Autodesk (ADSK) Q4 1990 earnings summary

Executive summary

• FY1990 revenue rose 52.2% to $178.6M; net income increased 41.9% to $46.4M, and PC-CAD market share reached 63.5%.

• International markets generated 55% of revenue, exceeding domestic revenue for the first time; growth spanned domestic and international markets and several CAD segments.

Financial highlights

• Revenue was $178.591M vs. $117.302M in FY1989; operating income was $67.026M vs. $46.917M.

• Net income was $46.378M vs. $32.695M; diluted net income per share was $1.91 vs. $1.35.

• Net cash from operating activities was $52.080M, up from $39.532M; cash and cash equivalents ended the year at $59.548M.

• FY1990 net income included a one-time $1M charge for consolidating the MCAE Development Group; the Generic Software acquisition also increased goodwill amortization.

Outlook and guidance

• FY1991 management expected strong international revenue trends to continue and planned further European subsidiaries in Spain, Germany and Austria.

• Plans included new multimedia products, continued product-line diversification, new technologies and ongoing R&D investment; AutoCAD Advanced Modeling Extension was scheduled for H2 1990.

• Management expected quarterly cash dividends of approximately $0.10 per share to continue; existing cash, securities and operating cash flow were considered sufficient for anticipated needs.