MCAD Industry View – An August 2009 Update


On a sequential basis, Autodesk went from a net loss in the previous quarter to a net gain in the second 2009 quarter. MSC.Software did the reverse. ANSYS enjoyed a 28% increase in net earnings, while PTC earnings dropped -47% and Dassault Systemes earnings fell a more modest -7%.


Details on Individual G6 Vendors' Q2 2009 Performances


On August 6, 2009 ANSYS, Inc. reported financial results for the second quarter ended June 30, 2009. Total revenue for the quarter was $122 million, an increase of nearly 10% from the $111 million in the second quarter of 2008, and an increase of almost 5% from the $116 million in the first quarter of 2009. The $122 million was somewhat above the midpoint of the guidance given last quarter. License revenue was $73 million, accounting for 60% of the total. This represented a dip of 1.1% from the same quarter a year earlier, but an increase of 3.8% from the just prior quarter. Maintenance and service revenue was $48.9 million, or 40% of total revenue. This was up 31% year-over-year, and up 6.7% sequentially.

Net income for the quarter was $27 million, a drop of 3.5% from the $28 million in the year ago quarter, but an increase of nearly 29% from the $21 million in the prior quarter. Note that the ANSYS earnings for the second quarter of 2009 included $2.0 million of tax benefits related to settlements of tax years previously under audit.

Jim Cashman, ANSYS president and CEO, stated, “While the global environment remains challenging, our revenues were within the range of our outlook with the ANSYS organic business stable in constant currencies. Our non-GAAP earnings exceeded the upper end of the range and were further supplemented by approximately $.02 (per share) of favorable tax benefits. We continued to deliver on our stated objectives of strong operating margins and cash flows, even during a time when the exact timing of business intake patterns is difficult to predict.”



On August 13, 2009 Autodesk, Inc. reported financial results for the second quarter of calendar 2009 (its fiscal 2010) ended June 30, 2009. Total revenue for the quarter was $415 million, a major 33% drop year-over-year from the $620 million in the second quarter of 2008, but only a 2.8% dip from the $426 million in the first quarter of 2009. The $415 million in Q2 2009 revenue was toward the high end of the guidance given last quarter. License revenue was $231 million, or 56% of total revenue. This was a major decrease of over 47% from the year ago quarter, and a decline of 5.2% sequentially. Maintenance revenue was $184 million, accounting for 44% of the total. This was an increase of 2.6% year-over-year and a rise of 0.9% from the prior quarter.

The Platform segment, which accounts for about 35% of total revenue, includes AutoCAD and AutoCAD LT products that service multiple markets. Platform revenue was down 47% from the year ago quarter, and down 7% from the just prior quarter. Other segments are AEC (previously two segments: Building and Infrastructure) and Media/Entertainment (previously named Discreet). The Manufacturing segment (which includes the Inventor product lines) accounted for 24% of total revenue; the manufacturing segment fell 25% year-over-year, but rose 4.3% from the prior quarter. A “guesstimate” of MCAD revenue Q2 2009 would be about $180 million for the quarter. Revenue from the Inventor family of products decreased 30% compared to the second quarter last year, but increased 7% sequentially.


By geography, Q2 2009 revenue from the Americas decreased 21% compared to the second quarter of 2008, to $159 million. Americas revenue declined only 2% sequentially. Revenue from the U.S. posted a small sequential decline, while both Canada and Brazil grew sequentially. EMEA revenue was $157 million, a decrease of 41% from the second quarter of 2008 as reported, and down 32% on a constant currency basis. EMEA revenue declined 6% sequentially as reported. Q2 2009 revenue in Asia Pacific was $99 million, a decrease of 34% from the comparable quarter of 2008 as reported, and down 35% on a constant currency basis. Revenue from Asia Pacific increased 3% sequentially as reported. Revenue from emerging economies was $63 million, a decrease of 45% compared to the second quarter of 2008, and a 6% sequential increase as reported. Revenue from emerging economies represented 15% of total Q2 2009 revenue.

Design segment revenues of $368 million in Q2 2009 decreased over 32% when compared to the $545 million achieved in the second quarter of 2008. The $368 million accounted for 89% of total Q2 2009 Autodesk revenue. Design segment revenue fell 2.6% sequentially.

Combined Q2 2009 revenue from Autodesk's model-based 3D design solutions, including Inventor, Revit, Civil 3D, Moldflow, NavisWorks, and Robobat, was $124 million, a decrease of 25% compared to the second quarter of 2008, and a 2% sequential increase. Q2 2009 revenue from 2D horizontal and vertical products was $194 million, a decrease of 38% compared to the second quarter of 2008 and down 6% sequentially. Combined Q2 2009 revenue from AutoCAD and AutoCAD LT declined 39% compared to the second quarter last year, and down 7% sequentially.

Compared to the second quarter of last year, the impact of foreign currency exchange rates in the second quarter was $24 million unfavorable on revenue and $14 million favorable on expenses. Compared to the first quarter of 2009, the foreign currency impact was $9 million favorable on revenue and $7 million unfavorable on expenses.

Aurodesk’s net income for the second quarter of 2009 was down to $10.5 million, an incredible 88% drop from the $89 million in the year ago quarter, but a significant improvement from the net loss of $32 million in the just preceding quarter. Based on the progress the company made in the first half of its fiscal 2010 with its expense reduction initiatives, Autodesk now anticipates nearly $300 million in pre-tax cost savings in fiscal 2010 as compared to fiscal 2009.

Carl Bass, Autodesk president and CEO, said, "Revenue results for the quarter were in-line with our expectations and continue to reflect a challenging global business environment. We are pleased with the progress we've made to increase our efficiency and reduce our overall cost structure and as a result, we increased our profitability on a sequential basis."

"The current business environment and general business visibility remain challenging," continued Bass. "However, we are encouraged by sequential revenue growth we posted in several areas and are beginning to see some positive indicators in our business."



On July 30, 2009 Dassault Systemes reported financial results for the second quarter ended June 30, 2009. Total revenue for the quarter was $423 million, a drop of nearly 17% from the $509 million in the second quarter of 2008, but an increase of 5% from the $402 million in the first quarter of 2009. The $423 million in revenue was at the upper end of the guidance range provided last quarter when expressed in euros. Software revenue was $360 million, a decrease of 15% year-over-year, but an increase of 4.5% sequentially. Software accounted for 87% of total revenue. New license revenue of $94 million was down about 40% compared to the prior year, but up almost 13% from the prior quarter. New license revenue accounted for 26% of software revenue. Recurring revenue was $273 million, accounting for 74% of software revenue. Service revenue was $54 million, or nearly 13% of the total. Service revenue was down over 28% compared to the year ago quarter, but up over 9% compared to the previous quarter.

Dassault Systemes, a French company, reports its financial results in euros but provides average conversion factors to dollars for each quarter and year. These factors were used to calculate US dollar numbers. Revenue growth for the quarter in terms of constant currency GAAP was up 11% versus the second quarter of last year.

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  • Back on Meds? October 06, 2009
    Reviewed by 'Maxim Ratiovich'
    Looks like the authors are back on their medication. No diatribes about the government or how they'd personally been abused by the financial markets!
    I suggest that this report is much more what people expect from an industry survey. Wondering what I am talking about? Read the previous few releases of this MCAD Industry View.
    Example from March '09:"The U.S. is now in its deepest economic slowdown since the 1930's. Bush 43 and his administration bequeathed monumental problems for President Obama and the rest of us to overcome. The downward spiral has tremendous momentum and it’ll be very hard to reverse.
    As a giant first step, President Obama and his fellow Democrats muscled a $787 billion Stimulus Bill through Congress in mid-February 2009U, despite nearly universal Republican opposition, and despite the fact that Republican policies (of deregulation, deficit spending, lower taxes, needless wars like IRAQ, etc.) were the very policies that got the economy in trouble in the first place. Worst of all, many Republican politicians have said that they are hoping that the now lawful Stimulus Bill fails, thereby hurting millions more Americans, just so that “the GOP might gain congressional seats in 2010.”

      One person of 2 found this review helpful.

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