All business segments performed well, with manufacturing setting a quarterly record. Starting next quarter Autodesk will change how it reports product sales.
Autodesk (NASDAQ: ADSK) reported a strong fourth quarter and fiscal year, but has yet to catch up in most categories with its pre-recession results. AEC sales were stronger than expected, and the manufacturing division set a quarterly revenue record.
For the fourth quarter of fiscal 2011, ending January 31, 2011, revenue was $528 million, up 16% compared to the fourth quarter of fiscal 2010. For all of fiscal 2011 revenue was $1.95 billion, up 14% compared to fiscal 2010. The results are still below the $2.31 billion of fiscal 2009 (the 12 months ending January 2009).
Net income for the quarter was $61.6 million.
Fourth quarter revenue by geographies:
- Europe-Middle East-Africa, $212 million, up 13% from a year earlier and up 22% on a constant currency basis.
- Americas, $193 million, up 15% from 4Q10.
- Asia-Pacific, $123 million, up 22% from 4Q10 and 20% on a constant currency basis.
- Emerging economies, $85 million, up 16% from 4Q10 and up 20% on a constant currency basis. Revenue from emerging economies represented 16% of total revenue in the fourth quarter.
Fourth quarter revenue by business segment:
- Platform Solutions and Emerging Business, $181 million, up 10% from 4Q10.
- AEC, $162 million, up 18% from 4Q10.
- Manufacturing, a record $133 million, up 23% from 4Q10.
- Media and Entertainment, $52 million, up12% from 4Q10. M&E is still way below its record quarter of $73 million in 3Q09.
Full year results
Revenue for all of fiscal 2011 (February 1, 2010 – January 31, 2011) was $1.95 billion, up 14% compared to fiscal 2010.
Net income for the year was $212 million.
Annual results by business segment, compared to fiscal year 2010:
- Platform Solutions and Emerging Business, up 15%
- AEC, up 11%
- Manufacturing, up 22%
- Media and Entertainment, up 5%.
Cash per share on January 31, 2011 was $5.60, up from $5.00 three months earlier, continuing a four-quarter upward trend.
Revenue guidance for fiscal year 2012
For the first quarter of fiscal 2012 (ending April 30, 2012), Autodesk expects earnings of between $510 million and $525 million. For all of fiscal 2012 Autodesk is forecasting revenue to be up approximately 10% compared to FY2011.
Suite reporting change
Starting next quarter Autodesk will change how it reports product sales. Instead of reporting for model-based (such as Inventor or Revit), horizontal (such as AutoCAD), or vertical products (such as AutoCAD Electrical), it will report “Flagship,” “Suites,” and “New and Adjacent” products.
Using these new metrics on the current quarter, revenue from Flagship products was $307 million, up 13% from 4Q10; revenue from Suites was $126 million, up 28% from 4Q10. Revenue from New and Adjacent products was $95 million, up 9% from 4Q10.
Suites revenue and growth is comprised primarily of revenue from pre-existing suites, such as Inventor family suites and Revit family suites, not recently introduced suites. Over the next several quarters and years Autodesk plans to introduce additional suites which, when introduced, will be included in the Suites revenue metric.
What we think
Dassault Systèmes edged out Autodesk for total revenues in 2010, but taking services out of Dassault Systèmes, both companies were about even. If Autodesk continues to snap back, it just might pass Dassault Systèmes next year. Reaching pre-recession revenue is a bigger challenge; Autodesk must grow 18.5% next year just to match its 2008 revenues.
Ten of our custom charts follow, including a new one tracking AutoCAD annual sales.
Jon Peddie Research Contribuing Analyst L. Stephen Wolfe, P.E. contributed research to this report.
