Autodesk Reports 11 Percent First Quarter Revenue Growth

Date(s): 17-May-2012 4:02 PM

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Strong Performance by Suites Drives Results

Reiterates Full Year Business Outlook

SAN RAFAEL, Calif.--(BUSINESS WIRE)--May. 17, 2012—

Autodesk,
Inc. (NASDAQ:ADSK) today reported financial results for the first 
quarter of fiscal year 2013.


First Quarter Fiscal 2013

•   
Revenue was $589 million, an increase of 11 percent compared to the 
first quarter of fiscal 2012.

•   
GAAP operating margin was 16 percent, compared to 15 percent in the 
first quarter of fiscal 2012.

•   
Non-GAAP operating margin was 25 percent, compared to 23 percent in
 the first quarter of fiscal 2012. A reconciliation of GAAP to non-GAAP
results is provided in the accompanying tables.

•   
GAAP diluted earnings per share were $0.34, compared to $0.29 in the 
first quarter of fiscal 2012.

•   
Non-GAAP diluted earnings per share were $0.47, compared to $0.40 in
 the first quarter of fiscal 2012.

•   
Cash flow from operating activities was $139 million, compared to $128 
million in the first quarter of fiscal 2012.

“We had a solid start to the year as our overall business continued to
 deliver double-digit year-over-year revenue growth,”_ said Carl
Bass, Autodesk president and CEO. _”We were pleased with the
 performance of suites as customers are embracing the substantially 
greater functionality and value that our design and creation suites 
deliver. Our year-over-year revenue growth was also fueled by strength 
in Asia Pacific and the Americas, while economic conditions contributed 
to uneven results in EMEA and emerging countries. Our manufacturing and
 Architecture, Engineering and Construction (AEC) businesses achieved 
strong year-over-year results as more and more customers turned to
 Autodesk to solve their most complex design and engineering challenges.”_

First Quarter Operational Overview

“EMEA revenue was $224 million, an increase of 4 percent compared to the 
first quarter last year as reported and 2 percent on a constant currency 
basis. Revenue in the Americas was $208 million, an increase of 14
 percent compared to the first quarter last year. Revenue in Asia Pacific
 was a record $157 million, an increase of 19 percent compared to the
 first quarter last year as reported and 13 percent on a constant
currency basis. Revenue from emerging economies was $82 million, an
 increase of 6 percent compared to the first quarter last year as 
reported and 6 percent on a constant currency basis. Revenue from
 emerging economies represented 14 percent of total revenue in the first 
quarter.

Revenue from the Platform Solutions and Emerging Business segment was
 $229 million, an increase of 9 percent compared to the first quarter 
last year. Revenue from the AEC business segment was $163 million, an 
increase of 16 percent compared to the first quarter last year. Revenue 
from the Manufacturing business segment was $146 million, an increase of
 18 percent compared to the first quarter last year. Revenue from the 
Media and Entertainment business segment was $51 million, a decrease of 
5 percent compared to the first quarter last year.

Revenue from Flagship products was $336 million, an increase of 4
 percent compared to the first quarter last year. Revenue from Suites was 
$166 million, an increase of 34 percent compared to the first quarter 
last year. Revenue from New and Adjacent products was $87 million, an
 increase of 9 percent compared to the first quarter last year.

As our customers migrate from our stand-alone products to Suites, we
 anticipate that our revenue from Suites will increase as a percentage of 
total revenue and that our revenue from our Flagship products will
 similarly decline as a percentage of total revenue.” 

“Deferred revenue at the end of the first quarter was a record high of 
$727 million, an increase of 17 percent compared to the first quarter 
last year and 1 percent sequentially. Shippable backlog was $6 million,
 a decrease of $19 million compared to the first quarter last year and
 $21 million sequentially. At the end of the first quarter, channel 
inventory weeks was at a record low of approximately one week. A
 decrease in channel inventory and shippable backlog was expected as a
 result of our transition to increased use of electronic software 
delivery.”


_”Our revenue growth and continued focus on cost controls drove strong 
improvement in our non-GAAP operating margin”,_ said Mark
Hawkins, Autodesk executive vice president, chief financial officer.
_”Revenue growth and operating margin expansion remain key focus areas as
 we continue towards our long-term goal of growing revenue by a 
compounded annual growth rate of 12-14 percent (capturing fiscal 2011 
through fiscal 2015) and expanding our non-GAAP operating margin to at 
least 30 percent. During the quarter we accomplished significant changes 
including a new channel partner framework and a move to an industry 
focused organizational alignment, among other things, that we believe
 will better position the company for future growth. These changes, 
combined with our outstanding products and market position, give us
confidence to achieve our long-term goals.”_