Autodesk Reports 12 Percent Fourth Quarter Revenue Growth
14% revenue growth and 36% EPS growth in fiscal 2012
Fourth Quarter Fiscal 2012
-
Revenue was
$592 million , an increase of 12 percent compared to the fourth quarter of fiscal 2011. - GAAP operating margin was 15 percent, compared to 14 percent in the fourth quarter of fiscal 2011.
- Non-GAAP operating margin was 24 percent, compared to 20 percent in the fourth quarter of fiscal 2011. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
-
GAAP diluted earnings per share were
$0.31 , compared to$0.26 in the fourth quarter of fiscal 2011. -
Non-GAAP diluted earnings per share were
$0.46 , compared to$0.35 in the fourth quarter of fiscal 2011. -
Cash flow from operating activities was
$175 million , compared to$176 million in the fourth quarter of fiscal 2011.
Full Year Fiscal 2012
-
Revenue was
$2.22 billion , an increase of 14 percent compared to fiscal 2011. - GAAP operating margin was 16 percent, compared to 14 percent in fiscal 2011.
- Non-GAAP operating margin was 24 percent, compared to 21 percent in fiscal 2011.
-
GAAP diluted earnings per share were
$1.22 , compared to$0.90 in fiscal 2011. -
Non-GAAP diluted earnings per share were
$1.74 , compared to$1.32 in fiscal 2011. -
Cash flow from operating activities was
$574 million , compared to$541 million in fiscal 2011.
“Our strong fourth quarter performance capped a terrific year for
Autodesk,” said
“We’re proud of the strong revenue and profitability growth that we
delivered in fiscal 2012,” continued Bass. “We made progress on all of
our key initiatives including accelerating our cloud-based initiatives
and launching our new design and creation suites, which we believe
positions
Fourth Quarter Operational Overview
EMEA revenue was
Revenue from the Platform Solutions and Emerging Business segment was
“Our strong fourth quarter results topped an excellent year of
consistent performance and growth,” said
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. Autodesk’s business outlook for the first quarter and full year fiscal 2013 assumes a continuation of the current economic environment and foreign exchange currency rate environment.
First Quarter Fiscal 2013
| 1Q FY13 Guidance Metrics | 1Q FY13 (ending April 30, 2012) | |||
| Revenue (in millions) | $575 to $590 | |||
| EPS - GAAP | $0.29 to $0.31 | |||
| EPS - Non-GAAP | $0.46 to $0.48 |
Non-GAAP earnings per diluted share exclude
Full Year Fiscal 2013
Net revenue for fiscal 2013 is expected to increase by at least 10
percent compared to fiscal 2012.
Both first quarter fiscal 2013 and full year fiscal 2013 outlooks assume
an effective tax rate of approximately 26.5 percent for both GAAP and
non-GAAP results. This rate does not include the federal R&D tax credit
benefit, which expired on
Earnings Conference Call and Webcast
NOTE: The prepared remarks will not be read on the conference call. The conference call will include only brief remarks followed by questions and answers.
A replay of the broadcast will be available at
Safe Harbor Statement
This press release contains forward-looking statements that involve
risks and uncertainties, including statements regarding increased
shareholder value with continued revenue and profitability growth,
statements in the paragraphs under “Business Outlook” above, and other
statements regarding our expected strategies, market and products
positions, performance, and results. There are a significant number of
factors that could cause actual results to differ materially from
statements made in this press release, including: general market,
political, economic and business conditions, failure to maintain our
revenue growth and profitability, our performance in particular
geographies, including emerging economies, failure to successfully
incorporate sales of licenses of products suites into our overall sales
strategy, failure to successfully expand adoption of our products,
failure to maintain cost reductions and productivity increases or
otherwise control our expenses, slowing momentum in maintenance billings
or revenues, difficulties encountered in integrating new or acquired
businesses and technologies, the inability to identify and realize the
anticipated benefits of acquisitions, the financial and business
condition of our reseller and distribution channels, fluctuation in
foreign currency exchange rates, the success of our foreign currency
hedging program, failure to achieve sufficient sell-through in our
channels for new or existing products, pricing pressure, unexpected
fluctuations in our tax rate, the timing and degree of expected
investments in growth and efficiency opportunities, changes in the
timing of product releases and retirements, failure of key new
applications to achieve anticipated levels of customer acceptance,
failure to achieve continued success in technology advancements,
interruptions or terminations in the business of
Further information on potential factors that could affect the financial
results of
About
Autodesk AutoCAD and AutoCAD LT are registered trademarks or
trademarks of
© 2012
|
Autodesk, Inc. |
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| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (In millions, except per share data) | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| January 31, | January 31, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Net revenue: | ||||||||||||||||
| License and other | $ | 370.2 | $ | 329.6 | $ | 1,357.6 | $ | 1,172.1 | ||||||||
| Maintenance | 222.2 | 198.1 | 858.0 | 779.7 | ||||||||||||
| Total net revenue | 592.4 | 527.7 | 2,215.6 | 1,951.8 | ||||||||||||
| Cost of revenue: | ||||||||||||||||
| Cost of license and other revenue | 48.3 | 40.2 | 187.1 | 162.2 | ||||||||||||
| Cost of maintenance revenue | 9.2 | 8.2 | 42.0 | 34.4 | ||||||||||||
| Total cost of revenue | 57.5 | 48.4 | 229.1 | 196.6 | ||||||||||||
| Gross profit | 534.9 | 479.3 | 1,986.5 | 1,755.2 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Marketing and sales | 233.5 | 226.9 | 842.6 | 776.0 | ||||||||||||
| Research and development | 149.5 | 126.9 | 566.5 | 496.2 | ||||||||||||
| General and administrative | 60.1 | 52.1 | 223.1 | 200.8 | ||||||||||||
| Restructuring | - | 1.8 | (1.3 | ) | 10.8 | |||||||||||
| Total operating expenses | 443.1 | 407.7 | 1,630.9 | 1,483.8 | ||||||||||||
| Income from operations | 91.8 | 71.6 | 355.6 | 271.4 | ||||||||||||
|
Interest and other income, net |
1.1 | 1.4 | 7.3 | 0.6 | ||||||||||||
| Income before income taxes | 92.9 | 73.0 | 362.9 | 272.0 | ||||||||||||
| Provision for income taxes | (20.9 | ) | (11.4 | ) | (77.6 | ) | (60.0 | ) | ||||||||
| Net income | $ | 72.0 | $ | 61.6 | $ | 285.3 | $ | 212.0 | ||||||||
| Basic net income per share | $ | 0.32 | $ | 0.27 | $ | 1.25 | $ | 0.93 | ||||||||
| Diluted net income per share | $ | 0.31 | $ | 0.26 | $ | 1.22 | $ | 0.90 | ||||||||
|
|
||||||||||||||||
|
Weighted average shares used in computing basic net income per share |
226.1 | 227.0 | 227.7 | 227.6 | ||||||||||||
|
Weighted average shares used in computing diluted net income per share |
231.5 | 235.0 | 233.3 | 234.2 | ||||||||||||
| Autodesk, Inc. | ||||||||
|
Condensed Consolidated Balance Sheets |
||||||||
| (In millions) | ||||||||
| January 31, | January 31, | |||||||
| 2012 | 2011 | |||||||
| (Unaudited) | ||||||||
| ASSETS: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,156.9 | $ | 1,075.1 | ||||
| Marketable securities | 254.4 | 199.2 | ||||||
| Accounts receivable, net | 395.1 | 318.4 | ||||||
| Deferred income taxes | 30.1 | 56.8 | ||||||
| Prepaid expenses and other current assets | 59.4 | 64.8 | ||||||
| Total current assets | 1,895.9 | 1,714.3 | ||||||
| Marketable securities | 192.8 | 192.6 | ||||||
| Computer equipment, software, furniture and leasehold improvements, net | 104.5 | 84.5 | ||||||
| Purchased technologies, net | 84.6 | 57.2 | ||||||
| Goodwill | 682.4 | 554.1 | ||||||
| Deferred income taxes, net | 135.8 | 90.7 | ||||||
| Other assets | 131.8 | 94.2 | ||||||
| $ | 3,227.8 | $ | 2,787.6 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 89.3 | $ | 76.8 | ||||
| Accrued compensation | 183.9 | 193.1 | ||||||
| Accrued income taxes | 14.4 | 28.6 | ||||||
| Deferred revenue | 582.3 | 496.2 | ||||||
| Other accrued liabilities | 84.2 | 75.1 | ||||||
| Total current liabilities | 954.1 | 869.8 | ||||||
| Deferred revenue | 136.9 | 91.7 | ||||||
| Long term income taxes payable | 174.8 | 139.1 | ||||||
| Other liabilities | 79.1 | 77.7 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock | - | - | ||||||
| Common stock and additional paid-in capital | 1,365.4 | 1,267.2 | ||||||
| Accumulated other comprehensive income (loss) | 5.9 | (0.6 | ) | |||||
| Retained earnings | 511.6 | 342.7 | ||||||
| Total stockholders' equity | 1,882.9 | 1,609.3 | ||||||
| $ | 3,227.8 | $ | 2,787.6 | |||||
| Autodesk, Inc. | |||||||||
|
Condensed Consolidated Statements of Cash Flows |
|||||||||
| (In millions) | |||||||||
| Twelve Months Ended | |||||||||
| January 31, | |||||||||
| 2012 | 2011 | ||||||||
| (Unaudited) | |||||||||
| Operating activities: | |||||||||
| Net income | $ | 285.3 | $ | 212.0 | |||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
| Depreciation and amortization | 115.5 | 105.4 | |||||||
| Stock-based compensation expense | 108.8 | 80.7 | |||||||
| Excess tax benefits from stock-based compensation | (31.5 | ) | - | ||||||
| Restructuring (benefits) charges, net | (1.3 | ) | 10.8 | ||||||
|
Changes in operating assets and liabilities, net of business combinations |
96.7 | 131.9 | |||||||
| Net cash provided by operating activities | 573.5 | 540.8 | |||||||
| Investing activities: | |||||||||
| Purchases of marketable securities | (614.2 | ) | (507.2 | ) | |||||
| Sales of marketable securities | 149.5 | 135.3 | |||||||
| Maturities of marketable securities | 409.6 | 275.4 | |||||||
| Capital Expenditures | (63.0 | ) | (28.3 | ) | |||||
|
Acquisitions, net of cash acquired |
(221.7 | ) | (13.5 | ) | |||||
| Other investing activities | (30.5 | ) | (4.0 | ) | |||||
| Net cash used in investing activities | (370.3 | ) | (142.3 | ) | |||||
| Financing activities: | |||||||||
| Proceeds from issuance of common stock, net of issuance costs | 176.1 | 120.9 | |||||||
| Repurchases of common stock | (327.4 | ) | (280.3 | ) | |||||
| Excess tax benefits from stock-based compensation | 31.5 | - | |||||||
| Net cash used in financing activities | (119.8 | ) | (159.4 | ) | |||||
| Effect of exchange rate changes on cash and cash equivalents | (1.6 | ) | (2.7 | ) | |||||
| Net increase in cash and cash equivalents | 81.8 | 236.4 | |||||||
| Cash and cash equivalents at beginning of fiscal year | 1,075.1 | 838.7 | |||||||
| Cash and cash equivalents at end of period | $ | 1,156.9 | $ | 1,075.1 | |||||
| Autodesk, Inc. |
|
Reconciliation of GAAP financial measures to non-GAAP financial measures |
| (In millions, except per share data) |
| To supplement our consolidated financial statements presented on a GAAP basis, Autodesk provides investors with certain non-GAAP measures including non-GAAP net income, non-GAAP net income per share, non-GAAP cost of license and other revenue, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP income from operations and non-GAAP provision for income taxes. These non-GAAP financial measures are adjusted to exclude certain costs, expenses, gains and losses, including stock-based compensation expense, amortization of purchased intangibles, restructuring charges, discrete tax provision items and related income tax expenses. See our reconciliation of GAAP financial measures to non-GAAP financial measures herein. We believe these exclusions are appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future, as well as to facilitate comparisons with our historical operating results. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of Autodesk's underlying operational results and trends and our marketplace performance. For example, the non-GAAP results are an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside our core operating results. In addition, these non-GAAP financial measures are among the primary indicators management uses as a basis for our planning and forecasting of future periods. |
|
There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with generally accepted accounting principles in the United States. Investors should review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release. |
| The following table shows Autodesk's non-GAAP results reconciled to GAAP results included in this release. |
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| January 31, | January 31, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| GAAP cost of license and other revenue | $ | 48.3 | $ | 40.2 | $ | 187.1 | $ | 162.2 | ||||||||
| Stock-based compensation expense | (1.1 | ) | (0.8 | ) | (3.9 | ) | (2.9 | ) | ||||||||
| Amortization of developed technology | (10.3 | ) | (8.1 | ) | (38.0 | ) | (31.9 | ) | ||||||||
| Non-GAAP cost of license and other revenue | $ | 36.9 | $ | 31.3 | $ | 145.2 | $ | 127.4 | ||||||||
| GAAP gross profit | $ | 534.9 | $ | 479.3 | $ | 1,986.5 | $ | 1,755.2 | ||||||||
| Stock-based compensation expense | 1.1 | 0.8 | 3.9 | 2.9 | ||||||||||||
| Amortization of developed technology | 10.3 | 8.1 | 38.0 | 31.9 | ||||||||||||
| Non-GAAP gross profit | $ | 546.3 | $ | 488.2 | $ | 2,028.4 | $ | 1,790.0 | ||||||||
| GAAP marketing and sales | $ | 233.5 | $ | 226.9 | $ | 842.6 | $ | 776.0 | ||||||||
| Stock-based compensation expense | (13.5 | ) | (8.1 | ) | (48.3 | ) | (35.5 | ) | ||||||||
| Non-GAAP marketing and sales | $ | 220.0 | $ | 218.8 | $ | 794.3 | $ | 740.5 | ||||||||
| GAAP research and development | $ | 149.5 | $ | 126.9 | $ | 566.5 | $ | 496.2 | ||||||||
| Stock-based compensation expense | (10.5 | ) | (6.2 | ) | (38.1 | ) | (27.4 | ) | ||||||||
| Non-GAAP research and development | $ | 139.0 | $ | 120.7 | $ | 528.4 | $ | 468.8 | ||||||||
| GAAP general and administrative | $ | 60.1 | $ | 52.1 | $ | 223.1 | $ | 200.8 | ||||||||
| Stock-based compensation expense | (4.9 | ) | (3.3 | ) | (18.5 | ) | (14.9 | ) | ||||||||
|
Amortization of customer relationships and trade names |
(8.3 | ) | (6.2 | ) | (32.3 | ) | (24.0 | ) | ||||||||
| Non-GAAP general and administrative | $ | 46.9 | $ | 42.6 | $ | 172.3 | $ | 161.9 | ||||||||
| GAAP restructuring charges | $ | - | $ | 1.8 | $ | (1.3 | ) | $ | 10.8 | |||||||
| Restructuring charges | - | (1.8 | ) | 1.3 | (10.8 | ) | ||||||||||
| Non-GAAP restructuring charges | $ | - | $ | - | $ | - | $ | - | ||||||||
| GAAP operating expenses | $ | 443.1 | $ | 407.7 | $ | 1,630.9 | $ | 1,483.8 | ||||||||
| Stock-based compensation expense | (28.9 | ) | (17.6 | ) | (104.9 | ) | (77.8 | ) | ||||||||
|
Amortization of customer relationships and trade names |
(8.3 | ) | (6.2 | ) | (32.3 | ) | (24.0 | ) | ||||||||
| Restructuring charges | - | (1.8 | ) | 1.3 | (10.8 | ) | ||||||||||
| Non-GAAP operating expenses | $ | 405.9 | $ | 382.1 | $ | 1,495.0 | $ | 1,371.2 | ||||||||
| GAAP income from operations | $ | 91.8 | $ | 71.6 | $ | 355.6 | $ | 271.4 | ||||||||
| Stock-based compensation expense | 30.0 | 18.4 | 108.8 | 80.7 | ||||||||||||
| Amortization of developed technology | 10.3 | 8.1 | 38.0 | 31.9 | ||||||||||||
|
Amortization of customer relationships and trade names |
8.3 | 6.2 | 32.3 | 24.0 | ||||||||||||
| Restructuring charges | - | 1.8 | (1.3 | ) | 10.8 | |||||||||||
| Non-GAAP income from operations | $ | 140.4 | $ | 106.1 | $ | 533.4 | $ | 418.8 | ||||||||
| GAAP provision for income taxes | $ | (20.9 | ) | $ | (11.4 | ) | $ | (77.6 | ) | $ | (60.0 | ) | ||||
| Discrete GAAP tax provision items | 0.6 | (4.7 | ) | (6.8 | ) | (6.0 | ) | |||||||||
|
Income tax effect of non-GAAP adjustments |
(15.1 | ) | (8.7 | ) | (50.9 | ) | (43.0 | ) | ||||||||
| Non-GAAP provision for income tax | $ | (35.4 | ) | $ | (24.8 | ) | $ | (135.3 | ) | $ | (109.0 | ) | ||||
| GAAP net income | $ | 72.0 | $ | 61.6 | $ | 285.3 | $ | 212.0 | ||||||||
| Stock-based compensation expense | 30.0 | 18.4 | 108.8 | 80.7 | ||||||||||||
| Amortization of developed technology | 10.3 | 8.1 | 38.0 | 31.9 | ||||||||||||
|
Amortization of customer relationships and trade names |
8.3 | 6.2 | 32.3 | 24.0 | ||||||||||||
| Restructuring charges | - | 1.8 | (1.3 | ) | 10.8 | |||||||||||
| Discrete GAAP tax provision items | 0.6 | (4.7 | ) | (6.8 | ) | (6.0 | ) | |||||||||
|
Income tax effect of non-GAAP adjustments |
(15.1 | ) | (8.7 | ) | (50.9 | ) | (43.0 | ) | ||||||||
| Non-GAAP net income | $ | 106.1 | $ | 82.7 | $ | 405.4 | $ | 310.4 | ||||||||
| GAAP diluted net income per share (1) | $ | 0.31 | $ | 0.26 | $ | 1.22 | $ | 0.90 | ||||||||
| Stock-based compensation expense | 0.13 | 0.08 | 0.47 | 0.34 | ||||||||||||
| Amortization of developed technology | 0.04 | 0.04 | 0.16 | 0.14 | ||||||||||||
|
Amortization of customer relationships and trade names |
0.04 | 0.02 | 0.14 | 0.10 | ||||||||||||
| Restructuring charges | - | 0.01 | (0.01 | ) | 0.05 | |||||||||||
| Discrete GAAP tax provision items | - | (0.02 | ) | (0.03 | ) | (0.03 | ) | |||||||||
| Income tax effect of non-GAAP adjustments | (0.06 | ) | (0.04 | ) | (0.21 | ) | (0.18 | ) | ||||||||
| Non-GAAP diluted net income per share (1) | $ | 0.46 | $ | 0.35 | $ | 1.74 | $ | 1.32 | ||||||||
| (1) Earnings per share were computed independently for each of the periods presented; therefore the sum of the earnings per share amounts for the quarters may not equal the total for the year. |
|
Autodesk |
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Other Supplemental Financial Information(a) |
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| Fiscal Year 2012 | QTR 1 | QTR 2 | QTR 3 | QTR 4 | YTD 2012 | |||||||||||||||
| Financial Statistics ($ in millions, except per share data): | ||||||||||||||||||||
| Total Net Revenue | $ | 528 | $ | 546 | $ | 549 | $ | 592 | $ | 2,216 | ||||||||||
| License and Other Revenue | $ | 323 | $ | 333 | $ | 331 | $ | 370 | $ | 1,358 | ||||||||||
| Maintenance Revenue | $ | 205 | $ | 213 | $ | 217 | $ | 222 | $ | 858 | ||||||||||
| GAAP Gross Margin | 90 | % | 89 | % | 89 | % | 90 | % | 90 | % | ||||||||||
| Non-GAAP Gross Margin (1)(2) | 91 | % | 91 | % | 91 | % | 92 | % | 92 | % | ||||||||||
| GAAP Operating Expenses | $ | 395 | $ | 394 | $ | 399 | $ | 443 | $ | 1,631 | ||||||||||
| GAAP Operating Margin | 15 | % | 17 | % | 16 | % | 15 | % | 16 | % | ||||||||||
| GAAP Net Income | $ | 69 | $ | 71 | $ | 73 | $ | 72 | $ | 285 | ||||||||||
| GAAP Diluted Net Income Per Share (c) | $ | 0.29 | $ | 0.30 | $ | 0.32 | $ | 0.31 | $ | 1.22 | ||||||||||
| Non-GAAP Operating Expenses (1)(3) | $ | 364 | $ | 360 | $ | 366 | $ | 406 | $ | 1,495 | ||||||||||
| Non-GAAP Operating Margin (1)(4) | 23 | % | 25 | % | 25 | % | 24 | % | 24 | % | ||||||||||
| Non-GAAP Net Income (1)(5) | $ | 94 | $ | 104 | $ | 102 | $ | 106 | $ | 405 | ||||||||||
| Non-GAAP Diluted Net Income Per Share (1)(6)(c) | $ | 0.40 | $ | 0.44 | $ | 0.44 | $ | 0.46 | $ | 1.74 | ||||||||||
| Total Cash and Marketable Securities | $ | 1,526 | $ | 1,553 | $ | 1,534 | $ | 1,604 | $ | 1,604 | ||||||||||
| Days Sales Outstanding | 47 | 49 | 43 | 61 | 61 | |||||||||||||||
| Capital Expenditures | $ | 23 | $ | 17 | $ | 9 | $ | 14 | $ | 63 | ||||||||||
| Cash Flow from Operating Activities | $ | 128 | $ | 132 | $ | 138 | $ | 175 | $ | 574 | ||||||||||
| GAAP Depreciation and Amortization | $ | 25 | $ | 30 | $ | 31 | $ | 30 | $ | 116 | ||||||||||
| Deferred Maintenance Revenue Balance | $ | 543 | $ | 566 | $ | 553 | $ | 633 | $ | 633 | ||||||||||
| Revenue by Geography (in millions): | ||||||||||||||||||||
| Americas | $ | 181 | $ | 191 | $ | 200 | $ | 226 | $ | 799 | ||||||||||
| Europe, Middle East and Africa | $ | 215 | $ | 212 | $ | 202 | $ | 234 | $ | 862 | ||||||||||
| Asia Pacific | $ | 132 | $ | 143 | $ | 146 | $ | 133 | $ | 555 | ||||||||||
| % of Total Rev from Emerging Economies | 15 | % | 16 | % | 16 | % | 16 | % | 16 | % | ||||||||||
| Revenue by Segment (in millions): | ||||||||||||||||||||
| Platform Solutions and Emerging Business | $ | 211 | $ | 199 | $ | 210 | $ | 214 | $ | 833 | ||||||||||
| Architecture, Engineering and Construction | $ | 141 | $ | 158 | $ | 152 | $ | 175 | $ | 626 | ||||||||||
| Manufacturing | $ | 123 | $ | 136 | $ | 134 | $ | 148 | $ | 540 | ||||||||||
| Media and Entertainment | $ | 53 | $ | 54 | $ | 53 | $ | 55 | $ | 216 | ||||||||||
| Other Revenue Statistics: | ||||||||||||||||||||
| % of Total Rev from Flagship | 61 | % | 56 | % | 57 | % | 56 | % | 58 | % | ||||||||||
| % of Total Rev Suites | 23 | % | 29 | % | 27 | % | 27 | % | 27 | % | ||||||||||
| % of Total Rev New and Adjacent | 15 | % | 15 | % | 16 | % | 17 | % | 16 | % | ||||||||||
| % of Total Rev from AutoCAD and AutoCAD LT | 37 | % | 31 | % | 31 | % | 32 | % | 33 | % | ||||||||||
| Upgrade and Crossgrade Revenue (in millions) | $ | 53 | $ | 41 | $ | 37 | $ | 54 | $ | 185 | ||||||||||
| Favorable (Unfavorable) Impact of U.S. Dollar Translation Relative to Foreign | ||||||||||||||||||||
| Currencies Compared to Comparable Prior Year Period (b) (in millions): | ||||||||||||||||||||
| FX Impact on Total Net Revenue | $ | (3 | ) | $ | 8 | $ | 12 | $ | 12 | $ | 29 | |||||||||
| FX Impact on Cost of Revenue and Total Operating Expenses | $ | (9 | ) | $ | (17 | ) | $ | (12 | ) | $ | (5 | ) | $ | (43 | ) | |||||
| FX Impact on Operating Income | $ | (12 | ) | $ | (9 | ) | $ | - | $ | 7 | $ | (14 | ) | |||||||
| Gross Margin by Segment (in millions): | ||||||||||||||||||||
| Platform Solutions and Emerging Business | $ | 199 | $ | 187 | $ | 198 | $ | 204 | $ | 788 | ||||||||||
| Architecture, Engineering and Construction | $ | 128 | $ | 143 | $ | 138 | $ | 161 | $ | 570 | ||||||||||
| Manufacturing | $ | 113 | $ | 124 | $ | 122 | $ | 136 | $ | 496 | ||||||||||
| Media and Entertainment | $ | 43 | $ | 44 | $ | 43 | $ | 45 | $ | 175 | ||||||||||
| Unallocated amounts | $ | (9 | ) | $ | (10 | ) | $ | (12 | ) | $ | (11 | ) | $ | (42 | ) | |||||
| Common Stock Statistics (in millions): | ||||||||||||||||||||
| Common Shares Outstanding | 230.5 | 228.8 | 226.6 | 225.9 | 225.9 | |||||||||||||||
| Fully Diluted Weighted Average Shares Outstanding | 237.1 | 236.6 | 230.7 | 231.5 | 233.3 | |||||||||||||||
| Shares Repurchased | 1.7 | 2.5 | 3.5 | 2.0 | 9.7 | |||||||||||||||
| Installed Base Statistics: | ||||||||||||||||||||
| Maintenance Installed Base (e) | 3,004,000 | 2,985,000 | 3,116,000 | 3,166,000 | 3,166,000 | |||||||||||||||
| (a) Totals may not agree with the sum of the components due to rounding. | ||||||||||
| (b) Effective in the second quarter of fiscal 2012, Autodesk changed the way it calculates constant currency growth rates and foreign currency impact on Total Net Revenue, and Cost of Revenue and Total Operating Expenses. Under the new methodology, all hedging gains and losses are removed from the calculation of constant currency growth rates, where previously Autodesk had not excluded hedging gains and losses from the prior period. Autodesk changed the way it calculates foreign currency impact on Total Net Revenue, and Cost of Revenue and Total Operating Expenses to include the impact of Autodesk's hedging program on both the current and prior period. Autodesk believes these changes are more useful to the users of Autodesk's financial information as they more fully reflect the underlying business growth rates and the impact of movements in foreign currency on Autodesk's U.S. dollar financial results. All prior period comparative information has been revised to conform to the new methodology. | ||||||||||
| QTR 1 | QTR 2 | QTR 3 | QTR 4 | YTD 2012 | ||||||
| Constant currency revenue growth | 12% | 14% | 12% | 10% | 12% | |||||
| (c) Earnings per share were computed independently for each of the periods presented; therefore the sum of the earnings per share amounts for the quarters may not equal the total for the year. | ||||||||||
| (d) Prior period amounts have been changed to conform to current period presentation. | ||||||||||
| (e) Autodesk will no longer provide Maintenance Installed Base beginning in FY 13 | ||||||||||
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Autodesk |
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(1) To supplement our consolidated financial statements presented on a GAAP basis, Autodesk provides investors with certain non-GAAP measures including non-GAAP net income, non-GAAP net income per share, non-GAAP cost of license and other revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP total spend, non-GAAP income from operations and non-GAAP provision for income taxes. These non-GAAP financial measures are adjusted to exclude certain costs, expenses, gains and losses, including stock-based compensation expense, restructuring charges, amortization of purchased intangibles and related income tax expenses. See our reconciliation of GAAP financial measures to non-GAAP financial measures herein. We believe these exclusions are appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future, as well as to facilitate comparisons with our historical operating results. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of Autodesk's underlying operational results and trends and our marketplace performance. For example, the non-GAAP results are an indication of our baseline performance before gains, losses or other charges that are considered by management to be outside our core operating results. In addition, these non-GAAP financial measures are among the primary indicators management uses as a basis for our planning and forecasting of future periods. There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with generally accepted accounting principles in the United States. Investors should review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying Autodesk's press release. |
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| QTR 1 | QTR 2 | QTR 3 | QTR 4 | YTD 2012 | ||||||
| (2) GAAP Gross Margin | 90% | 89% | 89% | 90% | 90% | |||||
| Stock-based compensation expense | 0% | 0% | 0% | 0% | 0% | |||||
| Amortization of developed technology | 1% | 2% | 2% | 2% | 2% | |||||
| Non-GAAP Gross Margin | 91% | 91% | 91% | 92% | 92% | |||||
| (3) GAAP Operating Expenses | $ 395 | $ 394 | $ 399 | $ 443 | $ 1,631 | |||||
| Stock-based compensation expense | (25) | (26) | (25) | (29) | (105) | |||||
| Amortization of customer relationships and trade names | (7) | (9) | (8) | (8) | (32) | |||||
| Restructuring charges | - | 1 | - | - | 1 | |||||
| Non-GAAP Operating Expenses | $ 364 | $ 360 | $ 366 | $ 406 | $ 1,495 | |||||
| (4) GAAP Operating Margin | 15% | 17% | 16% | 15% | 16% | |||||
| Stock-based compensation expense | 5% | 5% | 5% | 5% | 5% | |||||
| Amortization of developed technology | 2% | 2% | 2% | 2% | 2% | |||||
| Amortization of customer relationships and trade names | 1% | 2% | 2% | 2% | 1% | |||||
| Restructuring charges | 0% | 0% | 0% | 0% | 0% | |||||
| Non-GAAP Operating Margin | 23% | 25% | 25% | 24% | 24% | |||||
| (5) GAAP Net Income | $ 69 | $ 71 | $ 73 | $ 72 | $ 285 | |||||
| Stock-based compensation expense | 26 | 27 | 26 | 30 | 109 | |||||
| Amortization of developed technology | 8 | 9 | 11 | 10 | 38 | |||||
| Amortization of customer relationships and trade names | 7 | 9 | 8 | 8 | 32 | |||||
| Restructuring charges | - | (1) | - | - | (1) | |||||
| Discrete GAAP tax provision items | (4) | 1 | (4) | 1 | (7) | |||||
| Income tax effect of non-GAAP adjustments | (12) | (12) | (11) | (15) | (51) | |||||
| Non-GAAP Net Income | $ 94 | $ 104 | $ 102 | $ 106 | $ 405 | |||||
| (6) GAAP Diluted Net Income Per Share | $ 0.29 | $ 0.30 | $ 0.32 | $ 0.31 | $ 1.22 | |||||
| Stock-based compensation expense | 0.11 | 0.12 | 0.11 | 0.13 | 0.47 | |||||
| Amortization of developed technology | 0.03 | 0.04 | 0.05 | 0.04 | 0.16 | |||||
| Amortization of customer relationships and trade names | 0.03 | 0.04 | 0.03 | 0.04 | 0.14 | |||||
| Restructuring charges | - | (0.01) | - | - | (0.01) | |||||
| Discrete GAAP tax provision items | (0.02) | 0.01 | (0.02) | - | (0.03) | |||||
| Income tax effect of non-GAAP adjustments | (0.04) | (0.06) | (0.05) | (0.06) | (0.21) | |||||
| Non-GAAP Diluted Net Income Per Share | $ 0.40 | $ 0.44 | $ 0.44 | $ 0.46 | $ 1.74 | |||||
| Reconciliation for Fiscal 2013: | |||
| The following is a reconciliation of anticipated fiscal 2013 GAAP and non-GAAP operating margins: | |||
| FISCAL 2013 | |||
| GAAP operating margin basis point improvement over prior year |
130 |
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| Stock-based compensation expense | 110 | ||
| Amortization of purchased intangibles | (40 | ) | |
| Non-GAAP operating margin basis point improvement over prior year |
200 |
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Reconciliation for Long Term Operating Margins: |
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Autodesk is not able to provide targets for our long term (ending with fiscal year 2015) GAAP operating margins at this time because of the difficulty of estimating certain items that are excluded from non-GAAP that affect operating margin, such as charges related to stock-based compensation expense and amortization of acquisition related intangibles. |
Source:
Autodesk, Inc.
David Gennarelli, 415-507-6033 (Investors)
david.gennarelli@autodesk.com
Noah
Cole, 503-707-3872 (Press)
noah.cole@autodesk.com