August 2008
Autodesk, Inc. 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.
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, the inability to identify and realize the anticipated benefits of acquisitions, 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 revenues, failure to achieve sufficient sell-through 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, 2008 and our Form 10-Q for the quarter ended April 30, 2008, 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 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).
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