Deferred Revenue Grows 16 Percent

Suites Revenue Grows 17 Percent

SAN RAFAEL, Calif. — (BUSINESS WIRE) — February 25, 2013 — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the fourth quarter and full fiscal year ended January 31, 2013.

Fourth Quarter Fiscal 2013

• Revenue was $607 million, an increase of 2 percent compared to the fourth quarter of fiscal 2012.
• GAAP operating margin was 14 percent, compared to 15 percent in the fourth quarter of fiscal 2012.
• Non-GAAP operating margin increased by approximately 140 basis points to 25 percent, compared with 24 percent in the fourth quarter of fiscal 2012. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
• GAAP diluted earnings per share were $0.32, compared to $0.31 in the fourth quarter of fiscal 2012.
• Non-GAAP diluted earnings per share were $0.53, compared to $0.46 in the fourth quarter of fiscal 2012.
• Deferred revenue increased 16 percent to a record $835 million, compared to the fourth quarter of fiscal 2012.
• Cash flow from operating activities was $156 million, compared to $175 million in the fourth quarter of fiscal 2012.

Fiscal 2013

• Revenue increased 4 percent to $2.3 billion, compared to fiscal 2012.
• Record total billings and maintenance billings.
• GAAP operating margin decreased to 13 percent, compared to 16 percent in fiscal 2012.
• Non-GAAP operating margin increased approximately 135 basis points to 25 percent, compared to 24 percent in fiscal 2012.
• GAAP diluted earnings per share were $1.07, compared to diluted earnings per share of $1.22 in fiscal 2012.
• Non-GAAP diluted earnings per share were an historic high of $1.94, compared to non-GAAP diluted earnings per share of $1.74 in fiscal 2012.
• Cash flow from operations was $559 million, a decrease of 3 percent compared to fiscal 2012.

"We are pleased with our stronger than expected fourth quarter results,” said Carl Bass, Autodesk president and CEO. “While the global economic picture remains mixed, we ended the year strong, driven by increasing demand for our design and creation suites, record revenue in our AEC and manufacturing business segments, and strong large deal volume.

“Our ongoing cost management measures, which we consider as simply running the business wisely, contributed to the delivery of meaningful non-GAAP operating margin improvement for the year,” continued Bass. "We achieved record non-GAAP EPS despite a mixed economy and lower than expected revenue growth. We also made meaningful progress on our 360 family of cloud based products, which we believe positions us and our customers for success in the future. Looking forward to fiscal 2014, we are continuing to lead the industry in innovation and drive revenue and profitability growth."

Fourth Quarter Operational Overview

EMEA revenue was $238 million, an increase of 2 percent compared to the fourth quarter last year as reported and an increase of 7 percent on a constant currency basis. Revenue in the Americas was $221 million, a decrease of 2 percent compared to the fourth quarter last year as reported. Revenue in Asia Pacific was $148 million, an increase of 11 percent compared to the fourth quarter last year as reported and 12 percent on a constant currency basis. Revenue from emerging economies was $84 million, a decrease of 11 percent compared to the fourth quarter last year as reported and 9 percent on a constant currency basis. Revenue from emerging economies represented 14 percent of total revenue in the fourth quarter.

Revenue from the Platform Solutions and Emerging Business segment was $198 million, a decrease of 7 percent compared to the fourth quarter last year. Revenue from the AEC business segment was $207 million, an increase of 18 percent compared to the fourth quarter last year. Revenue from the Manufacturing business segment was $155 million, an increase of 5 percent compared to the fourth quarter last year. Revenue from the Media and Entertainment business segment was $47 million, a decrease of 16 percent compared to the fourth quarter last year.

Revenue from Flagship products was $328 million, a decrease of 1 percent compared to the fourth quarter last year. Revenue from Suites was $189 million, an increase of 17 percent compared to the fourth quarter last year. Revenue from New and Adjacent products was $90 million, a decrease of 10 percent compared to the fourth quarter last year.

Fourth quarter results included a one-time benefit of approximately $24 million in revenue related to a promotion that was run in advance of an increase in upgrade pricing.

Deferred revenue at the end of the fourth quarter was a record high of $835 million, an increase of 16 percent compared to the fourth quarter last year.

“We achieved strong non-GAAP operating margin expansion in the fourth quarter and the fiscal year, driven by revenue growth and our ongoing focus on cost controls while continuing to make key investments in our business,” said Mark Hawkins, Autodesk executive vice president and CFO. "Our balance sheet remains exceptionally strong as maintenance billings contributed to a record deferred revenue balance. During the fourth quarter, we also raised $750 million in our debt IPO, strengthening our domestic cash balance and providing Autodesk with greater financial flexibility.”