Autodesk Reports 11 Percent First Quarter Revenue Growth

GAAP EPS Increases 81%, Non-GAAP EPS Increases 38%

Increases Outlook for Fiscal 2012

SAN RAFAEL, Calif. — (BUSINESS WIRE) — May 19, 2011Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the first quarter of fiscal year 2012.

  • Revenue was $528 million, an increase of 11 percent compared to the first quarter of fiscal 2011.
  • GAAP operating margin was 15 percent, compared to 11 percent in the first quarter of fiscal 2011.
  • Non-GAAP operating margin was 23 percent, compared to 20 percent in the first quarter of fiscal 2011. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
  • GAAP diluted earnings per share were $0.29, compared to $0.16 in the first quarter of fiscal 2011.
  • Non-GAAP diluted earnings per share were $0.40, compared to $0.29 in the first quarter of fiscal 2011.
  • Cash flow from operating activities was $128 million, compared to $139 million in the first quarter of fiscal 2011 and $176 million in the fourth quarter of fiscal 2011.

“Strong demand for manufacturing, horizontal design products, suites, and animation products, led to solid growth in the quarter,” said Carl Bass, Autodesk president and CEO. “We launched our 2012 product line this quarter, including the new family of design and creation suites, and are pleased with the initial feedback we’re hearing from our partners and customers. The first quarter was a solid start to our fiscal 2012 and we look to build on our momentum through the year.”

First Quarter Operational Overview

EMEA revenue was $215 million, an increase of 8 percent compared to the first quarter last year as reported and 10 percent on a constant currency basis. Revenue in the Americas was $181 million, an increase of 13 percent compared to the first quarter last year. Revenue in Asia Pacific was $132 million, an increase of 15 percent compared to the first quarter last year as reported and 11 percent on a constant currency basis. Revenue from emerging economies was $77 million, an increase of 13 percent compared to the first quarter last year as reported and 13 percent on a constant currency basis. Revenue from emerging economies represented 15 percent of total revenue in the first 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 $211 million, an increase of 15 percent compared to the first quarter last year. Revenue from the Architecture, Engineering and Construction business segment was $141 million, an increase of 3 percent compared to the first quarter last year. Revenue from the Manufacturing business segment was $123 million, an increase of 14 percent compared to the first quarter last year. Revenue from the Media and Entertainment business segment was $53 million, an increase of 15 percent compared to the first quarter last year.

“The combination of solid revenue growth and continued focus on cost controls resulted in a strong increase in profitability and better than expected cash flow from operating activities,” said Mark Hawkins, Autodesk Executive Vice President, Chief Financial Officer. “Over the past several quarters we have made steady improvement to our operating margin. We are focused on driving further margin expansion while balancing investments in future growth opportunities.”

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.

Second Quarter Fiscal 2012

Net revenue for the second quarter of fiscal 2012 is expected to be in the range of $530 million and $545 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 $0.37 and $0.41 and exclude $0.08 related to stock-based compensation expense, and $0.04 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 12 percent compared to fiscal 2011. Autodesk anticipates fiscal 2012 GAAP and non-GAAP operating margins to increase by at least 200 basis points compared to fiscal 2011. Non-GAAP operating margin excludes approximately 60 basis points of restructuring charges, 20 basis points of amortization of acquisition related intangibles, and negative 50 basis points of stock-based compensation expense.

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