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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.
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."