) following its FQ2 beat, mixed guidance, and decision to remove its mobile listening cap.
- VMware (VMW +2.7%) has been upgraded to Buy by Jefferies. The company's annual VMworld conference starts on Sunday.
- CenturyLink (CTL +1.2%) has been upgraded to Neutral by Nomura.
- Renren (RENN +6.8%) has been upgraded to Hold by Jefferies following the sale of its Nuomi group-buying site to Baidu. The firm downgraded Renren only a week ago.
- First Solar (FSLR +1%) and Trina Solar (TSL +2.7%) have been upgraded to Market Perform by Raymond James. RJ downgraded First Solar in April.
- Autodesk (ADSK +12.6%) has been upgraded to Buy by B. Riley. Shares are surging after initially falling in AH trading in response to the light FQ3 guidance accompanying Autodesk's FQ2 beat.
- Jiayuan.com (DATE -3.4%) has been cut to Market Perform by Oppenheimer two day after posting Q2 results.
- SunEdison (SUNE -0.4%) has been upgraded to Buy by Needham a day after announcing plans to spin off its semiconductor wafer ops through an IPO.
Aug. 23, 2013, 9:15 AM
Aug. 22, 2013, 5:30 PM
Aug. 22, 2013, 4:20 PM
- Autodesk (ADSK) expects FQ3 revenue of $540M-$555M and EPS of $0.36-$0.40, below a consensus of $580.9M and $0.50. The CAD software giant blames "challenging dynamics" within certain end-markets.
- In addition, Autodesk isn't providing any FY14 guidance. In May, the company guided for ~3% FY14 rev. growth. The consensus is currently at 2.2%.
- Platform Solutions & Emerging Business remains a weak spot: revenue -9% Y/Y in FQ2 vs. -6% in FQ1. The same goes for Media & Entertainment, -11% vs. -8%. Architecture, Engineering, and Construction (+6% vs. +4%) and Manufacturing (+2% vs. -4%) are healthier.
- EMEA revenue -4% Y/Y, Americas, +2%, Asia-Pac -1%. Flagship products revenue -11% to $289M, Suites +18% to $193M, new & adjacent products -1% to $80M.
- Deferred revenue -6% Q/Q and +7% Y/Y to $806M.
- CC at 5PM ET. FQ2 results, PR
Aug. 22, 2013, 4:04 PM
- Autodesk (ADSK): Q2 EPS of $0.45 beats by $0.03.
- Revenue of $562M (-1% Y/Y) beats by $1.27M. (PR)
Aug. 22, 2013, 12:10 AM
Aug. 21, 2013, 5:35 PM
Aug. 19, 2013, 11:39 AM
- Autodesk (ADSK) has acquired product lines from two U.K.-based software firms. One of the lines, Sam, includes software tools for analyzing and designing small/medium-sized bridges, and the other, AutoTrack, features software used to analyze vehicle movements (i.e. swept path analysis) and design parking areas/roundabouts.
- Sam and AutoTrack will be added to Autodesk's existing lineup of transportation-focused building information modeling (BIM) tools.
- The company has been more than happy to expand via M&A in recent years. Previous acquisitions: Tinkercad, PI-VR, Firehole Composites, Socialcam, Inforbix, Qontext.
- FQ2 results arrive on Thursday afternoon.
Aug. 8, 2013, 7:45 PM
- Goldman strategist David Kostin has identified what he thinks are the top 40 most undervalued stocks; at the time he issued the note yesterday, each stock had at least 20% upside to his price target.
- The list: MPC, ADSK, VTR, CRM, AMT, SPG, HAL, DVN, EXPE, SWN, R, ESV, BRCM, CAM, NBL, WYNN, WYN, NE, VMC, PSX, NBR, CCI, APC, EL, NFX, FSLR, GM, YHOO, CERN, EOG, CTSH, GT, QCOM, MON, VLO, SLB, PCP, AMAT, BMY, NOV.
Aug. 6, 2013, 9:22 AM
- TeamPlatform's cloud-based software allows project design and engineering teams to share files and collaborate on CAD/3D printing projects.
- 3D Systems (DDD) says TeamPlatform's offerings will be integrated with its Geomagic professional 3D object design/scanning software, and also its Cubify.com consumer 3D printing portal/marketplace.
- With this acquisition, 3D Systems is encroaching on Autodesk's (ADSK) turf. The CAD software giant competes with TeamPlatform via its comprehensive Autodesk 360 cloud CAD software suite. (PR)
Jun. 28, 2013, 2:24 PM
In addition to IBM, several other enterprise IT names are pressured by Accenture's (ACN -10.3%) May quarter revenue miss (caused by consulting weakness), light guidance, and commentary about soft European demand. SAP (SAP -3.6%), Autodesk (ADSK -2.3%), Qlik (QLIK -2.1%), and Informatica (INFA -1.8%), all of whom have strong European exposure, are among the casualties. Other decliners include VMware (VMW -1.5%), Salesforce (CRM -1.9%), Teradata (TDC -1.8%), and CommVault (CVLT -3.9%). In his downgrade note on Accenture, Raymond James' Brian Gesuale mentioned "ERP [software consulting] work is showing signs of commoditization and short-term projects remain on the shelf." That might not be going over well with SAP investors.| Jun. 28, 2013, 2:24 PM | 2 Comments