01—Abstract
Summary
Summary of the 10-K filed March 15, 2012. Cited figures are marked; the original filing is the authoritative source.
Autodesk's 2012 10-K filing reveals a company demonstrating solid revenue growth and improving profitability, driven by increases across its product segments and geographic regions.
The company saw a notable 14% increase in net revenue, reaching $2.22 billiona, with strong performance in both license and maintenance revenue. This growth was supported by strategic acquisitions and continued investment in product development, particularly in its 'suites' offerings which saw a significant 31% revenue increase. Management expressed optimism for future growth, projecting a 10% revenue increase for fiscal year 2013 and an improvement in operating margins.
The company's strategy emphasizes leading the industry's transition to cloud, mobile, and social computing while continuing to strengthen its core desktop software business. Autodesk's financial health appears robust, with ample cash reserves and a consistent focus on returning value to shareholders through its stock repurchase program. However, the company acknowledges risks related to global economic uncertainty, intense competition, and the need for continuous innovation in the rapidly evolving technology landscape.
02—Key points
Key Highlights
- Net revenue increased by 14% to $2.22 billion in fiscal year 2012.
- Income from operations grew by 31% year-over-year, indicating improved profitability.
- Revenue from 'Suites' products increased by a substantial 31%, highlighting a successful product strategy.
- The company continues to expand its international presence, with emerging economies showing strong growth.
- Autodesk completed several strategic acquisitions during the year to bolster its product portfolio and technology offerings.
- The company repurchased 9.7 million shares of its common stock in fiscal year 2012.
- Strong cash generation from operations and a healthy cash balance provide financial flexibility.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2012, Autodesk kept $0.13.
- Revenue$2.22B100.0%
- Cost of revenue−$229.1M10.3%
- Gross profit$1.99B89.7%
- Operating costs−$1.63B73.6%
- Operating income$355.6M16.0%
- Interest, other & tax−$70.3M3.2%
- Net income$285.3M12.9%
Where FY2012 revenue went
$2.22B- Other operating costs: $1.06B, 48% of revenue
- R&D: $566.5M, 26% of revenue
- Net income: $285.3M, 13% of revenue
- Cost of revenue: $229.1M, 10% of revenue
- Interest, other & tax: $70.3M, 3.2% of revenue
Kept 13% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2012filed March 15, 2012Financial Statements
FY2012 against FY2011
| Line item | FY2012FY2011 | Change |
|---|---|---|
| Revenue | $2.22B$1.95B | +13.5% |
| Cost of Revenue | $229.10M$196.60M | +16.5% |
| Gross Profit | $1.99B$1.76B | +13.2% |
| R&D Expenses | $566.50M$496.20M | +14.2% |
| Operating Expenses | $1.63B$1.48B | +9.9% |
| Operating Income | $355.60M$271.40M | +31.0% |
| Net Income | $285.30M$212.00M | +34.6% |
| EPS (Basic) | $1.25$0.93 | +34.4% |
| EPS (Diluted) | $1.22$0.90 | +35.6% |
| Shares Outstanding (Basic) | 227.70M227.60M | 0.0% |
| Shares Outstanding (Diluted) | 233.30M234.20M | −0.4% |
05—Questions
Frequently Asked Questions
What was Autodesk's overall financial performance in fiscal year 2012?
Autodesk demonstrated strong financial performance in fiscal year 2012, with net revenue increasing by 14% to $2.22 billion. Income from operations also saw a significant rise of 31%, indicating improved profitability. This growth was broad-based across product segments and geographic regions.
What is driving Autodesk's revenue growth, and what is the outlook for the next fiscal year?
Revenue growth was driven by increases in both new seat licenses and maintenance revenue. The 'Suites' product line, in particular, showed robust growth of 31%. Autodesk anticipates continued growth in fiscal year 2013, projecting a 10% increase in net revenue and further improvement in operating margins.
How is Autodesk positioning itself for future growth, especially concerning technological shifts?
Autodesk's strategy focuses on leading the industry's transition towards cloud, mobile, and social computing while continuing to invest in and grow its core desktop software business. The company is also actively pursuing strategic acquisitions to enhance its technology portfolio and expand its market reach.
What is Autodesk's approach to returning capital to shareholders?
Autodesk actively repurchases its common stock. In fiscal year 2012, the company repurchased approximately 9.7 million shares. This program helps offset dilution from employee stock plans and returns excess cash to stockholders. The company does not currently pay dividends and anticipates continuing this policy for the foreseeable future.
06—Continue