Autodesk Reports Record Fourth Quarter Revenue

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 ET 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 paragraph under “Business Outlook” above, statements regarding future products, revenue and profitability, 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; failure to maintain cost reductions and productivity increases or otherwise control our expenses; the success of our internal reorganization and restructuring activities; our performance in particular geographies, including emerging economies; the ability of governments around the world to meet their financial and debt obligations, and finance infrastructure projects; failure to successfully incorporate sales of licenses of products suites into our overall sales strategy; weak or negative growth in the industries we serve; failure to successfully expand adoption of our products including key initiatives; 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; dependence on and the timing of large transactions; 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.

Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk's report on Form 10-K for the year ended January 31, 2012 and Forms 10-Q for the quarters ended April 30, 2012, July 31, 2012 and October 31, 2012, which are on file with the U.S. Securities and Exchange Commission. Autodesk does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

About Autodesk

Autodesk, Inc., is a leader in 3D design, engineering and entertainment software. Customers across the manufacturing, architecture, building, construction, and media and entertainment industries - including the last 18 Academy Award winners for Best Visual Effects - use Autodesk software to design, visualize, and simulate their ideas. Since its introduction of AutoCAD software in 1982, Autodesk continues to develop the broadest portfolio of state-of-the-art software for global markets. For additional information about Autodesk, visit www.autodesk.com.

Autodesk and AutoCAD are registered trademarks or trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. Academy Award is a registered trademark of the Academy of Motion Picture Arts and Sciences. All other brand names, product names, or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.

© 2013 Autodesk, Inc. All rights reserved.

 
Autodesk, Inc.
Condensed Consolidated Statements of Operations
(In millions, except per share data)
 
 

Three Months Ended
January 31,

 

Twelve Months Ended
January 31,

2013   2012 2013   2012
(Unaudited) (Unaudited) (Unaudited)
Net revenue:
License and other $ 372.0 $ 370.2 $ 1,390.6 $ 1,357.6
Maintenance 234.9   222.2   921.6   858.0  
Total net revenue 606.9   592.4   2,312.2   2,215.6  
Cost of revenue:
Cost of license and other revenue 52.4 48.3 198.1 187.1
Cost of maintenance revenue 9.6   9.2   40.4   42.0  
Total cost of revenue 62.0   57.5   238.5   229.1  
Gross profit 544.9 534.9 2,073.7 1,986.5
Operating expenses:
Marketing and sales 236.0 233.5 875.5 842.6
Research and development 149.4 149.5 600.0 566.5
General and administrative 67.7 60.1 248.4 223.1
Restructuring charges (benefits), net 7.2     43.9   (1.3 )
Total operating expenses 460.3   443.1   1,767.8   1,630.9  
Income from operations 84.6 91.8 305.9 355.6
Interest and other income, net 1.5   1.1   4.1   7.3  
Income before income taxes 86.1 92.9 310.0 362.9
Provision for income taxes (11.6 ) (20.9 ) (62.6 ) (77.6 )
Net income $ 74.5   $ 72.0   $ 247.4   $ 285.3  
Basic net income per share $ 0.33   $ 0.32   $ 1.09   $ 1.25  
Diluted net income per share $ 0.32   $ 0.31   $ 1.07   $ 1.22  
Weighted average shares used in computing basic net income per share 224.1   226.1   226.4   227.7  
Weighted average shares used in computing diluted net income per share 229.6   231.5   231.7   233.3  
 
Autodesk, Inc.
Condensed Consolidated Balance Sheets
(In millions)
 
  January 31,   January 31,
2013 2012
(Unaudited)
 
ASSETS
Current assets:
Cash and cash equivalents $ 1,612.2 $ 1,156.9
Marketable securities 342.1 254.4
Accounts receivable, net 495.1 395.1
Deferred income taxes 42.2 30.1
Prepaid expenses and other current assets 60.8   59.4
Total current assets 2,552.4   1,895.9
Marketable securities 411.1 192.8
Computer equipment, software, furniture and leasehold improvements, net 114.9 104.5
Purchased technologies, net 76.0 84.6
Goodwill 871.5 682.4
Deferred income taxes, net 122.8 135.8
Other assets 159.7   131.8
$ 4,308.4   $ 3,227.8
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 94.2 $ 89.3
Accrued compensation 189.6 183.9
Accrued income taxes 13.9 14.4
Deferred revenue 647.0 582.3
Other accrued liabilities 99.0   84.2
Total current liabilities 1,043.7   954.1
Deferred revenue 187.6 136.9
Long term income taxes payable 194.2 174.8
Long term notes payable, net of discount 745.6
Other liabilities 94.1 79.1
Commitments and contingencies
Stockholders’ equity:
Preferred stock
Common stock and additional paid-in capital 1,449.8 1,365.4
Accumulated other comprehensive (loss) income (5.7 ) 5.9
Retained earnings 599.1   511.6
Total stockholders’ equity 2,043.2   1,882.9
$ 4,308.4   $ 3,227.8
 
Autodesk, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
 
  Twelve Months Ended January 31,
2013   2012
(Unaudited)
Operating activities:
Net income $ 247.4 $ 285.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion 127.8 115.5
Stock-based compensation expense 156.3 108.8
Excess tax benefits from stock-based compensation (12.9 ) (31.5 )
Restructuring charges (benefits), net 43.9 (1.3 )

Other operating activities

6.7 (0.3 )
Changes in operating assets and liabilities, net of business combinations (10.1 ) 97.0  
Net cash provided by operating activities 559.1   573.5  
Investing activities:
Purchases of marketable securities (1,397.7 ) (614.2 )
Sales of marketable securities 332.9 149.5
Maturities of marketable securities 764.8 409.6
Capital expenditures (56.4 ) (63.0 )
Acquisitions, net of cash acquired (263.7 ) (221.7 )
Other investing activities (27.1 ) (30.5 )
Net cash used in investing activities (647.2 ) (370.3 )
Financing activities:
Proceeds from issuance of common stock, net of issuance costs 220.2 176.1
Repurchases of common stock (431.2 ) (327.4 )
Draws on line of credit 110.0
Proceeds from debt, net of discount 745.6
Repayments of line of credit (110.0 )
Excess tax benefits from stock-based compensation 12.9 31.5
Other financing activities (6.1 )  
Net cash provided by (used in) financing activities 541.4   (119.8 )
Effect of exchange rate changes on cash and cash equivalents 2.0   (1.6 )
Net increase in cash and cash equivalents 455.3 81.8
Cash and cash equivalents at beginning of fiscal year 1,156.9   1,075.1  
Cash and cash equivalents at end of fiscal year $ 1,612.2   $ 1,156.9  

« Previous Page 1 | 2 | 3 | 4 | 5 | 6  Next Page »



Review Article Be the first to review this article

Airbus

Featured Video
Jobs
GIS Analyst II for Air Worldwide at Boston, MA
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
Senior Structural Engineer for Design Everest at San Francisco, CA
Upcoming Events
RoboUniverse San Diego at San Diego CA - Dec 14 - 15, 2016
DGI 2017 at QEII Centre London United Kingdom - Jan 23 - 25, 2017
Geospatial World Forum 2017 Hyderabad at Hyderabad International Convention Center P.O Bag 1101, Cyberabad Post Office Hyderabad Telangana India - Jan 23 - 25, 2017
GMP Compliance for Quality Control Laboratories 2016 at Andheri Kurla Road, Sahar Village, Andheri-Kurla Road, Mumbai, Maharashtra 40005 Mumbai, Maharashtra India - Jan 23 - 24, 2017
Trimble
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy