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Autodesk, Inc. Message Board

  • bluecheese4u bluecheese4u Nov 18, 2009 12:05 AM Flag

    Autodesk Increases Profitability in Third Quarter Fiscal 2010

    Autodesk Increases Profitability in Third Quarter Fiscal 2010
    SAN RAFAEL, Calif.--(BUSINESS WIRE)--Nov. 17, 2009-- Autodesk, Inc. (NASDAQ:ADSK) today reported financial results for the third quarter of fiscal 2010.

    Revenue was $417 million, flat sequentially, and a decrease of 31 percent compared to the third quarter of fiscal 2009.
    GAAP diluted earnings per share were $0.13, compared to GAAP diluted earnings per share of $0.05 in the second quarter of fiscal 2010, and $0.45 in the third quarter of fiscal 2009.
    Non-GAAP diluted earnings per share were $0.27, compared to non-GAAP diluted earnings per share of $0.24 in the second quarter of fiscal 2010, and non-GAAP diluted earnings per share of $0.56 in the third quarter of fiscal 2009. A reconciliation of the GAAP and non-GAAP results is provided in the accompanying tables.
    “Our business appears to be increasingly stable,” said Carl Bass, Autodesk president and CEO. “We posted sequential increases in a number of important metrics including revenue from commercial new seat licenses, revenue from our Americas and EMEA geographies, revenue from our 2D horizontal solutions, and revenue from our 3D animation solutions. These results reflect the business environment that began stabilizing in the second quarter of this fiscal year.

    “In addition, our efforts to reduce operating expenses resulted in a sequential increase in profitability for the second consecutive quarter,” continued Bass. “While there are several data points in our business that are encouraging and represent positive indicators for our business, the health of the global economic environment remains mixed and the continued job losses in our core markets represent ongoing challenges to a swift recovery in our business.”

    Operational Overview

    Revenue in the Americas increased 2 percent sequentially to $164 million and decreased 25 percent compared to the third quarter of fiscal 2009. EMEA revenue increased 1 percent sequentially as reported, to $159 million, and declined 3 percent on a constant currency basis. EMEA revenue decreased 38 percent compared to the third quarter of fiscal 2009 as reported, and 35 percent on a constant currency basis. Revenue in Asia Pacific was $94 million, a decrease of 4 percent sequentially as reported, and 7 percent on a constant currency basis. Revenue in Asia Pacific decreased 29 percent compared to the third quarter of fiscal 2009 as reported, and 33 percent on a constant currency basis.

    Revenue from emerging economies was $62 million, a decline of 2 percent sequentially as reported and 3 percent on a constant currency basis. Revenue from emerging economies decreased 46 percent compared to the third quarter of fiscal 2009 as reported and 45 percent on a constant currency basis. Revenue from emerging economies represented 15 percent of total revenue in the quarter.

    Combined revenue from Autodesk's model-based 3D design solutions was $122 million, flat sequentially and a decline of 25 percent compared to the third quarter of fiscal 2009. Revenue from 2D horizontal and vertical products was $189 million, a slight decrease sequentially and a decline of 37 percent compared to the third quarter of fiscal 2009. Combined revenue from our AutoCAD and AutoCAD LT products increased 2 percent sequentially and decreased 39 percent compared to the third quarter last year.



    http://investors.autodesk.com/phoenix.zhtml?c=117861&p=irol-newsArticle&ID=1356557&highlight=

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    • part two

      “With more than $1 billion in cash and investments, no debt, and positive cash flows, Autodesk remains in solid financial condition,” continued Bass. “We are on track to deliver more than $300 million in pre-tax cost savings in fiscal 2010 compared to fiscal 2009. We will continue to strive to increase our efficiencies and profitability while making essential investments for the future.”

      During the current quarter, Autodesk determined that the way in which its third-party software application accounted for estimated forfeitures in stock-based compensation calculations was incorrect. As a result, fiscal third quarter 2010 GAAP results include a one-time adjustment to increase stock-based compensation expense by $7.9 million net of tax, or approximately $0.03 per diluted share. This is a cumulative adjustment from prior periods. For the nine month period ended October 31, 2009 the cumulative adjustment from prior periods was $6.8 million net of tax or $0.03 per diluted share.

      Business Outlook

      The following are forward-looking statements that are based on current expectations that involve risks and uncertainties, some of which are set forth below.

      Fourth Quarter Fiscal 2010

      For the fourth quarter, Autodesk expects revenue to be in the range of $420 million to $440 million. GAAP earnings per diluted share are expected to be in the range of $0.07 and $0.12. Non-GAAP earnings per diluted share are expected to be in the range of $0.19 and $0.24, excluding $0.06 related to stock-based compensation expense and $0.06 for amortization of acquisition related intangibles.

      Full Year Fiscal 2010

      Net revenue for fiscal 2010 is expected to be in the range of $1.68 billion and $1.7 billion. GAAP earnings per diluted share are expected to be in the range of $0.11 and $0.16. Non-GAAP earnings per diluted share are expected to be in the range of $0.88 and $0.93 and exclude $0.29 related to stock-based compensation expense, $0.18 for the amortization of acquisition related intangibles, $0.15 for restructuring charges, $0.06 related to goodwill impairment, and $0.09 related to the establishment of a valuation allowance on deferred tax assets.

      • 1 Reply to bluecheese4u
      • part three

        In addition, Autodesk anticipates total GAAP pre-tax spend (operating expenses plus cost of goods sold) for fiscal 2010 to range between $1.65 billion and $1.66 billion, which is lower than fiscal 2009 by between $407 and $417 million. The company anticipates total non-GAAP pre-tax spend (operating expenses plus cost of goods sold) for fiscal 2010 to range between $1.42 billion and $1.43 billion, which is lower than fiscal 2009 by between $300 and $310 million. Total non-GAAP pre-tax spend excludes approximately $95 million of stock-based compensation expense, $60 million of amortization of acquisition related intangibles, $50 million of restructuring charges and $20 million of goodwill impairment charges, which are included in total GAAP pre-tax spend.

        First Quarter 2011 and Full Year Fiscal 2011

        Autodesk is not providing specific revenue or EPS guidance for fiscal 2011 at this time. However, in the first quarter of fiscal 2011, GAAP operating margin is expected to increase year-over-year as the company recorded significant impairment charges in the first quarter of fiscal 2010 that it does not anticipate recording in fiscal 2011. Non-GAAP operating margin in the first quarter of fiscal 2011 is anticipated to be flat to slightly down compared to the first quarter of fiscal 2010, as a result of normal seasonality and the return of some costs that were suppressed in the first quarter of fiscal 2010.

        GAAP operating margin for the full year fiscal 2011 is expected to increase as the company recorded significant impairment charges in fiscal 2010 that it does not anticipate recording in fiscal 2011. Autodesk anticipates modest improvement in non-GAAP operating margin for full year fiscal 2011 compared to fiscal 2010.

        Non-GAAP operating margin excludes stock-based compensation expense, amortization of acquisition related intangibles, restructuring charges and goodwill impairments.

 
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