Full Year Fiscal 2011
- Revenue was $1.95 billion, an increase of 14 percent compared to fiscal 2010.
- GAAP operating margin was 14 percent, compared to 4 percent in fiscal 2010.
- Non-GAAP operating margin was 21 percent, an increase of 480 basis points compared to 17 percent in fiscal 2010.
- GAAP diluted earnings per share were $0.90, compared to diluted earnings per share of $0.25 in fiscal 2010.
- Non-GAAP diluted earnings per share were $1.32, compared to non-GAAP diluted earnings per share of $0.99 in fiscal 2010.
- Cash flow from operations was $541 million, an increase of 119 percent compared to fiscal 2010.
“After a challenging fiscal 2010, we experienced a healthy rebound in global demand for our software solutions in fiscal 2011,” continued Bass. “We made significant progress in growing our business and profitability, and our employees and partners are to be congratulated on their efforts. As we head into fiscal 2012, Autodesk is well positioned to build on the success of the past year and drive towards our 5-year targets.”
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 not able to provide 5-year targets for GAAP operating margins at this time because of the difficulty of estimating excluded GAAP items that would affect our operating margin, including charges related to stock-based compensation expense and amortization of acquisition related intangibles.
First Quarter Fiscal 2012
Net revenue for the first quarter of fiscal 2012 is expected to be in the range of $510 million and $525 million. GAAP earnings per diluted share are expected to be in the range of $0.21 and $0.24. Non-GAAP earnings per diluted share are expected to be in the range of $0.34 and $0.37 and exclude $0.08 related to stock-based compensation expense, and $0.05 for the amortization of acquisition related intangibles, net of tax.
First quarter outlook includes the impact of the two recently announced acquisitions, which are expected to close in the quarter.
Full Year Fiscal 2012
Net revenue for fiscal 2012 is expected to increase by approximately 10 percent compared to fiscal 2011. Autodesk anticipates fiscal 2012 GAAP operating margin to increase by approximately 220 basis points compared to fiscal 2011. Autodesk anticipates fiscal 2012 non-GAAP operating margin to increase by approximately 200 basis points compared to fiscal 2011. Non-GAAP operating margin excludes approximately 20 basis points of operating margin improvement consisting of 60 basis points of restructuring charges, 10 basis points of amortization of acquisition related intangibles, and negative 50 basis points of stock-based compensation expense. Operating margin growth is anticipated to return to typical linearity during the year. Autodesk is not providing specific EPS guidance for fiscal 2012 at this time.
Fiscal 2012 outlook includes the impact of the two recently announced acquisitions, which are expected to close in the first quarter of fiscal 2012. Outlook assumes effective tax rate of approximately 24 percent for GAAP results and approximately 26 percent for non-GAAP results.
Earnings Conference Call and Webcast
Autodesk will host its fourth quarter conference call today at 5:00 p.m. EST. The live broadcast can be accessed at http://www.autodesk.com/investors. Supplemental financial information and prepared remarks for the conference call will be posted to the investor relations section of Autodesk’s website simultaneously with this press release.
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 7:00 pm EST at http://www.autodesk.com/investors. This replay will be maintained on Autodesk’s website for at least 12 months.
Safe Harbor Statement
This press release contains forward-looking statements that involve
risks and uncertainties, including statements in the paragraphs under
“Business Outlook” above, statements regarding anticipated market,
economic, product and revenue trends, revenue, margin, earnings and cash
flow improvement, and other statements regarding our expected
strategies, market and products positions, performance, results and our
5-year revenue and non-GAAP operating margin targets. 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, economic and business conditions, our performance in
particular geographies, including emerging economies, failure to
maintain cost reductions and productivity increases or otherwise control
our expenses, slowing momentum in maintenance billings or revenues,
failure to successfully expand adoption of our products, failure to
successfully incorporate sales of products suites into our overall sales
strategy, 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 Autodesk consultants,
the expense and impact of legal or regulatory proceedings, and any
unanticipated accounting charges.
