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Autodesk Inc. (ADSK) filed Quarterly Report for the period ended 2011-10-31.
Autodesk Inc. has a market cap of $7.8 billion; its shares were traded at around $34.09 with a P/E ratio of 26.2 and P/S ratio of 4. Autodesk Inc. had an annual average earning growth of 10.1% over the past 10 years.
This is the annual revenues and earnings per share of ADSK over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ADSK.
Highlight of Business Operations:
Our total operating margin increased as a percentage of revenue from 15% for the three months ended October 31, 2010 to 16% during the three months ended October 31, 2011. Our total operating margin increased as a percentage of revenue from 14% for the nine months ended October 31, 2010 to 16% during the nine months ended October 31, 2011. The increase in our operating margin was primarily because net revenue increased at a faster rate than the increase in our costs due to cost containment efforts that have continued through the year. Net revenue increased $71.9 million or 15% for the three months ended October 31, 2011, as compared to the same period in the prior fiscal year, while our operating expenses increased $39.8 million, or 11% for the three months ended October 31, 2011. Net revenue increased $199.1 million or 14% for the nine months ended October 31, 2011, as compared to the same period in the prior fiscal year, while our operating expenses increased $111.7 million, or 10% for the nine months ended October 31, 2011. The 11% and 10% increase in operating expenses in the three and nine months ended October 31, 2011, respectively, as compared to the three and nine months ended October 31, 2010 was due to an increase in salaries and benefits due to increased headcount and the return ofWe generate a majority of our revenue in the U.S., Japan, Germany, the United Kingdom and France. Included in the overall increase in revenue were impacts associated with foreign currency. Our revenue benefited from foreign exchange rate changes during the three and nine months ended October 31, 2011, as compared to the same periods in the prior fiscal year. During the three and nine months ended October 31, 2011, net revenue increased 15% and 14%, respectively, compared to the same periods in the prior fiscal year; had applicable exchange rates from the three and nine months ended October 31, 2010 been in effect during the three and nine months ended October 31, 2011, and had we excluded foreign exchange hedge gains and losses from the three and nine months ended October 31, 2011 and 2010 (“on a constant currency basis”), net revenue would have increased 12% and 13%, respectively, compared to the same periods in the prior fiscal year. During the three and nine months ended October 31, 2011, total spend, defined as cost of revenue plus operating expenses, increased 12% and 11%, respectively, compared to the same periods in the prior fiscal year as reported and increased 9% and 8%, respectively, on a constant currency basis. Changes in the value of the U.S. dollar may have a significant effect on net revenue, total spend and income from operations in future periods. We use foreign currency contracts to reduce the exchange rate effect on a portion of the net revenue of certain anticipated transactions, but do not attempt to completely mitigate the impact of fluctuation of such foreign currency against the U.S. dollar.
Revenue from flagship products was 57% and 58% of total net revenue during the three and nine months ended October 31, 2011, respectively, and increased 8% for both the three and nine months ended October 31, 2011, as compared to the same periods in the prior fiscal year. Revenue from suites was 27% of total net revenue for both the three and nine months ended October 31, 2011, and increased 36% and 33%, respectively, as compared to the same periods in the prior fiscal year. During the nine months ended October 2011, we released our new design and creation suites that include English language versions of our Autodesk Design Suite, Autodesk Factory Design Suite, Autodesk Product Design Suite, Autodesk Building Design Suite, Autodesk Entertainment Creation Suite, Autodesk Infrastructure Design Suite and Autodesk Plant Design Suite, as well as a Japanese language version of our Autodesk Entertainment Creation Suite. Suites revenue and growth rates for suites consist primarily of revenue from our pre-existing suite families, such as Inventor and Revit suites. Revenue from new and adjacent products was 16% and 15% of total net revenue during the three and nine months ended October 31, 2011, respectively, and increased 11% and 8%, respectively, as compared to the same periods in the prior fiscal year. We anticipate, as our new and existing customers migrate from our stand-alone products, that our revenue from suites will increase as a percentage of revenue and that our revenue from our flagship and new and adjacent products will decline as a percentage of revenue.
Net revenue in the APAC geography increased by 28%, or 19% on a constant currency basis, during the three months ended October 31, 2011, as compared to the same period in the prior fiscal year, primarily due to a 20% increase in new seat revenue and a 21% increase in maintenance revenue. Net revenue expansion in this geography during the three months ended October 31, 2011 was led by Japan, Australia and South Korea. Net revenue in the APAC geography increased by 22%, or 15% on a constant currency basis, during the nine months ended October 31, 2011, as compared to the same period in the prior fiscal year, primarily due to a 19% increase in new seat revenue and 21% increase in maintenance revenue. Net revenue expansion in this geography during the nine months ended October 31, 2011 was led by Japan, Australia and South Korea. Net revenue in the APAC geography during the three and nine months ended October 31, 2011 also benefited from a large transaction with revenue recognized of approximately $11.0 million, which was recorded in our Platform Solutions and Emerging Business segment.
The primary source for net cash provided by operating activities of $398.3 million for the nine months ended October 31, 2011 was net income of $213.3 million increased by the effect of non-cash expenses totaling $164.0 million associated with depreciation and amortization and stock-based compensation. In addition, net cash flow provided by changes in operating assets and liabilities was $55.3 million. The primary source of working capital was an increase in deferred revenue, a decrease in accounts receivable and an increase in accounts payable. Our days sales outstanding in trade receivables was 43 at October 31, 2011 compared to 55 days at January 31, 2011. The days sales outstanding decrease relates primarily to seasonality in our subscription contract renewals; subscription billings are generally higher in the fourth quarter in comparison to the rest of our fiscal year. The primary working capital uses of cash were for the purchase of shares under the Employee Stock Purchase Plan (“ESP Plan”) and payment of the reduction of the accrued expenses primarily related to our fiscal 2011 employee bonus accrual and fourth quarter fiscal 2011 commissions. At October 31, 2011, our short-term investment portfolio had an estimated fair value of $240.3 million and a cost basis of $239.3 million. The portfolio fair value consisted of $127.0 million invested in commercial paper and corporate securities, $50.1 million invested in U.S. government agency securities, $32.7 million invested in mutual funds, $15.4 million invested in U.S. treasury securities, $10.0 million invested in municipal securities, $4.8 million invested in certificates of deposit and time deposits with remaining maturities at the date of purchase greater than 90 days and less than one year and $0.3 million invested in other short-term securities.
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