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Autodesk First Quarter Results Driven by Strong Subscription Additions
Public Company Information:
NASDAQ:
ADSK
SAN RAFAEL, Calif.–(BUSINESS WIRE)–Autodesk, Inc. (NASDAQ: ADSK) recently shared its financial results for the first quarter of fiscal 2017.
First Quarter Fiscal 2017 Highlights:
- Total subscriptions grew by 132,000 from the fourth quarter of fiscal 2016 to reach 2.71 million at the end of the first quarter. New model subscriptions increased by 140,000, reaching 567,000.
- Annualized Recurring Revenue (ARR) was $1.44 billion, up 9% year-over-year and 12% on a constant currency basis. New model ARR reached $308 million, reflecting a 71% increase compared to the same period last year, or 76% on a constant currency basis.
- Deferred revenue rose by 32% to $1.52 billion, compared to $1.15 billion in the first quarter of the previous year.
- Revenue totaled $512 million, a decrease of 21% year-over-year and 17% on a constant currency basis. This decline is attributed to the transition to a subscription-based business model, where revenue recognition is more spread out over time.
- Total GAAP spending was $667 million, an increase of 7% compared to the first quarter of the prior year. A restructuring charge of $52 million was recorded during this quarter.
- Non-GAAP spending decreased by 2% to $539 million, with a reconciliation of GAAP to non-GAAP results provided in the accompanying tables.
- GAAP diluted net loss per share was $(0.77), while it was $0.08 in the first quarter of the previous year.
- Non-GAAP diluted net loss per share was $(0.10), compared to a non-GAAP diluted net income of $0.30 in the same period last year.
Carl Bass, President and CEO of Autodesk, commented, "We had a strong start to the fiscal year, building on momentum from the previous quarter. Our customers and partners continue to embrace our transition to a subscription-based and cloud-based model. We are maintaining cost discipline while investing in the transition, achieving a healthy balance between short-term and long-term goals."
In the first quarter, Autodesk reported significant growth in subscriptions and recurring revenue, with total recurring revenue making up 70% of total revenue, compared to 51% in the same period last year. The company also noted that the shift to a subscription model has led to a reduction in upfront revenue recognition and lower initial purchase prices for new offerings.
Revenue in different regions showed mixed performance, with declines in the Americas, EMEA, and APAC. However, the company remains optimistic about its future outlook, projecting continued growth and improved financial performance.
Autodesk's forward-looking statements for the second quarter and full fiscal year 2017 include expectations of revenue, earnings per share, and other key metrics. These projections assume a stable economic environment and foreign exchange rates.
The company will host a conference call to discuss these results, with details available on their investor relations website. Additional financial information and prepared remarks will be posted alongside this press release.
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