Autodesk Q4 Revenue Up 20% to $599M with $96M Profit
 SAN
RAFAEL, CA, Feb 27, 2008 - Autodesk, Inc. (NASDAQ: ADSK) today reported
record revenue of $599 million for the fourth quarter of fiscal 2008, an
increase of 20 percent over the fourth quarter of fiscal 2007. Fourth
quarter net income was $96 million, or $0.40 per diluted share, on a GAAP
basis and $124 million, or $0.52 per diluted share, on a non- GAAP basis.
Net income in the fourth quarter of the prior year was $96 million, or $0.40
per diluted share on a GAAP basis, and $113 million, or $0.46 per diluted
share, on a non-GAAP basis. A reconciliation between GAAP and non-GAAP
results is provided at the end of this press release.
"Autodesk delivered another quarter of solid revenue results, capping
another record year," said Carl Bass, Autodesk president and CEO. "Our
results demonstrate the strength and stability our business model provides.
Because our geographic balance and customer and industry diversification
help insulate Autodesk from changes in any one particular market, we remain
optimistic about the coming year."
Operational Highlights
Autodesk's performance in the fourth quarter of fiscal 2008 was driven by
strong growth in revenue generated in international geographies, revenue
from new seats as well as continued customer migration from 2D to 3D design
solutions, offset by slower than expected growth in the Americas.
Compared to the fourth quarter of fiscal 2007, revenue in EMEA increased
38 percent to $262 million. Revenue in Asia Pacific increased 24 percent
year-over-year to $131 million. Revenue from the emerging economies in Asia
Pacific, EMEA and Latin America increased 52 percent and were 19 percent of
total revenue. Strong growth in these international geographies was offset
by revenue growth in the Americas of 2 percent over the fourth quarter of
fiscal 2007.
Combined revenue from the Company's model-based 3D products -- Inventor,
Revit, Civil 3D and NavisWorks software -- increased 21 percent over the
fourth quarter of fiscal 2007 to $146 million. Autodesk shipped
approximately 21,000 commercial seats of Revit and NavisWorks, over 17,000
commercial seats of Inventor and over 7,500 commercial seats of Civil 3D.
Revenue from all new commercial seats increased by 30 percent compared to
the fourth quarter of fiscal 2007.
Fiscal 2008 Highlights
For fiscal 2008, revenue was a record $2.172 billion, an increase of 18
percent compared to fiscal 2007. Fiscal 2008 net income was $356 million, or
$1.47 per diluted share, on a GAAP basis and $456 million, or $1.88 per
diluted share, on a non-GAAP basis. Net income in fiscal 2007 was $290
million, or $1.19 per diluted share, on a GAAP basis and $375 million, or
$1.53 per diluted share, on a non-GAAP basis.
Business Outlook
The following statements are forward-looking statements which are based
on current expectations and which involve risks and uncertainties some of
which are set forth below.
First Quarter Fiscal 2009
Net revenue for the first quarter of fiscal 2009 is expected to be in the
range of $575 million and $585 million. However, the company is lowering its
previous estimate of earnings per diluted share. GAAP earnings per diluted
share are expected to be in the range of $0.35 and $0.37. Non-GAAP earnings
per diluted share are expected to be in the range of $0.46 and $0.48 and
exclude $0.08 related to stock-based compensation expense and $0.03 for the
amortization of acquisition related intangibles and the write off of
acquired IPR&D.
Second Quarter Fiscal 2009
Net revenue for the second quarter of fiscal 2009 is expected to be about
$590 million. GAAP earnings per diluted share are expected to be about
$0.40. Non-GAAP earnings per diluted share are expected to be about $0.50
and exclude $0.06 related to stock-based compensation expense and $0.04 for
the amortization of acquisition related intangibles and the write off of
acquired IPR&D.
Full Year Fiscal 2009
For fiscal year 2009, the Company is maintaining its previously provided
revenue guidance range of $2.425 billion and $2.475 billion. However, the
company is lowering its previous estimate of earnings per diluted share.
Full year GAAP earnings per diluted share are expected to be in the range of
$1.75 and $1.85. Non-GAAP earnings per diluted share are expected to be in
the range of $2.15 and $2.25 and exclude $0.28 related to stock-based
compensation expense and $0.12 for the amortization of acquisition related
intangibles and the write off of acquired IPR&D.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks
and uncertainties, including statements in the paragraphs under "Business
Outlook" above, statements regarding anticipated market trends and other
statements regarding our expected performance and results. Other factors
that could cause actual results to differ materially include the following:
general market and business conditions, our performance in particular
geographies, including emerging economies, difficulties encountered in
integrating new or acquired businesses and technologies, fluctuation in
foreign currency exchange rates, unexpected fluctuations in our tax rate,
the timing and degree of expected investments in growth opportunities,
slowing momentum in maintenance or subscription revenues, failure to achieve
sufficient sell-through and efficiencies in our channels for new or existing
products, pricing pressure, failure to achieve continued cost reductions and
productivity increases, failure to achieve continued migration from 2D
products to 3D products, changes in the timing of product releases and
retirements, failure of key new applications to achieve anticipated levels
of customer acceptance, failure to achieve continued success in technology
advancements, the financial and business condition of our reseller and
distribution channels, interruptions or terminations in the business of the
Company's consultants or third party developers, and unanticipated impact of
accounting for technology acquisitions.
Further information on potential factors that could affect the financial
results of Autodesk are included in the Company's reports on Form 10-K for
the year ended January 31, 2007, and Form 10-Q for the quarter ended October
31, 2007, which are on file with the Securities and Exchange Commission.
Autodesk does not assume any obligation to update the forward-looking
statements provided to reflect events that occur or circumstances that exist
after the date on which they were made.
Earnings Conference Call and Webcast
Autodesk will host its fourth quarter conference call today at 5:00 p.m.
EST. The live announcement may be accessed at
http://www.autodesk.com/investors or by dialing 866-356-3095 or
617-597-5391 (passcode: 54026047). An audio webcast or podcast of the call
will be available at 7:00 pm EST at
http://www.autodesk.com/investors. This replay will be maintained on our
website for at least twelve months. An audio replay will also be available
for one month beginning at 7:00 pm EST by dialing 888-286-8010 or
617-801-6888 (passcode: 31938698).
About Autodesk
Autodesk, Inc. is the world leader in 2D and 3D design software for the
manufacturing, building and construction, and media and entertainment
markets. Since its introduction of AutoCAD software in 1982, Autodesk has
developed the broadest portfolio of state-of-the-art digital prototyping
solutions to help customers experience their ideas before they are real.
Fortune 1000 companies rely on Autodesk for the tools to visualize, simulate
and analyze real-world performance early in the design process to save time
and money, enhance quality and foster innovation. For additional information
about Autodesk, visit
http://www.autodesk.com/.
Autodesk, Inc.
Consolidated Statements of Income
(In millions, except per share data)
Three Months Fiscal Year
Ended
Ended
January 31, January 31,
2008 2007 2008
2007
(Unaudited) (Unaudited)(Audited)
Net revenues:
License and other
$446.0 $374.8 $1,618.6 $1,415.9
Maintenance
153.1 122.6 553.3
423.9
Total net revenues
599.1 497.4 2,171.9 1,839.8
Cost of license and other revenues
48.6 52.3 198.3
207.9
Cost of maintenance revenues
2.2 2.3 8.6
8.7
Total cost of revenues
50.8 54.6 206.9
216.6
Gross margin
548.3 442.8 1,965.0 1,623.2
Operating Expenses:
Marketing and sales
242.5 181.1 842.7
696.1
Research and development
132.5 100.0 485.3
406.3
General and administrative
49.2 42.0 191.4
171.1
Total operating expenses
424.2 323.1 1,519.4 1,273.5
Income from operations
124.1 119.7 445.6
349.7
Interest and other income, net
6.8 4.5 24.4
16.8
Income before income taxes
130.9 124.2 470.0
366.5
Provision for income taxes
(34.4) (27.8) (113.8) (76.8)
Net income
$96.5 $96.4 $356.2 $289.7
Basic net income per share
$0.42 $0.42 $1.55
$1.26
Diluted net income per share
$0.40 $0.40 $1.47
$1.19
Shares used in computing basic
net income per share
230.2 231.2 230.3
230.7
Shares used in computing diluted
net income per share
239.4 243.9 242.0
243.2
Autodesk, Inc.
Condensed Consolidated Balance Sheets
(In millions)
January 31, January 31,
2008
2007
(Unaudited) (Audited)
ASSETS:
Current assets:
Cash and cash equivalents
$917.9
$665.9
Marketable securities
31.4
112.0
Accounts receivable, net
386.5
301.3
Deferred income taxes
98.1
78.1
Prepaid expenses and other current
assets
47.9
32.4
Total current assets
1,481.8 1,189.7
Marketable securities
8.4
-
Computer equipment, software,
furniture and leasehold improvements, net
80.2
65.6
Purchased technologies, net
64.4
51.3
Goodwill
443.4
355.3
Deferred income taxes, net
51.3
59.8
Other assets
79.4
75.8
$2,208.9 $1,797.5
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable
$79.3
$61.0
Accrued compensation
162.4
120.7
Accrued income taxes
14.4
23.6
Deferred revenues
400.7
311.4
Other accrued liabilities
89.7
57.5
Total current liabilities
746.5
574.2
Deferred revenues
105.4
67.4
Long term income taxes payable
86.5
-
Other liabilities
40.0
40.9
Commitments and contingencies
-
-
Stockholders' equity:
Preferred stock
-
-
Common stock and additional paid-in
capital
998.3
908.3
Accumulated other comprehensive
income (loss)
13.8
(3.6)
Retained earnings
218.4
210.3
Total stockholders' equity
1,230.5 1,115.0
$2,208.9 $1,797.5
Autodesk, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
Fiscal Year Ended
January 31,
2008
2007
(Unaudited) (Audited)
Operating Activities
Net income
$356.2
$289.7
Adjustments to reconcile net income
to net cash provided by operating
activities:
Charge for acquired
in-process
research and
development
5.5
-
Depreciation and
amortization
61.3
53.5
Stock-based
compensation
expense
99.3
94.3
Tax benefits from
employee
stock plans
-
5.1
Restructuring
related charges,
net
-
1.1
Changes in
operating assets
and
liabilities,
net of
business combinations
186.2
132.9
Net cash provided by operating
activities
708.5
576.6
Investing Activities
Purchases of available-for-sale
marketable securities
(727.0) (345.0)
Sales and maturities of available-
for-sale marketable securities
799.1
325.2
Business combinations, net of cash
acquired
(114.5)
(52.5)
Acquisition of equity investment
-
(12.5)
Capital and other expenditures
(43.3)
(35.3)
Other investing activities
-
2.3
Net cash used in investing activities
(85.7) (117.8)
Financing activities
Proceeds from issuance of common
stock, net of issuance costs
187.3
74.2
Repurchases of common stock
(563.0) (154.4)
Net cash used in financing activities
(375.7)
(80.2)
Effect of exchange rate changes on
cash and cash equivalents
4.9
0.1
Net increase in cash and cash
equivalents
252.0
378.7
Cash and cash equivalents at
beginning of year
665.9
287.2
Cash and cash equivalents at end of
period
$917.9
$665.9
Autodesk, Inc.
Reconciliation of GAAP financial measures to non-GAAP
financial measures
(In millions, except per share data)
To supplement our consolidated financial statements presented
on a GAAP
basis, Autodesk provides investors with certain non-GAAP
measures
including non-GAAP net income, non-GAAP net income per share,
non-GAAP
cost of license and other revenues, non-GAAP gross margin,
non-GAAP
operating expenses, non-GAAP income from operations, non-GAAP
interest and
other income, net and non-GAAP provision for income taxes.
These non-GAAP
financial measures are adjusted to exclude certain costs,
expenses, gains
and losses, including stock-based compensation expense,
employee tax
reimbursements related to our stock option review, litigation
expenses,
in-process research and development expenses, restructuring
expenses,
amortization of purchased intangibles, investment impairment
and income
tax expenses. See our reconciliation of GAAP financial
measures to non-
GAAP financial measures herein. We believe these
exclusions are
appropriate to enhance an overall understanding of our past
financial
performance and also our prospects for the future, as well as
to
facilitate comparisons with our historical operating results.
These
adjustments to our GAAP results are made with the intent of
providing both
management and investors a more complete understanding of
Autodesk's
underlying operational results and trends and our marketplace
performance.
For example, the non-GAAP results are an indication of our
baseline
performance before gains, losses or other charges that are
considered by
management to be outside our core operating results. In
addition, these
non-GAAP financial measures are among the primary indicators
management
uses as a basis for our planning and forecasting of future
periods.
There are limitations in using non-GAAP financial measures
because the
non-GAAP financial measures are not prepared in accordance
with generally
accepted accounting principles and may be different from
non-GAAP
financial measures used by other companies. The
non-GAAP financial
measures are limited in value because they exclude certain
items that may
have a material impact upon our reported financial results.
The
presentation of this additional information is not meant to
be considered in isolation or as a substitute for the
directly comparable
financial measures prepared in accordance with generally
accepted
accounting principles in the United States. Investors
should review the
reconciliation of the non-GAAP financial measures to their
most directly
comparable GAAP financial measures as provided in the tables
accompanying
this press release.
The following table shows Autodesk's non-GAAP results
reconciled to GAAP
results included in this release.
Three Months Fiscal Year
Ended
Ended
January 31, January 31,
2008 2007 2008
2007
(Unaudited) (Unaudited)
GAAP cost of license and other
revenues
$48.6 $52.3 $198.3 $207.9
SFAS 123R stock-based compensation
expense
(1.2) (1.3) (5.0)
(5.5)
Employee tax reimbursements related to
stock option review
(0.1) - (1.2)
-
Amortization of developed technology
(3.4) (2.1) (10.7)
(6.9)
Non-GAAP cost of license and other
revenues
$43.9 $48.9 $181.4 $195.5
GAAP gross margin
$548.3 $442.8 $1,965.0 $1,623.2
SFAS 123R stock-based compensation
expense
1.2 1.3 5.0
5.5
Employee tax reimbursements related to
stock option review
0.1 -
1.2 -
Amortization of developed technology
3.4 2.1 10.7
6.9
Non-GAAP gross margin
$553.0 $446.2 $1,981.9 $1,635.6
GAAP marketing and sales
$242.5 $181.1 $842.7 $696.1
SFAS 123R stock-based compensation
expense
(11.8) (7.9) (43.1) (41.9)
Employee tax reimbursements related to
stock option review
(0.6) - (5.4)
-
Non-GAAP marketing and sales
$230.1 $173.2 $794.2 $654.2
GAAP research and development
$132.5 $100.0 $485.3 $406.3
SFAS 123R stock-based compensation
expense
(8.5) (5.0) (32.4) (30.0)
Employee tax reimbursements related to
stock option review
(0.8) - (5.2)
-
In-process research and development
(1.9) - (5.5)
-
Non-GAAP research and development
$121.3 $95.0 $442.2 $376.3
GAAP general and administrative
$49.2 $42.0 $191.4 $171.1
SFAS 123R stock-based compensation
expense
(4.7) (3.6) (18.8) (16.9)
Employee tax reimbursements related to
stock option review
(0.3) - (2.0)
-
Litigation accrual
- -
- (5.0)
Amortization of customer relationships
and trademarks
(3.2) (2.0) (9.4)
(7.5)
Non-GAAP general and administrative
$41.0 $36.4 $161.2 $141.7
GAAP operating expenses
$424.2 $323.1 $1,519.4 $1,273.5
SFAS 123R stock-based compensation
expense
(25.0) (16.5) (94.3) (88.8)
Employee tax reimbursements related to
stock option review
(1.7) - (12.6)
Litigation accrual
- -
- (5.0)
Amortization of customer relationships
and trademarks
(3.2) (2.0) (9.4)
(7.5)
In-process research and development
(1.9) - (5.5)
-
Non-GAAP operating expenses
$392.4 $304.6 $1,397.6 $1,172.2
GAAP income from operations
$124.1 $119.7 $445.6 $349.7
SFAS 123R stock-based compensation
expense
26.2 17.8 99.3
94.3
Employee tax reimbursements related to
stock option review
1.8 - 13.8
-
Litigation accrual
- -
- 5.0
Amortization of developed technology
3.4 2.1 10.7
6.9
Amortization of customer relationships
and trademarks
3.2 2.0 9.4
7.5
In-process research and development
1.9 -
5.5 -
Non-GAAP income from operations
$160.6 $141.6 $584.3 $463.4
GAAP interest and other income, net
$6.8 $4.5 $24.4
$16.8
Investment impairment
- -
4.0 -
Non-GAAP interest and other income,
net
$6.8 $4.5 $28.4
$16.8
GAAP provision for income taxes
$(34.4) $(27.8) $(113.8) $(76.8)
Income tax effect on difference
between GAAP and non-GAAP total costs
and expenses at a normalized rate
(8.8) (5.5) (42.4) (28.7)
Non-GAAP provision for income taxes $(43.2)
$(33.3) $(156.2) $(105.5)
GAAP net income
$96.5 $96.4 $356.2 $289.7
SFAS 123R stock-based compensation
expense
26.2 17.8 99.3
94.3
Employee tax reimbursements related to
stock option review
1.8 - 13.8
-
Investment impairment
- -
4.0 -
Litigation accrual
- -
- 5.0
Amortization of developed technology
3.4 2.1 10.7
6.9
Amortization of customer relationships
and trademarks
3.2 2.0 9.4
7.5
In-process research and development
1.9 -
5.5 -
Income tax effect on difference
between GAAP and non-GAAP total costs
and expenses at a normalized rate
(8.8) (5.5) (42.4) (28.7)
Non-GAAP net income
$124.2 $112.8 $456.5 $374.7
GAAP diluted net income per share
$0.40 $0.40 $1.47
$1.19
SFAS 123R stock-based compensation
expense
0.11 0.07 0.41
0.38
Employee tax reimbursements related to
stock option review
0.01 -
0.06 -
Investment impairment
- - 0.02
-
Litigation accrual
- -
- 0.02
Amortization of developed technology
0.01 0.01 0.04
0.03
Amortization of customer relationships
and trademarks
0.02 -
0.04 0.03
In-process research and development
0.01 -
0.02 -
Income tax effect on difference
between GAAP and non-GAAP total costs
and expenses at a normalized rate
(0.04) (0.02) (0.18) (0.12)
Non-GAAP diluted net income per share $0.52
$0.46 $1.88 $1.53
GAAP diluted shares used in per share
calculation
239.4 243.9 242.0
243.2
Impact of SFAS 123R on diluted shares
1.0 1.5 1.2
1.6
Non-GAAP diluted shares used in per
share calculation
240.4 245.4 243.2
244.8
Other Supplemental Financial Information (6)
Fiscal Year 2008
QTR 1 QTR 2 QTR 3
QTR 4 YTD 2008
Financial Statistics
(in millions, except
per share data):
Total net revenues
$508 $526 $538
$599 $2,172
License and other
revenues
$383 $394 $396
$446 $1,619
Maintenance
revenues
$125 $132 $143
$153 $553
Gross Margin - GAAP
90% 90%
90% 92%
90%
Gross Margin - Non-GAAP 90%
91% 91%
92% 91%
GAAP Operating Expenses $355
$359 $381 $424
$1,519
GAAP Operating Margin
20% 22%
20% 21%
21%
GAAP Net Income
$83 $92
$85 $96
$356
GAAP Diluted Net Income
Per Share
$0.34 $0.38 $0.35
$0.40 $1.47
Non-GAAP Operating
Expenses (1)(2)
$328 $336 $341
$393 $1,398
Non-GAAP Operating
Margin (1)(3)
26% 27%
28% 27%
27%
Non-GAAP Net Income
(1)(4)
$107 $108 $117
$124 $456
Non-GAAP Diluted Net
Income Per Share
(1)(5)
$0.44 $0.44 $0.49
$0.52 $1.88
Total Cash and
Marketable Securities $964
$827 $873 $958
$958
Days Sales Outstanding 47
48 51
59 59
Capital Expenditures
$7 $11
$11 $14
$43
Cash from Operations $192
$136 $161 $219
$708
GAAP Depreciation and
Amortization
$14 $15
$15 $17
$61
Revenue by Geography
(in millions):
Americas
$185 $195 $218
$206 $804
Europe
$206 $204 $203
$262 $875
Asia/Pacific
$117 $127 $118
$131 $493
Revenue by Division
(in millions):
Design Solutions Segment $445
$459 $468 $523
$1,895
Platform Solutions
and Emerging Business
Division
$251 $241 $242
$263 $997
Architecture,
Engineering and
Construction
Division
$100 $119 $124
$137 $480
Manufacturing
Solutions
Division
$94 $99
$102 $123 $418
Media and Entertainment
Segment
$59 $62
$67 $71
$259
Other
$4 $5
$4 $5
$18
Other Revenue
Statistics:
% of Total Rev from
AutoCAD, AutoCAD
upgrades and AutoCAD LT 43%
38% 37%
37% 38%
% of Total Rev from 3D
design products
21% 23%
24% 24%
23%
% of Total Rev from
Emerging Economies
14% 15%
17% 19%
17%
Upgrade Revenue (in
millions)
$71 $46
$43 $50
$210
Deferred Maintenance
Revenue (in millions):
Deferred Maintenance
Revenue Balance
$343 $356 $366
$434 $434
Favorable (Unfavorable) Impact of
U.S. Dollar Translation Relative
to Foreign Currencies Compared to
Comparable Prior Year Period
(in millions):
FX Impact on Total Net
Revenues
$19 $12
$16 $25
$72
FX Impact on Total
Operating Expenses
$(5) $(5) $(5)
$(9) $(24)
FX Impact on Total Net
Income
$14 $7
$11 $16
$48
Operating Income (Loss)
by Segment (in millions):
Design Solutions
$190 $198 $207
$219 $814
Media and Entertainment $21
$22 $24
$24 $91
Unallocated amounts
$(109) $(106) $(125)
$(119) $(459)
Common Stock Statistics:
GAAP Shares
Outstand-
ing 231,166,000
229,331,000 230,416,000 230,013,000 230,013,000
GAAP Fully
Diluted
Shares
Outstand-
ing 243,848,000
242,986,000 239,908,000 239,400,000 242,014,000
Shares
Repurchased
- 7,062,000 3,001,000
2,064,000 12,127,000
Installed Base
Statistics:
Total AutoCAD-
based Installed
Base
4,162,000 4,213,000 4,268,000
4,329,000 4,329,000
Stand-alone AutoCAD
2,857,000
AutoCAD Mechanical
237,000
AutoCAD Map 3D
264,000
AutoCAD Architecture
539,000
AutoCAD LT Installed
3,680,000
Base
Total
Inventor
Installed
Base
699,000 722,000
747,000 775,000
775,000
Total
Subscription
Installed
Base
1,295,000 1,329,000 1,387,000
1,481,000 1,481,000
(1) To supplement our consolidated financial statements
presented on a
GAAP basis, Autodesk provides
investors with certain non-GAAP measures
including non-GAAP net income,
non-GAAP net income per share, non-GAAP
cost of license and other revenues,
non-GAAP gross margin, non-GAAP
operating expenses, non-GAAP income
from operations, non-GAAP interest
and other income, net and non-GAAP
provision for income taxes. These
non-GAAP financial measures are
adjusted to exclude certain costs,
expenses, gains and losses, including
stock-based compensation
expense, employee tax reimbursements
related to our stock option
review, litigation expenses,
in-process research and development
expenses, restructuring expenses,
amortization of purchased
intangibles, investment impairment
and income tax expenses. See our
reconciliation of GAAP financial
measures to non-GAAP financial
measures herein. We believe
these exclusions are appropriate to
enhance an overall understanding of
our past financial
performance and also our prospects
for the future, as well as to
facilitate comparisons with our
historical operating results.
These adjustments to our GAAP results
are made with the intent of
providing both management and
investors a more complete understanding
of Autodesk's underlying operational
results and trends and our
marketplace performance. For
example, the non-GAAP results are an
indication of our baseline
performance before gains, losses or other
charges that are considered by
management to be outside our core
operating results. In addition,
these non-GAAP financial measures are
among the primary indicators
management uses as a basis for our
planning and forecasting of future
periods.
There are limitations in using
non-GAAP financial measures because the
non-GAAP financial measures are not
prepared in accordance with
generally accepted accounting
principles and may be different from
non-GAAP financial measures used by
other companies. The non-GAAP
financial measures are limited in
value because they exclude certain
items that may have a material impact
upon our reported financial
results. The presentation of
this additional information is not meant
to be considered in isolation or as a
substitute for the directly
comparable financial measures
prepared in accordance with generally
accepted accounting principles in the
United States. Investors should
review the reconciliation of the
non-GAAP financial measures to their
most directly comparable GAAP
financial measures as provided in the
tables accompanying this press
release.
Fiscal Year 2008
QTR 1 QTR 2 QTR 3
QTR 4 YTD 2008
(2) GAAP Operating
Expenses
$355 $359 $381
$424 $1,519
Stock-based
compensation
expense
(14) (20) (35)
(25) (94)
Employee tax
reimbursement
related to
stock option
review
(11) -
- (2)
(13)
Amortization of
customer
relationships
and trademarks
(2) (2)
(2) (3)
(9)
In-process research
and development
- (1)
(3) (2)
(6)
Non-GAAP Operating
Expenses
$328 $336 $341
$392 $1,397
(3) GAAP Operating
Margin
20% 22%
20% 21%
21%
Stock-based
compensation
expense
3% 4%
7% 4%
4%
Employee tax
reimbursement
related to
stock option
review
2% 0%
0% 0%
1%
Amortization of
developed
technology
1% 0%
1% 1%
1%
Amortization of
customer
relationships
and trademarks
0% 1%
0% 1%
0%
In-process research
and development
0% 0%
1% 0%
0%
Non-GAAP Operating
Margin
26% 27%
28% 27%
27%
(4) GAAP Net Income
$83 $92
$85 $96
$356
Stock-based
compensation
expense
15 21
37 26
99
Employee tax
reimbursement
related to
stock option
review
12 -
- 2
14
Investment
impairment
- -
4 -
4
Amortization of
developed
technology
2 2
3 4
11
Amortization of
customer
relationships
and trademarks
2 2
2 3
9
In-process research
and development
- 1
3 2
6
Income tax effect
on difference
between GAAP and
non-GAAP total
costs and expenses
at a normalized
rate
(7) (10) (17)
(9) (43)
Non-GAAP Net Income
$107 $108 $117
$124 $456
(5) GAAP Diluted Net
Income Per Share
$0.34 $0.38 $0.35
$0.40 $1.47
Stock-based
compensation
expense
0.06 0.09 0.16
0.11 0.41
Employee tax
reimbursement
related to
stock option
review
0.05 -
- 0.01 0.06
Investment
impairment
- -
0.02 -
0.02
Amortization of
developed
technology
0.01 0.01 0.01
0.01 0.04
Amortization of
customer
relationships
and trademarks
0.01 -
0.01 0.02 0.04
In-process research
and development
- -
0.01 0.01 0.02
Income tax effect
on difference
between GAAP and
non-GAAP total
costs and expenses
at a normalized
rate
(0.03) (0.04) (0.07)
(0.04) (0.18)
Non-GAAP Diluted
Net Income Per
Share
$0.44 $0.44 $0.49
$0.52 $1.88
(6) Totals may not agree with the sum of the components due
to rounding.
--------
Related News
May 8 - Autodesk Carol Bartz to Present at Baird Stock Conference
May 7 - Autodesk Completes REALVIZ Acquisition
May 6 - Autodesk Launches File Search Web Service for AEC
May 5 - Autodesk's Senior VP, CFO Alfred Castino Plans to Resign
May 2 - Autodesk to Acquire Moldflow for $297M
Apr 17 - Autodesk Developer Network Supports 2009 2D, 3D Products
Apr 16 - Autodesk Ships BIM 2009 Portfolio
Apr 3 - Autodesk 2009 Manufacturing Portfolio Ship
Apr 1 - Autodesk's Carl Bass Wins CAD Society Leadership Award
Apr 1 - Autodesk Ships 3ds Max Design, 3ds Max 2009
Mar 26 - Autodesk Inducts 48 VARs into Platinum Club
Mar 25 - Autodesk Ships AutoCAD 2009 Portfolio
Mar 10 - Autodesk Honors 25 Year VARs
Feb 27 - Autodesk Q4 Revenue Up 20% to $599M with $96M Profit
Feb 26 - Norway's Ing Per Gjerdrum AS to Upgrade AutoCAD P&ID
Feb 26 - Autodesk to Present at Investor Conferences
Feb 25 - CRN Named Autodesk's Ken Bado as Channel Chief
Feb 19 - Autodesk Reduces Maya Pricing, Announces Extension 2
Feb 13 - Autodesk Unveils AutoCAD 2009
Feb 13 - Autodesk Plans Education Centers in Emerging Economies
Feb 13 - Autodesk to Buy Green Building Studio, Carmel Software
Jan 10 - Autodesk Opens Customer Briefing Center in Oregon
Jan 8 - Autodesk Completes China's Hanna Strategies Acquisition
Jan 4 - Autodesk Sr VP Jay Bhatt to Present at Needham Conference
Dec 20 - Autodesk Seeks Votes for 'Inventor of the Year'
Dec 17 - Autodesk Joins Primavera Partners for NavisWorks
Dec 13 - Autodesk Announces Freewheel Developer Contest
Dec 10 - Autodesk Appoints Betsey Nelson, Sean Maloney to Board
Dec 10 - Autodesk May Repurchase Up To 20M Shares
Nov 30 - Autodesk CEO to Present at Lehman Brothers Conference
Nov 21 - Autodesk Carol Bartz to Present at Credit Suisse Conference
Nov 16 - Autodesk to Acquire Robobat for $42.5M
Nov 16 - Autodesk Q3 Revenue Up 18% to $538M with $85M Profit
Nov 16 - Autodesk Supports Easter Island for 3D Design
Nov 13 - Autodesk Topobase Electric for Utility Infrastructure
Nov 13 - Southern California Edison Picks Autodesk Utility Design
Nov 8 - Autodesk, USGBC to Expand Adoption of Sustainable Design
Nov 7 - Autodesk, AIA Announce Green Index Survey Results
Nov 1 - Autodesk Q3 Conference Call Nov 15, 2PM PT
Nov 1 - Autodesk to Acquire China's Hanna Strategies
Oct 29 - Autodesk Special Shareholder Meeting Nov 6 9AM PDT
Oct 25 - Autodesk to Show Sustainable Design at 2007 Greenbuild Expo
Oct 19 - Autodesk Announces U-Vis 360 Core Visualization Platform
Oct 11 - Autodesk Launches AutoCAD P&ID 2008 for Plant Design
Oct 11 - Harley Ellis Devereaux Adopts Autodesk Revit Platform
Oct 10 - Autodesk Sponsors Popular Mechanics 3rd Annual Awards
Oct 9 - Autodesk Announces Scottish Education, Training Center
Oct 4 - Autodesk Gets 'Rising Star 2007' Award from GTDC
Oct 2 - Autodesk Appoints Robel, West to Board of Directors
Oct 2 - Autodesk Joins UNEP, NWM to Host Sustainable Design Forum
Sep 28 - Autodesk CFO to Present at Jefferies Tech Conference
Sep 27 - Autodesk Offers Academic Certification Program for Schools
Sep 26 - Autodesk Names SolidCAD Americas Partner of the Quarter
Sep 26 - Autodesk to Contribute Coordinate System to GOS Community
Sep 25 - Autodesk Executives, Customers to Speak at NMW
Sep 21 - F1 Designer Firm Selects Autodesk Digital Prototyping
Sep 13 - Autodesk’s Andrew Miller to Attend ThinkEquity Conference
Sep 6 - AUGI to Launch 2 Day 'Design Academy' in UK
Aug 30 - Autodesk' |
