Public Company Information:
NASDAQ:
ADSK
SAN RAFAEL, Calif. – (BUSINESS WIRE) – Autodesk, Inc. (NASDAQ: ADSK), announced its financial results for the third quarter of fiscal 2016 today.
Third Quarter Fiscal 2016 Highlights:
- Total subscriptions increased by approximately 80,000 from the second quarter of fiscal 2016 to reach 2.47 million at the end of the third quarter.
- Total annualized recurring revenue (ARR) reached $1.35 billion, representing a 15% increase compared to the same period last year as reported and a 18% rise on a constant currency basis.
- Deferred revenue climbed 20% to $1.21 billion compared to $1.01 billion in the third quarter last year.
- Total billings decreased 9% compared to the third quarter last year as reported and dropped 4% on a constant currency basis.
- Revenue was $600 million, down 3% compared to the third quarter last year as reported, but up 2% on a constant currency basis.
- Total GAAP spending (cost of revenue plus operating expenses) was $615 million, increasing by 2% compared to the third quarter last year.
- Total non-GAAP spending amounted to $545 million, rising by 1% compared to the third quarter last year.
- GAAP operating margin stood at (2)%, compared to 2% in the third quarter last year.
- Non-GAAP operating margin reached 9%, compared to 13% in the third quarter last year. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables.
- GAAP diluted net loss per share was $(0.19). GAAP diluted net income per share was $0.05 in the third quarter last year.
- Non-GAAP diluted net income per share was $0.14, compared to $0.25 in the third quarter last year.
- Cash flow from operating activities was $80 million, compared to $136 million in the third quarter last year.
“Autodesk remains focused on delivering world-class software and exceptional customer experiences while accelerating our business model transformation,†said Carl Bass, President and CEO of Autodesk. “We’re balancing essential investments in this transformation with our ongoing emphasis on cost management, leading to better-than-expected profitability for the quarter. We continue to be confident in our long-term vision that our business model transition will yield a 20% CAGR in subscriptions and a 24% CAGR in ARR through fiscal year 2020.â€
Third Quarter Operational Overview:
Total subscriptions reached 2.47 million, an increase of about 80,000 from the second quarter of fiscal 2016. Maintenance subscriptions totaled 2.10 million, up by 33,000. New model subscriptions (Desktop, enterprise flexible license, and cloud subscription) came to 366,000, an increase of 47,000. The rise in new model subscriptions was led by Desktop subscriptions.
Total annualized recurring revenue (ARR) for the third quarter grew 15% to $1.35 billion compared to the third quarter last year as reported and 18% at constant currency. Maintenance ARR was $1.13 billion and increased 6% compared to the third quarter last year. New model ARR reached $221 million and surged 100% compared to the third quarter last year.
Revenue in the Americas was $236 million, an increase of 2% compared to the third quarter last year. EMEA revenue was $225 million, a decrease of 5% compared to the third quarter last year as reported and an increase of 2% on a constant currency basis. Revenue in APAC was $139 million, a decrease of 7% compared to the third quarter last year as reported and 1% on a constant currency basis. Revenue from emerging economies was $88 million, a decrease of 8% compared to the third quarter last year as reported and 6% on a constant currency basis. Revenue from emerging economies accounted for 15% of total revenue in the third quarter.
Revenue from the Architecture, Engineering and Construction business segment was $225 million, an increase of 4% compared to the third quarter last year. Revenue from the Manufacturing business segment was $175 million, an increase of 3% compared to the third quarter last year. Revenue from the Platform Solutions and Emerging Business segment was $161 million, a decrease of 15% compared to the third quarter last year. Revenue from the Media and Entertainment business segment was $39 million, a decrease of 9% compared to the third quarter last year.
Revenue from Flagship products was $267 million, a decrease of 7% compared to the third quarter last year. Revenue from Suites was $218 million, a decrease of 3% compared to the third quarter last year. Revenue from New and Adjacent products was $114 million, an increase of 9% compared to the third quarter last year.
Business Outlook:
The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties some of which are outlined below under “Safe Harbor.†Autodesk’s business outlook for the fourth quarter and full year fiscal 2016 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment. A reconciliation between the GAAP and non-GAAP estimates for fiscal 2016 is provided below or in the tables following this press release.
Fourth Quarter Fiscal 2016:
| Q4 FY16 Guidance Metrics | Q4 FY16 (ending January 31, 2016) |
|--------------------------|-----------------------------------|
| Revenue (in millions) | $620 – $640 |
| EPS GAAP | ($0.31) – ($0.27) |
| EPS Non-GAAP (1) | $0.08 – $0.12 |
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(1) Non-GAAP earnings per diluted share exclude $0.25 related to stock-based compensation expense and $0.10 for the amortization of acquisition related intangibles, net of tax, and $0.04 related to non-cash GAAP tax charges.
Full Year Fiscal 2016:
| FY16 Guidance Metrics | FY16 (ending January 31, 2016) |
|-------------------------|--------------------------------|
| Billings growth (1) | 0.5% – 1.5% |
| Revenue (in millions) (2)| $2,475 – $2,495 |
| GAAP operating margin | Approximately (1)% |
| Non-GAAP operating margin (3)| Approximately 10% |
| EPS GAAP (4) | ($1.59) – ($1.55) |
| EPS Non-GAAP (5) | $0.72 to $0.76 |
| Net subscription additions | 310,000 – 330,000 |
_______________
(1) On a constant currency basis, billings growth would be 7% – 8%.
(2) On a constant currency basis, revenue growth would be 3% – 4%.
(3) Non-GAAP operating margin excludes 8% related to stock-based compensation expense and 3% for the amortization of acquisition related intangibles.
(4) GAAP net loss per diluted share includes $1.08 related to the non-cash GAAP tax charge primarily as a result of the $231 million valuation allowance established in Q2. The charge reflects the business model transition and resulting reduction in our pre-tax U.S. GAAP profitability.
(5) Non-GAAP earnings per diluted share excludes $1.08 related to the non-cash GAAP tax charge primarily as a result of the valuation allowance established in Q2 of this year, $0.87 related to stock-based compensation expense, and $0.37 for the amortization of acquisition related intangibles, offset by $0.01 for gains on strategic investment.
The fourth quarter and full year fiscal 2016 outlook assume a projected annual effective tax rate of (170) percent and 27 percent for GAAP and non-GAAP results, respectively.
Earnings Conference Call and Webcast:
Autodesk will host its third quarter conference call today at 5:00 p.m. ET. The live broadcast can be accessed at http://www.autodesk.com/investors. Supplemental financial information and prepared remarks for the conference call will be posted to the investor relations section of Autodesk’s website simultaneously with this press release.
A replay of the broadcast will be available at 7:00 pm ET at http://www.autodesk.com/investors. This replay will be maintained on Autodesk’s website for at least 12 months.
Safe Harbor Statement:
This press release contains forward-looking statements that involve risks and uncertainties, including statements in the paragraphs under “Business Outlook†above, statements regarding the impacts and results of our business model transition, expectations regarding the transition of product offerings to subscription, our long-term financial goals, and other statements regarding our strategies, market and products positions, performance, and results. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: failure to maintain our revenue growth and profitability; failure to successfully manage transitions to new business models and markets, including the introduction of additional ratable revenue streams and our continuing efforts to attract customers to our cloud-based offerings and expenses related to the transition of our business model; difficulty in predicting revenue from new businesses and the potential impact on our financial results from changes in our business models; general market, political, economic and business conditions; the impact of non-cash charges on our financial results; fluctuation in foreign currency exchange rates; the success of our foreign currency hedging program; failure to control our expenses; our performance in particular geographies, including emerging economies; the ability of governments around the world to meet their financial and debt obligations, and finance infrastructure projects; weak or negative growth in the industries we serve; slowing momentum in subscription billings or revenues; difficulties encountered in integrating new or acquired businesses and technologies; the inability to identify and realize the anticipated benefits of acquisitions; the financial and business condition of our reseller and distribution channels; dependence on and the timing of large transactions; failure to achieve sufficient sell-through in our channels for new or existing products; pricing pressure; unexpected fluctuations in our tax rate; the timing and degree of expected investments in growth and efficiency opportunities; changes in the timing of product releases and retirements; and any unanticipated accounting charges.
Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s Annual Report on Form 10-K for the year ended January 31, 2015 and Form 10-Q for the quarter ended July 31, 2015, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
About Autodesk:
Autodesk helps people imagine, design and create a better world. Everyone—from design professionals, engineers and architects to digital artists, students and hobbyists—uses Autodesk software to unlock their creativity and solve important challenges. For more information visit autodesk.com or follow @autodesk.
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