CIMdata PLM Industry Summary Online Archive
23 February 2012
Financial News
Autodesk Reports 12 Percent Fourth Quarter Revenue Growth; 14% revenue growth and 36% EPS growth in fiscal 2012
Autodesk, Inc. reported financial results for the fourth quarter and full fiscal year 2012.
Fourth Quarter Fiscal 2012
Revenue was $592 million, an increase of 12 percent compared to the fourth quarter of fiscal 2011.
GAAP operating margin was 15 percent, compared to 14 percent in the fourth quarter of fiscal 2011.
Non-GAAP operating margin was 24 percent, compared to 20 percent in the fourth quarter of fiscal 2011. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
GAAP diluted earnings per share were $0.31, compared to $0.26 in the fourth quarter of fiscal 2011.
Non-GAAP diluted earnings per share were $0.46, compared to $0.35 in the fourth quarter of fiscal 2011.
Cash flow from operating activities was $175 million, compared to $176 million in the fourth quarter of fiscal 2011.
Full Year Fiscal 2012
Revenue was $2.22 billion, an increase of 14 percent compared to fiscal 2011.
GAAP operating margin was 16 percent, compared to 14 percent in fiscal 2011.
Non-GAAP operating margin was 24 percent, compared to 21 percent in fiscal 2011.
GAAP diluted earnings per share were $1.22, compared to $0.90 in fiscal 2011.
Non-GAAP diluted earnings per share were $1.74, compared to $1.32 in fiscal 2011.
Cash flow from operating activities was $574 million, compared to $541 million in fiscal 2011.
“Our strong fourth quarter performance capped a terrific year for Autodesk,” said Carl Bass, Autodesk president and CEO. “We finished the year with another strong quarter of diversified revenue growth and increased profitability. Demand for our suites, AutoCAD, and AutoCAD LT products led to strong revenue growth across all of our geographies and record revenues in the Americas. We also achieved record revenue in both our Manufacturing and AEC business segments.”
“We’re proud of the strong revenue and profitability growth that we delivered in fiscal 2012,” continued Bass. “We made progress on all of our key initiatives including accelerating our cloud-based initiatives and launching our new design and creation suites, which we believe positions Autodesk for success in the future. We also unveiled our new PLM initiative. As we kick off fiscal 2013, we aim to delight our customers with our ever-improving product portfolio while delivering continued revenue and profitability growth.”
Fourth Quarter Operational Overview
EMEA revenue was $234 million, an increase of 10 percent compared to the fourth quarter last year as reported and 8 percent on a constant currency basis. Revenue in the Americas was a record $226 million, an increase of 17 percent compared to the fourth quarter last year. Revenue in Asia Pacific was $133 million, an increase of 9 percent compared to the fourth quarter last year as reported and 3 percent on a constant currency basis. Revenue from emerging economies was $95 million, an increase of 12 percent compared to the fourth quarter last year as reported and 14 percent on a constant currency basis. Revenue from emerging economies represented 16 percent of total revenue in the fourth quarter.
Revenue from the Platform Solutions and Emerging Business segment was $214 million, an increase of 18 percent compared to the fourth quarter last year. Revenue from the Architecture, Engineering and Construction business segment was a record $175 million, an increase of 8 percent compared to the fourth quarter last year. Revenue from the Manufacturing business segment was a record $148 million, an increase of 11 percent compared to the fourth quarter last year. Revenue from the Media and Entertainment business segment was $55 million, an increase of 7 percent compared to the fourth quarter last year.
“Our strong fourth quarter results topped an excellent year of consistent performance and growth,” said Mark Hawkins, Autodesk executive vice president, chief financial officer. “We generated strong growth in revenue from commercial new licenses, record maintenance billings, and solid cash flow from operations. We achieved strong operating margin expansion in the quarter, driven by revenue growth and continued focus on cost controls. The operating margin growth was consistent with the growth we’ve been able to achieve over the past two years. With $1.6 billion in cash and marketable securities, no debt and a record deferred revenue balance, we ended the fiscal year with an exceptionally strong balance sheet.”
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 first quarter and full year fiscal 2013 assumes a continuation of the current economic environment and foreign exchange currency rate environment.
First Quarter Fiscal 2013
1Q FY13 Guidance Metrics |
1Q FY13 (ending April 30, 2012) |
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Revenue (in millions) |
$575 to $590 |
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EPS - GAAP |
$0.29 to $0.31 |
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EPS - Non-GAAP |
$0.46 to $0.48 |
Non-GAAP earnings per diluted share exclude $0.10 related to stock-based compensation expense and $0.07 for the amortization of acquisition related intangibles, net of tax.
Full Year Fiscal 2013
Net revenue for fiscal 2013 is expected to increase by at least 10 percent compared to fiscal 2012. Autodesk anticipates fiscal 2013 GAAP operating margin to increase by approximately 130 basis points and non-GAAP operating margin to increase by approximately 200 basis points compared to fiscal 2012. A reconciliation between the GAAP and non-GAAP estimates for fiscal 2013 is provided in the tables following this press release.
Both first quarter fiscal 2013 and full year fiscal 2013 outlooks assume an effective tax rate of approximately 26.5 percent for both GAAP and non-GAAP results. This rate does not include the federal R&D tax credit benefit, which expired on December 31, 2011. The assumed effective tax rate will be adjusted if or when there is a renewal of the tax credit.
Earnings Conference Call and Webcast
Autodesk will host its fourth quarter conference call today at 5:00 p.m. ET.
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.
For Financial Tables included in the unabridged press release click HERE
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