MCAD Industry View – An August 2006 Update

As mentioned, on May 1, 2006 ANSYS announced that it had completed its acquisition of Fluent Inc., a global provider of CAE simulation software, for approximately 6,000,000 shares of ANSYS common stock and approximately $299 million in net cash, for a total value of over $600 million. Fluent posted total sales of nearly $122 million in 2005.

Net loss for the second quarter of 2006 for ANSYS overall was $19.4 million, compared to net gains of $9.8 million and $12.9 million in the same quarter a year ago and in the prior quarter, respectively. These results are heavily impacted by a one-time charge of $28.1 million related to in-process research & development associated with the acquisition of Fluent that was completed on May 1. The comparison also reflects stock-based compensation charges related to the January 1, 2006 adoption of SFAS No. 123R.

Jim Cashman, ANSYS President and CEO, said, “This quarter was a historic one for ANSYS and for all of our stockholders, employees, customers and partners, as we completed the transforming acquisition of Fluent. We are optimistic that this initial quarterly report today, which includes two months of operations as a combined company, is only the beginning as we continue to focus and execute on our integration plan and long-term strategy for the Company. Compared to a year ago, this quarter's non-GAAP revenues increased in excess of 80% while non-GAAP diluted earnings per share increased 29%”.

On August 17, 2006 Autodesk, Inc reported partial financial results for the second quarter of 2006. Total revenue for the quarter was $450 million, an increase of over 20% from the $373 million in the same quarter of 2005 and a just over 3% increase from the $436 million in the prior quarter. License revenue was $346 million, accounting for 77% of total revenue. This was a 12% rise year-over-year and a 1% decline sequentially. Maintenance revenue was $104 million, accounting for 23% of total revenue. This was a 64% increase year-over-year and a 20% increase sequentially.

Revenue from new seats increased 24%. Revenue from 3D solutions (Inventor, Revit and Civil 3D), constituting 20% of total revenue, was up 37%. More than 32,000 commercial seats of 3D were shipped in the quarter. Revenue from new seats of 3D model-based design products increased 41% over last year, on particularly strong sales of the Revit family of products.

Revenue from new seats of AutoCAD and AutoCAD LT increased by 23% compared to the second quarter of last year. Subscription revenue increased 65% compared to the second quarter of last year, to $104 million or 23% of revenue. Revenue from new seats and emerging businesses continues to represent approximately two-thirds of total revenues.

Segment

2Q06

1Q06

Delta

2Q05

Delta

Manufacturing

76

75

0.9%

60

25.7%

Platform

201

207

-3.1%

180

11.5%

Table 3 Autodesk Revenue in Key Segments

The Platform segment, which accounts for nearly 45% of revenue, includes AutoCAD and AutoCAD LT products that service multiple markets. Other segments are Building, Infrastructure and Media/Entertainment (previously named Discreet). The Manufacturing segment (which includes the Inventor product lines) grew 26% year-over-year but declined 3% from the prior quarter. A “guesstimate” of MCAD revenue would be about $145 million for the quarter.

Geography

2Q06

1Q06

Delta

2Q05

Delta

Americas

167.7

170

-1.5%

141.3

18.7%

Europe

174.2

164

6.0%

140.6

23.9%

AP

107.7

102

6.1%

91.1

18.2%

Total

449.6

436

3.1%

373

20.5%

Table 4 Autodesk Revenue by Geography

The Americas accounted for 37% of total revenue, Europe 39% and Asia Pacific 24%. All three regions grew about 20% year-over-year. Europe and AP grew about 6% sequentially, while the Americas declined 1.5%.

Autodesk began a voluntary review of the company's historical stock option granting practices and the related accounting. The company said, “Because this review is ongoing, at this time, the company has not yet determined if it needs to record any non-cash adjustments to compensation expense related to prior stock option grants. The company is following evolving best practice in the industry, and will provide only select financial information while it completes the review. ” Hence no data were provided on earnings in the quarter.

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