Summary
Autodesk, Inc. (ADSK) reported a significant decline in financial performance for the quarter ending April 30, 2009, compared to the same period in the previous year. Total net revenue decreased by 29% to $425.8 million, driven primarily by a 44% drop in license and other revenue, while maintenance revenue saw a slight increase of 9%. This revenue decline, coupled with substantial operating expenses, resulted in a net loss of $32.1 million, or $(0.14) per diluted share, a stark contrast to the net income of $94.6 million, or $0.41 per diluted share, reported in the prior year. The company faced considerable headwinds from the global economic downturn, which impacted demand across all segments and geographies. This challenging environment led to a $21.0 million goodwill impairment charge related to the Media and Entertainment segment and $16.5 million in restructuring charges aimed at reducing operating costs. Autodesk is actively implementing cost-saving measures and has announced further restructuring plans to align its cost structure with the current financial performance.
Financial Highlights
46 data points| Revenue | $425.80M |
| Cost of Revenue | $52.30M |
| Gross Profit | $373.50M |
| R&D Expenses | $121.50M |
| Operating Expenses | $392.90M |
| Operating Income | -$19.40M |
| Net Income | -$32.10M |
| EPS (Basic) | $-0.14 |
| EPS (Diluted) | $-0.14 |
| Shares Outstanding (Basic) | 227.10M |
| Shares Outstanding (Diluted) | 227.10M |
Key Highlights
- 1Net revenue declined significantly by 29% year-over-year to $425.8 million.
- 2The company reported a net loss of $32.1 million, or $(0.14) per diluted share, compared to a net income of $94.6 million ($0.41 per diluted share) in the prior year.
- 3License and other revenue saw a substantial decrease of 44%, indicating weak demand for new software licenses.
- 4Maintenance revenue increased by 9% year-over-year, providing some stability.
- 5A goodwill impairment charge of $21.0 million was recorded for the Media and Entertainment segment.
- 6Restructuring charges of $16.5 million were incurred as part of efforts to reduce operating expenses.
- 7The company ended the quarter with $880.5 million in cash and cash equivalents, a decrease from the prior quarter, reflecting cash used in operations and investing activities.