Business News
Autodesk Reports Second Quarter Fiscal 2010 Financial Results
Friday 14. August 2009 - Autodesk, Inc. (NASDAQ:ADSK) today reported financial results for the second quarter of fiscal 2010.
— Revenue was $415 million, a decrease of three percent sequentially and
33 percent compared to the second quarter of fiscal 2009.
— GAAP diluted earnings per share were $0.05, compared to a GAAP diluted
loss per share of $0.14 in the first quarter of fiscal 2010 and GAAP
diluted earnings per share of $0.39 in the second quarter of fiscal
2009.
— Non-GAAP diluted earnings per share were $0.24, compared to $0.18 per
diluted share in the first quarter of fiscal 2010 and $0.56 per
diluted share in the second quarter of fiscal 2009. A reconciliation
of the GAAP and non-GAAP results is provided in the tables within this
press release.
“Revenue results for the quarter were in-line with our expectations and continue to reflect a challenging global business environment,” said Carl Bass, Autodesk president and CEO. “We are pleased with the progress we’ve made to increase our efficiency and reduce our overall cost structure and as a result, we increased our profitability on a sequential basis.”
Operational Overview
By geography, revenue in the Americas decreased 21 percent compared to the second quarter of fiscal 2009, to $159 million. Americas revenue declined two percent sequentially. EMEA revenue was $157 million, a decrease of 41 percent over the second quarter of fiscal 2009 as reported, and 32 percent on a constant currency basis. EMEA revenue declined six percent sequentially as reported. Revenue in Asia Pacific was $99 million, a decrease of 34 percent over the second quarter of fiscal 2009 as reported and 35 percent on a constant currency basis. Revenue from Asia Pacific increased three percent sequentially as reported. Revenue from emerging economies was $63 million, a decrease of 45 percent compared to the second quarter of fiscal 2009, and a six percent sequential increase as reported. Revenue from emerging economies represented 15 percent of total revenue.
Combined revenue from Autodesk’s model-based 3D design solutions was $124 million, a decrease of 25 percent compared to the second quarter of fiscal 2009 and a two percent sequential increase. Revenue from 2D horizontal and vertical products was $194 million, a decrease of 38 percent compared to the second quarter of fiscal 2009 and six percent sequentially. Combined revenue from AutoCAD and AutoCAD LT declined 39 percent compared to the second quarter last year and seven percent sequentially.
Autodesk posted quarterly sequential revenue growth in several areas including emerging economies, revenue from our manufacturing business segment, revenue in Asia Pacific, revenue from our model-based 3D design solutions and revenue from 3D animation software. Autodesk has more than $1 billion in cash and investments and no debt.
“The current business environment and general business visibility remain challenging,” continued Bass. “However, we are encouraged by sequential revenue growth we posted in several areas and are beginning to see some positive indicators in our business.”
Business Outlook
The following statements are forward-looking statements that are based on current expectations and which involve risks and uncertainties some of which are set forth below.
Third Quarter Fiscal 2010
Net revenue for the third quarter of fiscal 2010 is expected to be in the range of $400 million and $420 million. GAAP earnings per diluted share are expected to be in the range of $0.04 and $0.09. Non-GAAP earnings per diluted share are expected to be in the range of $0.18 and $0.23 and exclude $0.07 related to stock-based compensation expense, $0.05 for the amortization of acquisition related intangibles, and restructuring related charges of $0.02.
Update on Spend Reduction Initiatives
Based on the progress the company made in the first half of fiscal 2010 with its expense reduction initiatives, Autodesk now anticipates nearly $300 million in pre-tax cost savings in fiscal 2010 as compared to fiscal 2009.