Autodesk handily beat market expectations for the second fiscal quarter of 2009, reporting
total revenue of $620 million, up 18% over last year and ahead its own earlier forecast.
Excluding foreign exchange effects, total revenue was up 10%. Moldlfow contributed $7
million in the quarter.
First, slicing by revenue type, license revenue grew 12% to $440 million while maintenance
revenue from subscriptions grew 27%.
By division, Platform Solutions and Emerging Business reported $270 million, up 12% but
posting a sequential decrease due to an LT promotion; Manufacturing Solutions grew 32% to
$131 million (up 25% excluding Moldflow); AEC Solutions grew 21% to $144 million and
Media and Entertainment grew 12% to $69 million.
Revenue from "model-based 3D design solutions" (identified as Inventor, Revit, Civil 3D,
NavisWorks, Robobat and Moldflow) grew 36% and now accounts for $166 million, or 27% of
overall revenue. The company reports shipping 36,000 commercial 3D seats.
Revenue from 2D vertical products was was up 16% compared to a year ago while AutoCAD
was up 12% and LT up 6%. The slowdown in LT was attributed to buying patterns related to
the prices increases for the AutoCAD LT 2009.
On a geo basis, growth clearly came from what Autodesk characterizes as “emerging
markets” which now account for 18% of total Q2 revenue and was up a total of 40% over last
year. These countries are not singled out, but are combined into overall geographies:
Within its Americas region, overall growth of 4% to $203 million was driven by a "rebound" in
Canada and a "record quarter" Latin America, with the only standout in the US being
Autodesks’ ability to "make inroads in the government, with federal agencies, state agencies
and city-level departments."
Revenue from EMEA was $267 million, up 31% over last year, driven by the Middle East;
while revenue from Asia-Pacific was $115 million, an increase of 18%, led by “infrastructure
build-out in China.” Also credited for revenue increase was “increased awareness around
digital prototyping.” In constant currencies, revenue was up 15% in EMEA and up 11% in
The company made four small acquisitions during the second fiscal quarter: REALVIZ, for
image-based content creation software; Kynogon, for the gaming industry; Square One
Research, which creates environmental design tools; and Green Building Studio, an energy
analysis service for designers and architects. Autodesk expects these companies’
technologies to enhance its current solutions for "visualization, simulation, and analysis, as
well as technology used to create energy-efficient buildings.”
Autodesk provided guidance for fiscal Q3 of revenue between $625 million and $635 million
for Q3. For Q4, the company expects revenues on the order of $670 million. For fiscal 2009,
then, Autodesk expects total revenue of around $2.5 billion, a 15-16% increase over fiscal