Autodesk Reports 14 Percent Year over Year Revenue Growth

Significant Operating Margin, Profitability, and Cash Flow Growth

SAN RAFAEL, Calif. — (BUSINESS WIRE) — August 12, 2010Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the second quarter of fiscal 2011.

  • Revenue was $473 million, an increase of 14 percent compared to the second quarter of fiscal 2010 and approximately flat sequentially.
  • GAAP operating margin was 17 percent, compared to 1 percent in the second quarter last year and 11 percent in the first quarter of fiscal 2011.
  • Non-GAAP operating margin was 25 percent, compared to 16 percent in the second quarter last year and 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 $0.25, compared to GAAP diluted earnings per share of $0.05 in the second quarter of fiscal 2010 and GAAP diluted earnings per share of $0.16 in the first quarter of fiscal 2011.
  • Non-GAAP diluted earnings per share were $0.36, compared to non-GAAP diluted earnings per share of $0.24 in the second quarter of fiscal 2010, and non-GAAP diluted earnings per share of $0.29 in the first quarter of fiscal 2011.
  • Operating cash flow was $112 million, an increase of 136 percent compared to the second quarter last year and a 20 percent decrease sequentially.

“Our focus on growing our revenue base while controlling costs resulted in better than expected revenue and profitability in the second quarter," said Carl Bass, Autodesk president and CEO. “Although the pace of the global recovery is varied by country, we are pleased that we achieved revenue growth in all of our major geographies. We experienced strong year-over-year growth in many key areas including operating margin, revenue from commercial new licenses, and cash flow from operations. Our results reflect the traction that we are gaining in both new and existing accounts.”

Operational Overview

The following sequential revenue comparisons were negatively impacted by a one-time benefit of approximately $15 million in upgrade revenue related promotions and a price change in the first quarter.

EMEA revenue was $189 million and increased 20 percent compared to the second quarter of fiscal 2010 as reported and 19 percent on a constant currency basis. EMEA revenue decreased 5 percent sequentially as reported and 4 percent on a constant currency basis.

Revenue in the Americas was $168 million and increased 6 percent compared to the second quarter of fiscal 2010 and 4 percent sequentially.

Revenue in Asia Pacific was $116 million and increased 17 percent compared to the second quarter of fiscal 2010 as reported and 14 percent on a constant currency basis. Revenue in Asia Pacific increased 1 percent sequentially as reported and 2 percent on a constant currency basis.

Revenue from emerging economies was $71 million, an increase of 13 percent compared to the second quarter of fiscal 2010 as reported and 14 percent on a constant currency basis. Revenue from emerging economies increased 5 percent sequentially as reported and 6 percent on a constant currency basis. Revenue from emerging economies represented 15 percent of total revenue in the second 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 $177 million, an increase of 19 percent compared to the second quarter last year and a decrease of 3 percent sequentially. Revenue from the AEC business segment was $133 million, an increase of 8 percent compared to the second quarter last year and a decrease of 3 percent sequentially. Revenue from the Manufacturing business segment was $113 million, an increase of 18 percent compared to the second quarter last year and 4 percent sequentially. Revenue from the Media and Entertainment business segment was $50 million, an increase of 6 percent compared to the second quarter last year and 8 percent sequentially.

Second quarter operating margins improved significantly year-over-year. The 16 percentage point improvement in GAAP operating margin was driven primarily by higher revenue and lower restructuring charges in the current quarter. The 9 percentage point year-over-year improvement in non-GAAP operating margin was driven primarily by higher revenue.

Cash flow from operations was $112 million in the second quarter this year. Autodesk’s cash and investments balance at the end of the second quarter was $1.3 billion.

“In the first half of fiscal 2011 we achieved significant year-over-year growth in revenue, cash flow and EPS,” continued Bass. “As we enter the second half of fiscal 2011, we are optimistic about continued revenue growth opportunities and believe that we will deliver significant growth in annual operating margins over the prior year. We will also balance our cost control with essential investments in the business with a focus on revenue generating 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. Autodesk is only providing revenue and earnings per share guidance for its fiscal third quarter of 2011 at this time.

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