Autodesk Reports Strong Financial Results in First Quarter Fiscal 2011

Revenue Grows 11 Percent to $475 Million

Significant Operating Margin and Cash Flow Growth

SAN RAFAEL, Calif. — (BUSINESS WIRE) — May 19, 2010Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the first quarter of fiscal 2011.

  • Revenue was $475 million, an increase of 4 percent sequentially and 11 percent compared to the first quarter of fiscal 2010.
  • GAAP operating margin was 11 percent, a decrease from 12 percent in the fourth quarter of fiscal 2010 and an increase from negative 5 percent in the first quarter last year.
  • Non-GAAP operating margin was 20 percent, a slight increase from the fourth quarter of fiscal 2010 and an increase from 13 percent in the first quarter last year. A reconciliation of GAAP and non-GAAP results is provided in the accompanying tables.
  • On a GAAP basis, diluted earnings per share were $0.16, compared to diluted earnings per share of $0.21 in the fourth quarter of fiscal 2010, and diluted loss per share of $0.14 in the first quarter of fiscal 2010.
  • On a non-GAAP basis, diluted earnings per share were $0.29, compared to non-GAAP diluted earnings per share of $0.30 in the fourth quarter of fiscal 2010, and non-GAAP diluted earnings per share of $0.18 in the first quarter of fiscal 2010.
  • Cash flow from operations was $139 million, an increase of 11 percent sequentially and 411 percent compared to the first quarter of fiscal 2010.

"Our strong first quarter results reflect the continued improvement in the demand environment for our products and robust revenue growth in our international geographies,” said Carl Bass, Autodesk president and CEO. “Over the past several quarters we have been positioning the company to participate in the eventual global recovery. Our results reflect the work we’ve done to drive revenue, control costs and improve our profitability. We continue to be optimistic about delivering margin expansion this year, tempered with appropriate concern regarding the uncertainty of the European economy.”

Autodesk experienced strong year-over-year growth in several key areas including maintenance billings, revenue from commercial new licenses, and cash flow from operations. Growth in total revenue, coupled with a continued focus on cost containment and improving operational efficiencies led to significant year-over-year improvement to Autodesk’s operating margin, cash flow from operations, and profitability.

First quarter results included a one-time benefit of approximately $15 million in upgrade revenue related to a promotion that was run in advance of an increase in upgrade pricing.

Operational Overview

All constant currency calculations remove the impact of foreign currency fluctuations and the impact from our hedging program.

EMEA revenue increased 6 percent sequentially as reported and 9 percent on a constant currency basis to $199 million. EMEA revenue increased 19 percent compared to the first quarter of fiscal 2010 as reported and 10 percent on a constant currency basis.

Revenue in the Americas decreased 4 percent sequentially to $161 million and decreased 1 percent compared to the first quarter of fiscal 2010.

Revenue in Asia Pacific was $115 million, an increase of 14 percent sequentially as reported and 15 percent on a constant currency basis. Revenue in Asia Pacific increased 21 percent compared to the first quarter of fiscal 2010 as reported and increased 15 percent on a constant currency basis.

Revenue from emerging economies was $68 million, a decrease of 7 percent sequentially as reported and 4 percent on a constant currency basis. Revenue from emerging economies increased 16 percent compared to the first quarter of fiscal 2010 as reported and 13 percent on a constant currency basis. Revenue from emerging economies represented 14 percent of total revenue in the first quarter.

Combined revenue from Autodesk's model-based design solutions (previously known as 3D model-based design) was $138 million, an increase of 3 percent sequentially and 13 percent compared to the first quarter of fiscal 2010. Combined revenue from horizontal design products (previously known as 2D horizontal) and vertical design products (previously known as 2D vertical) was $240 million, a 12 percent increase sequentially and 17 percent compared to the first quarter of fiscal 2010. Combined revenue from our AutoCAD and AutoCAD LT products increased 19 percent sequentially and 20 percent compared to the fiscal first quarter last year.

Operating margins improved significantly in the first quarter compared to the first quarter last year. The 16 percentage point improvement in GAAP operating margin in the first quarter compared to the first quarter last year was driven primarily by the lack of impairment charges, and lower restructuring costs. The 7 percentage point sequential improvement in non-GAAP operating margin was driven primarily by higher revenue.

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