Autodesk Reports 16 Percent Second Quarter Revenue Growth

Strong Growth of EPS and Cash Flow from Operations

SAN RAFAEL, Calif. — (BUSINESS WIRE) — August 18, 2011Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the second quarter of fiscal year 2012.

  • Revenue was $546 million, an increase of 16 percent compared to the second quarter of fiscal 2011.
  • GAAP operating margin was 17 percent, compared to 17 percent in the second quarter of fiscal 2011.
  • Non-GAAP operating margin was 25 percent, compared to 25 percent in the second quarter of fiscal 2011. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
  • GAAP diluted earnings per share were $0.30, compared to $0.25 in the second quarter of fiscal 2011.
  • Non-GAAP diluted earnings per share were $0.44, compared to $0.36 in the second quarter of fiscal 2011.
  • Cash flow from operating activities was $132 million, compared to $112 million in the second quarter of fiscal 2011.

“We experienced strong demand across all geographies and business segments with growth led by our Asia Pacific region,” said Carl Bass, Autodesk president and CEO. “Our manufacturing business segment had its largest revenue quarter ever and continues to be our fastest growing segment. Our AEC business segment returned to strong growth in the second quarter as the building and construction industries continue to standardize on Building Information Modeling. And our newly launched design and creation suites are off to a terrific start, helping drive our overall revenue growth.”

Second Quarter Operational Overview

EMEA revenue was $212 million, an increase of 12 percent compared to the second quarter last year as reported and 13 percent on a constant currency basis. Revenue in the Americas was $191 million, an increase of 13 percent compared to the second quarter last year. Revenue in Asia Pacific was $143 million, an increase of 24 percent compared to the second quarter last year as reported and 16 percent on a constant currency basis. Revenue from emerging economies was $88 million, an increase of 23 percent compared to the second quarter last year as reported and 18 percent on a constant currency basis. Revenue from emerging economies represented 16 percent of total revenue in the second quarter.

All constant currency calculations remove the impact of foreign currency fluctuations and any hedge gains or losses recorded to revenue within the current and prior period as a result of Autodesk’s hedging program. Starting in the current quarter, we have changed our methodology for calculating constant currency. Please see the attached Fact Sheet for more details.

Revenue from the Platform Solutions and Emerging Business segment was $199 million, an increase of 12 percent compared to the second quarter last year. Revenue from the Architecture, Engineering and Construction business segment was $158 million, an increase of 19 percent compared to the second quarter last year. Revenue from the Manufacturing business segment was $136 million, an increase of 20 percent compared to the second quarter last year. Revenue from the Media and Entertainment business segment was $54 million, an increase of 9 percent compared to the second quarter last year.

“We achieved better than expected profitability driven by solid revenue performance and continued cost controls,” said Mark Hawkins, Autodesk Executive Vice President, Chief Financial Officer. “We also posted strong growth in maintenance billings, deferred revenue, and cash flow from operations. Our balance sheet remains sound with cash and investments of approximately $1.6 billion, deferred revenue at a record high, and no debt.”

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.

Third Quarter Fiscal 2012

Net revenue for the third quarter of fiscal 2012 is expected to be in the range of $535 million and $550 million. GAAP earnings per diluted share are expected to be in the range of $0.25 and $0.29. Non-GAAP earnings per diluted share are expected to be in the range of $0.38 and $0.42 and exclude $0.08 related to stock-based compensation expense, and $0.05 for the amortization of acquisition related intangibles, net of tax.

Full Year Fiscal 2012

Net revenue for fiscal 2012 is expected to increase by approximately 13 percent compared to fiscal 2011. Autodesk anticipates fiscal 2012 GAAP and non-GAAP operating margins to increase by greater than 200 basis points compared to fiscal 2011. Non-GAAP operating margin improvement excludes approximately 70 basis points of restructuring charges, negative 10 basis points of amortization of acquisition related intangibles, and negative 50 basis points of stock-based compensation expense.

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