SAN RAFAEL, Calif., August 24, 2017 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has released its financial results for the second quarter of fiscal 2018.

Second Quarter Fiscal 2018

  • Subscription plan annualized recurring revenue (ARR) was $784 million, up 94% compared to the same period last year, and 98% on a constant currency basis.
  • Total ARR reached $1.83 billion, an increase of 21% from the previous year, and 23% when adjusted for constant currency.
  • Subscription plan subscriptions rose by 270,000 to 1.59 million at the end of the second quarter, driven by 63,000 maintenance subscribers transitioning to subscription under the maintenance-to-subscription program.
  • Total subscriptions increased by 153,000 to 3.44 million during the quarter.
  • Deferred revenue climbed 17% to $1.78 billion, compared to $1.52 billion in the same quarter last year. Unbilled deferred revenue stood at $63 million at the end of the quarter.
  • Revenue totaled $502 million, down 9% compared to the second quarter last year as reported, and 8% on a constant currency basis. This decline is attributed to the shift in revenue recognition from upfront to ratably over time and lower initial purchase prices for new offerings.
  • Total GAAP spend (cost of revenue plus operating expenses) decreased by 1% to $609 million.
  • Total non-GAAP spend increased by 1% to $531 million. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
  • GAAP diluted net loss per share was $(0.66), compared to $(0.44) in the same quarter last year.
  • Non-GAAP diluted net loss per share was $(0.11), versus non-GAAP diluted net income of $0.05 in the previous year's quarter.
“Once again, we experienced broad-based strength across all subscription plan types and geographies,” said Andrew Anagnost, President and CEO of Autodesk. “We are seeing positive trends in ARR growth, particularly with products that were among the first to move to a subscription model. These products are further along in their transition and show ARR growth rates well above our current average, confirming that our business model transition is working effectively.” During the second quarter, Autodesk launched a simple path for maintenance customers to transition to subscription. Although the program began mid-quarter, it has already seen nearly one in four renewal opportunities moving to subscription. “We've achieved better than expected results this quarter due to strong execution and a stable macro environment,” said Scott Herren, CFO of Autodesk. “While maintaining cost discipline, we are confident in the success of our transition, which is benefiting both our customers and partners. This bodes well for the remainder of the year and reinforces our confidence in meeting our FY 2018 targets.” In the second quarter, Subscription plan ARR was $784 million, reflecting a 94% increase compared to the same period last year, and 98% on a constant currency basis. Maintenance plan ARR was $1.05 billion, a decrease of 5% compared to the previous year, both as reported and on a constant currency basis. Total ARR for the quarter grew by 21% to $1.83 billion, and 23% on a constant currency basis. The growth was impacted by the allocation of marketing development funds (MDF) against recurring revenue rather than license revenue, as perpetual licenses are no longer sold. Subscription plan subscriptions (product, EBA, and cloud) were 1.59 million, a net increase of 270,000 from the first quarter of fiscal 2018. Maintenance plan subscriptions were 1.85 million, a net decrease of 117,000 from the first quarter of fiscal 2018. Total subscriptions were 3.44 million, a net increase of 153,000 from the first quarter of fiscal 2018. Recurring revenue accounted for 91% of total revenue in the second quarter, compared to 69% in the same period last year. Autodesk discontinued new perpetual license sales for most individual products at the end of the fourth quarter of fiscal 2016 and for suites at the end of the second quarter of fiscal 2017. Revenue in the Americas was $214 million, a decrease of 7% compared to the second quarter last year. Revenue in EMEA was $199 million, down 10%, while revenue in APAC was $89 million, a decrease of 12%. Looking ahead, Autodesk has provided forward-looking guidance for the third quarter and full year fiscal 2018, assuming a continuation of the current economic and foreign exchange environments. A reconciliation between GAAP and non-GAAP estimates is included in the report. The company will host an earnings conference call today at 5:00 p.m. ET, accessible via the investor relations section of Autodesk’s website. A replay of the call will be available for 12 months. Autodesk provides detailed definitions of key terms such as Annualized Recurring Revenue (ARR), Constant Currency Growth Rates, Enterprise Business Agreements (EBAs), License and Other Revenue, Maintenance Plan, Recurring Revenue, Subscription Plan, Subscription Revenue, Total Subscriptions, Unbilled Deferred Revenue, and more. Forward-looking statements involve risks and uncertainties, including but not limited to the impact of the business model transition, customer acceptance of subscriptions, market conditions, and other factors. For a comprehensive list of potential risks, please refer to Autodesk's filings with the SEC. Autodesk makes software for people who make things. If you’ve ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, you've likely experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information visit autodesk.com or follow @autodesk. © 2017 Autodesk, Inc. All rights reserved.

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