Business News

Autodesk Reports Fourth Quarter And Full Year Fiscal 2009 Financial Results

Friday 27. February 2009 - Autodesk, Inc. (NASDAQ:ADSK) today reported revenue of $490 million for the fourth quarter of fiscal 2009, a decrease of 18 percent over the fourth quarter of fiscal 2008.

GAAP diluted loss per share in the fourth quarter was $0.47, compared to earnings of $0.40 per diluted share in the fourth quarter last year. Non-GAAP diluted earnings per share in the fourth quarter were $0.31, compared to $0.52 per diluted share in the fourth quarter last year. Non-GAAP diluted earnings per share exclude a pre-tax impairment charge of $0.56 related primarily to a reduction in the carrying of goodwill in the company’s Media and Entertainment business segment, $0.18 for restructuring charges, $0.08 related to stock-based compensation expense, $0.11 for the amortization of acquisition related intangibles and in-process research and development, and the offsetting tax impact of $0.15 related to these items.
n
For fiscal 2009, revenue was a record $2.315 billion, an increase of 7 percent compared to fiscal 2008. Fiscal 2009 net income was $184 million, or $0.80 per diluted share, on a GAAP basis and $448 million, or $1.95 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.

“We have much to be proud of in fiscal 2009, including achieving record annual revenue results, expanding our market presence into new territories, and adding several new and exciting technologies to our portfolio of world-class products,” said Carl Bass, Autodesk president and CEO. “While the global economic conditions in the first and second half of fiscal 2009 were very divergent, we are taking actions to reduce our cost structure to better fit the realities of today’s economic conditions. Our strong market position and best-in-class products give us confidence that Autodesk will emerge from this downturn better positioned and more operationally efficient.”

Operational Overview

Combined revenue from Autodesk’s model-based 3D design solutions decreased 1 percent over the fourth quarter of fiscal 2008 to $144 million and comprised 29 percent of total revenue for the quarter. Autodesk shipped approximately 30,000 new commercial seats of its model-based 3D design products including approximately 6,100 seats of 3D manufacturing products, and 24,000 seats of its 3D Architecture Engineering and Construction products.

EMEA revenue was $219 million, a decrease of 16 percent as reported over the fourth quarter of fiscal 2008, and a decrease of 8 percent on a constant currency basis. Revenue in Asia Pacific was $99 million, a decrease of 25 percent as reported year-over-year, and a 28 percent decrease on a constant currency basis. Revenue in the Americas decreased 17 percent to $172 million compared to the fourth quarter of fiscal 2008. Revenue from emerging economies decreased 31 percent, compared to the fourth quarter of fiscal 2008 to $80 million and represented 16 percent of total revenue.

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. Given the uncertainty of the current markets, Autodesk is only providing guidance for its fiscal first quarter of 2010 at this time.

First Quarter Fiscal 2010

Net revenue for the first quarter of fiscal 2010 is expected to be in the range of $400 million and $440 million. GAAP loss per diluted share is expected to be in the range of $0.20 and $0.08. Non-GAAP earnings per diluted share are expected to be in the range of $0.00 and $0.12 and excludes $0.07 related to restructuring charges, $0.08 related to stock-based compensation expense and $0.05 for the amortization of acquisition related intangibles. The GAAP EPS range assumes a tax rate of 31% and the non-GAAP EPS range assumes a tax rate of 27%.

In addition, operating cash flow for the first quarter is expected to be negative as a result of lower revenues combined with cash outlays in the quarter for payments of the annual employee incentive plan and payments relating to the restructuring plan.