Autodesk Q2 Revenue Up 18% to $620M with $90M Profit
 SAN
RAFAEL, CA, Aug 15, 2008 - Autodesk, Inc. (Nasdaq: ADSK) today reported
revenue of $620 million for the second quarter of fiscal 2009, an increase
of 18 percent over the second quarter of fiscal 2008. GAAP diluted earnings
per share in the second quarter increased 3 percent to $0.39, compared to
$0.38 per diluted share in the second quarter last year. Non-GAAP diluted
earnings per share in the second quarter increased 27 percent to $0.56,
compared to $0.44 per diluted share in the second quarter last year. A
reconciliation between GAAP and non-GAAP results is provided at the end of
this press release.
"We're very pleased that Autodesk was able to achieve another quarter of
record revenue results," said Carl Bass, Autodesk president and CEO. "Our
ability to serve diverse business segments globally with leading software
design and engineering solutions drove our strong performance. The
combination of a strong market position, industry and geographic
diversification, a strong balance sheet, and excellent cash flow, positions
Autodesk for continued success."
Operational Highlights
In addition to favorable currency exchange rates, Autodesk's performance
in the second quarter of fiscal 2009 was driven by continued revenue growth
of model-based 3D design solutions, 2D vertical products, emerging
economies, as well as total upgrade and maintenance revenue growth.
Combined revenue from the Company's model-based 3D solutions, which
includes Inventor, Revit, Civil 3D, NavisWorks, Robobat, and Moldflow,
increased 36 percent over the second quarter of fiscal 2008 to $166 million
and comprised 27 percent of total revenue for the quarter. Excluding
Moldflow, which was acquired during the quarter, model-based 3D solutions
grew 31 percent to $159 million. Autodesk shipped approximately 36,000
commercial seats of its model-based 3D design products, including
approximately 10,000 commercial seats of Inventor and 26,000 seats of its
Architecture Engineering and Construction products -- Revit, Civil 3D,
NavisWorks, and Robobat. In addition, revenue from 2D vertical products
increased 16 percent compared to the second quarter of fiscal 2008.
Revenue from the emerging economies increased 40 percent over the second
quarter of fiscal 2008 to $114 million and represented 18 percent of total
revenue. EMEA revenue was $267 million, an increase of 31 percent as
reported over the second quarter of fiscal 2008, and 15 percent at constant
currency. Revenue in Asia Pacific was $150 million, an increase of 18
percent as reported year-over-year, and 11 percent at constant currency.
Revenue in the Americas increased 4 percent over the second quarter of
fiscal 2008 to $203 million, despite continued economic headwinds.
Upgrade revenue and maintenance revenue combined increased 34 percent
over the second quarter of fiscal 2008 to $238 million. Maintenance revenue
increased 36 percent compared to the second quarter of fiscal 2008 to $180
million, or 29 percent of total revenue. Deferred maintenance revenue
increased $14 million sequentially and $132 million compared to the second
quarter of fiscal 2008. Total upgrade revenue increased 27 percent compared
to the second 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.
Third Quarter Fiscal 2009
Net revenue for the third quarter of fiscal 2009 is expected to be in the
range of $625 million and $635 million. GAAP earnings per diluted share are
expected to be in the range of $0.40 and $0.42. Non-GAAP earnings per
diluted share are expected to be in the range of $0.54 and $0.56 and exclude
$0.07 related to stock-based compensation expense and $0.07 for the
amortization of acquisition related intangibles.
Fourth Quarter Fiscal 2009
Net revenue for the fourth quarter of fiscal 2009 is expected to be in
the range of $660 million and $680 million. GAAP earnings per diluted share
are expected to be in the range of $0.52 and $0.56. Non-GAAP earnings per
diluted share are expected to be in the range of $0.64 and $0.68 and exclude
$0.08 related to stock-based compensation expense and $0.04 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 $2.50
billion and $2.53 billion. Full year GAAP earnings per diluted share are now
expected to be in the range of $1.72 and $1.78. Non-GAAP earnings per
diluted share are still expected to be in the range of $2.24 and $2.30 and
exclude $0.29 related to stock-based compensation expense and $0.23 for the
amortization of acquisition related intangibles and in-process research and
development expense.
Earnings Conference Call and Webcast
Autodesk will host its second quarter conference call today at 5:00 p.m.
EDT. The live announcement may be accessed at
http://www.autodesk.com/investors or by dialing 866-700-7477 or
617-213-8840 (passcode: 68223258). An audio webcast or podcast of the call
will be available at 7:00 pm EDT 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 EDT by dialing 888-286-8010 or
617-801-6888 (passcode: 93009896).
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 more information, visit
http://www.autodesk.com.
Autodesk, Inc.
Consolidated Statements of Income
(In millions, except per share data)
Three Months Ended Six Months Ended
July 31,
July 31,
2008 2007 2008
2007
(Unaudited) (Unaudited)
Net revenue:
License and other $440.2 $393.6
$872.4 $776.7
Maintenance
179.3 132.3 345.9
257.7
Total net revenue 619.5 525.9
1,218.3 1,034.4
Cost of license and
other revenue
57.4 49.6 113.2
100.1
Cost of maintenance
revenue
2.1 2.3
4.1 4.4
Total cost of revenue 59.5 51.9
117.3 104.5
Gross margin 560.0
474.0 1,101.0 929.9
Operating Expenses:
Marketing and sales 228.8 198.8
452.7 391.3
Research and
development
153.2 114.9 296.9
229.6
General and
administrative 59.2
45.8 112.7
93.1
Total operating
expenses
441.2 359.5 862.3
714.0
Income from operations 118.8 114.5
238.7 215.9
Interest and other
income, net
6.3 3.4
13.2 13.2
Income before
income taxes
125.1 117.9 251.9
229.1
Provision for
income taxes
(35.3) (26.3) (67.5)
(54.2)
Net income
$89.8 $91.6 $184.4
$174.9
Basic net income
per share
$0.40 $0.40 $0.82
$0.76
Diluted net
income per share $0.39
$0.38 $0.80 $0.72
Shares used incomputing basic net income per share
224.2 230.3 225.2
230.8
Shares used in computing diluted net income per share
231.1 243.0 232.1
243.7
Autodesk,
Inc.
Condensed Consolidated Balance Sheets
(In millions)
July 31, January 31,
2008 2008
(Unaudited)
ASSETS:
Current assets:
Cash and cash equivalents
$929.6 $917.9
Marketable securities
32.6 31.4
Accounts receivable, net
325.2 386.5
Deferred income taxes
58.2 98.1
Prepaid expenses and other
current assets
56.9 47.9
Total current asset
1,402.5 1,481.8
Marketable securities
8.3 8.4
Computer equipment, software,
furniture and leasehold
improvements, net
109.2 80.2
Purchased technologies, net 106.2
64.4
Goodwill
626.9 443.4
Deferred income taxes, net
67.5 54.6
Other assets
122.9 79.4
$2,443.5 $2,212.2
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable
$78.1 $79.3
Accrued compensation
108.0 146.2
Accrued income taxes
21.2 14.4
Deferred revenue
440.7 400.7
Borrowings under line of
credit
120.0 -
Other accrued liabilities
101.0 89.7
Total current liabilities
869.0 730.3
Deferred revenue
121.9 105.4
Long term income taxes payable 101.4
86.5
Long term deferred income taxes 29.2
3.3
Other liabilities
62.1 56.2
Commitments and contingencies
Stockholders' equity:
Preferred stock
-
-
Common stock and additional
paid-in capital
997.6 998.3
Accumulated other
comprehensive income
19.9 13.8
Retained earnings
242.4 218.4
Total stockholders' equity 1,259.9
1,230.5
$2,443.5 $2,212.2
Autodesk,
Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
Six Months Ended
July 31,
2008 2007
(Unaudited)
Operating Activities
Net income
$184.4 $174.9
Adjustments to reconcile
net income to net cash provided
by operating activities:
Depreciation and amortization
39.1 28.6
Stock-based compensation expense 48.4
35.9
Charge for acquiredin-process
research and development
16.8 1.0
Changes in operating assets and
liabilities, net of business
combinations
105.1 87.8
Net cash provided by operating
activities
393.8 328.2
Investing Activities
Purchases of available-for-sale
marketable securities
(5.6) (705.7)
Sales of available-for-sale
marketable securities
4.7 765.7
Business combinations, net of
cash acquired
(257.5) (21.3)
Capital and other expenditures (39.9)
(18.2)
Net cash provided by (used in)
investing activities
(298.3) 20.5
Financing activities
Proceeds from issuance of common
stock, net of issuance costs
50.1 83.8
Draws on line of credit
690.0 -
Repayments of line of credit (570.0)
-
Repurchases of common stock
(256.5) (325.1)
Net cash used in financing
activities
(86.4) (241.3)
Effect of exchange rate changes
on cash and cash equivalents
2.6 1.6
Net increase in cash and cash
equivalents
11.7 109.0
Cash and cash equivalents at
beginning of fiscal year
917.9 665.9
Cash and cash equivalents at
end of period
$929.6 $774.9
The following table shows Autodesk's non-GAAP
results reconciled to GAAP results included in this release.
Three Months Ended Six Months Ended
July 31, July
31,
2008 2007 2008
2007
(Unaudited) (Unaudited)
GAAP cost of license
and other revenue $57.4
$49.6 $113.2 $100.1
SFAS 123R stock-based
compensation expense (1.1) (1.1)
(2.1) (1.7)
Amortization of
developed technology (5.3) (2.1)
(8.8) (4.2)
Employee tax reimbursements related to stock option review
- -
- (1.1)
Non-GAAP cost of license and other
revenue
$51.0 $46.4 $102.3 $93.1
GAAP gross margin $560.0 $474.0
$1,101.0 $929.9
SFAS 123R stock-based
compensation expense 1.1
1.1 2.1 1.7
Amortization of
developed technology 5.3
2.1 8.8 4.2
Employee tax reimbursements related to stock option review
- -
- 1.1
Non-GAAP gross margin $566.4 $477.2 $1,111.9
$936.9
GAAP marketing and
sales
$228.8 $198.8 $452.7 $391.3
SFAS 123R stock-based
compensation expense (10.0) (9.0)
(20.5) (15.2)
Employee tax reimbursements related to stock option review
- -
- (4.8)
Non-GAAP marketing
and sales
$218.8 $189.8 $432.2 $371.3
GAAP research and
development
$153.2 $114.9 $296.9 $229.6
SFAS 123R stock-based
compensation expense (7.7)
(6.5) (16.1) (11.3)
In-process research
and development
(16.8) (1.0) (16.8) (1.0)
Employee tax reimbursements related to stock option review
- -
- (4.4)
Non-GAAP research and
development
$128.7 $107.4 $264.0 $212.9
GAAP general and
administrative
$59.2 $45.8 $112.7 $93.1
SFAS 123R stock-based
compensation expense (4.4)
(4.5) (9.7) (7.7)
Amortization of customer relationships and trademarks
(6.4) (2.0) (9.3) (3.9)
Employee tax reimbursements related to stock option review
- -
- (1.7)
Non-GAAP general and
administrative
$48.4 $39.3 $93.7 $79.8
GAAP operating
expenses
$441.2 $359.5 $862.3 $714.0
SFAS 123R stock-based
compensation expense (22.1) (20.0)
(46.3) (34.2)
Employee tax reimbursements related to stock option review
- -
- (10.9)
Amortization of customer relationships and trademarks
(6.4) (2.0) (9.3) (3.9)
In-process research
and development
(16.8) (1.0) (16.8) (1.0)
Non-GAAP operating
expenses
$395.9 $336.5 $789.9 $664.0
GAAP income from
operations
$118.8 $114.5 $238.7 $215.9
SFAS 123R stock-based compensation
expense
23.2 21.1 48.4
35.9
Employee tax reimbursements related to stock option review
- -
- 12.0
Amortization of
developed technology 5.3
2.1 8.8 4.2
Amortization of customer relationships and trademarks
6.4 2.0 9.3
3.9
In-process research
and development
16.8 1.0 16.8
1.0
Non-GAAP income from
operations
$170.5 $140.7 $322.0 $272.9
GAAP provision for
income taxes
$(35.3) $(26.3) $(67.5) $(54.2)
Income tax effect on difference
between GAAP and non-GAAP total
costs and expenses at a normalized
rate
(11.2) (9.4) (20.3) (16.7)
Non-GAAP provision
for income taxes $(46.5)
$(35.7) $(87.8) $(70.9)
GAAP net income
$89.8 $91.6 $184.4 $174.9
SFAS 123R stock-based compensation
expense
23.2 21.1 48.4
35.9
Employee tax reimbursements related
to stock option review -
- -
12.0
Amortization of
developed technology 5.3
2.1 8.8 4.2
Amortization of customer relationships and trademarks
6.4 2.0 9.3
3.9
In-process research
and development
16.8 1.0 16.8
1.0
Income tax effect on difference
between GAAP and non-GAAP total
costs and expenses at a normalized
rate
(11.2) (9.4) (20.3) (16.7)
Non-GAAP net income $130.3 $108.4
$247.4 $215.2
GAAP diluted net
income per share
$0.39 $0.38 $0.80 $0.72
SFAS 123R stock-based compensation
expense
0.10 0.09 0.21
0.15
In-process research
and development
0.07 -
0.07 -
Employee tax reimbursements related to stock option
review
- -
- 0.05
Amortization of
developed technology 0.02
0.01 0.03 0.02
Amortization of customer relationships and trademarks
0.03 -
0.04 0.01
Income tax effect on difference
between GAAP and non-GAAP total
costs and expenses at a normalized
rate
(0.05) (0.04) (0.09) (0.07)
Non-GAAP diluted net
income per share
$0.56 $0.44 $1.06 $0.88
GAAP diluted shares used in per share
calculation
231.1 243.0 232.1 243.7
Impact of SFAS 123R
on diluted shares
0.8 1.3 0.5
1.3
Non-GAAP diluted shares used in per
share calculation 231.9
244.3 232.6 245.0
For more information, visit
www.autodesk.com.
--------
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