Autodesk, Inc. (Nasdaq: ADSK) has reported another quarter of
record revenues and hot sales in all divisions. Yet, to listen
to the conference call you’d think Wall Street has no respect.
There were so many questions about unhappy dealers that Carl
Bass finally chided analysis for paying big bucks to get VARs to
talk. The guys in the pin stripes may be looking for grumpy
dealers, but we are scratching our heads wondering where
Autodesk put $137 million in cash. Please don’t give us that old
line about the wallet falling behind the dresser.
First, the Good Numbers
For the second fiscal quarter of 2008, which ended July 31,
2007, revenue was $526 million, up 17% year-over. Net income was
$92 million (compared with $87 million year-over). Autodesk says
net income was higher than expected due to lower taxes and a low
total cost from closing the books on the stock options
backdating investigation.
(Click for larger view)
Autodesk says performance in the quarter was driven by strong
increases in revenue from model-based 3D and 2D vertical design
products, revenue in the emerging economies, and revenue from
new seats.
Combined revenues from model-based 3D products Inventor,
Revit, and Civil 3D increased 34% year-over to $122 million,
comprising 23% of total revenues. Autodesk shipped 21,000 seats
of Revit, 11,000 seats of Inventor, and 7,200 seats of Civil 3D.
Revenues from 2D vertical products increased 22% year-over.
Revenues from new seats increased 17% year-over. Revenues from
new seats of Revit and AutoCAD Mechanical were particularly
strong, 56% and 54% respectively.
Combined revenues from the emerging economies in Asia
Pacific, Eastern Europe, the Middle East and Latin America
increased 37% year-over to $82 million (15% of total revenue).
Autodesk again raised the guidance for future income. The
company now expects third quarter revenue of between $530
million and $540 million; fourth quarter revenue of between $575
million and $585 million, for total annual revenue of between
$2.14 billion and $2.16 billion.
Read more...
The
full article is available for a fee at
