MCAD/MCAE Industry View – A November 2010 Update

Operational Overview

EMEA (Europe, Middle East, and Africa) revenue was $183 million and increased 15% compared to the third quarter last year. EMEA revenue decreased 3% sequentially.

Revenue in the Americas was $179 million and increased 10% compared to the third quarter last year and 7% sequentially.

Revenue in Asia Pacific was $115 million and increased 22% compared to the third quarter last year. Revenue in Asia Pacific decreased 1% sequentially.

Revenue from emerging economies was $76 million, an increase of 23% compared to the third quarter last year. Revenue from emerging economies increased 7% sequentially. Revenue from emerging economies represented 16% of total revenue in the third quarter.

Revenue from the Platform Solutions and Emerging Business segment was $174 million, an increase of 12% compared to the third quarter last year and a decrease of 2% sequentially. Revenue from the Architecture, Engineering and Construction business segment was $136 million, an increase of 9% compared to the third quarter last year and 3% sequentially. Revenue from the Manufacturing business segment was $117 million, an increase of 30% compared to the third quarter last year and 4% sequentially. Revenue from the Media and Entertainment business segment was $50 million, an increase of 5% compared to the third quarter last year and 2% sequentially.

Cash flow from operating activities was $114 million, compared to $47 million in the third quarter last year, and $112 million in the second quarter of 2010. Autodesk's cash and investments balance at the end of the third quarter was over $1.3 billion.

Business Outlook

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

Nominal 2010 Full Year

Net revenue for current full year is expected to increase by 12 to 13% compared to nominal 2009 and be in the range of $1.924 billion and $1.944 billion. GAAP earnings per diluted share are expected to increase more than 230% compared to nominal 2009 and be in the range of $0.83 and $0.86.

Autodesk anticipates GAAP operating margin for nominal 2011 to increase between 950 and 990 basis points for full year nominal 2011 compared to this year.

Nominal Fourth Quarter 2010

Net revenue for the next quarter is expected to be in the range of $500 million and $520 million. GAAP earnings per diluted share are expected to be in the range of $0.19 and $0.22.

Fourth quarter outlook assumes an effective tax rate of 25% for GAAP results.



As of press time for this issue of the MCAD/MCAE Commentary, Autodesk aficionados are already aware of the huge number of activities (and people) that are about to descend on Nevada from November 30 through December 2, 2010. The annual Autodesk University has ballooned into a massive learning and networking soirée in Las Vegas this year. It features three days of classes, hands-on labs, and keynote speeches presented by well known professionals, industry leaders, and Autodesk executives, plus the latest technology and services from what has now become yearly the world’s largest gathering of Autodesk developers and strategic partners. Autodesk management hopes that again this year, “What’s learned in Vegas, does not stay in Vegas.”


ADSK    11/24/10 CLOSE = $ 35.43      MKT CAP = $8.04 B

NASDAQ   11/24/10 CLOSE = $2543.12

Autodesk self description

Autodesk, Inc. is a leader in 3D design, engineering and entertainment software. Customers across the manufacturing, architecture, building, construction, and media and entertainment industries - including the last 15 Academy Award winners for Best Visual Effects - use Autodesk software to design, visualize, and simulate their ideas. Since its introduction of AutoCAD software in 1982, Autodesk continues to develop the broadest portfolio of state-of-the-art software for global markets. For additional information about Autodesk, visit Autodesk and AutoCAD are registered trademarks or trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. Academy Award is a registered trademark of the Academy of Motion Picture Arts and Sciences. All other brand names, product names, or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document. © 2010 Autodesk, Inc. All rights reserved.

On October 28, 2010 Dassault Systèmes (DS) (Euronext Paris: #13065, DSY.PA) reported IFRS [1] unaudited financial results for the third quarter ended September 30, 2010.

Financial Highlights

  • IFRS total Q3 2010 revenue increased 38.4% over Q3 2009
  • IFRS Q3 2010 EPS up 44% to €0.46 vs. €0.32 in Q3 2009

Third Quarter 2010 revenues were 403.6 million Euros, compared to 385.6 million Euros in sequential Q2 2010, and 291.7 Euros year over year in Q3 2009. Using average exchange rates appropriate to each quarter, this corresponds to $520.64 million in Q3 2010 revenues, $490.8 million in sequential Q2 2010, and $417.13 million in year over year Q3 2009.

Revenues in the Americas in Q3 2010 were up 30.8% year over year, Europe +28.3%, and Asia + 68.6%.

Third Quarter 2010 net income was 55.4 million Euros vs. sequential net income of 48.7 million Euros in Q2 2010, and vs. 38.4 million Euros in Q3 2009. Using average exchange rates appropriate to each quarter, this corresponds to $69.0 million in Q3 2010 earnings, $61.98 million in sequential Q2 2010, and $54.9 million in year over year Q3 2009.

“Dassault Systèmes delivered a powerhouse third quarter thanks to important contributions from all of our brands and superb execution from every organizational unit in DS and among our sales partners around the globe. We were very pleased by both the level of new software sales and the growth of our recurring software revenue,
commented Bernard Charlès, Dassault Systèmes President and Chief Executive Officer. “Given the backdrop of a still fragile economic recovery, this performance demonstrates the value of our industry solutions for our customers. We continued to gain important new references for our Version 6 global collaborative platform, amongst the most recent of which was Bell Helicopter's decision to select ENOVIA V6 and expand the usage of our products to include SIMULIA, DELMIA and 3DVIA and to upgrade to CATIA V6.”

Business Outlook

Thibault de Tersant
, Senior Executive Vice President and CFO, commented, “DS delivered a strong third quarter, with total revenue, operating margin and earnings per share coming in ahead of our expectations. Both new licenses revenue and recurring software revenue contributed to the strength of the software results, growing, respectively, 54% and 32% in constant currencies. We benefited from strong growth in all geographic regions, an important level of contribution from our industry diversification and a good dynamic in our core industries. Turning to our financial objectives for the fourth quarter and year, first, we are reconfirming and leaving unchanged our fourth quarter objectives which had already incorporated our assumption of an acceleration of revenue growth during the second half of 2010. Secondly, we are increasing our 2010 financial objectives to reflect the full third quarter revenue over-performance of €25 million in constant currencies. Therefore, with respect to our 2010 financial objectives, we are raising our revenue growth target range by two points to 18% to 19% in constant currencies, increasing our operating margin target range an additional 100 basis points to 27% to 28% and raising our earnings per share growth objective about five points to 26% to 32% growth.”

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