Autodesk 2009 Annual Report Download - page 3

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The first and second halves of fiscal 2009 were so diverse for Autodesk that it almost demands two separate
shareholder letters. One letter would describe how the first half of fiscal 2009 was a continuation of the
strong growth we experienced over the past five years. Revenue increased 18 percent, GAAP income from
operations increased 11 percent and non-GAAP income from operations increased 18 percent compared to
the first half of fiscal 2008. The other letter would talk about how the second half of fiscal 2009 marked the
beginning of the current global economic downturn starting in late September. Revenue in the second half of
fiscal 2009 decreased by 4 percent, GAAP income from operations decreased by 98 percent, and non-GAAP
income from operations decreased by 18 percent compared to the second half of fiscal 2008.
Our business diversification by geography and by industry has historically helped to insulate Autodesk
from downturns in specific markets or industries. However, there are seemingly no markets or geographic
areas that have gone unscathed in the current global downturn. As a result, our business has been severely
impacted on several fronts, and we exited fiscal 2009 with a significantly lower run rate for revenue and
profitability, as well as low business visibility.
Financial Performance
It is dicult to present the full-year results without again noting that our results in the second half of our
fiscal year were in stark contrast to those of the first half. Our third-quarter financial results and especially
our fourth-quarter results were disappointing and well below our expectations. Nevertheless, we achieved
record revenue results of $2.32 billion in fiscal 2009, an increase of 7 percent as compared to fiscal 2008.
In fiscal 2009 our GAAP diluted earnings per share were $0.80, compared to $1.47 in fiscal 2008. GAAP
earnings per share were significantly impacted by a charge of $0.56, primarily related to impairment of
goodwill associated with our media and entertainment segment, as well as $0.18 in restructuring charges.
Non-GAAP diluted earnings per share were $1.95, compared to $1.88 in fiscal 2008.
Segment Performance
• Platform Solutions and Emerging Business revenue increased 2 percent to $1.02 billion, compared to scal
2008. This segment represented 44 percent of total revenue. AutoCAD and AutoCAD LT software grew a
combined 1 percent, compared to fiscal 2008.
• Architecture, Engineering, and Construction (AEC) revenue increased 9 percent to $525 million, compared to
fiscal 2008. This segment represented 23 percent of total revenue. Revenue from the Autodesk Revit family
of products increased 22 percent, compared to fiscal 2008.
• Manufacturing Solutions revenue increased 17 percent to $488 million, compared to scal 2008. This
segment represented 21 percent of revenue. Revenue from the Autodesk Inventor family of products
increased 8 percent, compared to fiscal 2008.
• Media & Entertainment revenue increased 1 percent to $262 million, compared to scal 2008. This segment
represented 11 percent of revenue. Revenue from animation products grew 9 percent, compared to fiscal 2008.
Dear Shareholders,