Autodesk Q1 Revenue Up 18% to $599M with $95M Profit
 SAN
RAFAEL, CA, May 16, 2008 - Autodesk, Inc. (NASDAQ: ADSK) today reported
revenue of $599 million for the first quarter of fiscal 2009, an increase of
18 percent over the first quarter of fiscal 2008. First quarter net income
was $95 million, or $0.41 per diluted share, on a GAAP basis and $117
million, or $0.50 per diluted share, on a non-GAAP basis. Net income in the
first quarter of the prior year was $83 million, or $0.34 per diluted share
on a GAAP basis, and $107 million, or $0.44 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.
"Fiscal 2009 is off to a good start with our solid first quarter
results," said Carl Bass, Autodesk president and CEO. "International
markets, especially emerging economies, continue to underpin our overall
revenue growth. We also continue to experience strong growth of our 3D
products. Autodesk continues to drive innovative design technologies into a
variety of industries - architecture, engineering, manufacturing, media and
entertainment - and we will continue to work hard to shape the evolution of
industry design trends such as Digital Prototyping and Building Information
Modeling."
Operational Highlights
In addition to favorable currency exchange rates, Autodesk's performance
in the first quarter of fiscal 2009 was driven by revenue from new seats,
continued customer adoption of our 3D design solutions, and strong revenue
growth in emerging economies.
Revenue from the emerging economies increased 41 percent over the first
quarter of fiscal 2008 to $101 million and represented 17 percent of total
revenue.
The outstanding growth in emerging economies led to strong performance in
our EMEA and Asia Pacific regions. EMEA revenue was $259 million, an
increase of 25 percent as reported over the first quarter of fiscal 2008,
and 11 percent at constant currency. Revenue in Asia Pacific was $149
million, an increase of 27 percent as reported year-over-year, and 18
percent at constant currency. Faced with continued economic headwinds,
revenue in the Americas increased 4 percent over the first quarter of fiscal
2008 to $191 million, as expected.
Combined revenue from the Company's model-based 3D products, Inventor,
Revit, Civil 3D, NavisWorks, and Robobat, increased 37 percent over the
first quarter of fiscal 2008 to $146 million and comprised 24 percent of
total revenue. Autodesk shipped approximately 35,000 commercial seats of its
model- based 3D design products, including 11,500 commercial seats of
Inventor and 24,000 seats of its Architecture, Engineering and Construction
products - Revit, Civil 3D, and NavisWorks. In addition, revenue from 2D
vertical products increased 16 percent compared to the first quarter of
fiscal 2008.
Revenue from new seats increased by 23 percent compared to the first
quarter of fiscal 2008.
Upgrade revenue and maintenance revenue combined increased 16 percent
over the first quarter of fiscal 2008 to $228 million. Maintenance revenue
increased 33 percent compared to the first quarter of fiscal 2008 to $167
million, or 28 percent of total revenue. Deferred maintenance revenue
increased $40 million sequentially and $130 million compared to the first
quarter of fiscal 2008. As expected, total upgrade revenue decreased 14
percent compared to the first quarter of fiscal 2008.
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. On May 1, 2008, Autodesk announced its intent to
acquire Moldflow Corporation. Moldflow financials are not included in the
following numbers.
Second Quarter Fiscal 2009
Net revenue for the second quarter of fiscal 2009 is expected to be in
the range of $600 million and $610 million. GAAP earnings per diluted share
are now expected to be in the range of $0.40 and $0.42. This is slightly
lower than our prior projection due to additional stock-based compensation
expenses. Non-GAAP earnings per diluted share are expected to be in the
range of $0.52 and $0.54 and exclude $0.09 related to stock-based
compensation expense and $0.03 for the amortization of acquisition related
intangibles.
Third Quarter Fiscal 2009
Net revenue for the third quarter of fiscal 2009 is expected to be in the
range of $605 million and $620 million. GAAP earnings per diluted share are
expected to be in the range of $0.42 and $0.45. Non-GAAP earnings per
diluted share are expected to be in the range of $0.53 and $0.56 and exclude
$0.09 related to stock-based compensation expense and $0.02 for the
amortization of acquisition related intangibles.
Full Year Fiscal 2009
For fiscal year 2009, net revenue is expected to be in the range of $2.45
billion and $2.50 billion. Full year GAAP earnings per diluted share are now
expected to be in the range of $1.78 and $1.88. This is slightly lower than
our prior projection due to additional stock-based compensation expenses.
Non-GAAP earnings per diluted share are still expected to be in the range of
$2.20 and $2.30 and exclude $0.32 related to stock-based compensation
expense and $0.10 for the amortization of acquisition related intangibles
Earnings Conference Call and Webcast
Autodesk will host its first quarter conference call today at 5:00 p.m.
EDT. For live announcement click
here or by dialing 800-561-2813 or 617-614-3529 (passcode: 38361016). An
audio webcast or podcast of the call will be available at 7:00 pm EDT at
here. 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 EDT by dialing
888-286-8010 or 617-801-6888 (passcode: 41192095
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.
Autodesk, Inc.
Consolidated Statements of Income
(In millions, except per share data)
Three Months Ended
April 30,
2008
2007
(Unaudited)
Net revenues:
License and other
$432.2
$383.2
Maintenance
166.6
125.4
Total net revenues
598.8
508.6
Cost of license and other
revenues
55.8
50.5
Cost of maintenance revenues
2.0
2.2
Total cost of revenues
57.8
52.7
Gross margin
541.0
455.9
Operating Expenses:
Marketing and sales
223.9
192.5
Research and development
143.7
114.7
General and administrative 53.5
47.3
Total operating expenses
421.1
354.5
Income from operations
119.9
101.4
Interest and other income, net 6.9
9.8
Income before income taxes 126.8
111.2
Provision for income taxes (32.2)
(27.9)
Net income
$94.6
$83.3
Basic net income per share
$0.42
$0.36
Diluted net income per share $0.41
$0.34
Shares used in computing
basic net income per share
226.2
231.2
Shares used in computing
diluted net income per share 232.6
243.8
Autodesk, Inc.
Condensed Consolidated Balance Sheets
(In millions)
April 30, January 31,
2008
2008
(Unaudited) (Audited)
ASSETS:
Current assets:
Cash and cash equivalents $909.1
$917.9
Marketable securities
32.9
31.4
Accounts receivable, net 333.5
386.5
Deferred income taxes
96.7
98.1
Prepaid expenses and
other current assets
51.2
47.9
Total current assets
1,423.4 1,481.8
Marketable securities
8.3
8.4
Computer equipment,
software, furniture and
leasehold improvements, net 84.3
80.2
Purchased technologies,
net
60.6
64.4
Goodwill
447.6
443.4
Deferred income taxes, net 39.8
51.3
Other assets
76.0
79.4
$2,140.0 $2,208.9
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable
$73.7
$79.3
Accrued compensation
90.5
162.4
Accrued income taxes
18.8
14.4
Deferred revenues
431.3
400.7
Borrowings under line
of credit
40.0
-
Other accrued liabilities 80.2
89.7
Total current liabilities 734.5
746.5
Deferred revenues
118.4
105.4
Long term income taxes
payable
93.1
86.5
Other liabilities
58.6
40.0
Commitments and contingencies
Stockholders' equity:
Preferred stock
-
-
Common stock and additional
paid-in capital
962.7
998.3
Accumulated other
comprehensive income (loss) 20.1
13.8
Retained earnings
152.6
218.4
Total stockholders' equity 1,135.4
1,230.5
$2,140.0 $2,208.9
Autodesk, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
Three Months Ended
April 30,
2008 2007
(Unaudited)
Operating Activities
Net income
$94.6 $83.3
Adjustments to reconcile
net income to net cash provided
by operating
activities:
Depreciation and
amortization
16.9 14.2
Stock-based compensation
expense
25.2 14.8
Changes in operating assets
and liabilities, net of business
combinations
48.6 79.3
Net cash provided by operating
activities
185.3
191.6
Investing Activities
Purchases of available-for
-sale marketable securities
(2.1) (447.7)
Sales and maturities of
available-for-sale marketable
securities
0.8 358.0
Capital and other expenditures (13.4)
(6.8)
Capitalization of software
development costs
(1.0)
-
Business combinations, net
of cash acquired
0.2
-
Net cash used in investing
activities
(15.5) (96.5)
Financing activities
Proceeds from issuance of
common stock, net of issuance costs 5.3
-
Borrowings under line of credit 39.9
-
Repurchases of common stock (256.5)
-
Net cash used in financing
activities
(181.3)
-
Effect of exchange rate changes
on cash and cash equivalents
2.7
1.3
Net increase in cash and cash
equivalents
(8.8) 96.4
Cash and cash equivalents at
beginning of year
917.9
665.9
Cash and cash equivalents at
end of period
$909.1 $762.3
The following table shows Autodesk's non-GAAP results
reconciled to GAAP results included in this release.
Three Months Ended
April 30,
2008
2007
(Unaudited)
GAAP cost of license and
other revenues
$55.8
$50.5
SFAS 123R stock-based
compensation expense
(1.0)
(0.6)
Amortization of developed
technology
(3.6)
(2.1)
Employee tax reimbursements
related to stock option review -
(1.1)
Non-GAAP cost of license and
other revenues
$51.2
$46.7
GAAP gross margin
$541.0
$455.9
SFAS 123R stock-based
compensation expense
1.0
0.6
Amortization of developed
technology
3.6
2.1
Employee tax reimbursements
related to stock option revi -
1.1
Non-GAAP gross margin
$545.6
$459.7
GAAP marketing and sales
$223.9
$192.5
SFAS 123R stock-based
compensation expense
(10.5)
(6.1)
Employee tax reimbursements
related to stock option review -
(4.8)
Non-GAAP marketing and sales $213.4
$181.6
GAAP research and development $143.7
$114.7
SFAS 123R stock-based
compensation expense
(8.4)
(4.9)
Employee tax reimbursements
related to stock option review -
(4.4)
Non-GAAP research and
development
$135.3
$105.4
GAAP general and
administrative
$53.5
$47.3
SFAS 123R stock-based
compensation expense
(5.3)
(3.2)
Amortization of customer
relationships and trademarks (2.9)
(1.9)
Employee tax reimbursements
related to stock option review -
(1.7)
Non-GAAP general and
administrative
$45.3
$40.5
GAAP operating expenses
$421.1
$354.5
SFAS 123R stock-based
compensation expense
(24.2)
(14.2)
Employee tax reimbursements
related to stock option review -
(10.9)
Amortization of customer
relationships and trademarks (2.9)
(1.9)
Non-GAAP operating expenses $394.0
$327.5
GAAP income from operations $119.9
$101.4
SFAS 123R stock-based
compensation expense
25.2
14.8
Employee tax reimbursements
related to stock option review -
12.0
Amortization of developed
technology
3.6
2.1
Amortization of customer
relationships and trademarks
2.9
1.9
Non-GAAP income from operations $151.6
$132.2
GAAP provision for income taxes $(32.2)
$(27.9)
Income tax effect on difference
between GAAP and non-GAAP total
costs and expenses at a
normalized rate
(9.1) (7.3)
Non-GAAP provision for income
taxes
$(41.3) $(35.2)
GAAP net income
$94.6
$83.3
SFAS 123R stock-based
compensation expense
25.2
14.8
Employee tax reimbursements
related to stock option review -
12.0
Amortization of developed
technology
3.6
2.1
Amortization of customer
relationships and trademarks 2.9
1.9
Income tax effect on difference
between GAAP and non-GAAP total
costs and expenses at a
normalized rate
(9.1)
(7.3)
Non-GAAP net income
$117.2
$106.8
GAAP diluted net income
per share
$0.41
$0.34
SFAS 123R stock-based
compensation expense
0.11
0.06
Employee tax reimbursements
related to stock option review -
0.05
Amortization of developed
technology
0.01
0.01
Amortization of customer
relationships and trademarks 0.01
0.01
Income tax effect on difference
between GAAP and non-GAAP total
costs and expenses at a
normalized rate
(0.04)
(0.03)
Non-GAAP diluted net income
per share
$0.50
$0.44
GAAP diluted shares used
in per share calculation
232.6
243.8
Impact of SFAS 123R on
diluted shares
0.3
1.3
Non-GAAP diluted shares
used in per share calculation 232.9
245.1
Other Supplemental Financial Information (1)
Fiscal Year 2009
QTR 1 YTD 2009
Financial Statistics
(in millions, except per
share data):
Total net revenues
$599 $599
License and other revenues
$432 $432
Maintenance revenues
$167 $167
Gross Margin - GAAP
90% 90%
Gross Margin - Non-GAAP
91% 91%
GAAP Operating Expenses
$421 $421
GAAP Operating Margin
20% 20%
GAAP Net Income
$95 $95
GAAP Diluted Net Income Per
Share
$0.41 $0.41
Non-GAAP Operating Expenses(2)(3) $394
$394
Non-GAAP Operating Margin(2)(4) 25%
25%
Non-GAAP Net Income (2)(5)
$117 $117
Non-GAAP Diluted Net Income
Per Share (2)(6)
$0.50 $0.50
Total Cash and Marketable
Securities
$950 $950
Days Sales Outstanding
51 51
Capital Expenditures
$13 $13
Cash from Operations
$185 $185
GAAP Depreciation and
Amortization
$17 $17
Revenue by Geography (in millions):
Americas
$191 $191
Europe
$259 $259
Asia/Pacific
$149 $149
Revenue by Segment (in millions):
Platform Solutions and Emerging
Business and Other
$278 $278
Architecture, Engineering
and Construction
$129 $129
Manufacturing Solutions
$119 $119
Media and Entertainment
$67 $67
Other
$6 $6
Other Revenue Statistics:
% of Total Rev from AutoCAD,
AutoCAD upgrades and AutoCAD LT 41%
41%
% of Total Rev from 3D design
products
24% 24%
% of Total Rev from Emerging
Economies
17% 17%
Upgrade Revenue (in millions) $61
$61
Deferred Maintenance Revenue
(in millions):
Deferred Maintenance Revenue
Balance
$474 $474
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 $41
$41
FX Impact on Total Operating
Expenses
$(14) $(14)
FX Impact on Total Net Income $27
$27
Gross Margin by Segment (in millions):
Platform Solutions and Emerging
Business and Other
$263 $263
Architecture, Engineering and
Construction
$119 $119
Manufacturing Solutions
$110 $110
Media and Entertainment
$50 $50
Unallocated amounts
$(1) $(1)
Common Stock Statistics:
GAAP Shares Outstanding 223,616,000
223,616,000
GAAP Fully Diluted Weighted
Average Shares Outstanding 232,607,000
232,607,000
Shares Repurchased
8,001,000 8,001,000
Installed Base Statistics:
Total AutoCAD-based
Installed Base
4,377,000 4,377,000
Total Inventor Installed
Base
794,000 794,000
Total Maintenance Installed
Base
1,587,000 1,587,000
(1) Totals may not agree with the
sum of the components due to rounding. (2) 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.
Fiscal Year 2009
QTR 1 YTD 2009
(3) GAAP Operating Expenses
$421 $421
Stock-based compensation
expense
(24) (24)
Amortization of customer
relationships and trademarks
(3) (3)
In-process research and
development
-
-
Non-GAAP Operating Expenses
$394 $394
(4) GAAP Operating Margin
20% 20%
Stock-based compensation
expense
4%
4%
Amortization of developed
technology
1%
1%
Amortization of customer
relationships and trademarks
0%
0%
In-process research and
development
0%
0%
Non-GAAP Operating Margin
25% 25%
(5) GAAP Net Income
$95 $95
Stock-based compensation
expense
25
25
Amortization of developed
technology
4
4
Amortization of customer
relationships and trademarks
3
3
In-process research and
development
-
-
Income tax effect on
difference between GAAP and
non-GAAP total costs and
expenses at a normalized rate
(9) (9)
Non-GAAP Net Income
$117 $117
(6) GAAP Diluted Net Income
Per Share
$0.41 $0.41
Stock-based compensation
expense
0.11 0.11
Amortization of developed
technology
0.01 0.01
Amortization of customer
relationships and
trademarks
0.01 0.01
In-process research and
development
- -
Income tax effect on
difference between GAAP and
non-GAAP total costs and
expenses at a normalized
rate
(0.04) (0.04)
Non-GAAP Diluted Net Income
Per Share
$0.50 $0.50
For additional information visit
http://www.autodesk.com.
--------
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