MCAD/MCAE Industry View - A March 2011 Update

On a product segment by product segment basis, Q4 2010 revenue from the Platform Solutions and Emerging Business segment was $181 million, an increase of 10% compared to the fourth quarter last year and an increase of 5% sequentially. Revenue from the Architecture, Engineering and Construction business segment was $162 million, an increase of 18% compared to the fourth quarter last year and 19% sequentially. Revenue from the Manufacturing business segment was a record $133 million, an increase of 23% compared to the fourth quarter last year and 14% sequentially. Revenue from the Media and Entertainment business segment was $52 million, an increase of 12% compared to the fourth quarter last year and 3% sequentially.

Cash flow from operating activities was $176 million, compared to $126 million in the fourth quarter last year, and $114 million in sequential Q3 2010.

Autodesk Full Year Fiscal 2011 Results

Full Year revenue was $1.952 billion, an increase of 14% compared to fiscal 2010. Provided three months ago, Autodesk’s revenue guidance for the Full Year Fiscal 2011 was a range from $1.924 billion to $1.944 billion.

Full Year GAAP operating margin was 14%, compared to 4% in fiscal 2010.

Full Year GAAP diluted earnings per share were $0.90, compared to diluted earnings per share of $0.25 in fiscal 2010. Provided three months ago, Autodesk’s equivalent EPS guidance for the Full Year Fiscal 2011 was a range from $0.83 to $0.86.

Full Year cash flow from operations was $541 million, an increase of 119% compared to fiscal 2010.

“After a challenging fiscal 2010, we experienced a healthy rebound in global demand for our software solutions in fiscal 2011,” continued Bass. “We made significant progress in growing our business and profitability, and our employees and partners are to be congratulated on their efforts. As we head into fiscal 2012, Autodesk is well positioned to build on the success of the past year and drive towards our 5-year targets.”

Autodesk Business Outlook

The following Autodesk statements are forward-looking and are based on its current expectations and assumptions, and involve risks and uncertainties some of which are set forth below. Autodesk states it is not able to provide 5-year targets for GAAP operating margins at this time because of the difficulty of estimating excluded GAAP items that would affect its operating margin, including charges related to stock-based compensation expense and amortization of acquisition related intangibles.

First Quarter Fiscal 2012 (a.k.a. Nominal Q1 2011)

Net revenue for the first quarter of fiscal 2012 is expected to be in the range of $510 million and $525 million. GAAP earnings per diluted share are expected to be in the range of $0.21 and $0.24.

The first quarter outlook above is said to include the impact of the two recently-announced Autodesk acquisitions, which are expected to close during the current quarter. The two acquisitions are:

1. Scaleform Corporation of Greenbelt, Maryland, a privately held user interface (UI) tools and middleware company, for approximately $36 million in cash.

2. Blue Ridge Numerics, Inc. of Charlottesville, VA, a vendor of Computational Fluid Dynamics (CFD) software, for approximately $39 million.

Autodesk’s Full Year Fiscal 2012 Outlook

Autodesk net revenue for its fiscal 2012 is expected to increase by approximately 10% compared to fiscal 2011. Autodesk anticipates fiscal 2012 GAAP operating margin will increase by approximately 220 basis points compared to fiscal 2011. Operating margin growth is anticipated to return to “typical linearity” during the year. Autodesk is not providing specific EPS guidance for fiscal 2012 at this time.

The Fiscal 2012 outlook includes the impact of the two recently announced Autodesk acquisitions (see reference to Scaleform and Blue Ridge Numerics above). The outlook also assumes an effective tax rate of approximately 24% for GAAP results.

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, AutoCAD, Inventor and Refit 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 the original documents.

On February 10, 2011 Dassault Systèmes (Euronext Paris: #13065, DSY.PA) reported its IFRS unaudited financial results for the fourth quarter and year ended December 31, 2010. {Note: “IFRS” stands for “International Financial Reporting Standards”. See Footnote [4]}

Total DS Revenue for the 2010 fourth quarter was €462.7 million [or US$629.27 million (avg XR=1.36)], up 36.49% over the 2009 fourth quarter €339.0 million [or US$501.72 million (avg XR= 1.48)]. [Q4 10 revenue was 25.42% over Q4 09 revenue measured in US$; Q4 10 revenue was 20.88% over Q3 10 measured in US$].

Total DS Net Income for the 2010 fourth quarter was €78.7 million [or US$107.03 million], up 2.34% over the 2009 fourth quarter €76.9 million [or US$113.81 million]. [Measured in US$, Q410 net income was down 5.96% from Q409 net income, due primarily to the exchange rate differential for each respective quarter].

DS Summary Highlights for the Full Year 2010

- Reached all 2010 objectives

- 2010 revenue growth of 20% to €1.56 billion (IFRS)

- 2010 new licenses revenue up 30% (IFRS)

- 2010 EPS growth of 27% to €1.82 (IFRS)

- Net operating cash flow of €408 million for 2010

- Strong sales performances & successful integration of IBM PLM

- Over 16,000 new customers in 2010

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