Autodesk Reports 16 Percent Fourth Quarter Revenue Growth

Strong fourth quarter caps year of significant growth

SAN RAFAEL, Calif. — (BUSINESS WIRE) — February 24, 2011Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the fourth quarter and full fiscal year 2011.

  • Revenue was $528 million, an increase of 16 percent compared to the fourth quarter of fiscal 2010 and 11 percent compared to the third quarter of fiscal 2011.
  • GAAP operating margin was 14 percent, compared to 12 percent in the fourth quarter of fiscal 2010 and 15 percent in the third quarter of fiscal 2011.
  • Non-GAAP operating margin was 20 percent, a 60 basis point increase compared to the fourth quarter last year, and a decrease compared to 21 percent in the third quarter of fiscal 2011. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
  • GAAP diluted earnings per share were $0.26, compared to $0.21 in the fourth quarter of fiscal 2010 and $0.23 in the third quarter of fiscal 2011.
  • Non-GAAP diluted earnings per share were $0.35, compared to $0.30 in the fourth quarter of fiscal 2010, and $0.32 in the third quarter of fiscal 2011.
  • Cash flow from operating activities was $176 million, an increase of 40 percent compared to the fourth quarter of fiscal 2010 and 54 percent compared to the third quarter of fiscal 2011.

“We closed the year with solid momentum and double-digit quarterly revenue growth in all of our geographies and all of our business segments," said Carl Bass, Autodesk president and CEO. “We’re seeing a global increase in demand for 3D design, engineering, and entertainment tools. Demand for our Inventor software helped deliver record quarterly revenue in our Manufacturing segment, and record quarterly sales of our Revit family of products led to strong growth in our Architecture, Engineering and Construction segment.”

“Our fourth quarter results topped a solid year of growth for Autodesk,” said Mark Hawkins, Autodesk Executive Vice President, Chief Financial Officer. “In addition to diversified revenue growth in the quarter, we generated strong cash flow from operations, record maintenance billings, and ended the quarter with a record balance for deferred revenue. We achieved significant operating margin improvement for the fiscal year despite higher than expected performance-based compensation expense due to our over performance on revenue for the year. With close to $1.5 billion in cash and marketable securities and no debt, our balance sheet is very strong.”

Fourth Quarter Operational Overview

EMEA revenue was $212 million and increased 13 percent compared to the fourth quarter last year as reported and 22 percent on a constant currency basis. EMEA revenue increased 16 percent sequentially as reported and 14 percent on a constant currency basis.

Revenue in the Americas was $193 million and increased 15 percent compared to the fourth quarter last year and 7 percent sequentially.

Revenue in Asia Pacific was $123 million and increased 22 percent compared to the fourth quarter last year as reported and 20 percent on a constant currency basis. Revenue in Asia Pacific increased 7 percent sequentially as reported and 5 percent on a constant currency basis.

Revenue from emerging economies was $85 million, an increase of 16 percent compared to the fourth quarter last year as reported and 20 percent on a constant currency basis. Revenue from emerging economies increased 11 percent sequentially as reported and 10 percent on a constant currency basis. Revenue from emerging economies represented 16 percent of total revenue in the fourth quarter.

All constant currency calculations remove the impact of foreign currency fluctuations and any gains or losses recorded to revenue within the current period as a result of Autodesk’s hedging program.

Revenue from the Platform Solutions and Emerging Business segment was $181 million, an increase of 10 percent compared to the fourth quarter last year and an increase of 5 percent sequentially. Revenue from the Architecture, Engineering and Construction business segment was $162 million, an increase of 18 percent compared to the fourth quarter last year and 19 percent sequentially. Revenue from the Manufacturing business segment was a record $133 million, an increase of 23 percent compared to the fourth quarter last year and 14 percent sequentially. Revenue from the Media and Entertainment business segment was $52 million, an increase of 12 percent compared to the fourth quarter last year and 3 percent sequentially.

Cash flow from operating activities was $176 million, compared to $126 million in the fourth quarter last year, and $114 million in the third quarter of fiscal 2011.

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