SAN RAFAEL, Calif., August 24, 2017 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today announced its financial results for the second quarter of fiscal 2018.
**Second Quarter Fiscal 2018 Highlights**
- **Subscription Plan ARR**: Reached $784 million, marking a 94% increase year-over-year as reported and 98% on a constant currency basis. This figure includes $8 million attributed to the maintenance-to-subscription program.
- **Total ARR**: Increased to $1.83 billion, representing a 21% rise compared to the same period last year as reported, and 23% on a constant currency basis. However, total ARR growth was slightly affected by the allocation of marketing development funds (MDF), which negatively impacted subscription plan ARR growth by 5 percentage points, maintenance plan ARR by 2 percentage points, and total ARR by 3 percentage points.
- **Subscription Plan Subscriptions**: Grew by 270,000 from the first quarter of fiscal 2018 to reach 1.59 million at the end of the second quarter. This growth was supported by 63,000 maintenance subscribers transitioning to product subscriptions under the maintenance-to-subscription program.
- **Total Subscriptions**: Increased by 153,000 from the first quarter to 3.44 million at the end of the second quarter.
- **Deferred Revenue**: Rose by 17% to $1.78 billion, compared to $1.52 billion in the second quarter last year. Unbilled deferred revenue stood at $63 million at the end of the second quarter.
- **Revenue**: Fell to $502 million, down 9% year-over-year as reported and 8% on a constant currency basis. This decline is due to the company's ongoing business model transition, which recognizes revenue more evenly over time rather than upfront, and new offerings typically having lower initial prices.
- **Total GAAP Spend**: Decreased by 1% to $609 million compared to the second quarter last year.
- **Total Non-GAAP Spend**: Increased by 1% to $531 million compared to the second quarter last year.
- **GAAP Diluted Net Loss Per Share**: Was $(0.66), compared to $(0.44) in the second quarter last year.
- **Non-GAAP Diluted Net Loss Per Share**: Was $(0.11), compared to non-GAAP diluted net income per share of $0.05 in the second quarter last year.
**Executive Comments**
“Once again, we saw strong performance across all subscription plan types and geographies,†said Andrew Anagnost, Autodesk president and CEO. “We’re noticing positive trends in ARR growth, particularly with products that were among the first to adopt the subscription-only model. These products are further along in their transition and are showing ARR growth rates significantly higher than our current average, proving that our model transition is working. Subscriptions are providing a better user experience to our customers, expanding our market opportunities in construction and manufacturing, and increasing the lifetime value of our customers.â€
“During the second quarter, we began offering a straightforward path for maintenance customers to switch to subscriptions,†continued Anagnost. “Although the program only started midway through the quarter, it’s already off to a great start with nearly one-in-four renewal opportunities moving to subscription.â€
“Strong execution and a stable macroeconomic environment resulted in another quarter of better-than-expected results,†said Scott Herren, Autodesk CFO. “We achieved these results while carefully managing our costs. Our first-half performance strengthens our confidence in the success of the transition for both our customers and partners. It also positions us well for the remainder of the year and reinforces our commitment to our FY 20 targets.â€
**Operational Overview**
Subscription plan ARR grew to $784 million, representing a 94% increase year-over-year as reported and 98% on a constant currency basis. Subscription plan ARR includes $8 million related to the maintenance-to-subscription program. Maintenance plan ARR was $1.05 billion, decreasing by 5% year-over-year as reported and on a constant currency basis.
Total recurring revenue accounted for 91% of total revenue in the second quarter, compared to 69% in the second quarter last year. This shift reflects the ongoing business model transition where more revenue is recognized over time rather than upfront.
**Financial Outlook**
For the third quarter and full year fiscal 2018, Autodesk expects:
- Revenue in the range of $505 million to $515 million for Q3.
- GAAP diluted net loss per share in the range of $(0.64) to $(0.58).
- Non-GAAP diluted net loss per share in the range of $(0.16) to $(0.12).
For the full fiscal year 2018, Autodesk anticipates:
- Revenue in the range of $2,030 million to $2,050 million.
- Non-GAAP diluted net loss per share in the range of $(0.61) to $(0.54).
- Net subscription additions between 625,000 and 675,000.
- Total ARR growth between 24% and 26%.
Autodesk remains confident in its transition strategy despite the challenges posed by recognizing revenue over longer periods and the lower initial prices of new offerings.
**Second Quarter Fiscal 2018 Highlights**
- **Subscription Plan ARR**: Reached $784 million, marking a 94% increase year-over-year as reported and 98% on a constant currency basis. This figure includes $8 million attributed to the maintenance-to-subscription program.
- **Total ARR**: Increased to $1.83 billion, representing a 21% rise compared to the same period last year as reported, and 23% on a constant currency basis. However, total ARR growth was slightly affected by the allocation of marketing development funds (MDF), which negatively impacted subscription plan ARR growth by 5 percentage points, maintenance plan ARR by 2 percentage points, and total ARR by 3 percentage points.
- **Subscription Plan Subscriptions**: Grew by 270,000 from the first quarter of fiscal 2018 to reach 1.59 million at the end of the second quarter. This growth was supported by 63,000 maintenance subscribers transitioning to product subscriptions under the maintenance-to-subscription program.
- **Total Subscriptions**: Increased by 153,000 from the first quarter to 3.44 million at the end of the second quarter.
- **Deferred Revenue**: Rose by 17% to $1.78 billion, compared to $1.52 billion in the second quarter last year. Unbilled deferred revenue stood at $63 million at the end of the second quarter.
- **Revenue**: Fell to $502 million, down 9% year-over-year as reported and 8% on a constant currency basis. This decline is due to the company's ongoing business model transition, which recognizes revenue more evenly over time rather than upfront, and new offerings typically having lower initial prices.
- **Total GAAP Spend**: Decreased by 1% to $609 million compared to the second quarter last year.
- **Total Non-GAAP Spend**: Increased by 1% to $531 million compared to the second quarter last year.
- **GAAP Diluted Net Loss Per Share**: Was $(0.66), compared to $(0.44) in the second quarter last year.
- **Non-GAAP Diluted Net Loss Per Share**: Was $(0.11), compared to non-GAAP diluted net income per share of $0.05 in the second quarter last year.
**Executive Comments**
“Once again, we saw strong performance across all subscription plan types and geographies,†said Andrew Anagnost, Autodesk president and CEO. “We’re noticing positive trends in ARR growth, particularly with products that were among the first to adopt the subscription-only model. These products are further along in their transition and are showing ARR growth rates significantly higher than our current average, proving that our model transition is working. Subscriptions are providing a better user experience to our customers, expanding our market opportunities in construction and manufacturing, and increasing the lifetime value of our customers.â€
“During the second quarter, we began offering a straightforward path for maintenance customers to switch to subscriptions,†continued Anagnost. “Although the program only started midway through the quarter, it’s already off to a great start with nearly one-in-four renewal opportunities moving to subscription.â€
“Strong execution and a stable macroeconomic environment resulted in another quarter of better-than-expected results,†said Scott Herren, Autodesk CFO. “We achieved these results while carefully managing our costs. Our first-half performance strengthens our confidence in the success of the transition for both our customers and partners. It also positions us well for the remainder of the year and reinforces our commitment to our FY 20 targets.â€
**Operational Overview**
Subscription plan ARR grew to $784 million, representing a 94% increase year-over-year as reported and 98% on a constant currency basis. Subscription plan ARR includes $8 million related to the maintenance-to-subscription program. Maintenance plan ARR was $1.05 billion, decreasing by 5% year-over-year as reported and on a constant currency basis.
Total recurring revenue accounted for 91% of total revenue in the second quarter, compared to 69% in the second quarter last year. This shift reflects the ongoing business model transition where more revenue is recognized over time rather than upfront.
**Financial Outlook**
For the third quarter and full year fiscal 2018, Autodesk expects:
- Revenue in the range of $505 million to $515 million for Q3.
- GAAP diluted net loss per share in the range of $(0.64) to $(0.58).
- Non-GAAP diluted net loss per share in the range of $(0.16) to $(0.12).
For the full fiscal year 2018, Autodesk anticipates:
- Revenue in the range of $2,030 million to $2,050 million.
- Non-GAAP diluted net loss per share in the range of $(0.61) to $(0.54).
- Net subscription additions between 625,000 and 675,000.
- Total ARR growth between 24% and 26%.
Autodesk remains confident in its transition strategy despite the challenges posed by recognizing revenue over longer periods and the lower initial prices of new offerings.
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