MCAD/MCAE Industry View - A June 2011 Update

"The combination of solid revenue growth and continued focus on cost controls resulted in a strong increase in profitability and better than expected cash flow from operating activities," said Mark Hawkins, Autodesk Executive Vice President, Chief Financial Officer.

"Over the past several quarters we have made steady improvement to our operating margin. We are focused on driving further margin expansion while balancing investments in future growth opportunities."

Business Outlook

Second Quarter

Net revenue for the second quarter is expected to be in the range of $530 million and $545 million. GAAP earnings per diluted share are expected to be in the range of $0.25 and $0.29.  

Full Year

Net revenue for 2012 is expected to increase by approximately 12% compared to 2011. Autodesk anticipates 2012 operating margins to increase by at least 200 basis points compared to 2011.

Outlook assumes an effective tax rate of approximately 23% for GAAP results.

May 23 Close =  $42.37            Market Cap = $9.63B


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

On April 27, 2011 Dassault Systèmes (Euronext Paris: #13065, DSY.PA) reported IFRS unaudited financial results for the first quarter ended March 31, 2011{Note: “IFRS” stands for “International Financial Reporting Standards”. See Footnote [1]}. These results were reviewed by the Company’s Board of Directors on April 26, 2011.

Summary Highlights

 Strong revenue, earnings and operating margin performance

 New licenses revenue up 28% & recurring revenue up 32% (IFRS)

 EPS up 59% to €0.51 (IFRS) 

 2011 financial growth objectives reconfirmed

 Q1 Version 6 contracts signed with BMW and Jaguar Land Rover

     and agricultural engineering leader CLAAS

 Board of Directors’ recommends shareholders approve 17%

    increase in the cash dividend

First Quarter 2011 Financial Summary

Bernard Charlès
, Dassault Systèmes President and Chief Executive Officer, commented, “Revenue and earnings came in ahead of our first quarter financial objectives. All regions were important drivers of our growth, including Asia. CATIA’s performance and record quarterly revenues at SolidWorks illustrate the progressive strengthening of the SMB market since the initial signs of recovery in mid-2010.

“The first quarter was also a time of extraordinary efforts by our Japanese employees and sales partners who quickly resumed operations in order to provide support and assistance to our customers in a number of areas. I would like to publicly thank them.

“Key to our performance and market leadership is a continuous focus on leveraging the talents of our executives and regularly evolving management responsibilities, consistent with the dynamic of our market. In this regard, we recently made some brand and channel responsibilities changes to further support our market expansion objectives.

“Finally, leading companies continue to adopt our Version 6, PLM 2 offerings. Two of the world’s foremost automotive companies are moving forward with Version 6 initiatives. In February we outlined BMW’s decision to use V6 as its new platform for Embedded Systems architecture, integration and design. In March, I was very pleased to join Jaguar Land Rover’s CEO Dr. Ralf Speth in announcing a new strategic partnership between our two companies. And most recently, CLAAS, a global leader in agricultural engineering, selected V6 – including CATIA, ENOVIA, DELMIA and SIMULIA.”

Dassault Systèmes completed the acquisition of the IBM PLM operations on March 31, 2010 and these operations were merged into the Company’s operations within its PLM business segment commencing April 1, 2010. Due to the deep integration of former IBM PLM employees into the Company’s operations, involving many changes in sales territories and responsibilities, it is not possible to isolate the IBM PLM revenue and profit since the acquisition date. As previously disclosed, the IBM PLM share of Dassault Systèmes software revenue was estimated at approximately €50 million for the 2010 first quarter.

First Quarter 2011 Financial Review

 IFRS total revenue increased 29%, reflecting software revenue growth of 31%, and services and other revenue growth of 14% (all figures in constant currencies).

 IFRS new license revenue increased 28% in constant currencies and IFRS recurring software revenue grew 32% in constant currencies.

 IFRS PLM software revenue increased 35% in constant currencies.

 Mainstream 3D software revenue increased 16% in constant currencies. New SolidWorks commercial seats licensed in the first quarter increased 23% to 12,128 seats.

 The IFRS operating margin was 22.2%, up from 15.9% in the first quarter of 2010.

 IFRS earnings per diluted share increased 59% to €0.51 up from €0.32.

Cash Flow and Other Financial Highlights

Net operating cash flow was €134 million for the 2011 first quarter, compared to €133 million in the year-ago period.

The Company’s net financial position, comprised of cash, cash equivalents and short-term investments less long-term debt, was €873.9 million at March 31, 2011, compared to a net financial position of €845.7 million at December 31, 2010. The Company’s cash, cash equivalents and short-term investments and long-term debt were €1.16 billion and €286.4 million, respectively at March 31, 2011 compared to €1.14 billion and €293.4 million, respectively at December 31, 2010.

Dassault Systèmes 2011 Management Organizational Changes to Further Position PLM at the Core of Sustainable Innovation in All Businesses.

The following appointments have been made: Etienne Droit, member of the Executive Committee, has been appointed Chief Executive Officer CATIA; Bruno Latchague, member of the Executive Committee, has been appointed Executive Vice President, PLM Value Solutions; Sylvain Laurent has been promoted to Executive Vice President, PLM Enterprise Business Transformation and new member of the Executive Committee; Ken Clayton has been appointed as Vice-President, Professional Channel and Laurent Couillard has been appointed as Exalead CEO.


Other Key Business and Corporate Highlights

In a separate press release issued April 27, 2011, Dassault Systèmes announced the acquisition of Enginuity, to accelerate innovation for formulated products.

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