Autodesk closes fiscal year with 12% fourth quarter revenue increase

AEC and manufacturing divisions both set single-quarter revenue records. AEC in North America is finally starting to rebound. Net income for the year was up 35%.

Autodesk Waltham — A 3D heart that once illuminated Times Square in New York City, designed with Autodesk software, now decorates the outside of Autodesk's AEC headquarters in Waltham, Massachusetts. (Source: Waltham News Tribune)

Autodesk (NASDAQ: ADSK) has reported a strong fourth quarter to close its fiscal year, although revenue is still below its pre-recession peak. The company says revenue from its new line of suites is stronger than forecast, with more interest in high-end suites than expected. Revenue from the AEC and manufacturing divisions both set single-quarter records. The stock is down by less than .5% to 38 following the announcement.

In reporting its results, Autodesk often refers to “Flagship,” “Suites,” and “New and Adjacent” product categories. A current list of how Autodesk products fall into these categories is at the end of the article, right above our custom charts.

Fourth quarter results

Total revenue in the fourth quarter of fiscal 2012 (ending January 31, 2012) was $592 million, up 12% compared to the fourth quarter of fiscal 2011. Quarterly revenue by division:

Media and Entertainment: $55 million, up 5.7% from 4Q11;
Manufacturing: $148 million, a single-quarter record, up 11% from 4Q11;
AEC: $175 million, a single-quarter record, up 8% from 4Q11;
Platform: $214 million, up 18% from 4Q11.

Revenue percentages of various products or markets:

Fraction of total revenue from flagship products: 57%
Fraction of total revenue from suites: 27%
Fraction of total revenue from new and adjacent sources: 16%
Fraction of total revenue from AutoCAD and AutoCAD LT: 31%
Fraction of total revenue from emerging economies: 16%

Quarterly revenue by regions:

EMEA revenue: $234 million, up 8% from 4Q11 (constant currencies);
Americas revenue: $226 million, a single quarter record, up 17% from 4Q11;
Asia/Pacific revenue: $133 million, up 3% from 4Q11 (constant currencies);
Emerging economies revenue: $95 million, up 14% from 4Q11 (constant currencies).

Revenue growth in Europe was led by Northern Europe and the emerging economies, offsetting weakness in Southern Europe. In the America, the US, Canada, Mexico, and Brazil were particularly strong. Asia/Pacific growth was diversified. We don’t usually note the ups or downs of sequential quarters, but Autodesk’s A/P revenue spiked last quarter due to a large deal, which means the comparison for Autodesk’s upcoming third quarter will be tough.

ADSK rev analysis by quarters by ADSK — Fiscal year 2012 revenue analysis. (Source: Autodesk)

ADSK rev by biz segment by adsk — Fiscal year 2012 revenue analysis by business segment. (Source: Autodesk)

ADSK rev by geog by quarters by ADSK — Fiscal year 2012 revenue analysis by regions. (Source: Autodesk)

ADSK rev by product type by ADSK — Fiscal year 2012 revenue analysis by product type. (Source: Autodesk)

Net income for 4Q12 was $72 million, up 16.8% from 4Q11.

Fiscal year results

For all of fiscal year 2012 (February 1, 2011—January 31, 2012), Autodesk revenue was $2.22 billion, up 14% from FY2011.

License and other revenue was $1.36 billion, up 16% from FY2011; maintenance revenue was $858 million, up 10% from FY2011.

Annual revenue by regions:

EMEA revenue: $862 million, up 10% from FY2011 (constant currencies);
Americas revenue: $799 million, up 13.9% from FY2011;
Asia/Pacific revenue: $555 million, up 18.6% from FY2011 (constant currencies).

Annual revenue by division:

Media and Entertainment: $216 million, up 9% from FY2011;
Manufacturing: $540 million, up 14.9% from FY2011;
AEC: $626 million, up 10.2% from FY2011;
Platform: $833 million, up 16.3% from FY2011.

Net income for FY2012 was $285.3 million, up 34.5% from FY2011.

Cash per share on January 31, 2012 was $5.10, down from $5.87 three months ago and $6.72 six months ago. Autodesk was on an aggressive acquisition spree last year, accounting for the cash drawdown; it has also increased its R&D spending as a percentage of revenue.

Suites doing well

During a question-and-answer session with financial analysts, Autodesk CEO Carl Bass said the company was not only pleased with how suites are selling, but were surprised to discover the amount of interest in its high-end offerings. All Autodesk suites come in Standard, Premium, and Ultimate. Autodesk expected the most volume would be in the Premium category, which has happened, but did not expect the demand it is experiencing for its Ultimate suites. For a complete guide to Autodesk suites, see the GraphicSpeak article, “Autodesk Suites pricing and contents finalized.”