Summary
Autodesk, Inc. (ADSK) reported its financial results for the second quarter and first half of fiscal year 2009, ending July 31, 2008. The company demonstrated robust top-line growth, with net revenue increasing by 18% year-over-year for both the quarter and the six-month period, reaching $619.5 million and $1,218.3 million, respectively. This growth was driven by strong performance across its segments, particularly in the Manufacturing Solutions and Architecture, Engineering, and Construction divisions, and a significant increase in maintenance revenue. Operationally, income from operations saw a notable increase of 4% for the quarter and 11% for the six-month period, reflecting improved efficiency despite increased investments in research and development and marketing. A significant factor impacting profitability during the period was the substantial in-process research and development (IPR&D) expense related to acquisitions, most notably Moldflow Corporation. Despite this, the company maintained a healthy cash position and continued its share repurchase program, demonstrating a commitment to returning value to shareholders.
Financial Highlights
29 data points| Revenue | $619.50M |
| Cost of Revenue | $59.70M |
| Gross Profit | $559.80M |
| R&D Expenses | $154.80M |
| Operating Expenses | $441.00M |
| Operating Income | $118.80M |
| Net Income | $89.80M |
| EPS (Basic) | $0.40 |
| EPS (Diluted) | $0.39 |
| Shares Outstanding (Basic) | 224.20M |
| Shares Outstanding (Diluted) | 231.10M |
Key Highlights
- 1Net revenue increased by 18% to $619.5 million for the three months ended July 31, 2008, compared to the prior year period.
- 2Maintenance revenue showed strong growth, up 36% year-over-year for the quarter, contributing significantly to overall revenue.
- 3Income from operations for the quarter increased by 4% to $118.8 million, despite increased R&D spending.
- 4The company completed the acquisition of Moldflow Corporation for approximately $183.1 million, along with four other entities for a total of $74.6 million, significantly increasing goodwill.
- 5A substantial $16.8 million in-process R&D expense was recognized in the quarter related to acquisitions, impacting operating income.
- 6Autodesk repurchased 8.0 million shares of common stock during the six months ended July 31, 2008, as part of its ongoing stock repurchase program.
- 7International revenue represented a significant portion of total revenue, accounting for 74% of net revenue for the quarter, with strong growth in EMEA and Asia Pacific.