Published:
Autodesk Reports Third Quarter Fiscal 2009 Financial Results
SAN RAFAEL, Calif., Nov. 20 /PRNewswire-FirstCall/ -- Autodesk, Inc.
(Nasdaq: ADSK) today reported revenue of $607 million for the third quarter of
fiscal 2009, an increase of 13 percent over the third quarter of fiscal 2008.
GAAP diluted earnings per share in the third quarter increased 29 percent to
$0.45, compared to $0.35 per diluted share in the third quarter last year.
Non-GAAP diluted earnings per share in the third quarter increased 14 percent
to $0.56, compared to $0.49 per diluted share in the third quarter last year.
A reconciliation between GAAP and non-GAAP results is provided at the end of
this press release.
"The sharp downturn in the global economy had a substantial impact on our
results for the quarter," said Carl Bass, Autodesk president and CEO. "Our
business inthe United States slowed as a result of the economic climate. In
addition, we started to experience headwinds in some of our international
markets.
"While we realize that there is no quick or easy response to the current
economic environment, we are focused on serving our customers and helping our
channel partners in these challenging times. We are taking actions to
stimulate demand and are making appropriate adjustments to our cost structure.
In the process we intend to balance these cost reductions with investing in
our future. Investment focus areas continue to be increasing channel capacity
and developing technology that will help Autodesk better serve our customers."
Operational Highlights
Autodesk's performance in the third quarter of fiscal 2009 was driven by
continued growth of maintenance revenue, model-based 3D design solutions, and
revenue generated in emerging economies.
Combined revenue from our model-based 3D design solutions, including
Inventor, Revit, Civil 3D, Moldflow, NavisWorks, and Robobat, increased 26
percent over the third quarter of fiscal 2008 to $163 million and comprised 27
percent of total revenue for the quarter. Excluding $12 million from
Moldflow, which was acquired earlier this year, revenue from model-based 3D
design solutions grew 16 percent to $151 million. Autodesk shipped
approximately 41,000 commercial seats of its model-based 3D design products,
including approximately 9,000 commercial seats of Inventor and Moldflow and
32,000 seats of its Architecture Engineering and Construction products -
Revit, Civil 3D, NavisWorks, and Robobat.
Revenue from AutoCAD and AutoCAD LT increased 10 percent and 12 percent,
respectively, compared to the third quarter of 2008. Revenue from 2D vertical
products decreased 6 percent compared to the third quarter of fiscal 2008.
Revenue from emerging economies increased 25 percent over the third
quarter of fiscal 2008 to $114 million and represented 19 percent of total
revenue. EMEA revenue was $258 million, an increase of 27 percent as reported
over the third quarter of fiscal 2008, and 20 percent at constant currency.
Revenue inAsia Pacific was $133 million, an increase of 12 percent as
reported year-over-year, and 9 percent at constant currency. Revenue in the
Americas decreased 1 percent to $216 million compared to the third quarter of
fiscal 2008.
Upgrade revenue and maintenance revenue combined increased 22 percent over
the third quarter of fiscal 2008 to $227 million. Total upgrade revenue
decreased 4 percent compared to the third quarter of fiscal 2008. Maintenance
revenue increased 31 percent compared to the third quarter of fiscal 2008 to
$186 million, or 31 percent of total revenue. Deferred maintenance revenue
decreased $55 million sequentially and increased $67 million compared to the
third quarter of fiscal 2008.
Net income and earnings per share benefited from lower operating expenses
than originally expected, which resulted from an accrual adjustment for annual
performance-based incentive plans, a hiring freeze, and lower discretionary
spending.
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 not providing guidance for fiscal 2010 at this time.
Fourth Quarter Fiscal 2009
Net revenue for the fourth quarter of fiscal 2009 is expected to be in the
range of $525 million and $550 million. GAAP earnings per diluted share are
expected to be in the range of $0.13 and $0.19. Non-GAAP earnings per diluted
share are expected to be in the range of $0.28 and $0.34 and exclude $0.07
related to stock-based compensation expense and $0.08 for the amortization of
acquisition related intangibles.
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 investments, strategies, 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, the
financial and business condition of our reseller and distribution channels,
fluctuation in foreign currency exchange rates, failure to achieve planned
cost reductions and productivity increases, difficulties encountered in
integrating new or acquired businesses and technologies, the inability to
identify and realize the anticipated benefits of acquisitions, 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 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,
interruptions or terminations in the business of Autodesk consultants, and
unanticipated impact of accounting for technology acquisitions.
Further information on potential factors that could affect the financial
results of Autodesk are included in Autodesk reports on Form 10-K for the year
ended January 31, 2008 and our Forms 10-Q for the quarters ended April 30,
2008 and July 31, 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 third quarter conference call today at 5:00 p.m.
EST. The live announcement may be accessed at
http://www.autodesk.com/investors or by dialing 866-510-0710 or 617-597-5378
(passcode: 46764406). An audio webcast or podcast of the call will be
available at 7:00 pm EST 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 EST by dialing 888-
286-8010 or 617-801-6888 (passcode: 73660289).
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 additional information about Autodesk,
visit http://www.autodesk.com.
Note: AutoCAD, AutoCAD LT, Autodesk, Civil 3D, Inventor, Revit,
NavisWorks, Moldflow and Robobat are either registered trademarks or
trademarks of Autodesk, Inc. and/or its affiliates in the US and/or other
countries. All other brand names, product names or trademarks belong to their
respective holders.
Autodesk, Inc.
Consolidated Statements of Income
(In millions, except per share data)
Three Months Ended Nine Months Ended
October 31, October 31,
2008 2007 2008 2007
(Unaudited) (Unaudited)
Net revenue:
License and other $421.0 $395.8 $1,293.4 $1,172.6
Maintenance 186.1 142.6 532.0 400.2
Total net revenue 607.1 538.4 1,825.4 1,572.8
Cost of license and other revenue 50.3 49.7 163.5 149.8
Cost of maintenance revenue 2.4 1.9 6.5 6.3
Total cost of revenue 52.7 51.6 170.0 156.1
Gross margin 554.4 486.8 1,655.4 1,416.7
Operating Expenses:
Marketing and sales 225.5 208.9 678.2 600.1
Research and development 135.2 123.2 432.1 352.9
General and administrative 54.1 49.1 166.8 142.2
Total operating expenses 414.8 381.2 1,277.1 1,095.2
Income from operations 139.6 105.6 378.3 321.5
Interest and other income, net (3.4) 4.4 9.9 17.6
Income before income taxes 136.2 110.0 388.2 339.1
Provision for income taxes (31.7) (25.2) (99.2) (79.4)
Net income $104.5 $84.8 $289.0 $259.7
Basic net income per share $0.46 $0.37 $1.28 $1.13
Diluted net income per share $0.45 $0.35 $1.25 $1.07
Shares used in computing basic
net income per share 225.3 229.4 225.2 230.3
Shares used in computing diluted
net income per share 230.4 239.9 231.2 242.5
Autodesk, Inc.
Condensed Consolidated Balance Sheets
(In millions)
October 31, January 31,
2008 2008
(Unaudited)
ASSETS:
Current assets:
Cash and cash equivalents $796.4 $917.9
Marketable securities 136.8 31.4
Accounts receivable, net 291.4 386.5
Deferred income taxes 34.6 98.1
Prepaid expenses and other current assets 51.2 47.9
Total current assets 1,310.4 1,481.8
Marketable securities 8.3 8.4
Computer equipment, software, furniture
and leasehold improvements, net 116.6 80.2
Purchased technologies, net 107.7 64.4
Goodwill 632.3 443.4
Deferred income taxes, net 86.2 54.6
Other assets 112.2 79.4
$2,373.7 $2,212.2
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable $76.0 $79.3
Accrued compensation 112.2 146.2
Accrued income taxes 20.4 14.4
Deferred revenue 387.5 400.7
Borrowings under line of credit 3.9 -
Other accrued liabilities 64.3 89.7
Total current liabilities 664.3 730.3
Deferred revenue 111.9 105.4
Long term income taxes payable 112.5 86.5
Long term deferred income taxes 27.7 3.3
Other liabilities 57.2 56.2
Commitments and contingencies
Stockholders' equity:
Preferred stock - -
Common stock and additional paid-in capital 1,059.2 998.3
Accumulated other comprehensive income (6.0) 13.8
Retained earnings 346.9 218.4
Total stockholders' equity 1,400.1 1,230.5
$2,373.7 $2,212.2
Autodesk, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
Nine Months Ended
October 31,
2008 2007
(Unaudited)
Operating Activities
Net income $289.0 $259.7
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 64.5 44.1
Stock-based compensation expense 70.9 73.1
Charge for acquired in-process
research and development 18.0 3.6
Changes in operating assets
and liabilities,
net of business combinations 65.1 109.0
Net cash provided by operating activities 507.5 489.5
Investing Activities
Purchases of marketable securities (111.2) (727.9)
Sales of marketable securities 5.2 795.5
Business combinations, net of cash acquired (297.3) (66.0)
Capital and other expenditures (59.1) (29.1)
Net cash provided by (used in)
investing activities (462.4) (27.5)
Financing activities
Draws on line of credit 800.0 -
Repayments of line of credit (796.0) -
Proceeds from issuance of common
stock, net of issuance costs 89.1 160.7
Repurchases of common stock (256.6) (463.5)
Net cash used in financing activities (163.5) (302.8)
Effect of exchange rate changes on
cash and cash equivalents (3.1) 3.2
Net increase in cash and cash
equivalents (121.5) 162.4
Cash and cash equivalents at
beginning of fiscal year 917.9 665.9
Cash and cash equivalents at end of
period $796.4 $828.3
Autodesk, Inc.
Reconciliation of GAAP financial measures to non-GAAP financial measures
(In millions, except per share data)
To supplement our consolidated financial statements presented on a GAAP
basis, Autodesk provides investors with certain non-GAAP measures
including non-GAAP net income, non-GAAP net income per share, non-GAAP
cost of license and other revenue, non-GAAP gross margin, non-GAAP
operating expenses, non-GAAP income from operations, non-GAAP interest and
other income, net and non-GAAP provision for income taxes. These non-GAAP
financial measures are adjusted to exclude certain costs, expenses, gains
and losses, including stock-based compensation expense, employee tax
reimbursements related to our stock option review, litigation expenses,
in-process research and development expenses, restructuring expenses,
amortization of purchased intangibles, investment impairment and income
tax expenses. See our reconciliation of GAAP financial measures to
non-GAAP financial measures herein. We believe these exclusions are
appropriate to enhance an overall understanding of our past financial
performance and also our prospects for the future, as well as to
facilitate comparisons with our historical operating results. These
adjustments to our GAAP results are made with the intent of providing both
management and investors a more complete understanding of Autodesk's
underlying operational results and trends and our marketplace performance.
For example, the non-GAAP results are an indication of our baseline
performance before gains, losses or other charges that are considered by
management to be outside our core operating results. In addition, these
non-GAAP financial measures are among the primary indicators management
uses as a basis for our planning and forecasting of future periods.
There are limitations in using non-GAAP financial measures because the
non-GAAP financial measures are not prepared in accordance with generally
accepted accounting principles and may be different from non-GAAP
financial measures used by other companies. The non-GAAP financial
measures are limited in value because they exclude certain items that may
have a material impact upon our reported financial results. The
presentation of this additional information is not meant to be considered
in isolation or as a substitute for the directly comparable financial
measures prepared in accordance with generally accepted accounting
principles in the United States. Investors should review the
reconciliation of the non-GAAP financial measures to their most directly
comparable GAAP financial measures as provided in the tables accompanying
this press release.
The following table shows Autodesk's non-GAAP results reconciled to GAAP
results included in this release.
Three Months Ended Nine Months Ended
October 31, October 31,
2008 2007 2008 2007
(Unaudited) (Unaudited)
GAAP cost of license and other revenue $50.3 $49.7 $163.5 $149.8
SFAS 123R stock-based compensation
expense (1.0) (2.1) (3.1) (3.8)
Amortization of developed technology (6.4) (3.1) (15.2) (7.3)
Employee tax reimbursements related to
stock option review - - - (1.1)
Non-GAAP cost of license and other
revenue $42.9 $44.5 $145.2 $137.6
GAAP gross margin $554.4 $486.8 $1,655.4 $1,416.7
SFAS 123R stock-based compensation
expense 1.0 2.1 3.1 3.8
Amortization of developed technology 6.4 3.1 15.2 7.3
Employee tax reimbursements related to
stock option review - - - 1.1
Non-GAAP gross margin $561.8 $492.0 $1,673.7 $1,428.9
GAAP marketing and sales $225.5 $208.9 $678.2 $600.1
SFAS 123R stock-based compensation
expense (10.1) (16.2) (30.6) (31.3)
Employee tax reimbursements related to
stock option review - - - (4.8)
Non-GAAP marketing and sales $215.4 $192.7 $647.6 $564.0
GAAP research and development $135.2 $123.2 $432.1 $352.9
SFAS 123R stock-based compensation
expense (7.2) (12.6) (23.3) (23.9)
In-process research and development (1.2) (2.5) (18.0) (3.6)
Employee tax reimbursements related to
stock option review - - - (4.4)
Non-GAAP research and development $126.8 $108.1 $390.8 $321.0
GAAP general and administrative $54.1 $49.1 $166.8 $142.2
SFAS 123R stock-based compensation
expense (4.2) (6.4) (13.9) (14.1)
Amortization of customer relationships
and trademarks (7.2) (2.3) (16.5) (6.2)
Employee tax reimbursements related to
stock option review - - - (1.7)
Non-GAAP general and administrative $42.7 $40.4 $136.4 $120.2
GAAP operating expenses $414.8 $381.2 $1,277.1 $1,095.2
SFAS 123R stock-based compensation
expense (21.5) (35.2) (67.8) (69.3)
Employee tax reimbursements related to
stock option review - - - (10.9)
Amortization of customer relationships
and trademarks (7.2) (2.3) (16.5) (6.2)
In-process research and development (1.2) (2.5) (18.0) (3.6)
Non-GAAP operating expenses $384.9 $341.2 $1,174.8 $1,005.2
GAAP income from operations $139.6 $105.6 $378.3 $321.5
SFAS 123R stock-based compensation
expense 22.5 37.3 70.9 73.1
Employee tax reimbursements related to
stock option review - - - 12.0
Amortization of developed technology 6.4 3.1 15.2 7.3
Amortization of customer relationships
and trademarks 7.2 2.3 16.5 6.2
In-process research and development 1.2 2.5 18.0 3.6
Non-GAAP income from operations $176.9 $150.8 $498.9 $423.7
GAAP interest and other income, net $(3.4) $4.4 $9.9 $17.6
Investment impairment - 4.0 - 4.0
Non-GAAP interest and other income,
net $(3.4) $8.4 $9.9 $21.6
GAAP provision for income taxes $(31.7) $(25.2) $(99.2) $(79.4)
Income tax effect on difference
between GAAP and non-GAAP total costs
and expenses at a normalized rate (11.8) (16.9) (32.1) (33.6)
Non-GAAP provision for income taxes $(43.5) $(42.1) $(131.3) $(113.0)
GAAP net income $104.5 $84.8 $289.0 $259.7
SFAS 123R stock-based compensation
expense 22.5 37.3 70.9 73.1
Employee tax reimbursements related to
stock option review - - - 12.0
Investment impairment - 4.0 - 4.0
Amortization of developed technology 6.4 3.1 15.2 7.3
In-process research and development 1.2 2.5 18.0 3.6
Amortization of customer relationships
and trademarks 7.2 2.3 16.5 6.2
Income tax effect on difference
between GAAP and non-GAAP total costs
and expenses at a normalized rate (11.8) (16.9) (32.1) (33.6)
Non-GAAP net income $130.0 $117.1 $377.5 $332.3
GAAP diluted net income per share $0.45 $0.35 $1.25 $1.07
SFAS 123R stock-based compensation
expense 0.10 0.16 0.31 0.30
Employee tax reimbursements related to
stock option review - - - 0.05
Investment impairment - 0.02 - 0.02
Amortization of developed technology 0.03 0.01 0.06 0.03
In-process research and development - 0.01 0.07 0.01
Amortization of customer relationships
and trademarks 0.03 0.01 0.07 0.02
Income tax effect on difference
between GAAP and non-GAAP total costs
and expenses at a normalized rate (0.05) (0.07) (0.14) (0.14)
Non-GAAP diluted net income per share $0.56 $0.49 $1.62 $1.36
GAAP diluted shares used in per share
calculation 230.4 239.9 231.2 242.5
Impact of SFAS 123R on diluted shares - 1.3 0.3 1.3
Non-GAAP diluted shares used in per
share calculation 230.4 241.2 231.5 243.8
Other Supplemental Financial Information (1)
Fiscal Year 2009 QTR 1 QTR 2 QTR 3 QTR 4 YTD 2009
Financial
Statistics (in
millions, except
per share data):
Total net revenue $599 $620 $607 $1,825
License and
other revenue $432 $440 $421 $1,293
Maintenance
revenue $167 $180 $186 $532
Gross Margin - GAAP 90% 90% 91% 90%
Gross Margin -
Non-GAAP 91% 91% 93% 92%
GAAP Operating Expenses $421 $441 $415 $1,277
GAAP Operating Margin 20% 19% 23% 21%
GAAP Net Income $95 $90 $104 $289
GAAP Diluted Net
Income Per Share $0.41 $0.39 $0.45 $1.25
Non-GAAP Operating
Expenses (2)(3) $394 $396 $385 $1,175
Non-GAAP Operating
Margin (2)(4) 25% 28% 29% 27%
Non-GAAP Net
Income (2)(5) $117 $130 $130 $377
Non-GAAP Diluted
Net Income Per
Share (2)(6) $0.50 $0.56 $0.56 $1.62
Total Cash and
Marketable Securities $950 $970 $941 $941
Days Sales Outstanding 51 48 44 44
Capital Expenditures $14 $26 $19 $59
Cash from Operations $185 $215 $107 $507
GAAP Depreciation
and Amortization $17 $22 $25 $64
Deferred Maintenance
Revenue Balance $474 $488 $433 $433
Revenue by Geography
(in millions):
Americas $191 $203 $216 $610
Europe $259 $267 $258 $784
Asia/Pacific $149 $150 $133 $431
Revenue by Segment
(in millions):
Platform
Solutions and Emerging
Business and Other $278 $270 $269 $817
Architecture,
Engineering and
Construction $129 $144 $134 $407
Manufacturing Solutions $119 $131 $124 $374
Media and Entertainment $67 $69 $73 $209
Other $6 $6 $7 $18
Other Revenue Statistics:
% of Total Rev from
AutoCAD and AutoCAD LT 41% 35% 35% 37%
% of Total Rev from 3D
design products 24% 26% 27% 26%
% of Total Rev from
Emerging Economies 17% 18% 19% 18%
Upgrade Revenue
(in millions) $61 $58 $43 $162
Favorable (Unfavorable)
Impact of U.S. Dollar
Translation Relative
to Foreign Currencies
Compared to Comparable
Prior Year Period
(in millions):
FX Impact on
Total Net Revenue $41 $42 $18 $101
FX Impact on Total
Operating Expenses $(14) $(11) $(3) $(28)
FX Impact on Total
Net Income $27 $31 $15 $73
Gross Margin by Segment
(in millions):
Platform Solutions and
Emerging Business and
Other $263 $255 $257 $775
Architecture,
Engineering and
Construction $119 $133 $126 $378
Manufacturing Solutions $110 $122 $117 $349
Media and Entertainment $50 $52 $57 $159
Unallocated amounts $(1) $(2) $(3) $(6)
Common Stock
Statistics:
GAAP Shares
Outstanding 223,616,000 224,528,000 226,248,000 226,248,000
GAAP Fully
Diluted Weighted
Average Shares
Outstanding 232,607,000 231,078,000 230,364,000 231,164,000
Shares
Repurchased 8,001,000 - - 8,001,000
Installed Base
Statistics:
Total AutoCAD-
based Installed
Base(7) 4,377,000 4,431,000 4,491,000 4,491,000
Total Inventor
Installed Base(7) 794,000 817,000 841,000 841,000
Total Maintenance
Installed Base 1,587,000 1,644,000 1,696,000 1,696,000
(1) Totals may not agree with the sum of the components due to rounding.
(2) To supplement our consolidated financial statements presented on a
GAAP basis, Autodesk provides investors with certain non-GAAP measures
including non-GAAP net income, non-GAAP net income per share, non-GAAP
cost of license and other revenue, non-GAAP gross margin, non-GAAP
operating expenses, non-GAAP income from operations, non-GAAP interest
and other income, net and non-GAAP provision for income taxes. These
non-GAAP financial measures are adjusted to exclude certain costs,
expenses, gains and losses, including stock-based compensation
expense, employee tax reimbursements related to our stock option
review, litigation expenses, in-process research and development
expenses, restructuring expenses, amortization of purchased
intangibles, investment impairment and income tax expenses. See our
reconciliation of GAAP financial measures to non-GAAP financial
measures herein. We believe these exclusions are appropriate to
enhance an overall understanding of our past financial performance and
also our prospects for the future, as well as to facilitate
comparisons with our historical operating results. These adjustments
to our GAAP results are made with the intent of providing both
management and investors a more complete understanding of Autodesk's
underlying operational results and trends and our marketplace
performance. For example, the non-GAAP results are an indication of
our baseline performance before gains, losses or other charges that
are considered by management to be outside our core operating results.
In addition, these non-GAAP financial measures are among the primary
indicators management uses as a basis for our planning and forecasting
of future periods.
There are limitations in using non-GAAP financial measures because the
non-GAAP financial measures are not prepared in accordance with
generally accepted accounting principles and may be
different from non-GAAP financial measures used by other companies.
The non-GAAP financial measures are limited in value because they
exclude certain items that may have a material impact upon our
reported financial results. The presentation of this additional
information is not meant to be considered in isolation or as a
substitute for the directly comparable financial measures prepared in
accordance with generally accepted accounting principles in the United
States. Investors should review the reconciliation of the non-GAAP
financial measures to their most directly comparable GAAP financial
measures as provided in the tables accompanying this press release.
Fiscal Year 2009 QTR 1 QTR 2 QTR 3 QTR 4 YTD 2009
(3) GAAP Operating
Expenses $421 $441 $415 $1,277
Stock-based
compensation
expense (24) (22) (21) (68)
Amortization
of customer
relationships
and trademarks (3) (6) (7) (17)
In-process
research
and
development - (17) (1) (18)
Non-GAAP
Operating
Expenses $394 $396 $385 $1,175
(4) GAAP Operating Margin 20% 19% 23% 21%
Stock-based
compensation
expense 4% 4% 4% 4%
Amortization
of
developed
technology 1% 1% 1% 1%
Amortization
of customer
relationships
and trademarks 1% 1% 1% 1%
In-process
research
and
development 0% 3% 0% 1%
Non-GAAP
Operating
Margin 25% 28% 29% 27%
(5) GAAP Net Income $95 $90 $104 $289
Stock-based
compensation
expense 25 23 23 71
Amortization
of
developed
technology 4 5 6 15
Amortization
of customer
relationships
and trademarks 3 6 7 17
In-process
research
and
development - 17 1 18
Income tax
effect on
difference
between
GAAP and
non-GAAP
total costs
and expenses at
a normalized
rate (9) (11) (12) (32)
Non-GAAP Net
Income $117 $130 $130 $377
(6) GAAP Diluted
Net Income Per
Share $0.41 $0.39 $0.45 $1.25
Stock-based
compensation
expense 0.11 0.10 0.10 0.31
Amortization
of
developed
technology 0.01 0.02 0.03 0.06
Amortization
of customer
relationships
and trademarks 0.01 0.03 0.03 0.07
In-process
research
and
development - 0.07 - 0.07
Income tax
effect on
difference
between
GAAP and
non-GAAP
total costs
and expenses at
a normalized
rate (0.04) (0.05) (0.05) (0.14)
Non-GAAP
Diluted Net
Income Per
Share $0.50 $0.56 $0.56 $1.62
(7) Q2 FY09 Total AutoCAD-based Installed Base and Total Inventor
Installed Base amounts have been adjusted to conform to current period
presentation.
Investors: David Gennarelli, david.gennarelli@autodesk.com, 415-507-6033
Katie Blanchard, katherine.blanchard@autodesk.com, 415-507-6034
Press: Pam Pollace, pam.pollace@autodesk.com, 415-547-2441
Colleen Rubart, colleen.rubart@autodesk.com, 415-547-2368
SOURCE Autodesk, Inc.
Copyright © 2009, PRNewswire
Copyright © 2009, NewsBlaze,
Daily NewsTags: ,CPR,STW,AUT,ERN,ERP,CCA,CA-Autodesk-Earnings
Search News
Daily News
