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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 rose by 132,000 from the previous quarter, reaching 2.71 million. New model subscriptions increased by 140,000 to 567,000.
- Annualized Recurring Revenue (ARR) reached $1.44 billion, up 9% compared to the same period last year and 12% on a constant currency basis. New model ARR was $308 million, showing a 71% increase year-over-year and 76% on a constant currency basis.
- Deferred revenue climbed 32% to $1.52 billion, compared to $1.15 billion in the first quarter of the previous year.
- Revenue declined to $512 million, down 21% compared to the same period last year and 17% on a constant currency basis. This decline is attributed to the shift towards ratably recognized revenue and lower initial prices for new offerings.
- GAAP operating expenses were $667 million, an increase of 7% from the prior year. A restructuring charge of $52 million was recorded during this quarter.
- Non-GAAP operating expenses stood at $539 million, a decrease of 2% compared to the previous year. A reconciliation of GAAP to non-GAAP results is available in the accompanying tables.
- GAAP diluted net loss per share was $(0.77), while GAAP diluted net income per share was $0.08 in the same period last year.
- Non-GAAP diluted net loss per share was $(0.10), compared to a non-GAAP diluted net income per share of $0.30 in the first quarter of the previous year.
Carl Bass, Autodesk's President and CEO, commented, "We had a strong start to the fiscal year, building on the momentum from the previous quarter. Our customers and partners continue to embrace our transition to a subscription-based business model and cloud-based software. We are managing costs carefully while investing in the transition, achieving a balance between short-term and long-term goals."
Scott Herren, Autodesk's CFO, added, "The first quarter results reflect the success of our business model transition. We saw significant growth in subscriptions and recurring revenue. While revenue decreased as expected, we are seeing a jump in recurring revenue, which now makes up 70% of total revenue."
Additional details on the performance of various business segments and geographic regions are included in the report. The company also provided its outlook for the second quarter and full fiscal year 2017, including guidance for revenue and earnings per share.
Autodesk will host a conference call today to discuss these results in more detail. Investors and analysts can access the live broadcast through the company's website. A replay of the call will be available for a limited time.
For more information about Autodesk and its products, visit their official website. The company continues to innovate and support its global community with cutting-edge design and engineering solutions.
Contact:
Autodesk, Inc.
Investors:
David Gennarelli, 415-507-6033
david.gennarelli@autodesk.com
or
Press:
Noah Cole, 415-580-3535
noah.cole@autodesk.com